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7 PASADENA COMMUNITY ACCESS CORPORATION
Statement of Net Position
June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents 423,174$
Accounts receivable 1,049
Prepaid items 11,388
Deposits 16,440
Restricted cash and cash equivalents 182,052
Total current assets 634,103
Noncurrent:
Capital assets, net 678,518
Total noncurrent assets 678,518
Total assets 1,312,621
Liabilities and Net Position:
LIABILITIES
Current liabilities:
Accounts payable and other liabilities 24,122
Accrued salaries and benefits 37,238
Compensated absences 42,536
Lease payable 175,952
Total current liabilities 279,848
Noncurrent liabilities:
Lease payable 229,175
Total noncurrent liabilities 229,175
Total liabilities 509,023
NET POSITION
Net investment in capital assets 273,391
Restricted for Public, Educational and Governmental Access 182,052 Unrestricted 348,155
Total net position 803,598$
The accompanying notes are an integral part of these financial statements. 8 PASADENA COMMUNITY ACCESS CORPORATION
Statement of Revenues, Expenses and Changes in Net Position For the Year Ended June 30, 2024
OPERATING REVENUES
Operating agreement 1,095,000$
Service contracts 22,000
Production and other operating revenue 22,320
Total operating revenues 1,139,320
OPERATING EXPENSES
Salaries and benefits 811,951
Production expense 29,519
Occupancy expense 42,396
Contractual services 43,040
General and administrative 49,105
Depreciation/amortization 213,797
Total operating expenses 1,189,808
Operating income (loss) (50,488)
NONOPERATING REVENUES (EXPENSES)
Public, education, and government (PEG) revenue 217,187 Interest expense (1,366)
PEG expense (332,315)
Interest income 62
Total nonoperating revenues (expenses) (116,432)
Change in net position (166,920)
Net position-beginning 970,518
Net position-ending 803,598$
The accompanying notes are an integral part of these financial statements. 9 PASADENA COMMUNITY ACCESS CORPORATION
Statement of Cash Flows
For the Year Ended June 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 18,300$
Receipts from contracts 1,120,556
Payments to employees for services (795,007)
Payments to suppliers for goods and services (149,924)
Net cash provided by (used for) operating activities 193,925
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Public, education, and government (PEG) revenue received from City of Pasadena 217,187 Public, education, and government (PEG) eligible expenses paid (332,315) Net cash provided by (used for) noncapital financing activities (115,128)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of capital assets (266,726)
Principal paid on lease liability (169,180)
Interest paid on lease liability (1,402)
Net cash provided by (used for) capital and related financing activities (437,308)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income 62
Net cash provided by (used for) investing activities 62 Net cash increase (decrease) in cash and cash equivalents (358,4 49) Cash and Cash Equivalents - Beginning 963,675
Cash and Cash Equivalents - Ending 605,226$
RECONCILIATION OF CASH AND CASH EQUIVALENTS
TO THE STATEMENT OF NET POSITION
Cash and cash equivalents 423,174$
Restricted cash and cash equivalents 182,052
Total cash and cash equivalents 605,226$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Operating income (loss) (50,488)$
Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:
Depreciation/amortization expense 213,797
(Increase) decrease in accounts receivable 3,556
(Increase) decrease in deposits (4,020)
(Increase) decrease in prepaid items (590)
Increase (decrease) in accounts payable and other liabilities 14,726 Increase (decrease) in accrued salaries and benefits 13,690 Increase (decrease) in compensated absences 3,254
Total adjustments 244,413
Net cash provided by (used for) operating activities 193,925$ The accompanying notes are an integral part of these financial statements. 10 3$6$'(1$&20081,7<$&&(66&25325$7,21
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