Le Petit Theatre du Vieux Carre - LLA Default Homepageapp1.lla.state.la.us/PublicReports.nsf/373B8BB20C1C987D862574E30049D... · Le Petit Theatre du Vieux Carre New Orleans, Louisiana

RECEIVEDLEGISLATIVE AUDITOR

2088 OCT-6 AH 10-52

Le Petit Theatre Du Vieux Carre

Financial Statements

For The Year Ended June 30, 2007

Under provisions of state law, this report is a publicdocument. Acopy of the report has been submitted tothe entity and other appropriate public officials. Thereport is available for public inspection at the BatonRouge office of the Legislative Auditor and, whereappropriate, at the office of the parish clerk of court.

Release Date

LE PETIT THEATRE DU VIEUX CARRE

TABLE OF CONTENTS

JUNE 30, 2007

INDEPENDENT AUDITOR'S REPORT 1FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL POSITION 2

STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS 3 - 4

STATEMENT OF CASH FLOWS 5 - 6

STATEMENT OF FUNCTIONAL EXPENSES 7

NOTES TO FINANCIAL STATEMENTS 8-13

SPECIAL REPORTS OF INDEPENDENT AUDITOR

REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERSBASED ON AN AUDIT OF FINANCIAL STATEMENTSPERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS 14 -15

SCHEDULE OF FINDINGS AND RESPONSES 16-18

SPECIAL REPORTS OF MANAGEMENT

SCHEDULE OF PRIOR YEAR FINDINGS 19

MANAGEMENT CORRECTIVE ACTION PLAN 20

Reginald A. Bresette, IIILimited Liability company

Reginald A. Bresette, III, CPAMember

American Institute of Certified Public AccountantsSociety of Louisiana Certified Public Accountants

INDEPENDENT AUDITOR'S REPORT

To the Board of Governors ofLe Petit Theatre du Vieux CarreNew Orleans, Louisiana

We have audited the accompanying statement of financial position of Le Petit Theatre du VieuxCarre, (a non-profit organization) (the Theatre) as of June 30, 2007, and the related statements ofactivities, functional expenses and changes in net assets, and cash flows for the year then ended.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 UnitedStates of America and the standards applicable to financial audits contained in GovernmentAuditing Standards issued by the Comptroller General of the United States. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe thatour 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 the Theatre as of June 30, 2007, and the changes in its net assets andcash flows for the year then ended in conformity with accounting principles generally acceptedin the United States of America.

In accordance with Government Auditing Standards, we have also issued a report datedSeptember 19, 2008, on our consideration of The Theatre's internal control over financialreporting and our tests of its compliance with certain provisions of laws, regulations, contractsand grant agreements and other matters. The purpose of that report is to describe the scope ofout testing of internal control over financial reporting and compliance and the results of thattesting, and not to provide an opinion on the internal control over financial reporting or oncompliance. That report is an integral part of an audit performed in accordance with GovernmentAuditing Standards and should be read in conjunction with this report in considering the resultsof our audit.

September 19, 2008

4408 Yale street, Suite A • Metairie, Louisiana 70006(504) 885-9990 • FAX (504) 885-9959 • CELL (504) 874-2438 • E-MAIL [email protected]

LE PETIT THEATRE DUE VIEUX CARRE

STATEMENT OF FINANCIAL POSITION

JUNE 30, 2007

ASSETS

Current AssetsCash and cash equivalentsAccounts receivable

Total Current Assets

Property and Equipment, Net (Note 3)

Other AssetsInvestments, restricted (Note 2)

Total Other Assets

Total Assets

2007

$ 210,237

203,721

413,958

1,785,279

238,793238,793

$ 2,438,030

LIABILITIES AND NET ASSETSCurrent Liabilities

Accounts payableAccrued expensesCurrent portion of long-term debt

Total Current Liabilities

Long-Term LiabilitiesNote payable (Note 5)

Total Long-Term Liabilities

Total Liabilities

UnrestrictedPermanently restricted by donors (Note 4)

Totai Net Assets

Total Liabilities and Net Assets

$ 178,55998

33,099211,756

749,901749,901

961,657

1,237,580238,793

1,476,373

$ 2,438,030

(See Accompanying notes to financial statements)2


STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS

FOR THE YEAR ENDED JUNE 30, 2007

Public Support, Revenues andReclassifications

Public support:ContributionsGrants

Total Public Support

Revenues:Program service revenueInvestment income (Note2)Unrealized gain (Note 2)Miscellaneous

Total revenue

Reclassifications:Net assets released from

restrictions

Expiration of time restrictions

Total Reclassifications

Total Public Support,Revenues andReclassifications

Unrestricted

2007

Temporarily PermanentlyRestricted Restricted Total

$ 120,637 $63,196

183,833

409,0914,114

-27,176

440,381

7,760

7,760

$ 631,974 $

- $ 2,000 $ 122,63763,196

2,000 185,833

409,09111,110 15,22421,371 21,371

27,176

32,481 472,862

(7,760)

(7,760)

- $ 26,721 $ 658,695

(See accompanying notes to financial statements)3


STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS (CONTINUED)


Expenses

Program Services

Total Program Services

Supporting Services:Management and generalFund Raising

Total Supporting Services

Total Expenses

Increase (Decrease) in Net Assets

Net assets at beginning of year

Net assets at end of year

2007

Temporarily PermanentlyUnrestricted Restricted Restricted Total

$ 720,609 $

720,609

116,23511,118

127,353

847,962

(215,988)

1,453,568

$ 1,237,580 $

- $ - $ 720,609

720,609

1,103 117,33811,118

1,103 128,456

1,103 849,065

25,618 (190,370)

213,175 1,666,743

$ 238,793 $ 1,476,373



STATEMENT OF CASH FLOWS


2007

Reconciliation of change in net assets to net cashprovided (used) by operating activities:

Change in net assetsAdjustments to reconcile change in

net assets to net cash provided byoperating activities:

Depreciation and amortizationDecrease (increase) in receivablesDecrease (increase) in investmentsIncrease (decrease) in accounts payableIncrease (decrease) in accrued expensesUnrealized gains on investments in endowmentIncome earned by endowmentAdministration fees in endowmentPermantly restricted contributions

Net cash provided (used) by operating activities

Cash flows from investing activities:Acquisition of fixed assets

Net cash provided (used) by investing activities

Cash flows from financing activities:

Proceeds from contributions, permanently restrictedPayments on line of creditProceeds from long-term debtPayments on bond payablePayment on capital lease obligation

Net cash provided (used) by financing activities

$ (190,370)

69,684392,349163,908

7,507(7,292)

(21,370)(11,110)

1,103(2,000)

402,409

(191,878)

(191,878)

7,760(150,000)783,000

(666,375)(1.876)

$ (27,491)

(See accompanying financial statements)5


STATEMENT OF CASH FLOWS (CONTINUED)


Net increase (decrease) in cash $ 183,040

Cash - beginning of year 27,197

Cash - end of year 210,237

Supplemental data:Interest paid $ 47,739

(See accompanying financial statements)6


STATEMENT OF FUNCTIONAL EXPENSES


2007

SalariesEmployee benefits and payroll taxes

Total salaries and related expenses

Director

Stage managerSetLighting and soundCostumesMusic and choreography

PropsHair and makeupProduction royaltiesProduction licenses

AdvertisingContract laborPension expenseMiscellaneous production expenseFundraisingInsuranceOffice expenseBank chargesInterest expenseMiscellaneous expenseRepairs and maintenanceRentTelephoneUtilitiesTaxes and licensesParkingDepreciation and amortization

PROGRAM MANAGEMENT FUNDSERVICES

$ 103,6009,771

113,371

5,000

4,150101,75051,01944,47752,5992,2251,654

37,110195

9,85423,915

50257,359

29,135

35,78633,417

9,50221,570

8,250718

19,3864,4464,440

48,779

$ 720,609

& GENERAL RAISING$ 22,225 $ 8,890

2,096 839

24,321 9,729

-

--

-------

1,38912,4875,719

15,33714,322

4,0719,244

7188,3081,906

20,905

$ 117,338 $ 11,118

TOTAL$ 134,715

12,706

147,421

5,0004,150

101,75051,01944,47752,5992,2251,654

37,110195

9,854

23,915502

57,3591,389

41,6225,719

51,12347,73913,57330,814

8,2501,436

27,6946,3524,440

69,684

$ 849,065


Le Petit Theatre du Vieux CarreNotes To Financial Statements

For the Year Ended June 30, 2007

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Le Petit Theatre du Vieux Carre (the Theatre) was organized in 1922 to present theatricalperformances for the community. The mission of the Theatre is to present quality theatre ataffordable prices, to promote cultural activities, and to provide cultural outreach opportunities tothe Greater New Orleans community.

Basis of Accounting and Presentation

The financial statements of the Theatre are presented on the accrual basis of accounting and inaccordance with the recommendations of the American Institute of Certified Public Accountantsin its Industry Audit Guide, "Audits of Certain Nonprofit Organizations". Basis of Accountingrefers to when revenues and expenses are recognized in the accounts and reported in the financialstatements, and relates to the timing of the measurements made.

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Theatre considers all highly liquid debtinstruments purchased with a maturity of three months or less to be cash equivalents.

Investments

The Theatre carries investments in debt securities with readily determinable fair values in thestatement of financial position. Unrealized gains and losses are included in the change in netassets in the accompanying statement of activities.

Property and Equipment

The Theatre has adopted a practice of capitalizing all expenditures for depreciable assets wherethe unit cost exceeds $500. Property and equipment consists of Land, building andimprovements, furniture and fixtures, and stage equipment, and is carried at cost, except for landwhich is carried at its 1929 appraised value. Depreciation of these assets is provided on astraight-line basis over their estimated useful lives as follows:

Building and improvements 30 - 39 yearsFurniture and fixtures 5 - 7 yearsEquipment 5 - 1 0 years

Depreciation expense For the Year Ended June 30, 2007 was $ 61,288.

Le Petit Theatre du Vieux CarreNotes To Financial Statements (Continued)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Contributions

All contributions are considered to be available for unrestricted use unless specifically restrictedby the donor. Support that is restricted by the donor is reported as an increase in unrestricted netassets if the restriction expires in the reporting period in which the support is recognized. Allother donor-restricted support is reported as an increase in temporarily or permanently restrictednet assets depending on the nature of the restriction. When a restriction expires, temporarilyrestricted net assets are reclassified to unrestricted net assets and are reported in the statements ofactivities as net assets released from restriction.

Gifts of long-lived operating assets such as land, buildings, or equipment are reported asunrestricted support, unless explicit donor stipulations specify how the donated assets must beused. Gifts of long-lived assets with explicit restrictions that specify how the assets are to beused and gifts of cash or other assets that must be used to acquire long-lived assets are reportedas restricted support. Absent explicit donor stipulations about how long these long-lived assetsmust be maintained, expirations of donor restrictions are reported when the donated or acquiredlong-lived assets are placed in service.

Contributions of donated non-cash assets (such as materials and equipment) are recorded at theirfair or estimated values in the period received.

Financial Statement Presentation

Financial statement presentation follows the recommendations of the Financial AccountingStandards Board in its Statement of Financial Accounting Standards (SFAS) No. 117, FinancialStatements of Not-for-Profit Organizations. Net assets, support and revenues, and expenses areclassified based on the existence or absence of donor-imposed restrictions. Accordingly, the netassets of the Theatre and changes therein are classified and reported as follows:

• Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations.• Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that

will be met either by actions of the Theatre and/or the passage of time. The Theatre doesnot have any temporarily restricted net assets.

• Permanently restricted net assets - Net assets subject to donor-imposed stipulations thatneither expire by the passage of time nor can be fulfilled and removed by actions of theTheatre pursuant to those stipulations.



NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Use of Estimates

The preparation of financial statements in conformity with accounting principles generallyaccepted in the United States of America requires management to make estimates andassumptions that affect certain reported amounts and disclosures. Accordingly, actual resultscould differ from these estimates.

Advertising

The Theatre expenses all non-direct response advertising and costs as incurred. Advertisingexpense For the Year Ended June 30, 2007 was $ 9,854.

Income taxes

The Theatre is exempt from Federal income taxes under Section (c)(3) of the Internal RevenueCode and from State income taxes under Section 121 (5) of Title 47 of the Louisiana RevisedStatutes of 1950.

Allocation of Functional Expenses

Expenses are summarized on a functional basis. Salaries and related payroll expenses aredistributed based upon the time spent for each function. Distribution of all other shared expensesis based upon management's estimates of the usage applicable to conducting various program orsupport activities.

NOTE 2 - INVESTMENTSFair Value

Permanently restricted for endowments:Investments in mutual funds $ 238,793

Investment return is summarized as follows For the Year Ended June 30, 2007:

Investment income $ 15,224Unrealized gains $21,371

10



NOTE 3 - PROPERTY AND EQUIPMENT

Property and equipment consists of the following as of June 30, 2007:

Land $ 20,000Building and improvements 2,041,276Furniture and fixtures 113,471Equipment 410,214

2,584,961

Less accumulated depreciation ( 799,682)

Construction in progress - -

Included in the accompanying balance sheet under the following captions:

NOTE 4 - PERMANENTLY RESTRICTED ASSETS

Permanently restricted assets consist of endowment funds. The income of each is dedicated tospecific purposes. The Rhea Loeb Deutsch Memorial Fund is administered by the Board ofGovernors of the Theatre. The Le Petit Theatre Fund and The Harold Newman Fund areadministered by the Greater New Orleans Foundation. As of June 30, 2007, these restrictedassets were as follows:

Rhea Loeb Deutsch Memorial Fund $ 6,026Harold Newman Endowment Fund • 185,457Le Petit Theatre Endowment Fund 47,310

$ 238.793

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Le Petit Theatre du Vieux CarreNotes to Financial Statements (Continued)


NOTE 5 - LONG-TERM DEBT

Long-term debt at June 30, 2007 consists of the following:

Note payable to Capital One Bank, secured by thebuilding and improvements at 616 St. Peters.Payable as follows: 6 monthly payments of interestonly at 1.5% + LIBOR. Starting August 27, 2007 17monthly payments of $ 3,009 principal plus interest;the final payment for the remaining balance plusdue January 23, 2009. $ 783,000

Total long-term debt 783,000Less: current maturities of long-term debt 33,099

Non-current long-term debt $ 749.901

Maturities of long-term debt are as follows:

2008 $ 33,0992009 749,901

S 783.000

NOTE 6 - RELATED PARTY TRANSACTIONS

The Theatre has conducted business with various entities and persons who are related to boardmembers or employees either as officers of those entities or have familial relationships. Theapplicable officers or board members are in a position to, and in the future may, influence thevolume of activity, price or other factors, which may benefit the persons or entities to which theyare related. The transactions are immaterial in amount.

NOTE 7 - CONCENTRATIONS

The Company's financial instruments that are exposed to concentration of credit risk consistprimarily of cash and cash equivalents. The Company places its cash and temporary cashinvestments with high quality credit institutions. At times such investments may be in excess ofthe FDIC insurance limit.

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NOTE 8 - BOARD OF DIRECTORS' COMPENSATION

The Board of Directors is a voluntary board; therefore, no compensation has been paid to amember.

13

SPECIAL REPORTS OF INDEPENDENT AUDITOR

Reginald A. Bresette, illLimited Liability Company

Reginald A. Bresette, III, CPA

MemberAmerican Institute of Certified Public AccountantsSociety of Louisiana Certified Public Accountants

REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMEDIN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Board of Directors,Le Petit Theatre du Vieux Carre

We have audited the financial statements of Le Petit Theatre du Vieux Carre (theTheatre) (a nonprofit organization) as of and for the year ended June 30, 2007, andhave issued our report thereon dated September 19, 2008. We conducted our audit inaccordance with auditing standards generally accepted in the United States of Americaand the standards applicable to financial audits contained in Government AuditingStandards, issued by the Comptroller General of the United States.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered the Theatre's internal controlover financial reporting as a basis for designing our auditing procedures for thepurpose of expressing our opinion on the financial statements, but not for the purposeof expressing an opinion on the effectiveness of the Theatre's internal control overfinancial reporting. Accordingly, we do not express an opinion on the effectiveness ofthe Theatre's internal control over financial reporting.

A control deficiency exists when the design or operation of a control does not allowmanagement or employees, in the normal course of performing their assignedfunctions, to prevent or detect misstatements on a timely basis. A significantdeficiency is a control deficiency, or combination of control deficiencies, that adverselyaffects the entity's ability to initiate, authorize, record, process, or report financial datareliably in accordance with generally accepted accounting principles such that there ismore than a remote likelihood that a misstatement of the entity's financial statementsthat is more than inconsequential will not be prevented or detected by the entity'sinternal control.

A material weakness is a significant deficiency, or combination of significantdeficiencies, that results in more than a remote likelihood that a materialmisstatement of the financial statements will not be prevented or detected by theentity's internal control.

Our consideration of internal control over financial reporting was for the limitedpurpose described in the first paragraph of this section and would not necessarilyidentify all deficiencies in internal control that might be significant deficiencies ormaterial weaknesses. We did not identify any deficiencies in internal control overfinancial reporting that we consider to be material weaknesses, as defined above.

(504) 885-9990

144408 Yale Street, Suite A • Metairie, Louisiana 70006

FAX (504) 885-9959 • CELL (504) 874-2438 • E-MAIL [email protected]

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Theatre's financialstatements are free of material mis statement, we performed tests of its compliancewith certain provisions of laws, regulations, contracts, and grant agreements,noncompliance with which could have a direct and material effect on thedetermination of financial statement amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit, and accordingly,we do not express such an opinion. The results of our tests disclosed instances ofnoncompliance or other matters that are required to be reported under GovernmentAuditing Standards and which, are described in the accompanying schedule of findingsand responses as items 2007-1 through 2007-4.

The Theatre's responses to the findings identified in our audit are described in theaccompanying schedule of findings and responses. We did not audit the Theatre'sresponse and, accordingly, we express no opinion on it.

This report is intended solely for the information and use of the Theatre's board ofdirectors, others within the entity, and the Legislative Audit Advisory Committee, andis not intended to be and should not be used by anyone other than these specifiedparties.

Regjji&la A. Bresette, III LLCCertified Public Accountants

September 19, 2008

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SCHEDULE OF FINDINGS AND RESPONSES


We have audited the financial statements of Le Petit Theatre du Vieux Carre (the Theatre) as ofand For the Year Ended June 30, 2007, and have issued our report thereon dated September 19,2008. We conducted our audit in accordance with generally accepted auditing standards and thestandards applicable to financial audits contained in Government Auditing Standards, issued byComptroller General of the United States. Our audit of the financial statements as of June 30,2007, resulted in an unqualified opinion.

Section I Summary of Auditor's Reports

a. Report on Internal Control and Compliance Material to the FinancialStatements

Internal ControlMaterial Weaknesses - None Significant Deficiencies - Yes

ComplianceCompliance Material to Financial Statements - No

Compliance Immaterial to Financial Statements - Yes

2007-1 Findings - The audited financial statements are required to be filed withthe State of Louisiana Legislative Auditor within six months of the end of thefiscal year or December 31, 2007. The report was filed after that date.

Cause - Extenuating circumstances as a result of Hurricane Katrina resulted ina delay of the completion and submission of the report in a timely manner.

2007-2 Findings: As is common in small organizations, management haschosen to engage the auditor to propose certain year-end adjusting journalentries and to prepare their annual financial statements. This condition isintentional by management based upon the Agency's financial complexity,along with the cost effectiveness of acquiring the ability to prepare financialstatements in accordance with generally accepted accounting principles.Consistent with this decision, internal controls over the preparation of year-endadjusting entries and annual financial statements, complete with notes, in accordancewith generally accepted accounting principles, have not been established.Under generally accepted auditing standards, this condition represents asignificant deficiency in internal controls.

16

SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)


Recently issued Statement on Auditing Standards (SAS) 112 requires that wereport the above condition as a control deficiency. The SAS does not provideexceptions to reporting deficiencies that are adequately mitigated with nonauditservices rendered by the auditor or deficiencies for which the remedy would becost prohibitive or otherwise impractical.

Recommendation: As mentioned above, whether or not it would be costeffective to cure a control deficiency is not a factor in applying SAS 112'sreporting requirements. Because prudent management requires that thepotential benefit from an internal control must exceed its cost, it may not bepractical to correct all the deficiencies an auditor reports under SAS 112. Inthis case we do not believe that curing the significant deficiency describedabove would be cost effective or practical and accordingly do not believe anycorrective is necessary.

Management's Response: We concur with the audit finding.

2007-3 Findings: We noted that the Theatre did not file its prior year's Form990 IRS tax return in a timely manner.

Recommendation: We recommend the Theatre file its Form 990 IRS tax returnon a timely basis.

Management's Response: Management has engaged an accountant whoproperly filed all past due tax forms and timely filed all current tax forms.

2007-4 Findings: Our examination disclosed there is lack of segregation ofduties within the organization (especially in the areas of cash receipts andticket sales). This weakness is due to the fact that the organization has a verysmall staff and only one person is primarily responsible for ticket sales anddeposits. Due to the lack of segregation of duties, possible errors orirregularities could occur in the accounting records and not be detected.Understandably, since the organization has such a small staff, the most idealsystem of internal control or the most desirable accounting system may not bepracticable. Also the cost of hiring additional employees to handle separateaspects of the accounting function might exceed any benefits gained.

17

SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)


Recommendation: Based upon the cost-benefit of hiring additional accountingpersonnel, it may not be feasible to achieve complete segregation of duties.We recommend that the organization finance committee and executive directorcontinue to closely monitor all records and transactions.

Response: The organization's executive director and board concur with therecommendation.

b. Federal Awards

The Theatre did not receive federal awards during the year ended June 30,2007.

Section II Financial Statement Findings

There were no financial statement findings during the fiscal year ended June 30, 2007.

Section III Federal Award Findings and Responses

The Theatre did not receive federal awards during the year ended June 30, 2007.

18

SPECIAL REPORTS OF MANAGEMENT

SCHEDULE OF PRIOR YEAR FINDINGS


SECTION I INTERNAL CONTROL AND COMPLIANCE MATERIAL TO THEFINANCIAL STATEMENTS

Internal Control

Material Weaknesses - None Significant Deficiencies - None

Compliance

Compliance Material to Financial Statements - No

Compliance Immaterial to Financial Statements - Yes

Findings - (2006-1) The audited financial statements are required to be filed with theState of Louisiana Legislative Auditor within six months of the end of the fiscalyear or December 31, 2006. The report was filed after that date.

Cause - Extenuating circumstances as a result of Hurricane Katrina resulted in a delayof the completion and submission of the report in a timely manner.

SECTION II INTERNAL CONTROL AND COMPLIANCE MATERIAL TO FEDERALAWARDS


SECTION III MANAGEMENT LETTER

There was no management letter issued for the audit year ended June 30, 2006

19

MANAGEMENT CORRECTIVE ACTION PLAN

For the year ended June 30, 2007

SECTION I INTERNAL CONTROL AND COMPLIANCE MATERIAL TO THEFINANCIAL STATEMENTS

The Theatre had no material weaknesses or reportable conditions in internal control. Also, therewere no compliance issues material to the financial statements.

SECTION II INTERNAL CONTROL AND COMPLIANCE MATERIAL TO FEDERALAWARDS


SECTION III MANAGEMENT LETTER

There was no management letter issued for the audit year ended June 30,2006.

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Documents

Le Petit Theatre du Vieux Carre - LLA Default Homepageapp1.lla.state.la.us/PublicReports.nsf/373B8BB20C1C987D862574E30049D... · Le Petit Theatre du Vieux Carre New Orleans, Louisiana