Audit Financial Statement - LCIF

FINANCIAL STATEMENTS AND REPORT OF
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
LIONS CLUBS INTERNATIONAL FOUNDATION
JUNE 30, 2012 AND 2011

CONTENTS
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ............................................ 3
FINANCIAL STATEMENTS
Page
STATEMENTS OF FINANCIAL POSITION ...................................................................................... 4
STATEMENTS OF ACTIVITIES ............................................................................................................. 5 - 6
STATEMENTS OF CASH FLOWS .......................................................................................................... 7
NOTES TO FINANCIAL STATEMENTS ............................................................................................. 8 - 16

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Board of Trustees
Lions Clubs International Foundation
Grant Thornton LLP
U.S. member firm of Grant Thornton International Ltd
Audit ñ Tax ñ Advisory
Grant Thornton LLP
175 W Jackson Boulevard, 20th Floor
Chicago, IL 60604-2687
T 312.856.0200
F 312 565 4719
www.GrantThornton.com
We have audited the accompanying statements of financial position of Lions Clubs International Foundation
(the Foundation) as of June 30, 2012 and 2011, and the related statements of activities and cash flows for the
years then ended. These financial statements are the responsibility of the Foundation’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 established by the American Institute of Certified Public Accountants. Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Foundation’s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, 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 Lions Clubs International Foundation 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.
Chicago, Illinois
October 31, 2012

Lions Clubs International Foundation
STATEMENTS OF FINANCIAL POSITION
June 30,
ASSETS 2012 2011
Cash and cash equivalents $ 7,275,121 $ 11,680,728
Accounts receivable, net 189,001 24,328
Pledges receivable, net - 58,638
Due from non-United States Lions Clubs districts 18,135 515
Due from The International Association of Lions Clubs 507,604 6,543,611
Prepaid expenses 359,405 -
Accrued investment income receivable
Inventory, net of reserve of $64,592 in 2012
535,864 586,580
and $29,648 in 2011
The accompanying notes are an integral part of these statements.
4
418,418
401,774
Investments 292,754,223 295,474,402
Property and equipment, net 121,705 166,636
TOTAL ASSETS $302,179,476 $314,937,212
LIABILITIES AND NET ASSETS
Accounts payable $ 224,589 $ 408,278
Accrued expenses 342,504 499,903
Grants payable 37,330,852 38,685,192
Charitable gift annuities 267,192 278,250
Total liabilities 38,165,137 39,871,623
Net assets
Unrestricted 152,827,679 151,161,811
Temporarily restricted 110,686,660 123,403,778
Permanently restricted 500,000 500,000
Total net assets 264,014,339 275,065,589
TOTAL LIABILITIES AND
NET ASSETS
$302,179,476
$314,937,212

Lions Clubs International Foundation
STATEMENT OF ACTIVITIES
Year ended June 30, 2012
Unrestricted
The accompanying notes are an integral part of this statement.
5
Temporarily
restricted
Permanently
restricted
Contributions, gains and other support
Contributions $ 14,420,545 $ 28,934,632 $ - $ 43,355,177
Change in value of charitable gift annuities (28,838) - - (28,838)
Program revenue, net 196,963 - - 196,963
Investment return, net 6,991,589 1,864 - 6,993,453
Net loss on currency exchange (494,158) - - (494,158)
Other income 33,882 - - 33,882
Net assets released from restrictions 41,653,614 (41,653,614 ) - -
Total contributions, gains and
other support 62,773,597 (12,717,118) - 50,056,479
Expenses
Grants 49,353,323 - - 49,353,323
Program services
SightFirst 1,944,519 - - 1,944,519
Lions Quest 1,250,481 - - 1,250,481
Other 984,136 - - 984,136
Administrative 3,667,030 - - 3,667,030
Fundraising Development 3,908,240 - - 3,908,240
Total expenses 61,107,729 - - 61,107,729
CHANGE IN NET ASSETS 1,665,868 (12,717,118) - (11,051,250)
Net assets at beginning of year 151,161,811 123,403,778 500,000 275,065,589
Net assets at end of year $152,827,679 $110,686,660 $500,000 $264,014,339
Total

Lions Clubs International Foundation
STATEMENT OF ACTIVITIES
Year ended June 30, 2011
Unrestricted
The accompanying notes are an integral part of this statement.
6
Temporarily
restricted
Permanently
restricted
Contributions, gains and other support
Contributions $ 19,675,925 $ 28,315,740 $ - $ 47,991,665
Change in value of charitable gift annuities - (27,200) - (27,200)
Program revenue, net 310,312 - - 310,312
Investment return, net 33,580,078 24,627 - 33,604,705
Net gain on currency exchange 169,178 - - 169,178
Other income 28,925 - - 28,925
Net assets released from restrictions 26,017,953 (26,017,953) - -
Total contributions, gains and
other support 79,782,371 2,295,214 - 82,077,585
Expenses
Grants 36,657,722 - - 36,657,722
Program services
SightFirst 2,965,626 - - 2,965,626
Lions Quest 1,193,891 - - 1,193,891
Other 618,822 - - 618,822
Administrative 3,452,150 - - 3,452,150
Fundraising 3,947,908 - - 3,947,908
Total expenses 48,836,119 - - 48,836,119
CHANGE IN NET ASSETS 30,946,252 2,295,214 - 33,241,466
Net assets at beginning of year 120,215,559 121,108,564 500,000 241,824,123
Net assets at end of year $151,161,811 $123,403,778 $500,000 $275,065,589
Total

Lions Clubs International Foundation
STATEMENTS OF CASH FLOWS
Years ended June 30,
The accompanying notes are an integral part of these statements.
7
2012 2011
Cash flows from operating activities
Change in net assets $(11,051,250) $ 33,241,466
Adjustments to reconcile change in net assets
to net cash (used in) provided by operating activities
Depreciation and amortization 45,404 56,584
Net realized and unrealized losses (gains) on investments 1,565,242 (23,020,735)
Changes in operating assets and liabilities
Accounts receivable (164,673) 178,202
Pledges receivable, net 58,638 914,302
Accrued investment income receivable 50,716 (34,778)
Due from non-United States Lions Clubs districts (17,620) 3,295,030
Due from The International Association of Lions Clubs 6,036,007 (2,337,723)
Prepaid expenses (359,405) -
Inventory (16,644) 290,424
Accounts payable and accrued expenses (341,088) 579,552
Grants payable (1,354,340) 2,324,478
Charitable gift annuities (11,058) (11,257)
Net cash (used in) provided by operating activities (5,560,071) 15,475,545
Cash flows from investing activities
Purchase of investments (35,011,179) (56,603,089)
Proceeds from sale of investments 36,166,116 40,713,370
Purchases of property, plant and equipment (473) (96,400)
Net cash provided by (used in) investing activities 1,154,464 (15,986,119)
Decrease in cash and cash equivalents (4,405,607) (510,574)
Cash and cash equivalents at beginning of year 11,680,728 12,191,302
Cash and cash equivalents at end of year $ 7,275,121 $ 11,680,728

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS
June 30, 2012 and 2011
NOTE A - ORGANIZATION AND RELATED-PARTY DATA
The Lions Clubs International Foundation (the Foundation) was incorporated in the state of Illinois on June
12, 1968. The purpose of the Foundation is to support Lions’ mission of serving communities, focusing on
saving sight, serving youth, providing disaster relief and meeting humanitarian needs throughout the world.
The Foundation is administered by a Board of Trustees consisting of the Board of Directors of The
International Association of Lions Clubs (the Association), an affiliated not-for-profit corporation, plus two
trustees appointed by the president of the Association.
The Association and the Foundation administer transactions on behalf of each other. The balances resulting
from these transactions are settled periodically. As of June 30, 2012 and 2011, the Foundation had a
receivable of $507,604 and $6,543,611, respectively, for such transactions. In addition, the Association
allocates costs to the Foundation for operating and maintaining facilities, general administration and general
expenses, such as salaries and expenses of employees. These allocations are reviewed periodically for
reasonableness. The Association charged the Foundation $2,225,045 and $1,846,020 in 2012 and 2011,
respectively, for such costs and services.
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. Actual results could differ from
those estimates.
Temporarily and Permanently Restricted Net Assets
Temporarily restricted net assets are net assets whose use has been limited by donors to a specific time period
or purpose. Net assets released from restrictions are reported in the statements of activities as additions to
unrestricted net assets. Earnings from temporarily restricted net assets are included in unrestricted revenue
and support unless restricted by donor. Permanently restricted net assets consist of amounts held in
perpetuity. Earnings on investments of the endowment fund are included in temporarily restricted revenue
until expended.
Contributions
All contributions are considered to be available for the general programs of the Foundation unless specifically
restricted by the donor. Contributions are recorded at fair value at the date of the donation. Material gifts inkind
used by the Foundation and donated goods distributed (e.g., medicine) are recorded as income and
expense at the time the items are placed into service or distributed. The Foundation received and distributed
gifts in-kind of $6,537,000 and $2,221,500 in 2012 and 2011, respectively.
8

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2012 and 2011
Program Revenue
Program revenue consists of the sales of curricula, products, training and services associated with the
Foundation’s Lions Quest program. This revenue is net of the cost of sales for the goods and services
provided. This amount also includes the sales of hearing aids associated with the Foundation’s Affordable
Hearing Aid Program, net of the cost of goods sold.
Grants
The Foundation records grant expense as an unconditional promise to give upon approval of the grant.
Upon completion of a grant project, the Foundation recognizes any remaining liability as an adjustment of
current-year grants expense in the statements of activities.
Investments
Investments consist of cash held for investment purposes, money market funds, mutual funds, equity
securities, corporate bonds, U.S. government securities, mortgage backed securities, commingled trust funds,
hedge funds and private equity funds. The Foundation records all investments at fair value, with the
exception of cash, which is valued at cost. These investments are presented in the statements of financial
position and investment returns (including realized and unrealized gains and losses on investments, interest
and dividends, net of management fees) are included in the statements of activities. Fair values of money
market funds, mutual funds, equity securities, corporate bonds, U.S. government securities and mortgagebacked
securities are based on quoted market prices. Commingled trust funds, hedge funds and private
equity funds are recorded at net asset value (NAV), or its equivalent.
Cash and Cash Equivalents
Cash and cash equivalents consist of demand deposits with banks, short-term investments and other
securities with maturities not in excess of three months when purchased. Due to its short-term nature, the
carrying value of cash and cash equivalents approximates fair value. The Foundation maintains foreign and
domestic cash accounts, the majority of which exceed the Federal Deposit Insured Corporation’s insured
limitations. The Foundation believes it is not exposed to significant credit risk on cash and cash equivalents.
The carrying value of cash approximates fair market value.
Receivables
Accounts receivable represents merchandise and workshop sales for the Lions Quest program, net of
allowance for doubtful accounts. The carrying value of accounts receivable approximates fair value. The
allowance for doubtful accounts represents the Foundation’s best estimate of probable losses in the
receivable balance as determined from a review of past due balances and other specific account data.
Accounts that are outstanding longer than 90 days are considered past due. All accounts considered
uncollectible after 120 days are written off. The allowance for doubtful accounts balance was $31,662 and
$160,883 as of June 30, 2012 and 2011, respectively.
Donor-restricted Gifts
Unconditional promises to give cash and other assets are reported as either temporarily or permanently
restricted net assets if they are received with donor stipulations that limit the use of the donated assets. When
a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is
9

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2012 and 2011
accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the
statements of activities as net assets released from restrictions. Donor-restricted gifts and temporarily
restricted investment return are reported as temporarily restricted even if the restrictions expire during the
fiscal year in which the gift was received, and are then reclassified to unrestricted net assets
Property and Equipment
Property and equipment are recorded at cost. The Foundation capitalizes all expenditures for property and
equipment in excess of $3,000. Depreciation and amortization of property and equipment are determined
using the straight-line method over the estimated useful lives of the related assets ranging between three and
seven years.
Inventory
Inventory, which consists of merchandise available for donor recognition and Lions Quest program support,
is stated at the lower of cost (average cost) or market.
Multi-year Grants
The Foundation has no existing multi-year grant commitments as of June 30, 2012 and 2011. Grant
disbursements are made as the grantee meets applicable terms and conditions of the grant. All grants are
recorded based on the expected commitment in the year in which they are approved.
Fair Value of Financial Instruments
The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to
unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1 - Quoted prices for identical instruments in active markets, which includes listed money market
funds, mutual funds and equity securities. The Foundation does not adjust the quoted price for such
instruments, even in situations where the Foundation holds a large position and a sale could reasonably
impact the quoted price.
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar
instruments in inactive markets; or derived from inputs that are observable. The Foundation has Level 2
investments measured using a NAV per share, or its equivalent, that may be redeemed at that NAV at or near
the reporting date.
Level 3 - Significant unobservable inputs that are significant to the fair value of the assets or liabilities.
Included in Level 3 are investments measured using a NAV per share, or its equivalent, that cannot be
redeemed at NAV at or near the reporting date, or for which redemption at NAV is uncertain due to lockup
periods or other investment restrictions.
The levels for financial instruments are evaluated on an annual basis and transfers between levels are
recognized as of the end of each fiscal year.
10

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2012 and 2011
Income Taxes
The Foundation has received a favorable determination letter from the Internal Revenue Service, stating that
it is exempt from federal income taxes under the provisions of Section 501(c)(3) of the Internal Revenue
Code of 1986 (IRC), except for income taxes pertaining to unrelated business income. The Financial
Accounting Standards Board issued guidance that requires tax effects from uncertain tax positions to be
recognized in the financial statements only if the position is more likely than not to be sustained if the
position were to be challenged by a taxing authority. Management has determined that there are no material
uncertain positions that require recognition in the financial statements. Additionally, no provision for income
taxes is reflected in these financial statements, as the Foundation’s unrelated business taxable income was
offset by the expenses directly connected with the conduct of the unrelated business, creating a net operating
loss. There is no interest or penalties recognized in the financial statements. The tax years ended in 2008,
2009 and 2010 are still open to audit for both federal and state purposes.
Reclassifications
Certain accounts for 2011 have been reclassified to conform to the 2012 financial statement presentation.
The reclassifications have no effect on total assets, liabilities, net assets and the change in net assets.
NOTE C - TEMPORARILY AND PERMANENTLY RESTRICTED NET ASSETS
Temporarily restricted net assets include gifts of cash and other assets for which donor-imposed restrictions
have not yet been met, and for which the ultimate purpose of the proceeds is not permanently restricted. At
June 30, 2012 and 2011, temporarily restricted net assets consisted of the following:
11
2012 2011
Type of restriction
Campaign SightFirst II $ 98,826,845 $107,313,136
Japan Tsunami 2,734,412 11,157,365
Haiti Earthquake 2,022,794 4,516,040
Measles Initiative 2,436,558 6,894
Other designated 4,666,051 410,343
$110,686,660 $123,403,778
Permanently restricted net assets include a gift which requires, by donor restriction, that the corpus be
invested in perpetuity and only the income be made available for program operations in accordance with
donor restrictions. At June 30, 2012 and 2011, permanently restricted net assets totaled $500,000. The
purpose of this endowment gift is to support sight-related activities in Louisiana.

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2012 and 2011
NOTE D - NET ASSETS RELEASED FROM RESTRICTIONS
Net assets were released from donor restrictions by incurring expenses satisfying the restricted purposes or by
occurrence of other events specified by donors.
12
2012 2011
Type of restriction
Campaign SightFirst II $10,854,448 $12,388,976
Gifts-in-kind - Treatment of River Blindness 6,537,000 2,221,500
Japan Tsunami 12,535,080 4,902,009
Haiti Earthquake 2,550,866 1,894,635
Measles Initiative 7,785,160 290,000
Other designated 1,391,060 4,320,833
NOTE E - ADMINISTRATIVE AND FUNDRAISING EXPENSES
$41,653,614 $26,017,953
Administrative and development expenses for the years ended June 30, 2012 and 2011, consisted of the
following:
2012 2011
Administrative
Salaries and related costs $1,473,386 $1,481,386
Allocation of headquarters’ costs 1,347,031 1,065,602
Transportation and lodging 301,896 239,159
Other 518,593 609,419
Depreciation 26,124 56,584
Total administrative $3,667,030 $3,452,150
Fundraising
Donor recognition $2,299,803 $1,818,999
Allocation of headquarters’ costs 250,015 418,900
Publications and postage 20,692 29,264
Salaries and related costs 844,723 629,148
Advertising and public relations 17,415 454,829
Transportation and lodging 326,616 324,993
Other 148,976 271,775
Total development $3,908,240 $3,947,908

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2012 and 2011
NOTE F - GRANTS
Grants for the years ended June 30, 2012 and 2011, consisted of the following:
SightFirst, net of grant adjustments of $3,399,155 and
$1,033,787, respectively $ 7,445,318
Standard, net of grant adjustments of $911,824 and
$441,414, respectively 6,831,792
Core 4, net of grant adjustments of $571,572 and
$302,652, respectively 3,157,045
Emergency, net of grant adjustments of $115,936 and
$83,582, respectively 1,304,064
International assistance, net of grant adjustments of
$13,872 and $23,167, respectively 377,858
Designated, net of grant adjustments of $1,130,345 and
$132,205, respectively 29,678,796
Other grants, net of grant adjustments of $44,850 and
$109,251, respectively 558,450
13
2012 2011
$11,355,189
5,775,615
2,570,048
1,656,418
353,859
13,480,522
1,466,071
Total grants approved $49,353,323 $36,657,722
NOTE G - INVESTMENTS
The following table summarizes the fair value measurements of investments as of June 30, 2012:
Level 1 Level 2 Level 3 Total
Money market funds $ 4,555,220 $ - $ - $ 4,555,220
Mutual funds 138,949,663 - - 138,949,663
Equity securities 15,315,955 - - 15,315,955
U.S. Government securities - 95,075 - 95,075
Mortgage-backed securities - 67,355 - 67,355
Commingled trust funds - 110,276,755 - 110,276,755
Hedge funds - - 6,576,922 6,576,922
Private equity funds - - 16,630,842 16,630,842
Total $158,820,838 $110,439,185 $23,207,764 $292,467,787

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2012 and 2011
The following table summarizes the fair value measurements of investments as of June 30, 2011:
Level 1 Level 2 Level 3 Total
Money market funds $ 7,749,840 $ - $ - $ 7,749,840
Mutual funds 143,427,204 - - 143,427,204
Equity securities 15,339,611 - - 15,339,611
U.S. Government securities - 87,072 - 87,072
Mortgage-backed securities - 98,081 - 98,081
Commingled trust funds - 107,486,758 - 107,486,758
Hedge funds - - 783,079 783,079
Private equity funds - - 14,289,959 14,289,959
Total $166,516,655 $107,671,911 $15,073,038 $289,261,604
Investments as presented in the accompanying statements of financial position include cash and money
market funds totaling $286,436 and $6,212,798 as of June 30, 2012 and 2011, respectively.
The following table summarizes the changes in fair values associated with Level 3 assets:
14
Hedge funds Private equity Total
Balance as of June 30, 2010 $ 1,519,230 $ 9,722,744 $11,241,974
Purchases 726,180 2,949,711 3,675,891
Sales (800,811) - (800,811)
Realized losses (1,585,295) - (1,585,295)
Unrealized gains 923,775 1,617,504 2,541,279
Balance as of June 30, 2011 783,079 14,289,959 15,073,038
Purchases 6,159,633 2,417,854 8,577,487
Sales (68,302) (1,051,800) (1,120,102)
Realized (losses) gains (113,640) 73,672 (39,968)
Unrealized (losses) gains (183,848) 901,157 717,309
Balance as of June 30, 2012 $ 6,576,922 $16,630,842 $23,207,764
All net realized and unrealized gains (losses) in the table above are reflected in investment return in the
accompanying statements of activities. Net unrealized gains (losses) relate to those investments held by the
Foundation at year-end.
The following provides additional information about investments recorded at NAV at June 30, 2012.
Commingled trust funds include investments in real estate, fixed income and equity securities. Commingled
real estate funds consist of multi-advisor, multi-fund investment approach applied to both open-end core,
private core and enhanced core real estate funds. Redemption on the real estate funds range from quarterly
with 45-day notice to 110-day notice. The fixed income fund invests primarily in a diversified portfolio of
intermediate and long-term debt securities. Equities consist of international equities in developed and

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2012 and 2011
emerging markets and U.S. small cap value equity portfolio. The NAV of the fixed income and equity
commingled funds are calculated by the investment manager of the fund and have daily or monthly liquidity
with a 30-day notice.
Hedge funds consist of fund-of-fund structures investing in long/short equity, multi-strategy and an absolute
return mutual fund. The NAV of the funds are calculated by the investment manager of the fund and have
monthly liquidity with 30-day notice.
Private equity funds consist of limited partnerships. These funds generally cannot be redeemed and are
subject to the terms of the individual funds. The funds typically have lives of up to 10 years, and
distributions are at the discretion of the general partners and are usually only after the realization of
investments within the fund. It is probable that the investment will be sold at an amount different than its
NAV. At June 30, 2012, the Foundation had unfunded commitments of approximately $5,800,000 related to
these limited partnership investments. These amounts are not reflected in the financial statements as a
liability.
Total investment return is summarized as follows for the years ended June 30:
15
2012 2011
Dividends and interest $ 9,014,564 $11,069,963
Net realized and unrealized (losses) gains (1,565,242) 23,020,735
Management fees (455,869) (485,993)
Total investment return $ 6,993,453 $33,604,705
NOTE H - PROPERTY AND EQUIPMENT
Property and equipment were comprised of the following as of June 30:
2012 2011
Equipment $4,119,555 $4,023,155
Construction in process 473 96,400
4,120,028 4,119,555
Less accumulated depreciation 3,998,323 3,952,919
$ 121,705 $ 166,636
Depreciation expense $ 45,404 $ 56,584

Lions Clubs International Foundation
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2012 and 2011
NOTE I - SUBSEQUENT EVENTS
The Foundation evaluated its June 30, 2012, financial statements for subsequent events through October 31,
2012, the date the financial statements were available to be issued, and is not aware of any subsequent events
that would require recognition or disclosure in the financial statements.
16