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FAMILY & CHILDREN'S PLACE, INC.

FINANCIAL STATEMENTS

Years Ended June 30, 2018 and 2017

Table of Contents

 

Page

Independent Auditors' Report

1 and 2

Financial Statements

Statements of financial position Statements of activities

4

Statements of functional expenses

5

Statements of cash flows

6

Notes to financial statements

7-27

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Independent Auditors' Report

To the Board of Directors Family & Children's Place, Inc. Louisville, Kentucky

We have audited the accompanying financial statements of Family & Children's Place, Inc. (a nonprofit organization), which comprise the statements of fmancial position as of June 30, 2018 and 2017, and the related statements of activities, functional expenses and cash flows for the years then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these fmancial 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits 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 from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the fmancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the fmancial statements 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 the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

9300 Shelbyville Road Suite 1100 Louisville, Kentucky 40222 Telephone 502.426.9660 Fax 502425.0883 www.DML0.com

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Family & Children's Place, Inc. as of June 30, 2018 and 2017, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Louisville, Kentucky January29, 2019

2)7

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FAMILY & CHILDREN'S PLACE, INC.

STATEMENTS OF FINANCIAL POSITION

June 30, 2018 and 2017

Assets

Current Assets

Cash and cash equivalents Cash - shared services Cash - unemployment reserve Cash - capital campaign Investments Metro United Way receivable Accounts receivable, less allowance for doubtful accounts of $4,593 in 2018 and $14,700 in 2017 Contributions receivable, less allowance for uncollectible promises to give of $57,400 in 2018 and $49,200 in 2017 Prepaid expenses and other assets

Total current assets

Property and Equipment

Land Buildings and improvements Leasehold improvements Furniture and equipment

Less accumulated depreciation

Other Assets

Contributions receivable Beneficial interest in assets held by The Community Foundation of Louisville Investment in partnership, at cost

Cash value of life insurance

Total assets

See Notes to Financial Statements.

2018 2017

$

34,898

$

28,000

 

278,526

 

69,588

62,592

140,676

271,789

1,900,852

1,528,599

1,054,017

1,028,789

475,950

771,113

377,623

382,220

41,293

85,778

4,094,897

4,437,406

798,646

952,646

6,086,149

8,018,066

7,403

34,699

1,251,038

1,269,604

8,143,236

10,275,015

1,803,244

2,205,239

6,339,992

8,069,776

802,991

847,826

22,700

21,414

76,000

47,961

47,042

949,652

916,282

$ 11,384,541

$ 13,423,464

Liabilities and Net Assets

2018

2017

Current Liabilities Line of credit

$ 205,363 $ 520,782

Current maturities of note payable

203,094

211,596

Accounts payable

37,027

28,748

Accrued expenses and other current liabilities

329,981

553,183

Total current liabilities

Long-Term Liabilities Note payable, less current maturities Accrued pension cost

Total liabilities

Net Assets Unrestricted Temporarily restricted Permanently restricted

775,465

1,314,309

2,615,870

2,803,052

1,865,641

3,217,861

4,481,511

6,020,913

5,256,976

7,335,222

3,501,115

3,541,298

1,345,358

1,281,276

1,281,092

1,265,668

6,127,565

6,088,242

FAMILY & ChILDREN'S PLACE, INC.

STATEMENTS OF ACTIVITIES Years Ended June 30, 2018 and 2017

Revenues and Other Support

Service revenues and other contracts Federal financial assistance Metro United Way Contributions and grants Special events Rental and other income Investment income Net realized and unrealized gains on investments Loss on sale of property and equipment Increase in beneficial interest

Net assets released from restrictions:

Metro United Way Satisfaction of program restrictions

Total net assets released from restrictions

Total revenues and other support

Expenses

Program services:

Child and family services Kosair Charities Child Advocacy Center HANDS Family and school service PAL program Family stabilization Shared services

Total program services

Supporting services:

Management and general Fund-raising

Total expenses

Increase (decrease) in total net assets before pension related changes other than net periodic benefit cost

Pension related changes other than net periodic benefit cost

Increase (decrease) in total net assets

Net assets, beginning of year

Net assets, end of year

See Notes to Financial Statements.

 

2018

Temporarily

Permanently

Unrestricted

Restricted

Restricted

Total

$ 2,305,402

$ 2,305,402

1,197,741

1,197,741

 

$ 1,054,017

1,054,017

691,780

427,464 $

5,919

1,125,163

168,239

168,239

11,414

47,997

59,411

7,481

33,817

8,219

49,517

(1,121,736)

(1,121,736)

 

1,286

1,286

3,260,321

1,563,295

15,424

4,839,040

1,028,789

(1,028,789)

470,424

(470, 4 2 4 )

1,499,213

(1,499,213)

4,759,534

64,082

15,424

4,839,040

1,584,286

1,584,286

1,003,634

1,003,634

1,589,912

1,589,912

413,838

413,838

188,593

188,593

262,717

262,717

40,000

40,000

5,082,980

5,082,980

571,448

571,448

512,524

512,524

6,166,952

6,166,952

(1,407,418)

64,082

15,424

(1,327,912)

1,367,235

1,367,235

(40,183)

64,082

15,424

39,323

3,541,298

1,281,276

1,265,668

6,088,242

$ 3,501,115 $

1,345,358 $ 1,281,092 $

6,127,565

4

2017

Temporarily Permanently

Unrestricted

Restricted

Restricted

Total

$

2,304,096

$

2,304,096

1,439,163

1,439,163

 

$ 1,028,789

1,028,789

 

741,343

433,920

$

995

1,176,258

28,017

28,017

158,844

158,844

9,390

28,615

38,005

25,320

89,718

20,130

135,168

 

3,745

3,745

 

4,706,173

1,581,042

24,870

6,312,085

1,230,237

(1,230,237)

612,220 (612,220)

1,842,457

6,548,630 (261,415) 24,870 6,312,085

(1,842,457)

1,824,695

1,824,695

916,346

916,346

1,604,788

1,604,788

342,330

342,330

168,351

168,351

909,401

909,401

264,000

264,000

6,029,911

6,029,9 1 1

611,985

611,985

589,569

589,569

7,231,465

7,231,465

(682,835)

(261,415)

24,870

(919,380)

1,245,430

1,245,430

562,595

(261,415)

24,870

326,050

2,978,703

1,542,691

1,240,798

5,762,192

$ 3,541,298

$

1,281,276 $ 1,265,668

$

6,088,242

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FAMILY & CHILDREN'S PLACE, JC.

STATEMENTS OF CASH FLOWS Years Ended June 30, 2018 and 2017

Cash Flows from Operating Activities

2018

2017

Cash received for services

$ 2,448,000

$ 2,277,217

Federal financial assistance received

1,425,697

1,430,603

Cash received from Metro United Way

1,028,789

1,230,237

Contributions and grants received

1,510,927

1,225,109

Rental and other income received

168,239

158,844

Investment income received

59,411

38,005

Cash paid to suppliers and employees

(5,945,194)

(6,338,086)

Interest paid

(99,206)

(101,925)

Net cash provided by (used in) operating activities

Cash Flows from Investing Activities Proceeds from sale of investments Purchases of investments Proceeds from sale of property and equipment Purchases of property and equipment

Net cash (used in) provided by investing activities

Cash Flows from Financing Activities Contributions received for long-term purposes Principal payments on notes payable Principal payments on capital lease obligations Net payments on line of credit

Net cash used in financing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of year

Cash and cash equivalents, end of year

See Notes to Financial Statements.

 

596,663

(79,996)

291,374

663,611

(690,110)

(534,441)

389,044

(64,404)

(53,320)

(74,096)

75,850

5,000

(204,820)

(206,300)

(430)

(4,925)

(315,419)

187,291

(515,669)

(23,934)

6,898

(28,080)

28,000

56,080

$

34,898

$

28,000

2018

2017

Reconciliation of Net Increase in Total Net Assets to Net Cash Provided By (Used In) Operating Activities

Net increase in total net assets Adjustments to reconcile net increase in total net assets to net cash provided by (used in) operating activities:

$ 39,323 $ 326,050

Depreciation and amortization

328,408

339,899

Debt issuance cost amortization

9,136

9,136

Change in allowance for doubtful accounts

(10,107)

9,700

Change in allowance for uncollectible promises to give

8,200

(46,600)

Change in discount on promises to give

(29,358)

(44,392)

Net realized and unrealized gains on investments

(49,517)

(135,168)

Loss on sale of property and equipment

1,121,736

Increase in beneficial interest

(1,286)

(3,745)

Increase in cash value of life insurance

(919)

(995)

Contributions received for long-term purposes

(5,000)

Contribution of land

(45,000)

Pension adjustment Changes in assets and liabilities:

(1,122,015)

(883,266)

(Increase) decrease in:

Cash - shared services

278,526

(278,526)

Cash - unemployment reserve

(6,996)

(9,577)

Cash - capital campaign

131,113

113,121

Metro United Way receivable

(25,228)

201,448

Accounts receivable

305,270

(45,139)

Contributions receivable

70,590

295,226

Prepaid expenses and other assets Increase (decrease) in:

44,485

(25,874)

Accounts payable

8,709

(13,803)

Accrued expenses and other current liabilities

(223,202)

290,533

Accrued pension cost

(230,205)

(178,024)

Total adjustments

557,340

(406,046)

Net cash provided by (used in) operating activities

$ 596,663 $ (79,996)

Supplemental Schedule of Noncash Investing and Financing Transactions

In-kind land acquisition

$

45,000

FAMILY & CHILDREN'S PLACE, INC.

NOTES TO FINANCIAL STATEMENTS

Note 1. Description of Organization and Summary of Significant Accounting Policies

Description of organization:

Family & Children's Place, Inc. (Organization), a nonprofit organization, provides counseling, education, child welfare services and other support services that strengthen and support family life. Programs consist of Child and Family Services, Kosair Charities Child Advocacy Center, HANDS (Health Access Nurturing Development Services), Family and School Service, PAL Program (Parkhill, Algonquin and Old Louisville), and Family Stabilization Service. The Organization closed the Family Stabilization program effective September 30, 2017. Services are provided principally throughout the Metro Louisville area and surrounding counties of Kentucky and Southern Indiana. The Organization is supported primarily through the Metro United Way, fees for services, donor contributions, government grants and contracts and other grants.

Summary of significant accounting policies:

This summary of significant accounting policies of the Organization is presented to assist in understanding the Organization's financial statements. The financial statements and notes are representations of the Organization's management who is responsible for the integrity and objectivity of the financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

Net asset classification:

Resources are classified for accounting and reporting purposes into the following three net asset classes according to externally imposed restrictions:

Unrestricted net assets - Unrestricted net assets are not subject to any donor-imposed restrictions. Unrestricted net assets include assets designated by the board for particular purposes.

Temporarily restricted net assets - Temporarily restricted net assets include net assets whose use by the Organization is limited by donor- imposed restrictions that either expire by the passage of time or that can be fulfilled or removed by actions of the Organization pursuant to those stipulations.

7

NOTES TO FINANCIAL STATEMENTS

Permanently restricted net assets - Permanently restricted net assets include net assets whose use is limited by donor-imposed stipulations that neither expire with the passage of time nor can be fulfilled or otherwise removed by actions of the Organization.

Contributions:

Contributions received and unconditional promises to give are measured at their fair values and are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or nature of any donor stipulations that limit the use of the donated assets, or if they are designated as support for future periods. Contributions that are restricted by the donor are reported as increases in unrestricted net assets if the restrictions expire in the reporting period in which the revenue 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.

The Organization reports gifts of long-lived assets as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Gifts of long-lived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire long-lived assets are reported as restricted support. Absent explicit donor stipulations about how long those long-lived assets must be maintained, the Organization reports expirations of donor restrictions when the donated or acquired long-lived assets are placed in service.

Cash and cash equivalents:

For purposes of the statement of cash flows, the Organization considers all unrestricted highly liquid investments with a maturity of three months or less to be cash equivalents. Cash and cash equivalents designated for specific purposes or received with donor-imposed restrictions limiting their use are not considered cash and cash equivalents for purposes of the statement of cash flows.

NOTES TO FINANCIAL STATEMENTS

Accounts and contributions receivable:

The valuation of accounts and contributions receivable is based upon a detailed analysis of past due accounts and the history of uncollectible accounts. The Organization periodically reviews doubtful accounts and contributions receivable to determine if write-offs are necessary. Nearly half of the accounts receivable for services at June 30, 3018 and 2017 are due from the Louisville Metro Health Department.

Investments:

Investments are recorded at fair value. Donated investments are recorded at their fair value as of the date received. See Note 6 for discussion of fair value measurements.

Property and equipment:

Property and equipment are recorded at cost, if purchased, or at fair value as of the date of donation, if donated. The Organization's policy is to capitalize asset purchases exceeding $500. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the lesser of the related lease period or estimated useful life. Amortization of capital leases is included in depreciation expense.

Compensated absences:

Employees of the Organization are entitled to paid leave, including vacation, sick and short-term disability. It is impracticable to estimate the amount of compensation for future sick and short-term disability absences, and accordingly, no liability has been recorded in the accompanying financial statements. The Organization's policy is to recognize the costs of these compensated absences when actually paid to employees.

Donated services:

Donated services that require specific expertise and would normally have been purchased, and donated services that create or enhance nonfinancial assets are recorded at fair value. Those donated services that do not meet these specific criteria are not reflected in the financial statements.

For each of the years ended June 30, 2018 and 2017, the Organization received donated counseling services of $6,000 within the Child and Family Services program.

NOTES TO FINANCIAL STATEMENTS

Income taxes:

The Organization is exempt from federal, state and local income taxes as a not-for- profit corporation as described under Internal Revenue Code Section 501(c)(3). The Organization files an informational tax return in the U.S. federal jurisdiction. However, income from leasing and other activities not directly related to the Organizations tax-exempt purpose is subject to taxation as unrelated business income. Accordingly, the Organization also files an exempt organization business income tax return.

As of June 30, 2018 and 2017, the Organization did not have any accrued interest or penalties related to income tax liabilities, and no interest or penalties have been charged to operations for the years then ended.

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.

Newly issued standards not yet effective:

The Financial Accounting Standards Board has issued accounting standards No. 2014-09, Revenue from Contracts with Customers, effective for years beginning after December 15, 2018; No. 2016-02, Leases, effective for years beginning after December 15,2019; No. 2016-14, Not - for - Profit Entities: Presentation ofFinancial Statements of Not-for-Profit Entities, effective for years beginning after December 15, 2017; and No. 2016-18, Statement of Cash Flows: Restricted Cash, effective for years beginning after December 15, 2018. The Organization is evaluating the impact that adoption of these standards will have on future financial position and results of operations.

Subsequent events:

Subsequent events have been evaluated through January 29, 2019, which is the date the financial statements were available to be issued.

10

NOTES TO FINANCIAL STATEMENTS

Note 2.

Contributions Receivable

In 2013, the Organization completed the construction and renovation of the Kosair Charities Child Advocacy Center and the Family Service Center. The approximate cost of the completed project was $7.25 million and was substantially funded by a capital campaign which began in 2009. Capital campaign pledge payments collected are placed in a separate account designated for use in making payments on the related debt incurred to construct and renovate the new facilities. Amounts in this account are reflected in the cash - capital campaign balance on the statement of financial position.

Additionally, the Organization has an annual campaign to raise operational funds for the Organization.

Total pledges receivable as of June 30, 2018 and 2017 were as follows:

 

2018

2017

Capital campaign

$1,060,112

$1,217,339

Annual campaign

248,618

131,981

Other

30,000

 

1,308,730

1,379,320

Less unamortized discounts

(70,716)

(100,074)

Less allowance for uncollectible promises to give

(57,400)

(49,200)

$1,180,614

$1,230,046

Amounts due in:

Less than one year

$

435,023

$ 431,420

One to five years

873,707

947,900

 

S

1,308,2a0

$1 ,379.320

Contributions receivable due in more than one year are reflected at the present value of estimated future cash flows using discount rates of 4% - 4.875%.

Of the total gross pledges receivable of $1,308,730 and $1,379,320 as of June 30, 2018 and 2017, respectively, one donor accounts for approximately75%and 80%, respectively, of the gross receivable.

11

NOTES TO FINANCIAL STATEMENTS

Note 3.

Cash - Shared Services and Investment in Partnership

The Organization has joined with four other non-profit organizations to raise funds and establish a partnership to provide centralized support services to the partner organizations. During the years ended June 30, 2018 and 2017, the Organization recorded $50,000 and $330,000, respectively, of grant revenue and $40,000 and $264,000, respectively, of grant expenses related to this endeavor. As of June 30, 2017, the Organization had $278,526 in cash restricted for the formation and operation of the partnership. During the year ended June 30, 2018, the partnership, Impact V, LLC, was formed as the shared services entity and the cash restricted for the formation and operation of the partnership was transferred to this entity.

Effective September 1, 2017, the Organization holds a 20 percent interest in Impact V, LLC. This investment is carried at cost with an aggregate carrying amount of $76,000 at June 30, 2018. The investment has not been evaluated for impairment because it is not practicable to estimate fair value and management did not identify any events or changes in circumstances that may have a significant adverse effect on fair value.

Note 4.

Cash - Unemployment Reserve

The Organization participates in a self-insured unemployment trust. Quarterly deposits are made to a prepayment account, and unemployment claims are paid from the trust as they arise. As of June 30, 2018 and 2017, the Organization had a prepayment account in the amount of $69,588 and $62,592, respectively, on deposit with the trustee.

Note 5. Investments

Cost and fair value of investments are sunimarized below:

Cost

June 30, 2018 Fair Value

Unrealized

Appreciation

Cash equivalents

$ 260,055

$

260,055

 

Mutual funds

1,495,513

1,640,797

$145,284

$1755,568

Q

2

12

NOTES TO FINANCIAL STATEMENTS

 

June 30, 2017 Fair

Unrealized

 

Cost

Value

Appreciation

Cash equivalents

$ 29,107

S 29,107

Mutual funds

1,374,804

1,499,492

$124,688

$1,403,911

$1,528,599

Investment income reported in the accompanying statements of activities is net of custodial fees and investment advisory fees. Such investment expenses totaled $7,515 and $7,892 for the years ended June 30,2018 and 2017, respectively.

Note 6. Fair Value Measurements

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described as follows:

Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.

Level 2 - Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active or inactive markets; inputs other than quoted prices that are observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Organization's Level 1 assets have been valued using a market approach. Level 3 assets have been valued using the income approach. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in methodologies used at June 30, 2018 and 2017.

Cash equivalents and mutual funds - valued at the closing price reported in the active market in which the security is traded.

Beneficial interest - valued as determined by the fund manager of the underlying assets held by the community foundation.

13

NOTES TO FINANCIAL STATEMENTS

The following table sets forth by level, within the fair value hierarchy, the Organization's assets measured at fair value as of June 30, 2018 and 2017:

 

Level 1

June 30, 2018 Level 3

Total

Mutual funds:

Large cap growth

$ 110,866

$ 110,866

Large cap value

124,080

124,080

Mid cap growth

114,564

114,564

Mid cap value

109,846

109,846

Small cap growth

87,111

87,111

Small cap value

80,618

80,618

Small cap ETF

58,536

58,536

Real estate fund

77,703

77,703

Large blend

124,605

124,605

Foreign large blend

116,031

116,031

Bond funds

585,653

585,653

Other

51,184

51,184

1,640,797

1,640,797

Cash equivalents Beneficial interest in assets held by The

260,055

260,055

Community Foundation of Louisville

$22,700

22.700

 

$1 .900852

22,700

3,552

Level 1

June 30, 2017 Level 3

Total

Mutual funds:

Large cap growth

$ 90,623

$ 90,623

Large cap value

89,961

89,961

Mid cap growth

104,828

104,828

Mid cap value

105,489

105,489

Small cap growth

75,636

75,636

Small cap value

76,022

76,022

Small cap ETF

59,286

59,286

Real estate fund

73,659

73,659

Large blend

179,102

179,102

Foreign large blend

119,803

119,803

Bond funds

525,083

525,083

1,499,492

1,499,492

Cash equivalents Beneficial interest in assets held by The

29,107

29,107

Community Foundation of Louisville

$21,414

21,414

 

$1.528.599

$21,414

j

Ql3

14

NOTES TO FINANCIAL STATEMENTS

The following table sets forth a summary of the changes in the fair value of the Organization's Level 3 assets for the years ended June 30, 2018 and 2017:

 

2018

2017

Balance, beginning of year

$21,414

$17,669

Change in beneficial interest

1,286

3,745

Balance, end of year

$22,700

$21.414

Note 7.

Endowment Funds

The Organization's endowment funds consist of investments held in various brokerage accounts and beneficial interest in assets held by others. The investments include both donor-restricted funds and funds designated by the Board of Directors to function as endowments. The Organization's Board of Directors does not have input or authority over the nature and type of investments held by others. As required by generally accepted accounting principles, net assets associated with endowment funds, including funds designated by the Board of Directors to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions.

The endowment net asset composition by type of fund as of June 30, 2018 and 2017 is as follows:

Temporarily Permanently

 

Unrestricted

Restricted

Restricted

Total

Donor-restricted endowment funds

$21,528

$1,210,431

$1,231,959

Donor-restricted endowment funds (beneficial interest in assets held)

22,700

22,700

Board-designated endowment funds

$668,893

668,893

 

$21,528

$L233,131

$1.923.552

15

NOTES TO FINANCIAL STATEMENTS

Temporarily Permanently

 

Unrestricted

Restricted

Restricted

Total

Donor-restricted endowment funds

$17,827

$1,197,212

$1,2 15,039

Donor-restricted endowment funds (beneficial interest in assets held)

21,414

21,414

Board-designated endowment funds

$313,560

3 13.560

$313,560

$17.827

QJ3

Changes in endowment net assets for the years ended June 30, 2018 and 2017 are as follows:

2018

Temporarily Permanently

 

Unrestricted

Restricted

Restricted

Total

Endowment net assets, beginning of year

$ 313,560

$ 17,827

$1,218,626

$1,550,013

Contributions

407,660

5,000

412,660

Transfers - operations/capital

(147,552)

(147,552)

Reclassifications Investment return:

78,113

(78,113)

Investment income

8,049

47,997

56,046

Net appreciation

9,063

33,817

9,505

52,385

Endowment net assets, end of year

668.893

$21,528

$1,233,131

23 .5 52

 

2017

Temporarily Permanently

 

Endowment net assets, beginning

Unrestricted

Restricted

Restricted

Total

of year