2010 Financial Statement

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OPERATION SMILE, INC. AND AFFILIATE Combined Financial Statements and Schedules June 30, 2011 OPERATION SMILE, INC. AND AFFILIATE Table of Contents Page(s) Independent Auditors’ Report Financial Statements: Combined Statement of Financial Position Combined Statement of Activities Combined Statement of Cash Flows Combined Statement of Functional Expenses Notes to Combined Financial Statements Schedule 1 2 Combining Schedule – Statement of Financial Position Combining Schedule – Statement of Ac
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    OPERATION SMILE, INC.AND AFFILIATE Combined Financial Statements and SchedulesJune 30, 201 1      OPERATION SMILE, INC.AND AFFILIATETable of ContentsPage(s) Independent Auditors’ Report 1Financial Statements:Combined Statement of Financial Position 2Combined Statement of Activities 3Combined Statement of Cash Flows 4Combined Statement of Functional Expenses 5 Notes to Combined Financial Statements 6 – 14 Schedule 1 Combining Schedule – Statement of Financial Position 152 Combining Schedule – Statement of Activities 16    Independent Auditors’ Report The Board of DirectorsOperation Smile, Inc.:We have audited the accompanying combined statement of financial position of Operation Smile, Inc. andaffiliate (the Company) as of June 30, 2010, and the related combined statement of activities, cash flowsand functional expenses for the year then ended. These combined financial statements are the responsibilityof the Company’s management. Our responsibility is to express an opinion on these combined financialstatements based on our audit.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 aboutwhether 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 thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’sinternal control over financial reporting. Accordingly, we express no such opinion. An audit also includesexamining, 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 asevaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.In our opinion, the combined financial statements referred to above present fairly, in all material respects,the financial position of Operation Smile, Inc. and affiliate as of June 30, 2010, and the results of their activities and their cash flows for the year then ended in conformity with U.S. generally acceptedaccounting principles.Our audit was made for the purpose of forming an opinion on the basic combined financial statementstaken as a whole. The combining information in schedules 1 and 2 is presented for purposes of additionalanalysis of the combined financial statements rather than to present the financial position and results of operations of the individual companies. The combining information referred to in this report has beensubjected to the auditing procedures applied in the audit of the basic combined financial statements and, inour opinion, is fairly stated in all material respects in relation to the combined financial statements taken asa whole.October 4, 201 1  2 OPERATION SMILE, INC.AND AFFILIATE Combined Statement of Financial PositionJune 30, 2011 Assets Cash$8,080,818Investments (notes 3 and 11)5,346,036Prepaid expenses90,707Mission advances and other receivables349,574Contributions receivable, net (note 2)3,461,969Inventories6,548,582Property and equipment, net (notes 4 and 6)1,514,624Total assets$25,392,310 Liabilities and Net Assets Accounts payable and accrued expenses$4,786,431Deferred revenue151,558Capital lease payable (notes 4 and 6)32,961Total liabilities4,970,950 Net assets:Unrestricted (note 8)16,057,621Temporarily restricted (notes 7 and 8)4,363,739Total net assets20,421,360Commitments and contingencies (note 6)Total liabilities and net assets$25,392,310See accompanying notes to combined financial statements.
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