Professional Documents
Culture Documents
475 Cottage Street NE, Suite 200, Salem, Oregon 97301 (503) 581-7788
Board of Directors Young Womens Christian Association of Salem, Oregon 1255 Broadway NE, Suite 110 Salem, Oregon 97301 We have audited the accompanying statement of financial position of Young Women's Christian Association of Salem, Oregon (the Association) as of September 30, 2012, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the Associations management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we 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. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Young Women's Christian Association of Salem, Oregon as of September 30, 2012, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedule of functional expenses by program on page 11 is presented for the purpose of additional analysis and is 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 our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
ASSETS Current Assets Cash and cash equivalents - unrestricted Cash and cash equivalents - restricted Accounts receivable Prepaid expenses Total Current Assets Land, Buildings and Equipment, net Intangible Assets, net Total Assets LIABILITIES AND NET ASSETS Current Liabilities Accounts payable Accrued expenses Accrued payroll taxes and benefits liabilities Accrued vacation Current portion of long-term debt Total Current Liabilities Long-term Debt Total Liabilities Net Assets Unrestricted Restricted Total Net Assets Total Liabilities and Net Assets
3,748,335
The accompanying notes are an integral part of the financial statements. -2-
Unrestricted SUPPORT AND REVENUES Support Contributions Contributions in-kind Bequests United Way allocations Grants Total Support Revenue Special events Program service fees Sales to public Investment income Miscellaneous revenue Gain on sale of land, buildings and equipment Net assets released from restrictions Total Revenues Total Support and Revenues EXPENSES Program Services Cope Womens Health Salem Outreach Shelter DaVinci Girls Healthy Kids Building expenses Supporting Services Fundraising Administration Total Expenses TOTAL CHANGE IN NET ASSETS NET ASSETS, Beginning of year NET ASSETS , End of year
Temporarily Restricted
Total
102,682 154,639 433,191 26,166 32,376 3,701 160,395 365,570 1,278,720 1,013,333 2,145,256 $ 3,158,589 $
27,029 27,029
102,682 154,639 433,191 26,166 32,376 3,701 160,395 365,570 1,278,720 1,040,362 2,145,256 $ 3,185,618
The accompanying notes are an integral part of the financial statements. -3-
CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets Adjustments to reconcile the change in net assets to net cash provided by operating activities: Depreciation and amortization Gain on sale of equipment Loss on refinance Changes in assets and liabilities: Receivables Prepaid and deferred expenses Accounts payable Accrued liabilities Accrued vacation Deferred revenues Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Procedes from sale of investments Additions to buildings and equipment Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Repayments of long-term debt Proceeds from long-term debt Loan fees Net Cash Provided by Financing Activities NET CHANGE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS , Beginning of year CASH AND CASH EQUIVALENTS , End of year
1,040,362
75,220 633 4,056 3,964 (10,000) 16,200 (2,822) (4,824) (16,950) 1,105,839
37,488
The accompanying notes are an integral part of the financial statements. -4-
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DONATED SERVICES, MATERIALS AND FACILITIES A substantial number of volunteers have donated significant amounts of their time to the Association's program services. No amounts have been recognized in the accompanying statements of activities and changes in net assets because the criteria for recognition of such volunteer effort, as required by the Accounting for Contributions Received and Contributions Made topic of the ASC, has not been satisfied, but is estimated as follows:
4,700 150,770
Professional volunteer hours that have met the criteria for recognition in the year ending 9/30/2012 are in the amount of $26,795.
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Nondepreciable Land Artwork Depreciable Buildings and equipment Less: Accumulated depreciation Fixed assets, net
RECEIVABLES Receivables consist of the following at September 30, 2012:
2,298,810
Receivables are stated at cost and are unsecured. Management determines receivables are past due based on individual agreements and charges off accounts when they are determined uncollectible. There were no Receivables more than 90 days past due as of September 30, 2012.
RETIREMENT PLAN The Association participates in the YWCA Retirement Fund. All employees who are regularly employed half-time or more, or who have completed 1,000 hours of employment service per year for two years of employment are enrolled in the plan. The plan is a defined contribution pension plan to which the Association contributed 7.5% of the employee's monthly salary and the national Association contributes an additional 3% of the employees salary each month. The employees may make additional voluntary contributions. Total pension expense was $8,093 for the year ended September 30, 2012.
CONTINGENCIES Grants receivable and grant receipts are subject to adjustment by grantor agencies. Any disallowed claims, including claims already collected, could become a liability to the Association. Such amounts, if any, cannot be determined at this time and, accordingly, no liability is reflected in these financial statements.
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LONG-TERM DEBT
Original Issue Faith Foundation loan, interest only monthly payments at 5% interest until October 1, 2010 when the balance is due. Secured by land and building. Faith Foundation loan, interest only monthly payments at 5% interest until October 1, 2010 when the balance is due. Secured by land and building. Columbia Bank, Fixed rate monthly payments at 6.5%, Secured by land and building. Subtotal Less: Current portion $ 1,616,000 $ Outstanding October 1, 2011 Matured/ Outstanding Issued September 30, During Year 2012
600,000
219,857
$ (219,857)
516,000
204,087
(204,087)
500,000 1,616,000
423,944 (423,944) $
491,483 67,539
67,539
479,153
Aggregate maturities required on long-term debt as of September 30, 2012 are due in future years as follows:
Fiscal Year Ending September 30, 2013 2014 2015 2016 2017 Thereafter $ 12,330 13,071 13,857 14,691 15,574 421,960 491,483
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Fiscal Year Ending September 30, 2013 2014 2015 2016 2017 $ 6,046 6,046 6,046 6,046 5,542 29,728
$
RELATED PARTY
The Association is the fiscal agent for the Latino Youth Program, a federally funded job training program between Job Growers and the Interface Network. The Association receives invoices from Interface Network and submits them to Job Growers for reimbursement. This agency transaction is accounted for in accordance with ASC 958605 Not-for-Profit Entities, whereas financial assets received from Job Growers are recorded as an asset and a corresponding liability to Interface Network. At September 30, 2012, there were no amounts owed to Interface Networks. At September 30, 2012 there were $31,520 in reimbursements receivable from Job Growers. The agreement with Job Growers Incorporated stipulates that the Association may charge 10% of the total amount of reimbursement requests from the Latino Youth Program. For the year ended September 30, 2012, the amount charged for administration of the Latino Youth Program was $28,298 and is included in Grants in the Statement of Operations.
SUBSEQUENT EVENTS Management has evaluated subsequent events through July **, 2013 the date on which the financial statements were available to be issued.
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SUPPLEMENTARY INFORMATION
Cope Salaries Payroll taxes and benefits Professional fees Supplies Food Telephone Postage and shipping Utilities Repair and maintenance Insurance and licenses Printing Travel Conference and training Subscriptions Special events Advertising Bank charges and fees Equipment Moving and storage Miscellaneous expense Refunds Rent Depreciation Loan fees and interest Regional YWCA In-kind expense Incentives Total Expenses $ 51,621 8,777 4,425 1,433 576 1,429 925 4,466 9,568 3,283 114 150 69 1,115 75 14,197 459 -
Womens Health $ 51,591 9,693 1,935 960 2,078 1,723 8,362 16,805 6,166 368 134 10 115 30 32 1,904 26,331 25,673 729 -
Salem Outreach Shelter $ 160,235 39,946 7,338 3,791 35,477 3,424 444 24,351 24,058 6,998 944 275 206 166 145 1,828 93 621 8,552 4,056 110,243 $ 433,191
DaVinci Girls $ 9,248 2,156 4,449 147 8 206 205 1,340 2,515 985 17 326 232 4,206 126 26,166
Healthy Kids $ 24,977 1,957 2,382 258 174 1 680 1,917 30 32,376
$ 102,682
$ 154,639
Fundraising $ 16,303 1,275 10,968 406 574 471 170 65,196 440 6 15 64,571 160,395
Administration $ 188,050 12,439 38,227 3,746 407 2,988 2,187 6,811 17,348 7,838 1,448 460 5,462 46 2,139 747 5,251 4,901 3,190 (332) 100 329 22,591 29,731 7,293 1,340 833 $ 365,570
Total $ 502,025 76,243 69,724 10,741 37,042 10,299 5,956 45,330 71,144 25,270 1,816 3,586 5,897 436 67,857 1,394 5,257 9,980 3,190 26,107 796 329 75,219 37,488 7,293 177,468 833 $ 1,278,720
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