Robert L. Howren (E)
Katrina H. Welch (E)
Vice President & Tax Director
Texas Instruments Incorporated
VICE PRESIDENT - REGION I
(Calgary, Montreal, Toronto, Vancouver)
Fraser E. Reid
Vice President, Taxation
VICE PRESIDENT - REGION II
(Buffalo-Niagara, New Jersey, New York, Rochester)
John P. Orr, Jr.
Senior Director of Tax
VICE PRESIDENT - REGION III
(Connecticut Valley, New England, Westchester-Fairfield)
Karen E. Miller
Sr. Director Global Tax
VICE PRESIDENT - REGION IV
(Baltimore-Washington, Harrisburg, Philadelphia, Pittsburgh)
Evan G. Ernest
Vice President - Taxes
Toll Brothers, Inc.
VICE PRESIDENT - REGION V
(Cincinnati-Columbus, Cleveland, Detroit, Indiana, Kentucky, Western Michigan)
Givaudan Flavors Corporation
VICE PRESIDENT - REGION VI
(Chicago, Iowa, Kansas City, Minnesota, Nebraska, St. Louis, Wisconsin NE, Wisconsin)
David D. Gillman
Vice President - Tax
Telephone & Data Systems, Inc.
SENIOR VICE PRESIDENT
James P. Silvestri (E)
Head, Global Taxation
James A. Kennedy (E)
Sr. Vice President, Finance & Chief Tax Officer
VICE PRESIDENT - REGION VII
(Austin, Dallas, Denver, Ft. Worth, Houston, New Orleans, Oklahoma City, Tulsa)
Michael F. Roach
Asst. Vice President - Sr. Director - Tax
SM Energy Company
VICE PRESIDENT - REGION VIII
(Atlanta, Carolinas, Florida, Nashville, Virginia)
Mitchell S. Trager (E)
Senior Tax Counsel
VICE PRESIDENT - REGION IX
(Alaska, Portland, San Francisco, Seattle, Silicon Valley)
Eric L. Johnson
Group Vice President Tax & Govt. Affairs
Ross Stores, Inc.
VICE PRESIDENT - REGION X
(Arizona, Hawaii, Los Angeles, Orange County, Salt Lake City, San Diego)
Vice President, Tax
Reliance Steel & Aluminum Co.
VICE PRESIDENT - REGION XI
(Asia, EMEA, Latin America)
Tzi (Sam) Y. Sim
Transfer Pricing Geo Leader, EMEA, Asia-Pac & Japan
Audited Consolidating Financial Statements
TAX EXECUTIVES INSTITUTE, INC. AND TEI EDUCATION FUND
June 30, 2017
Independent Auditor's Report 3 CONSOLIDATING FINANCIAL STATEMENTS Consolidating statements of financial position 4 Consolidating statements of activities 5 Consolidating statements of cash flows 6 Notes to the consolidating financial statements 7 Independent Auditor's Report
To the Board of Directors
Tax Executives Institute, Inc. and TEI Education Fund
We have audited the accompanying consolidating financial statements of Tax Executives Institute, Inc. and TEI Education Fund (collectively, the Organization), which comprise the consolidating statements of financial position as of June 30, 2017 and 2016, and the related consolidating statements of activities and cash flows for the years then ended, and the related notes to the consolidating financial statements.
Management's Responsibility for the Consolidating Financial Statements
Management is responsible for the preparation and fair presentation of these consolidating financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidating financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these consolidating financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidating financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidating financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidating financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Organization's preparation and fair presentation of the consolidating financial statements in order to design 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. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidating financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the consolidating financial statements referred to above present fairly, in all material respects, the individual and consolidated financial positions of Tax Executives Institute, Inc. and TEI Education Fund as of June 30, 2017 and 2016, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
July 24, 2017
Consolidating Statements of Financial Position Years Ended June 30, 2017 and 2016 TEI TEIF Assets Cash and cash equivalents $ 682,542 $ 106,287 Investments 9,755,710 Accounts receivable 47,191 Due (to) from affiliate Prepaid expenses 167,222 Property and equipment 1,110,154 Total assets $ 11,762,819 $ 106,287 Liabilities and net assets Accounts payable $ 49,045 $ - Accrued liabilities 164,088 Deferred revenue 3,153,007 Deferred rent and lease incentive 1,127,010 Total liabilities 4,493,150 - Commitments and contingencies Net assets - unrestricted 7,269,669 106,287 Total liabilities and net assets $ 11,762,819 $ 106,287 2017 Total TEI Assets Cash and cash equivalents $ 788,829 $ 734,383 Investments 9,755,710 10,434,410 Accounts receivable 47,191 30,536 Due (to) from affiliate - (6,108) Prepaid expenses 167,222 73,909 Property and equipment 1,110,154 1,023,198 Total assets $ 11,869,106 $ 12,290,328 Liabilities and net assets Accounts payable $ 49,045 $ 76,826 Accrued liabilities 164,088 298,779 Deferred revenue 3,153,007 3,076,957 Deferred rent and lease incentive 1,127,010 834,244 Total liabilities 4,493,150 4,286,806 Commitments and contingencies - Net assets - unrestricted 7,375,956 8,003,522 Total liabilities and net assets $ 11,869,106 $ 12,290,328 2016 TEIF Total...