Download HEAF's 2011 Annual Report.

10
Independent Auditors’ Report
To the Board of Trustees
Harlem Educational Activities Fund, Inc.
We have audited the accompanying statement of financial position of Harlem Educational Activities Fund, Inc.
(a nonprofit organization) (the “Organization”) as of June 30, 2011, and the related statements of activities and
cash flows for the ten months ended June 30, 2011. These financial statements are the responsibility of the
Organization’s management. Our responsibility is to express an opinion on these financial statements based on
Note about the financials
our audit.
represent a shortened fiscal year.
We conducted our audit 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 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 Organization’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 audit provides 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 the Organization as of June 30, 2011, and its activities and cash flows for the ten months then ended,
in conformity with accounting principles generally accepted in the United States of America.
As discussed in Note 2 to the financial statements, effective September 17, 2010, the Organization adopted the
Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) and all of the disclosure requirements of
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 958, Endowments
of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform
Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as
a whole. The schedule of functional expenses for the ten months ended June 30, 2011, is presented for the
purpose of additional analysis and is not a required part of the basic financial statements. Such information
has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and,
accordingly, we express no opinion on it.
CERTIFIED PUBLIC ACCOUNTANTS
March 5, 2012