Financial Statements for Lowell Catholic High School, Inc

School: American College of Education - Course: ACCT MISC - Subject: Accounting

TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT 1 BASIC FINANCIAL STATEMENTS: Statements of Financial. Position2 Statements of Activities and Change in Net assets 3 Statements of Cash Flows 4 Notes to Financial Statements5-17

ANSTISS CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT To the Board of Trustees Lowell Catholic High School, Inc. Lowell, MA 01851 We have audited the accompanying statements of financial position of Lowell Catholic High School, Inc. (the School), (a nonprofit organization) as of June 30, 2012 and 2011, and the related statements of activities and changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of the School's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lowell Catholic High School, Inc. as of June 30, 2012 and 2011, and the changes in its net assets and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. 4-- C. Anstiss & Co., P.C. September 18, 2012 t 1 PRINCETON CORPORATE CENTRE t 1115 WESTFORD STREET r. LOWELL, MA 01851 P 078-4c2-2 c, 0 0 F 978 -458 -0425 WWW.ANSTISSCPA.COhit AUDIT TAX ADVISORY SERVICES ANSTISS CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT To the Board of Trustees Lowell Catholic High School, Inc. Lowell, MA 01851 We have audited the accompanying statements of financial position of Lowell Catholic High School, Inc. (the School), (a nonprofit organization) as of June 30, 2012 and 2011, and the related statements of activities and changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of the School's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lowell Catholic High School, Inc. as of June 30, 2012 and 2011, and the changes in its net assets and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.