In a public display of accountability, the Million Man March was the first ever public march to provide an independent Financial Audit of its operations.
MILLION MAN MARCH 1995, INC. AUDITED FINANCIAL STATEMENTS DECEMBER 31, 1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEPENDENT AUDITOR’S REPORT FINANCIAL STATEMENTS
INDEPENDENT AUDITOR’S REPORT Board of Directors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
We have audited the accompanying balance sheet of Million Man March 1995, Inc. (an Illinois not-for-profit corporation) as of December 31, 1995 and the related statements of activity and changes in fund balance, cash flows and functional expense for the year then ended. These financial statements are the responsibility of the Organization’s management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Contributions are received from the public which are significant to operations. It is not practical for the organization to extend its internal control structure to obtain more than reasonable assurance that all contributions are ultimately recorded. In our opinion, except for the effects on the financial statements of any unrecorded contributions, such financial statements present fairly in all material respects, the financial position of Million Man March 1995, Inc. as of December31, 1995 and results of its operations and changes in fund balance and cash flows for the year ended December 31, 1995 in conformity with generally accepted accounting principles. BOLLING & HILL, LLP May 31, 1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MILLION MAN MARCH 1995, INC. (An Illinois Not-for-Profit Corporation) BALANCE SHEET DECEMBER 31, 1995ASSETSCurrent Assets:
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MILLION MAN MARCH 1995, INC. REVENUES
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MILLION MAN MARCH 1995, INC. FOR THE YEAR ENDING DECEMBER 31, 1995 CASH FLOWS FROM OPERATION ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
MILLION MAN MARCH 1995, INC. Note 1 – Organization and Operations Note 2 – Summary of Significant Accounting Policies In an effort to establish and promote a general spiritual renewal among Black men, the Million Man March 1995, Inc conducted a peaceful demonstration in Washington D.C. on October 16, 1995. The march was intended to establish and promote economic self reliance, and be morally uplifting. This report does not include operations from local organizing committees (local organizing committees are semi-autonomous entities that facilitated the organizing and transporting of men to the march). Note 3 – Accounts Receivable Note 4 – Inventories Note 5 – Fixed Assets and Related Depreciation Note 6 – In-Kind Contributions
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Note 7 – Related Parties Transactions Note 8 – Income taxes Note 9 – Deficit Reduction Plan INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL STRUCTURE Board of Directors We have audited the general purpose financial statements of the Million Man March 1995, Inc. (and Illinois not-for-profit corporation) for the year ending December 31, 1995, and have issued our report thereon dated May 31, 1996. We conducted our audit in accordance wit generally accepted auditing standards. Those standards require that we plan and perform purpose financial statements are free of material misstatement. In planning and performing our audit of the general purpose financial statements of Million Man March 1995, Inc. we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. The management of the Million Man March 1995, Inc., is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions re executed in accordance with management’s general purpose financial statements in accordance with generally accepted accounting principles. Because of inherent limitations I any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any risk that procedures may become inadequate because of changes in conditions that the effectiveness of the design and operation of policies and procedures may deteriorate. For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories:
For all of the internal control structure categories listed above we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assesses control risk. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. However, we noted certain matters involving the internal control structure and its operation that we have reported to the management of Million Man March 1995, Inc. (an Illinois not-for-profit corporation) in a separate letter dated May 31, 1996. This report is intended for the information of the Million Man March 1995, Inc., however, this report is a matter of public record and its distribution is not limited. BOLLING & HILL, LLP INDEPENDENT AUDITOR’S REPORT ON SUPPLEMENTAL INFORMATION Board of Directors Our report on our is the basic financial statements of the Million Man March 1995, Inc. (an Illinois not-for-profit corporation) for the year ended December 31, 1995 appears on page 1. We conducted our audit in accordance with generally accepted auditing standards. The audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information for the year ended December 31, 1995, shown on page 11, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied to the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. BOLLING & HILL, LLP |
Brief Summary of The Million Man March @ NOI.org
Watch The Million Man March Keynote Address @ Media.NOI.org
Watch full Million Man March program from C-Span @ C-Span.org