USA Water Ski Audit 12-31-10

USA WATER SKI, INC. Financial Statements & Supplemental Schedules For the Year Ended December 31, 2010 TABLE OF CONTENTS Independent Auditors' Report . . . . . . . . . . . . . . . . . 1 Statement of Financial Position . . . . . . . . . . . . . . . 3 Statement of Activities and Changes in Net Assets . . . . . . 4 Statement of Cash Flows . . . . . . . . . . . . . . . . . . . 5 Notes to Financial Statements . . . . . . . . . . . . . . . . 6 Schedule of Program Services . . . . . . . . . . . . . . . . . 13 Schedule of Supporting Services . . . . . . . . . . . . . . . 14 INDEPENDENT AUDITORS' REPORT Board of Directors USA Water Ski, Inc. Polk City, Florida We have audited the accompanying statement of financial position of USA Water Ski, Inc., (a nonprofit corporation) as of December 31, 2010 and the related statements of activities and changes in net assets, and cash flows for the year then ended. These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audit. The prior-year summarized comparative information has been derived from the Corporation's December 31, 2009 financial statements and, in our report dated February 26, 2010, we expressed an unqualified opinion on those financial statements. We conducted our audit in accordance with auditing standards ...