Independent auditor's report.

Independent auditor's report. Board of Directors Association for Career and Technical Education Alexandria, Virginia Alexandria is an independent city in the Commonwealth of Virginia. As of the 2000 census, the city had a total population of 128,284. Located along the Western bank of the Potomac River, Alexandria is approximately 6 miles (9.6 kilometers) south of downtown Washington, DC. We have audited the accompanying ac��com��pa��ny?v. ac��com��pa��nied, ac��com��pa��ny��ing, ac��com��pa��niesv.tr.1. To be or go with as a companion.2. statements of financial positionof the Association for Career and Technical Education (ACTE ACTE Association for Career and Technical Education (formerly American Vocational Association)ACTE Association of Corporate Travel ExecutivesACTE Approvals Committee for Terminal EquipmentACTE Anodal Closure Tetanus ) as of June June:see month. 30, 2004 and 2003, and the related statements of activity and changes innet assets Net assetsThe difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand.net assetsSee owners' equity. , functional expenses, and cash flows for the years thenended. These financial statements are the responsibility of ACTE'smanagement. Our responsibility is to express an opinion on thesefinancial statements based on our audits. We conducted our audit in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[]As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with auditing standardsgenerally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . Those standardsrequire that we plan and perform the audits to obtain reasonableassurance about whether the financial statements are free of materialmisstatement mis��state?tr.v. mis��stat��ed, mis��stat��ing, mis��statesTo state wrongly or falsely.mis��statement n. . An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating theoverall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinion. In our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position of theAssociation for Career and Technical Education at June 30, 2004 and2003, and the changes in net assets and cash flows for the years thenended in conformity with accounting principles generally accepted in theUnited States of America. DeLeon & Stang DeLeon & Stang, CPAs Gaithersburg, Maryland Maryland(mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). September September:see month. 7, 2004The following are excerpts from the audited financial statements ofACTE for the year ended June 30, 2004. This is only a portion of thereport. Full copies are available from the ACTE office by calling703-683-3111.ASSOCIATION FOR CAREER AND TECHNICAL EDUCATIONStatements of Financial PositionJune 30, 2004 and 2003 2004 2003 ASSETSCurrent Assets: Cash and cash equivalents $640,142 $746,522 Accounts receivable, net of allowance for doubtful accounts 450,312 409,026 Prepaid expenses and other assets 118,691 212,268 Inventory, net of provision for obsolete inventory 41,053 41,858 Total current assets $1,250,198 $1,409,674Investments, at fair value 355,549 375,389Property and equipment, net of accumulated depreciation 2,429,257 2,355,576 TOTAL ASSETS $4,035,004 $4,140,639 LIABILITIES AND NET ASSETSCurrent Liabilities: Accounts payable and accrued expenses $327,698 $290,749 Current portion of long-term debt 179,019 178,177 Deferred revenue 1,253,081 1,287,725 Rental deposits 8,443 8,443 Total current liabilities $1,768,241 $1,765,094 Long-term debt, less current portion 1,231,063 1,405,330 Total liabilities $2,999,304 $3,170,424Net Assets: Unrestricted net assets $573,582 $243,171 Unrestricted net assets, Board Designated 158,003 164,333 Temporarily restricted net assets 304,115 562,711 Total net assets $1,035,700 $970,215 TOTAL LIABILITIES AND NET ASSETS $4,035,004 $4,140,639ASSOCIATION FOR CAREER AND TECHNICAL EDUCATIONStatements of Activity and Changes in Net AssetsFor the Years Ended June 30, 2004 and 2003 2004 Unrestric- Temporarily ted RestrictedRevenue and Support: Membership dues $1,893,841 $-- Contributions 131,345 4,573 Sponsorship 52,005 -- Program service revenue: Convention, conferences and workshops 1,759,802 -- Publications 288,114 -- Advertising 347,371 -- Rental income 94,153 -- Service fees 49,286 -- Other revenue 171,081 -- Investment income 19,100 8,498 Net assets released from restrictions and satisfaction of fellowship and scholarship restrictions 271,667 (271,667) Total revenue and support $5,077,765 $(258,596)Expenses and Losses: Program services: Convention, conferences and workshops $1,503,795 $-- Publications 1,199,175 -- Government relations 170,561 -- Regions & divisions 124,511 -- Total program service $2,998,042 $-- Supporting services: Finance & operations $900,397 $-- Membership 356,857 -- Governance 498,388 -- Total supporting services $1,755,642 $-- Total expenses and losses $4,753,684 $--Change in net assets $324,081 $(258,596)Net assets at beginning of year 407,504 562,711Net assets at end of year $731,585 $304,115 2004 2003 TotalRevenue and Support: Membership dues $1,893,841 $1,579,770 Contributions 135,918 172,859 Sponsorship 52,005 74,250 Program service revenue: Convention, conferences and workshops 1,759,802 2,050,620 Publications 288,114 288,891 Advertising 347,371 330,776 Rental income 94,153 100,458 Service fees 49,286 62,855 Other revenue 171,081 18,710 Investment income 27,598 32,996 Net assets released from restrictions and satisfaction of fellowship and scholarship restrictions -- -- Total revenue and support $4,819,169 $4,712,185Expenses and Losses: Program services: Convention, conferences and workshops $1,503,795 $1,149,983 Publications 1,199,175 1,108,946 Government relations 170,561 300,213 Regions & divisions 124,511 222,667 Total program service $2,998,042 $2,781,809 Supporting services: Finance & operations $900,397 $1,052,721 Membership 356,857 398,445 Governance 498,388 504,460 Total supporting services $1,755,642 $1,955,626 Total expenses and losses $4,753,684 $4,737,435Change in net assets $65,485 $(25,250)Net assets at beginning of year 970,215 995,465Net assets at end of year $1,035,700 $970,215