Answer To: Here is the financial statement for Utah symphony below Government Accounting Delivery length...
David answered on Dec 23 2021
Sources of change in Net Assets
The change in net assets for the year ended August 31, 2007 was $1,951,168. The net assets at
the beginning of the year were $43,989,424 and at the end of the year was $45,940,592. This
means that net assets increased by $1,951,168 during the financial year ended on August 31,
2007. The change in net assets for the year ended August 31, 2008 was ($6,651,253). The net
assets at the beginning of the year were $45,940,592 and at the end of the year was $39,289,339.
This means that net assets decreased by $6,651,253 during the financial year ended on August
31, 2008. During 2007, the net assets increased due to the increase of board designated and
permanently restricted net assets. During 2008 the net assets decreased due to the decrease in
total unrestricted, temporarily restricted and permanently restricted net assets. This trend is not
likely to continue because this was because of some major support received by the company
from other sources.
Program Expenses
Program Expenses actually differs with the revenue from tickets. The reason behind this is
that if the ticket prices are being increased, the sponsors and the...