Question 1

What is the purpose of the Independent Accountant's Review Report?

Accepted Answer

The Independent Accountant's Review Report provides an overview of the financial accounts, including cash receipts and disbursements, for the Iowa Music Educators Association. It is prepared by Anderson, Larkin & Co., P.C., to offer assurance on the financial information.

Question 2

How are investments valued according to the 'Notes to Financial Statements'?

Accepted Answer

Investments are valued based on the fair value hierarchy, which categorizes inputs into three levels. Level 1 uses quoted prices in active markets for identical assets. Level 2 uses observable inputs other than quoted prices, and Level 3 uses unobservable inputs.

Question 3

What is the primary objective of the Iowa Music Educators Association as stated in Note 1?

Accepted Answer

The primary objective of the Iowa Music Educators Association is to promote music education and to enhance the profession of music education in the state of Iowa.

Question 4

What does the document cover financially for the Iowa Music Educators Association?

Accepted Answer

The document covers the Statements of Cash Receipts and Disbursements and Notes to Financial Statements for the fiscal years ending June 30, 2012, and June 30, 2011.