1. Leadership Summit
September 9, 2017
Year Ended June 30, 2017

2. Our Responsibilities Perform an audit
Provides reasonable, not absolute assurance
Performed in accordance with U.S. generally accepted auditing standards
Form and express an opinion about whether the financial statements prepared by management:
Are materially correct
Are fairly presented
Conform with generally accepted accounting principles
Communicate specific matters to the Board

3. Management’s Responsibilities
Responsible for establishing and maintaining effective internal control.
Making all financial records and related information available to us.
Accuracy and completeness of the financial statements.
Adjusting the financials to correct material misstatements.
Informing us about all known or suspected fraud or illegal acts affecting MTNA involving management or employees.
Informing us of your knowledge of any allegations of fraud or suspected fraud from employees, former employees, vendors, or others

4. Audit Approach
Developing an understanding of your organization and the environment in which you operate
Consideration of internal controls
Determining materiality
Risk assessments to determine audit areas most likely to be materially misstated
Focus audit procedures and effort on those areas

5. Materiality
Magnitude of an omission or misstatement that likely influences a reasonable person’s judgment
Based on relevant financial statement benchmark
We believe total assets is the appropriate benchmark for MTNA (2017 materiality was $56,000)
Other areas less than materiality may warrant attention if qualitative factors are present (e.g., related party transactions, fraud risk)

6. Areas of Audit Focus Cash and investments
Revenue recognition/Deferred revenue
Revenues
Expenses

7. Summary of Audit Communications to Board:
Unmodified opinion on financial statements.
Communications to Board:
No material weaknesses/significant deficiencies identified in internal control
No new accounting policies or changes to existing policies
No transactions which lacked authoritative guidance
No misstatements in financials noted
No disagreements with management
No difficulties in dealing with management

8. Changes in Assets Assets June 30, 2016 June 30, 2017 Change
Cash and Cash Equivalents
$1,764,000
$1,929,000
$165,000
Investments
2,594,000
2,992,000
398,000
Receivables
19,000
13,000
(6,000)
Other Assets
50,000
69,000
Property and Equipment
46,000
47,000
1,000
Total
$4,473,000
$5,050,000
$577,000
Source: Audited financial statements

9. Changes in Liabilities
June 30, 2016
June 30, 2017
Change
Accounts payable
$21,000
$22,000
$ 1,000
Accrued expenses
131,000
152,000
21,000
Due to state and local affiliates
194,000
193,000
(1,000)
Deferred revenue
926,000
913,000
(13,000)
Total
$1,272,000
$1,280,000
$8,000
Source: Audited financial statements

10. Assets and Liabilities
(in Millions)
Source: Audited financial statements

11. Net Assets at Year End
Source: Audited financial statements

12. Statement of Activities Recap
Source: Audited financial statements.

13. Revenues less Investment Income
Source: Audited financial statements.

14. Membership Dues
Revenue has grown by approximately $110,000 which was needed to keep pace with inflation using the Consumer Price Index.
Source: Audited financial statements.

15. Expenses Covered by Dues
Source: Audited financial statements.

16. Expenses
Source: Audited financial statements.

17. Conferences

18. Competitions