Canton, Massachusetts · Saved source text
(3-4-26 Document #7) RSHT Audited FS 6-30-2025
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Source page 1
MICHAEL A. GALER CPA, P.C.
CERTIFIED PUBLIC ACCOUNTANT
779 Washington St. 4 Main Street
Canton, MA 02021 Orleans, MA 02653
Tel: (781) 821-2155 Tel: (508) 240-1040
www.mgalercpa.com Fax: (781) 828-1502
e-mail: michael@mgalercpa.com
REVERE AND SON HERITAGE TRUST CORPORATION
Financial Statements
For the year ended June 30, 2025 and 2024Source page 2
REVERE AND SON HERITAGE TRUST CORPORATION
Index to Financial Statements
For the years ended June 30, 2025 and 2024
Report Page
Independent Auditor’s Report 1-2
Statement of Financial Position as of June 30, 2025 and 2024 3
Statement of Activities for the year ended June 30, 2025 and 2024 4
Statement of Cash Flows for the year ended June 30, 2025 and 2024 5
Statement of Functional Expenses for the year ended June 30, 2025 and 2024 6
Notes to Financial Statements 7 - 10Source page 3
MICHAEL A. GALER CPA, P.C.
CERTIFIED PUBLIC ACCOUNTANT
779 Washington St. 4 Main Street
Canton, MA 02021 Orleans, MA 02653
Tel: (781) 821-2155 Tel: (508) 240-1040
www.mgalercpa.com Fax: (781) 828-1502
e-mail: michael@mgalercpa.com
INDEPENDENT AUDITOR’S REPORT
To the Board of Trustees of
Revere and Son Heritage Trust Corporation
Opinion
We have audited the accompanying financial statements of Revere and Son Heritage Trust
Corporation (a Massachusetts nonprofit organization), which comprise the statements of financial
position as of June 30, 2025 and 2024, and the related statements of activities, cash flows, and
functional expenses for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of Revere and Son Heritage Trust Corporation as of June 30, 2025 and 2024, and
the changes in its net assets and its cash flows for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. Our responsibilities under those standards are further described in the Auditor’s
Responsibilities section of our report. We are required to be independent of Revere and Son Heritage
Trust Corporation and to meet our other ethical responsibilities in accordance with the relevant
ethical requirements relating to our audit. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Management’s Responsibility
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about Revere and Son
Heritage Trust Corporation’s ability to continue as a going concern within one year after the date that
the financial statements are available to be issued.
Auditor’s Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute
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assurance and therefore is not a guarantee that an audit conducted in accordance with generally
accepted auditing standards will always detect a material misstatement when it exists. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user based
on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of Revere and Son Heritage Trust Corporation’s internal
control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about Revere and Son Heritage Trust Corporation’s
ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control related matters that we identified during the audit.
Michael A. Galer CPA, P.C.
Canton, Massachusetts
January 7, 2026
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REVERE AND SON HERITAGE TRUST CORPORATION
Statements of Financial Position
As of June 30, 2025 and 2024
2025 2024
Assets
Current Assets:
Cash and Cash Equivalents $ 305,202 $ 148,021
Total Current Assets $ 305,202 148,021
Fixed assets, at cost:
Furniture & Equipment $ 19,285 19,285
Land Improvements $ 137,693 95,668
Building & Improvements $ 100,678 33,521
Intangible Assets $ 705,052 649,051
Less Accumulated Depreciation and Amortization $ (99,033) (42,329)
Net fixed assets $ 863,675 $ 755,196
Total assets $ 1,168,877 $ 903,217
Liabilities and Net Assets
Current Liabilities:
Accounts Payable $ - $ 993
Accrued Expenses $ - $ -
Total Current Liabilities $ - $ 993
Net Assets with Donor Restrictions $ - $ -
Net Assets without Donor Restrictions $ 1,168,877 $ 902,224
Total Liabilities and Net Assets $ 1,168,877 $ 903,217
The accompanying notes are an integral part of these financial statements.
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REVERE AND SON HERITAGE TRUST CORPORATION
Statements of Activities
As of June 30, 2025 and 2024
2025 2024
REVENUES AND OTHER SUPPORT
Grant Income 140,500 381,000
Fundraising Income 36,791 72,352
Other Contributions 293,749 232,067
Interest/Dividend Income 799 666
Total support & revenues 471,839 686,085
EXPENSES
Program Services Expenses 150,544 100,677
Management & General Expenses 41,227 24,610
Fundraising Expenses 13,415 50,690
Total expenses 205,186 175,977
Excess (deficiency) of operating revenue over expenses 266,653 510,108
Fixed asset additions - -
Increase in unrestricted Net Assets 266,653 510,108
Net Assets, beginning of year 902,224 392,116
Net Assets, end of year 1,168,877 902,224
The accompanying notes are an integral part of these financial statements.
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REVERE AND SON HERITAGE TRUST CORPORATION
Statements of Cash Flows
As of June 30, 2025 and 2024
2025 2024
Cash Flows From Operating Activities
Increases in unrestricted net assets: $ 266,653 $ 510,108
Adjustments to reconcile change in unrestricted
net assets to net cash provided by operating activities:
Depreciation expense $ 56,704 $ 24,764
Increase (decrease) in operating liabilities:
Accounts payable $ (993) $ (18,640)
Net cash provided by operating activities $ 322,364 $ 516,232
Cash Flows From Investing Activities
Purchases of fixed assets $ (165,183) $ (490,522)
Net cash used in investing activities $ (165,183) $ (490,522)
Cash Flows From Financing Activities
Prior Period Change to Net Assets $ - $ (3,211)
Net increase in cash and cash equivalents $ 157,181 $ 22,499
Cash and cash equivalents, beginning of year $ 148,021 $ 125,522
Cash and cash equivalents, end of year $ 305,202 $ 148,021
The accompanying notes are an integral part of these financial statements.
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REVERE AND SON HERITAGE TRUST CORPORATION
Statement of Functional Expenses
As of June 30, 2025 and 2024
Program Mngmt & Total
Service General Fundraising Total Expenses
Expenses Expenses Expenses Expenses FYE 2024
Employee Wages $ 45,401 $ - $ - $ 45,401 $ 33,912
Payroll Taxes $ 3,222 $ - $ - $ 3,222 $ 2,859
Payroll Expenses $ 1,716 $ - $ - $ 1,716
Museum Programming $ 41,678 $ - $ - $ 41,678 $ 30,339
Museum Advertising & Promotion $ 1,823 $ - $ - $ 1,823 $ 8,804
Occupancy Rent & Utilities $ - $ 12,431 $ - $ 12,431 $ 7,521
Insurance $ - $ 2,644 $ - $ 2,644 $ 9,002
Travel $ - $ 730 $ - $ 730
Office Expenses $ - $ 3,161 $ - $ 3,161 $ 4,327
Information Technology $ - $ 5,705 $ - $ 5,705 $ 3,760
Professional Fees $ - $ 16,556 $ - $ 16,556
Depreciation $ 56,704 $ - $ - $ 56,704 $ 24,764
Fundraising $ - $ - $ 7,629 $ 7,629 $ 31,340
Professional Fundraising Fees $ - $ - $ 5,786 $ 5,786 $ 19,350
$ 150,544 $ 41,227 $ 13,415 $ 205,186 $ 175,977
The accompanying notes are an integral part of these financial statements.
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REVERE AND SON HERITAGE TRUST CORPORATION
Notes to Financial Statements
June 30, 2025 and 2024
NOTE 1 – NATURE OF THE ORGANIZATION & SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Organization
Revere and Son Heritage Trust Corporation (“Revere and Son” or the “Organization”) is a Massachusetts
non-profit organization that was established in 2020 for the purpose of raising funds to create and manage
a museum at the historical Revere Copper Mill site in Canton, MA. The organization’s main source of
income consists of state grants and fundraising.
Basis of Accounting
The financial statements of the Organization are presented on the accrual basis of accounting in accordance
with accounting principles generally accepted in the United States of America.
Basis of Presentation
Under US GAAP, Revere and Son is required to report information regarding its financial position and
activities according to the following net asset classifications:
Net assets without donor restrictions: Net assets that are not subject to donor-imposed
restrictions and may be expended for any purpose in performing the primary objectives of the
organization. These net assets may be used at the discretion of management and the board of
directors.
Net assets with donor restrictions: Net assets subject to stipulations imposed by donors, and
grantors. Some donor restrictions are temporary in nature; those restrictions will be met by actions
of Revere and Son or by the passage of time. Other donor restrictions are perpetual in nature,
whereby the donor has stipulated the funds be maintained in perpetuity.
As of June 30, 2025, there were no donor-imposed restrictions of net assets. Revere and Son receives state
grants that are reserved for projects, but funds are not held as net assets.
Income Tax Status
Revere and Son is a not-for-profit organization exempt from Federal income taxes under Section 501(c)(3)
of the Internal Revenue Code.
Cash and Cash Equivalents
For purposes of the statements of cash flows, the Organization considers all highly liquid investments with a
maturity of three months or less to be cash equivalents. At June 30, 2025, cash consisted of cash on
deposit with a financial institution.
Use of Estimates
In preparing financial statements in conformity with accounting principles generally accepted in the United
States of America, management is required to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts
of revenues and expenses. On an ongoing basis, management evaluates the estimates and assumptions
based on new information. Management believes that the estimates and assumptions are reasonable in the
circumstances; however, actual results could differ from those estimates.
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REVERE AND SON HERITAGE TRUST CORPORATION
Notes to Financial Statements
June 30, 2025 and 2024
NOTE 1 – NATURE & SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Support and Revenue Recognition
The Organization recognizes contract revenue on the accrual basis of accounting as contract support.
Contributions of cash and other assets are reported as unrestricted support and net assets without donor
restrictions unless specifically and exclusively reserved under donor stipulations. Interest income and
miscellaneous income are recognized when earned.
Effective January 1, 2021, Revere and Son adopted U.S. GAAP revenue recognition guidance which provides
a single comprehensive model for entities to use in accounting for revenue arising from contracts with
customers and supersedes most current revenue recognition guidance. The core principle of the new
guidance is that an entity should recognize revenue from the transfer of promised goods or services to
customers in an amount that reflects the consideration the entity expects to receive for those promised
goods or services to customers. The guidance includes a five-step framework to determine the timing and
amount of revenue to recognize related to contracts with customers. In addition, this guidance requires
new or expensed disclosures related to judgements made by entities when following this framework.
In-Kind Contributions
Donations of property and equipment are recorded as support at their estimated fair value at the date of
donation. Gifts of long-lived assets are reported as revenue and net assets without donor restrictions unless
explicit donor stipulations specify how such assets must be used, in which case the gifts are reported as
revenue and net assets with donor restrictions. The Organization recognized revenue from in-kind
contributions in the amount of $2,555 and $7,458 for fiscal years ended June 30, 2025 and 2024.
Grants
Revere and Son receives financial support from the Town of Canton, as well as public and private grants.
Grant income is recognized when the grant is received and in the amount received. Material grants
received in fiscal years ended June 30, 2025 and 2024 are as follows:
2025 2024
Norfolk County/State ARPA $137,500 $378,000
Town of Canton 179,386 $149,524
New Accounting Pronouncement
On August 18, 2016, FASB issued ASU 2016-14, Not-for-Profit Entities (Topic 958) – Presentation of
Financial Statements of Not-for-Profit Entities. The update addresses the complexity and understandability
of net asset classification, deficiencies in information about liquidity and availability of resources, and the
lack of consistency in the type of information provided about expenses and investment return.
Fixed Assets and Depreciation and Amortization
All acquisitions of furniture, property, and equipment in excess of $2,500 are capitalized. Furniture,
equipment, and leasehold improvements that are purchased are recorded at cost. Furniture and
equipment are depreciated using the straight-line method over their estimated useful lives, ranging from
five to twelve years. Leasehold improvements are amortized using the straight-line method over the life of
the lease. Development plans, software, and other intangible assets are amortized over their estimated
useful lives.
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REVERE AND SON HERITAGE TRUST CORPORATION
Notes to Financial Statements
June 30, 2025 and 2024
NOTE 1 – NATURE & SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Functional Allocation of Expenses
The costs of supporting the various programs and other activities have been summarized on a functional
basis in the statements of activities. The statements of functional expenses present the natural
classification detail of expenses by function. Salaries, wages, benefits, taxes, office expense, occupancy,
information technology, depreciation and amortization have been allocated among the program, general
and administrative and fundraising categories based on the time and effort and square footage methods.
NOTE 2- LIQUIDITY SUPPORT
Liquidity and financial assets available for general expenditure (without donor or other restrictions limiting
their use) within one year of the statement of financial position date comprise the following cash and
accounts receivable at June 30, 2025 and 2024:
2025 2024
Financial assets available to meet cash needs
for general expenditures within one year $305,202 $148,121
The Organization maintains its cash at the Bank of Canton, and were 100% insured by the Federal Deposit
Insurance Corporation (FDIC) during the year ended June 30, 2025 and 2024.
NOTE 3- PROPERTY AND EQUIPMENT
Property and equipment, which are stated at cost, are summarized as follows:
2025 2024
Furniture and Equipment 19,285 19,285
Building & Improvements 100,678 33,521
Land Improvements 137,693 95,668
Intangible Assets 705,051 649,051
962,708 797,525
Less accumulated depreciation ( 99,033) (42,329)
$ 863,675 755,196
The provision for depreciation and amortization of $56,704 for the year ended June 30, 2025 was calculated
on the straight line method based on estimated useful lives. Depreciation and amortization for year ended
June 30, 2024 was $24,764.
Schedule of estimated aggregate depreciation and amortization expense:
2026: $57,749
2027: $57,724
2028: $55,511
2029: $56,592
2030: $55,238
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REVERE AND SON HERITAGE TRUST CORPORATION
Notes to Financial Statements
June 30, 2025 and 2024
NOTE 6 – ADVERTISING EXPENSE:
Advertising costs are expensed as incurred. Advertising expense was $1,823 and $8,804 for fiscal years
ended June 30, 2025 and 2024, respectively.
NOTE 7 – SUBSEQUENT EVENTS
The Company has evaluated subsequent events through January 7, 2026, which is the date the financial
statements were available to be issued. No significant events were noted.
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