THOMAS W. VAN HORN, JR.
CERTIFIED PUBLIC ACCOUNTANT
114 SOUTH VICKSBURG STREET
Marion, Illinois 62959


Board of Directors
Marion Medical Mission
Marion, Illinois

I have audited the accompanying statements of financial position of Marion Medical Mission (a nonprofit organization) as of June 30, 2001, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the Organization's management.  My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I 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.  I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Marion Medical Mission as of June 30, 2001, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.

January 10, 2002

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MARION MEDICAL MISSION 
STATEMENT OF FINANCIAL POSITION - JUNE 30, 2001

ASSETS

Current Assets:

Cash in Bank, general Account

$136,483

Cash in Bank, administration Account

2,467

Escrow, designated education fund

994

Escrow, designated shallow well

622

Escrow, designated contributions

35,042

Accounts receivable

530

Total current assets:

176,138
Investments

11,487

TOTALS

$ 187,625

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LIABILITIES AND NET ASSETTS

Current liabilities:

Accounts payable

 $  35,076

Accrued expenses

    113

Total current liabilities
35,189
Net assets:

Unrestricted net assets
115,778
Temporarily restricted net assets:

Restricted for:

Education
3,595

Shallow wells
22,550

Other
10,513

Total temporarily restricted net assets
36,658

Total net assets
152,436

TOTALS

 $ 187,625

 

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MARION MEDICAL MISSION 
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2001

Unrestricted support and Revenues:
Contributions:
General $101,660
Shallow wells 119,456
Shallow wells truck fund 23,664
School buildings 30,750
Hospital 4,311
Schools 3,611
Scholarships 2,685
Churches 875
Designated 5,570
Freight    1,252
Total unrestricted support and Revenues

$  293,834
Expenses:

Program services:
Mission expenses:
Shallow well supplies $119,488
Shallow well truck 26,365
Shallow well motorcycles 7,950
Hospital supplies and medicines 4,386
Miscellaneous supplies 6,090
Chizimya Full Primary School 380
Embangweni School for Deaf Children 1,800
Louden Full Primary School 458
School buildings/teacher homes 36,750
Miscellaneous school needs 2,218
Scholarships 3,371
Churches 875
Designated 5,145
Air freight 3,745
Insurance   1,098
Agriculture       70
Total Mission Expenses $220,189
Mission travel:
Mission Travel $34,761
Designated travel contributions (35,737)
Total Mission travel

(     976)
Total program services

$219,213
Supporting services:
Management and general
Office supplies $570
Postage 1,723
Clerical 3,412
Miscellaneous 211
Designated contributions (   517)
Interest income (7,496)
Dividend income (   443)
Loss on investment sale 129
Investment depreciation           92
Total management and general

( $2,319)
Total expenses  $ 216,894
Increase in unrestricted net assets 76,940
Net assets, beginning of year 75,496
Net assets, end of year    $152,436

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MARION MEDICAL MISSION 
STATEMENT OF CASH FLOW
YEAR ENDED JUNE 30, 2001

Cash flows from operating activities:
Increase in net assets $76,940
Adjustments to reconcile increase in net assets to
net cash provided by operating activities:
Reinvested dividend income (     443)
(Increase) decrease in fair value of investments 92
Donated assets included in contributions income ( 17,013)
(Gain) loss on investment sales 129
(Increase) decrease in operating assets:

Accounts receivable

 530
Increase (decrease) in operating liabilities:

Accounts Payable

 16,283

Accrued expenses

 (       33)
Total adjustments (     455)
Net cash provided by operating activities 76,485
Cash flows from investing activities:
Proceeds from investment sales 7,361
Net cash provided by investing activities 7,361
Net increase in cash and cash equivalents 83,846
Cash and cash equivalents, beginning 91,762
Cash and cash equivalents, ending $175,608

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MARION MEDICAL MISSION 
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED JUNE 30, 2001

1.  Nature of activities and summary of significant accounting policies

Nature of activities:

Marion Medical Mission, a nonprofit corporation, provides medical and other services to underdeveloped countries, primarily in Africa. The services are delivered by sending qualified medical personnel and assisting with various projects in the affected countries. The major projects consist of the construction of shallow drinking water wells and construction of school buildings. The Organization receives donations from churches, businesses and individuals. No part of the funds raised are used to pay either administrative or travel expenses.

Functional expenses:

The Organization allocates it expenses on a functional basis among its various programs and support services. Expenses that can be identified with a specific program and support service are allocated directly according to their natural expenditure classification. Other expenses that are common to several functions are allocated by various statistical bases..

Financial statement presentation:

The Organization has adopted Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements of Not-for-Profit Organizations. Under SFAS No. 117, the Organization is required to report information regarding its financial position and activities to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.

Income taxes:

Marion Medical Mission is a not-for-profit organization that is exempt from income taxes under Section 501(c) (3) fof the Internal Revenue Code.

Cash and cash equivalents:

For purposes of the statements of cash flows, the Organization considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents.

Estimates:

Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the report amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenue and expenses. Actual results could vary from the estimates that were used.

2.    Investments:

Investments are summarized as follows:



Cost
Fair
Value		 Unrealized
appreciation
(depreciation)
Common stock, public

$11,578

$11,487

($92)

Investment return is summarized as follows:

Investment and dividend income $7,939
Net increase (decrease) in fair value of investments (   92)
Total unrestricted investment income $7,847

 

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