Big Brothers Brig Sisters Final 2008-2009 Audit

12 pages

English

Big Brothers Brig Sisters Final 2008-2009 Audit

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12 pages

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BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Financial Statements June 30, 2009 With Independent Auditor’s Report BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Table of Contents June 30, 2009 INDEPENDENT AUDITOR’S REPORT ....................................................................................................................... 1 FINANCIAL STATEMENTS: Statement of Financial Position .................................................................................................................................... 2 Statement of Activities ................................................................................................................................................. 3 Statement of Cash Flows .............................................................................................................................................. 4 Statement of Functional Expenses ................................................................................................................................ 5 Notes to Financial Statements ..................................................................................................................................... 6 - 8 SUPPLEMENTAL INFORMATION: Comparative Schedule of Assets, Liabilities and Net Assets ....................................................................................... ...

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Publié par	Soof
Nombre de lectures	22
Langue	English

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BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE

Financial Statements

June 30, 2009

With Independent Auditor’s Report

BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Table of Contents June 30, 2009 INDEPENDENT AUDITOR’S REPORT ....................................................................................................................... 1 FINANCIAL STATEMENTS: Statement of Financial Position.................................................................................................................................... 2 StatementofActivities................................................................................................................................................. 3 StatementofCashFlows.............................................................................................................................................. 4 Statement of Functional Expenses................................................................................................................................ 5 Notes to Financial Statements ..................................................................................................................................... 6 - 8 SUPPLEMENTAL INFORMATION: Comparative Schedule of Assets, Liabilities and Net Assets ....................................................................................... 9 Comparative Schedule of Revenues and Expenses ...................................................................................................... 10

MICHAEL B. HAMMONS, CPA 307 Sabot LaneOffice Address: Matthews, N.C. 28105 Mailing Address P. O. Box 2726 Matthews, N.C. 28106 Phone (704) 846-5727 Fax (704) 846-4857 E-mail: MBHcpa@carolina.rr.com ________________________________________________________________________________________INDEPENDENT AUDITOR’S REPORT To the Board of Directors Big Brothers Big Sisters of Greater Charlotte I have audited the accompanying statement of financial position ofBig Brothers Big Sisters of Greater Charlotte (a nonprofit organization) as of June 30, 2009, and the related statements of activities, functional expenses and cash flows for the year then ended. These financial statements are the responsibility of the Organization’s management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Big Brothers Big Sisters of Greater Charlotteas of June 30, 2009, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. My audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules on pages 9 and 10 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Michael B. Hammons, CPA November 9, 2009

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BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Statement of Financial Position June 30, 2009 Assets

Cash Accounts receivable Prepaid expenses

Total current assets

Pro ert and e ui ment, net

De osits and other assets Total assets

Liabilities and Net Assets

Liabilities: Accounts a able Accrued payroll and employee benefits Current ortion of mort a e a able

Total current liabilities

Mortgage payable, less current portion

Net Assets: Unrestricted Tem oraril restricted

Total net assets

Total liabilities and net assets

The notes to financial statements are an integral part of this statement.

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$ 487,768 236,100 20,437

744,305

672,889

600

$ 1,417,794

$ 5,279 35,499 4,052

44,830

505,948

358,466 508,550

867,016 $ 1,417,794

BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Statement of Activities For the Year Ended June 30, 2009

Su ort and Other Revenues Grants Contributions Program revenues Special events Other Net assets released from restriction: Satisfaction of ro ram or timin restrictions

Ex enses Program General and administrative Fundraising

Increase in Net Assets

Net Assets, Be innin of Year Net Assets, End of Year

nrestr cte

$ 489,055 257,770 8,690 219,429 35,906

467,772

1,478,622

965,538 161,88 184,536

1,311,957

166,665

191,801

$ 358,466

The notes to financial statements are an integral part of this statement.

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em orar estr cte

$ 108,000 246,911 - - -

(467,772

(112,861

- - -

112,861

621,411

$ 508,550

ota

$ 597,055 504,681 8,69 219,42 35,90

1,365,761

965,53 161,88 184,53 1,311,95

53,804

813,212

$ 867,016

BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Statement of Cash Flows For the Year Ended June 30, 2009 Cash Flows from O eratin Activities: Increase in net assets $ 53,804 Adjustments to reconcile changes in net assets to net cash used in rovided b o eratin activities: Depreciation 21,864 In-Kind contributions for ro ert and e ui ment urchases 124,384 Net change in: Receivables 183,896 Pre aid ex enses 17,528 Accounts payable and accrued expenses 557 Other assets 14,170 Net cash provided by operating activities 167,435

Cash Flows used in Investin Activities: Purchase of furniture, fixtures and e ui ment Purchase of building Net cash used in investin activities

Cash Flows rovided b Financin Activities: Mortgage loan Net increase in cash

Cash at Be innin of Year Cash at End of Year

Su lemental Information Cash paid for interest

The notes to financial statements are an integral part of this statement.

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58,725 (552,024)

(610,749)

510,000

66,686

421,082

$ 487,768

$ 11,671

BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Statement of Functional Expenses For the Year Ended June 30, 2009

Salaries Benefits Payroll taxes Total

Professional fees Office supplies Telephone Occu anc Insurance Conferences and meetin s Scholarshi s/ rants Dues Travel Recruitment Office move Interest S ecial activities Background checks Other Depreciation Total expenses

Program

$ 566,70 69,93 49,89 686,53

22,48 12,46 12,22 62,09 23,17 7,863 30,513 13,02 11,31 7,41 15,39 8,37 11,051 10,903 15,01 15,68

$ 965,538

General and Administrative

$ 103,831 12,813 9,142

125,786

3,802 2,107 2,066 10,500 3,919 1,330 - - 1,913 1,253 2,603 1,415 - - 2,538 2,651 $ 161,883

The notes to financial statements are an integral part of this statement.

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Fundraising

$ 82,051 10,125 7,224

99,400

13,038 2,804 2,748 13,962 5,212 1,768 - - 2,545 24,167 3,463 1,883 6,64 - 3,376 3,528 $ 184,536

Total

$ 752,588 92,872 66,261

911,721

39,328 17,378 17,034 86,561 32,309 10,961 30,51 13,0 15,775 32,833 21,464 11,671 17,693 10,9 20,928 21,864

$ 1,311,957

BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Notes to Financial Statements June 30, 2009 (See Accountant’s Review Report)

ORGANIZATION AND NATURE OF BUSINESS: Big Brothers Big Sisters of Charlotte (the “Organization”) provides adult friendship and guidance to children between the ages of seven and fifteen who live in single-parent families. The Organization is a member agency of United Way of Central Carolinas, Inc. (“United Way”) and receives a portion of its support in the form of allocations from United Way. SUMMARY OF ACCOUNTING POLICIES: Basis of Accounting The accompanying financial statements are prepared on the accrual basis of accounting. The Organization reports information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Income Taxes The Organization is tax exempt under Section 501(c)(3) of the Internal Revenue Code and is not a private foundation. Accordingly, no income taxes have been provided in the accompanying financial statements. Contributions and Support Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or nature of any donor restrictions. Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized. All other donor-restricted support is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires (that is, when a stipulated time restriction ends or purpose restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. Cash The Organization maintains bank accounts at two financial institutions covered by the FDIC. At times throughout the year, the Organization may maintain bank account balances in excess of the FDIC insured limit. Management doesn’t consider this a significant credit risk at this time. Accounts Receivable Accounts receivable consist primarily of allocations and designations from United Way.

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Furniture, Fixtures and Equipment Purchased fixed assets are recorded at cost and donated assets are recorded at their fair market value at the date of the gift. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, which range from three to forty years. Maintenance, repair costs and minor replacements are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any gain or loss is reflected in current operations. The Organization capitalizes expenditures for furniture, fixtures and equipment over $500. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Functional Allocation of Expenses The cost of providing various programs and other activities has been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among programs and supporting activities. FURNITURE, FIXTURES AND EQUIPMENT: Furniture, fixtures and equipment as of June 30, 2009 is summarized as follows –

Buildin Furniture, fixtures and office e ui ment Computer equipment

$ 627,032 36,724 40,001

703,757 Less accumulated de reciation (30,868 $ 672,889 TEMPORARILY RESTRICTED NET ASSETS: Temporarily restricted net assets at June 30, 2009 consist of funds for activities in subsequent years as follows –

Jill Bosse funds United Way Duke Endowment

$ 219,447 235,366 53,737

$ 508,550 RETIREMENT PLAN: The Organization has a defined contribution plan for the benefit of its employees under Section 403(b) of the Internal Revenue Code. The plan covers substantially all employees over the age of twenty-one. Eligible employees may make tax deferred contributions after they have completed three months of service. The Organization may also make an additional matching contribution at its discretion. Employees that have completed at least two years of service are eligible for employer matching contributions. There were no matching contributions by the Organization for fiscal year 2009.

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DONATED SERVICES: Contributions of services are reflected in the financial statements at the fair value of the services received. The contributions of services are recognized if the services received (a) create or enhance non-financial assets or (b) require specialized skills that are provided by individuals possessing those skills and would typically need to be purchased if not provided by donation. $10,968 met the criteria for recording for the year ended June 30, 2009; in addition, management estimates the value of volunteer time to be approximately $3,940,000. LAND LEASE: The Organization assumed an existing land lease in conjunction with the purchase of its office building in January, 2009. The lease automatically renews every five years unless terminated by the Organization. The next scheduled renewal is January, 2010. The rent escalates at each renewal date. The current rent is $1,285 per month and will increase to $1,392 in January, 2010. Future minimum lease payments at June 30, 2009, are as follows –

2010 2011 2012 2013 2014

16,06 16,70 16,70 16,70 16,70

$ 82,878 MORTGAGE PAYABLE: The Organization obtained a mortgage in the amount of $510,000 in the purchase of its office building. The loan is collateralized by a first leasehold on the building located at 3801 E. Independence Boulevard, Charlotte, North Carolina, an assignment of all rents received on the property, and an assignment of the current ground lease. The loan bears interest at 5.5%, requires interest only payments through January, 2010 at which time interest and principal payments of $3,132 are required. The loan is for a term of five years with a balloon payment of all interest and remaining principal due in Januar , 2014.

Loan balance at June 30, 2009 Current portion

$ 510,000 (4,052

Non-current balance $ 505,948 Future minimum payments for the fiscal ear ended June 30 for the non-current ortion of the loan are as follows –

2011 2012 2013 2014

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$ 9,90 10,39 11,03 474,60 $ 505,948

BIG BROTHERS BIG SISTERS OF GREATER CHARLOTTE Supplemental Information – Comparative Schedule of Assets, Liabilities and Net Assets

June 30, Assets Cash Accounts receivable Pre aid ex enses

Total current assets

Furniture, fixtures and equipment, net

Deposits and other assets

Total assets