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The documents below are public information regarding IVU, Inc. as a corporation and its most recent yearly audit. > Independent Auditor's Report independent auditor's report, 25mar2003 To the Board of Directors We have audited the accompanying statement of financial position of International Volunteers in Urology, Inc. (a non-profit organization) as of December 31, 2002, and the related statements of activities, functional expenses, and cash flows 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. 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 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. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of International Volunteers in Urology, Inc. as of December 31, 2002, and the changes in its net assets and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Wiggins & Co., P.C. statement of financial position, 31dec2002
statement of activities, 31dec2002
statement of Functional Expenses, 31dec2002
statement of cash Flows, 31dec2002
Notes to Financial Statements, 31dec2002 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of International Volunteers in Urology, Inc. (the "Organization") is presented to assist in understanding the Organization's financial statements. The financial statements and notes are representations of the Organization's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. Business Activity International Volunteers in Urology, Inc. is a not-for-profit corporation, organized under the laws of the State of Georgia in November 1995. The Organization is committed to making quality urological care available to people worldwide. In fulfilling this mission, the Organization provides medical and surgical education to physicians and nurses, and treatment to suffering men, women and children. The Organization derives its revenue from donations (cash and non-cash) from the general public. The Organization relocated to Salt Lake City, Utah, during the year ended December 31, 2000. Basis of Accounting The financial statements of the Organization have been prepared on the accrual basis of accounting. Basis of Presentation The Organization has adopted Statement of Financial Accounting Standards (SFAS) No. 117, "Financial Statements of Not for-Profit Organizations." Under SFAS 117, the Organization is required to report information regarding its financial position and activities according to three classes of net assets (unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets) based upon the existence or absence of donor-restricted restrictions. The Organization has also adopted SFAS 116, "Accounting for Contributions Received and Contributions Made." In accordance with SFAS No. 116, contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of any donor restrictions. The Organization has not received any contributions with donor-imposed restrictions that would result in permanently restricted net assets. In-Kind Donations Contributions of donated non-cash assets meet the requirements of SFAS No. 116 and are, therefore, recorded as their fair values in the period received. Volunteer Services The Organization receives a significant amount of donated services from unpaid volunteers who assist in providing medical care. Certain amounts have been recognized in the statement of activities because the criteria for recognition under SFAS No. 116 have been satisfied. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Furniture and Equipment The Organization follows the practice of capitalizing all expenditures for furniture and equipment in excess of $1,000; the fair value of donated fixed assets is similarly capitalized. Depreciation is provided over the estimated useful lives of the assets. The estimated useful lives of the furniture and equipment is seven years. Depreciation expense for the year ended December 31, 2002 was $8,992. Income Taxes The Organization is exempt from federal income taxes under section 50l(c)(3) of the Internal Revenue Code and therefore has made no provisions for federal income taxes in the accompanying financial statements. There was no unrelated business income for the year ended December 31,2002. Cash and Cash Equivalents Cash and cash equivalents consist of short-term, highly liquid investments which are readily convertible into cash within ninety (90) days of purchase. Accounts are insured by the Federal Deposit Insurance Corporation up to $10O,000. At December 31, 2002, the Organization had no uninsured cash balances. Functional Allocation of Expenses The costs of providing the various programs and activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Inventories Inventories are stated at discounted hospital catalog prices. Inventory consists of medical supplies and equipment used to provide urological care. NOTE 2. CONCENTRATIONS During the year, 37% of the cash donations were received from a single contributor. NOTE 3. COMPREHENSIVE INCOME Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income." requires that total comprehensive income be reported in the financial statements. The Organization has no instances of comprehensive income to report. NOTE 4. LEASE AGREEMENT The Organization entered into
a twenty-four month lease on July 1, 2001. The lease calls for
monthly lease payments of $1,867. NOTE 5. FURNITURE AND EQUIPMENT
Furniture and equipment consist of the following at year end: IVU, Inc. 501(c)(3) Incorporation Information, 20APR2001 Internal Revenue Service April 20, 2001 International Volunteers in Urology, Incorporated Dear Applicant: This modifies our letter of the above date (March 1997) in which we stated that you would be treated as an organization that is not a private foundation until the expiration of your advance ruling period. Your exempt status under section 501(a) of the Internal Revenue Code as an organization described in section 501(c)(3) is still in effect. Based on the information you submitted, we have determined that you are not a private foundation within the meaning of section 509(a) of the Code because you are an organization of the type described in section 509(a) (1) and 170(b)(1)(A)(vi). Grantors and contributors may rely on this determination unIess the Tnternal Revenue Service publishes notice to the contrary. However, if you lose your section 509(a)(1) status, a grantor or contributor may not rely on this determination if he or she was in part reaponsible for, or was aware of the act or failure to act, or the substantial or material change on the part of the organization that resulted in your loss of such status, or if he or she acquired knowledge that the lnternal Revenue Service had given notice that you would no longer be classified as a section 509(a)(1) organization. You are required to make your annual information return, Form 990 or Form 990-EZ, available for public inspection for three years after the later of the due date of the return or the date the return is filed. You are also required to make available for public inspection your exemption application, any supporting documents, and your exemption letter. Copies of these documents are also required to be provided to any individual upon written or in person request without charge other than reasonable fees for copying and postage. You may fulfill this requirement by placing these documents on the internet. Penalties may be imposed for failure to comply with these requirements. Additional information is available in Publication 557, Tax-Exempt Status for Your Organization, or you may call our toll free number shown above. If we have indicated in the heading of this letter that an addendum applies, the addendum enclosed is an integral part of this letter. Because this letter could help resolve any questions about your private foundation status, please keep it in your permanent records. If you have any questions, please contact the person whose name and telephone number are shown above. Sincerely yours, Steven T. Miller |