EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Audited Financial Statements
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1 EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Audited Financial Statements June 30, 2014
2 EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Table of Contents June 30, 2014 Independent Auditors Report Statement of Financial Position... 3 Statement of Activities and Changes in Net Assets... 4 Statement of Functional Expenses... 5 Statement of Cash Flows... 6 Notes to Financial Statements
3 WHITTLESEY & HADLEY, P.C. Certified Public Accountants/Consultants 280 Trumbull Street, 24th Floor Hartford, Connecticut (voice) (fax) INDEPENDENT AUDITORS' REPORT To the Board of Directors of Easter Seals Capital Region and Eastern Connecticut, Inc. Report ori the Financial Statements We have audited the accompanying financial statements of Easter Seals Capital Region and Eastern Connecticut, Inc. ("Easter Seals"), which comprise the statement of financial position as of June 30,2014, and the related statements of activities and change in net assets, functional expenses and cash flows for the year 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 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. Auditors' Responsibility 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 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 financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to Easter Seals' 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 Easter Seals' 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 fmancial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Offices in Hartford, Connecticut & Holyoke, Massachusetts 1
4 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Easter Seals Capital Region and Eastern Connecticut, Inc. as of June 30,2014, 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. Hartford, Connecticut December 2,
5 EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Statement of Financial Position June 30, 2014 Assets Current assets: Cash and cash equivalents Accounts receivable, net Workshop inventories Investments Prepaid expenses Total current assets Donor restricted investments Fixed assets: Land, buildings and building improvements Equipment and vehicles Less accumulated depreciation Total fixed assets, net Total assets Liabilities and net assets Current liabilities: Mortgage payable, current portion Capital lease obligations, current portion Accounts payable Accrued liabilities Deferred revenue and refundable advances Total current liabilities Long term liabilities: Mortgage payable Capital lease obligations Total long term liabilities Total liabilities Net assets: Unrestricted Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets $ 795, ,172 33,273 3,207,968 74,854 4,545, ,454 4,943,106 1,010,159 5,953,265 (2,479,507} 3,473,758 $ 8,956,593 $ 71,218 16, , , , , , ,123 1,830,064 6,170,174 18, ,454 7,126,529 $ 8,956,593 The accompanying notes are an integral part of the financial statements. 3
6 EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Statement of Activities and Changes in Net Assets For the year ended June 30, 2014 Change in unrestricted net assets: Revenues and other support: Grants from government agencies Program service fees Contributions and special events Rental income Net assets released from temporary restrictions Total revenues and other support Expenses: Program services General and administrative Fundraising Total expenses Operating income Other income: Investment income, net of investment advisory fees Gain on sale of land Total other income Change in unrestricted net assets Change in temporarily restricted net assets: Contributions Investment income, net of investment advisory fees Net assets released from restrictions Change in temporarily restricted net assets Total change in net assets Net assets, beginning of year $ 4,359,478 2,069, , , ,230 8,121,279 6,421, , ,775 7,738, , ,366 57, , , , ,633 (600,230) (245,897) 596,325 6,530,204 Net assets, end of year $ 7,126,529 The accompanying notes are an integral part of the fmancial statements. 4
7 EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Statement of Functional Expenses For the year ended June 30, 2014 Program General and Services Administrative Fundraising Total Employee compensation $ 2,792,860 $ 432,852 $ 265,747 $ 3,491,459 Employee benefits 739,569 88,373 66, ,004 Total employee compensation and related benefits 3,532, , ,809 4,385,463 Program wages and materials 1,501,404 1,501,404 Transportation 320,296 1,944 1, ,834 Insurance 267,725 14,555 1, ,650 Occupancy 127, , ,725 Professional services 112,716 75, ,620 Depreciation 148,655 19, ,331 Equipment, repairs, maintenance 131,681 19,725 1, ,989 Special events 135, ,111 Supplies 84,931 3,056 1,124 89,111 Other 49,371 5,161 7,812 62,344 Interest 57,521 57,521 Provision for bad debts 55,278 55,278 Membership fees ,913 1,357 43,130 Telephone 14,281 5, ,979 Postage and shipping 7,253 8, ,647 Printing, publication, media 5, ,513 Commissions 4,276 4,276 Total expenses $ 6,421,820 $ 833,331 $ 483,775 $ 7,738,926 The accompanying notes are an integral part of the financial statements. 5
8 EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Statement of Cash Flows For the year ended June 30, 2014 Operating activities Change in net assets Adjustments to reconcile change in net assets to net change in cash from operating activities: Depreciation Unrealized gains on investments Net realized gains on sale of investments Provision for bad debts Gain on sale of land (Increase)/decrease in assets: Accounts receivable, net Workshop inventories Prepaid expenses Increase/(decrease) in liabilities: Accounts payable Accrued liabilities Deferred revenue and refundable advances Net change in cash from operating activities Investing activities Additions to building improvements and equipment Purchases of investments Proceeds from sales of investments Proceeds from sale of land Net change in cash from investing activities Financing activities Principal payment on capital lease obligations Principal payments on mortgage payable Net change in cash from financing activities Net change in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year $ $ 596, ,333 (206,441) (308,698) 55,278 (57,503) 186,894 15,057 (36,543) 97,013 39,162 (233,222) 315,655 (21,400) (3, 768, 194) 3,674, , ,146 (43,327) (410,592) (453,919) 96, , ,114 The accompanying notes are an integral part of the fmancial statements. 6
9 EASTER SEALS CAPITAL REGION AND EASTERN CONNECTICUT, INC. Notes to Financial Statements June 30, 2014 NOTE 1-ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Easter Seals Capital Region and Eastern Connecticut, Inc., ("Easter Seals") is a Connecticut not-forprofit corporation with locations in Windsor, East Hartford, and Norwich, Connecticut. Easter Seals provides medical and vocational rehabilitation services for adults and children with physical, mental, emotional or learning disabilities. Easter Seals is affiliated with the Easter Seals, Inc. based in Chicago, Illinois. The following is a summary of significant accounting policies of Easter Seals. Basis o[presentation The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Workshop Inventories Workshop inventories are carried at the lower of cost (first-in, first-out method) or market and consist primarily of light assemblies and associated parts. Allowances for obsolete inventory are evaluated and recorded on an annual basis to state inventory at its net realizable value. Buildings and Equipment Equipment owned by Easter Seals is recorded at cost or, if donated, at fair market value. Depreciation is calculated using the straight-line method over the following estimated useful lives: Buildings Building improvements Equipment and vehicles 40 years 5-30 years 3-10 years Net Asset Categories The presentation follows the recommendations of the F ASB Accounting Standards Codification topic Not-for-Profit Entities Presentation of Financial Statements, in which Easter Seals 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 as follows: Unrestricted - Unrestricted net assets represent available resources other than donor restricted contributions. Temporarily Restricted - Temporarily restricted net assets represent those contributions whose use by Easter Seals has been limited by the donor for later periods of time or for specified purposes. These restrictions primarily relate to funding received for programs for adults and children which must be utilized for specific purposes. Permanently Restricted - Permanently restricted net assets represent contributions received with the donor restriction that the principal be invested in perpetuity and that only the income earned thereon be available for operations and general charitable purposes. 7
10 NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenues are reported as increases in unrestricted net assets, unless the use of the related assets is limited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets are reported as increases or decreases in unrestricted and temporarily restricted net assets unless their use is restricted by explicit donor stipulation or by law. Expirations of temporary restrictions on net assets (i.e., the donor-stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are reported as reclassifications between the applicable classes of net assets. Fair Value Measurements Easter Seals follows the requirements of the Fair Value Measurements and Disclosures topic of the F ASB Accounting Standards Codification. Fair value measurements define fair value and establish a framework for measuring fair value in generally accepted accounting principles. Fair value is defined as the exchange price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including Easter Seals' own credit risk. In addition to defining fair value, Fair Value Measurements and Disclosures expands the disclosure requirements around fair value and establishes a fair value hierarchy is established for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These levels are: Level 1 - inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 - inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. Valuation techniques based on unobservable inputs are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows and the selection of discount rates that may appropriately reflect market and credit risks. Changes in these judgments often have a material impact on the fair value estimates. In addition, since these estimates are as of a specific point in time, they are susceptible to material near-term changes. There were no changes in valuation techniques for the year ended June 30, Allowance for Doubt{ul Accounts The allowances for doubtful accounts are maintained at levels which are adequate to absorb reasonable foreseeable losses based on management's evaluation of outstanding balances and current economic conditions. Balances that remain outstanding after Easter Seals has used reasonable collection efforts are written off. 8
11 NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Donated Materials and Services Donated materials, when significant, are reflected at their appraised or estimated value. A substantial number of volunteers have donated significant amounts of time to Easter Seals' activities and its fundraising events. Easter Seals recognizes contributed services when the service requires specialized skills that would typically need to be purchased if not provided by the contribution. There are no donated services that meet revenue recognition criteria and as such they have not been reflected in the accompanying financial statements. Endowment and Spending Policy Easter Seals has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that Easter Seals must hold in perpetuity as well as board-designated funds. Under this policy, as approved by the Board of Directors, the endowment assets are invested in accordance with sound investment practices that emphasize long-term investment fundamentals. It is recognized that short-term market fluctuations may cause variations in account performance. To satisfy its long-term rate of return objectives, Easter Seals relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). Easter Seals targets a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints. The Board approves annual appropriations for distribution. When deciding the appropriation amount, the Board considers the long-tenn expected return on its endowment in order to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term as well as to provide additional real growth through new gifts and investment return. Functional Expense Allocations The allocation of functional expenses has been performed using historical relationships and estimates developed by management. Tax Status Easter Seals is a not-for-profit voluntary health agency, exempt from income tax under Section 50l(c)(3) of the U.S. Internal Revenue Code. Easter Seals has been classified as an organization that is not a private foundation and has been designated as a "publicly supported" organization. Easter Seals has implemented the accounting guidance for uncertainty in income taxes using certain provisions of ASC 740, Income Taxes. Using this guidance, tax positions initially need to be recognized in the financial statements when it is more-likely-than-not that the position will be sustained upon examination by the tax authorities. As of June 30, 2014, Easter Seals has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements and believes that it has appropriate support for income tax positions taken in its tax returns. Currently, Easter Seals' federal informational returns for fiscal years 2010 through 2012 remain open to inspection by the IRS. Easter Seals' 2013 federal information return is to be filed in Use o[estimates The preparation of financial statements in conformity with auditing standards generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the related footnotes. Actual results could differ from those estimates. Cash Equivalents Easter Seals considers all highly liquid investments with original maturities of three months or less to be cash equivalents. 9
12 NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Financial Instruments and Credit Risk Financial instruments, which potentially subject Easter Seals to concentration of credit risk, consist principally of temporary cash investments and money market funds. Easter Seals places its temporary cash and other investments with high-credit, quality financial institutions, which may exceed federally and privately insured amounts at times. Easter Seals does not believe that it is exposed to any significant credit risk on uninsured amounts. Subsequent Events Measurement Date Easter Seals monitored and evaluated any subsequent events for footnote disclosures or adjustments required in its financial statements for fiscal year-ended June 30, 2014 through December 2, 2014, the date on which financial statements were available to be issued. NOTE 2 -INVENTORY Workshop inventories consisted of the following: Raw materials, subassembly and work in process $ 33,273 NOTE 3-RECEIVABLES Receivables consisted of the following: Vocational receivables, less allowance for uncollectible accounts of $73,672 Patient service receivables, less allowance for uncollectible accounts of$61,196 Other receivables $ 337,763 74,228 22,181 $ 434,172 NOTE 4- ENDOWMENT Easter Seals has adopted the provisions of the FASB Endowments of Not-for-Profit Centers: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Fund. Easter Seals' endowment includes both donor-restricted endowment funds and funds designated by the Board of Directors to function as endowments. As required by accounting principles generally accepted in the United States of America, 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. Easter Seals has interpreted the Connecticut Uniform Prudent Management of Institutional Funds Act ("CTUPMIFA") as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. 10
13 NOTE 4- ENDOWMENT (CONTINUED) As a result of this interpretation, Easter Seals classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Board of Directors in a manner consistent with the standard of prudence prescribed by CTUPMIF A. In accordance with CTUPMIF A, Easter Seals considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: The duration and preservation of the fund The purposes of Easter Seals and the donor-restricted endowment fund General economic conditions The possible effect of inflation and deflation The expected total return from income and the appreciation of investments Other resources of Easter Seals The investment policies of Easter Seals Investments in equity securities with readily determinable fair values and all investments in debt securities are measured at fair value in the accompanying statements of financial position. Investment income or loss (including realized and unrealized gains and losses on investments, interest and dividends) is included in other income/( expenses) in the accompanying statements of activities. Endowment net asset composition by type of fund as of June 30, 2014 is as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Donor-restricted endowment funds $ $ $ 937,454 $ 937,454 Board-designated endowment funds 3,207,968 3,207,968 Total funds $ $ $ $
14 NOTE 4- ENDOWMENT (CONTINUED) Changes in endowment net assets for the year ended June 30, 2014 are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Endowment assets, at June 30, 2013 $ 2,352,234 $ 247,141 $ 937,454 $ 3,536,829 Investment return: Interest and dividends 63,437 31,947 95,384 Management fees (3,674) (1,850) (5,524) Realized and unrealized losses 342, , ,139 Total investment return 402, , ,999 Released from restriction by Board 449,774 (449,774) Donor contribution 3,594 3,594 Endowment assets, at June 30, 2014 $ 3,207,968 $ $ 937,454 $ 4,145,422 During the year ended June 30, 2014, the Board of Directors voted to authorize release of accumulated earnings on permanently restricted endowments. Original documents specifying donor's wishes are not available. The Board has deemed it prudent to authorize the release of earnings from restrictions. NOTE 5-INVESTMENTS The following represents fair value measurements of investments at June 30,2014: Fixed income: Investment Grade Taxable Equities: U.S. Large Cap International Developed Emerging Markets Money Market $ $ Fair Value Measurements at June 30,2014 Level 1 Level 2 Level 3 Total 1,430,838 $ $ $ 1,430,838 1,430,838 1,430,838 2,183,701 2,183, , , , ,085 2,480,002 2,480, , ,582 4,145,422 $ $ $ 4,145,422 12
15 NOTE 6- MORTGAGE PAYABLE Mortgage payable consists of the following at June 30, 2014: A $1,460,095 mortgage payable to Webster Bank in monthly payments of principal and interest. The mortgage bears interest at a rate equal to the "Index Rate" plus 210 basis points, which was 4.9% at June 30, The "Index Rate" shall mean the 5-year Federal Home Loan Bank "Classic Advance Rate (Reg.)", as reported by Webster Bank forty-five business days prior to the Adjustment Date. If not sooner paid, the entire balance of principal and accrued interest shall be due and payable as a balloon payment on June 1, The mortgage is secured by the related asset, a building in Norwich, Connecticut. Part of this property was sold in November 2013, and the proceeds from the sale were used to pay down the principal of the mortgage. $ 929,440 ====== Estimated maturities for the years ending June 30, are as follows: $ $ 71, , ,440 NOTE 7-RETIREMENT PLAN Easter Seals sponsors a defined contribution pension plan (the Plan) and a tax sheltered annuity plan (TSA). Both plans cover employees who have attained age twenty-one and have completed 1,000 hours of service on an annual basis. Under the provisions of the Plan, Easter Seals contributes a minimum of 2% of participants' compensation on behalf of all employees. The TSA participants may contribute additional amounts up to 20% of their compensation with Easter Seals matching up to 3% of the employees' compensation. Participants will be 100% vested at the end of 5 years of participation in the plans for contributions made by Easter Seals. Pension expense amounted to approximately $113,980 for the year ended June 30, NOTE 8- LEASE COMMITMENTS Operating Leases Easter Seals entered into an agreement on September 10, 2009 to lease space in East Hartford, Connecticut, and on June 19, 2014 the lease was extended to November 30, Future minimum lease payments are as follows: 2015 $ 69, , , , ,933 Thereafter 31,639 13
16 NOTE 8-LEASE COMMITMENTS (CONTINUED) Capital Leases Easter Seals leases certain equipment under capital leases. The obligations under the capital leases have been recorded in the accompanying financial statements at the present value of future minimum lease payments, at discounted rates ranging from 5.5% to 11.6%. The lease terms are through The future minimum lease payments due under capital lease obligations and the net present value of those payments at June 30 are as follows: Total future minimum lease payments Less: amount representing interest Present value of future minimum leases $ 16, , ,222 Rental Income Easter Seals leases space at its building located at 100 Deerfield Road, Windsor, Connecticut to a third party. Estimated committed rental income from leases for the fiscal years ended June 30 is as follows: $ 129, ,891 98,717 NOTE 9- NATIONAL AFFILIATE Easter Seals is affiliated with Easter Seals, Inc. and pays annual dues, which amounted to $40,560 for the year ended June 30, Easter Seals is also the recipient of grant funding that is passed through Easter Seals, Inc. which amounted to $1,685,974 for the year ended June 30,2014 and is reported under grants from government agencies in the statement of activities and changes in net assets. NOTE 10- CONCENTRATION OF REVENUES Of the total revenues and other support received by Easter Seals, approximately 22% represents a grant from Easter Seals National whose source is from a federal agency and 36% represent grants from state agencies for the year ended June 30, NOTE 11-COMMITMENTS AND CONTINGENCIES Easter Seals has assumed the obligations and duties of the lien agreement between Easter Seals Connecticut, Inc. and the State of Connecticut, Department of Developmental Services in conjunction with the acquisition of a building in Norwich, Connecticut. The Department of Developmental Services provided a bonding grant for the purpose of capital improvements to this building. In accordance with the terms of the grant, Easter Seals is required to maintain its operations for 10 years following the completion of all renovations to the specific location. If Easter Seals is not in compliance with this and other restrictions, the State of Connecticut has the ability to request repayment of the funds on a percentage basis. Award Amount Estimated Expired Amount Expiration Date Department of Developmental Services $ 1,400,000 $ 1,131,667 5/31/
17 NOTE 11- COMMITMENTS AND CONTINGENCIES (CONTINUED) Revenue under third party payor agreements is subject to audit and retroactive adjustment. Provisions for estimated third party settlements are provided in the period the related services are rendered. Differences between the estimated amounts accrued and interim and final settlements are reported in operations in the year of settlement. Management believes that the government reimbursement principles have been properly applied and that no material adjustments will occur as a result of an audit. Laws and regulations governing the Medicare and Medicaid programs are complex and subject to interpretation. Easter Seals believes that it is in compliance with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing. While no such regulatory inquiries are outstanding, compliance with such laws and regulations can be subject to future government review and interpretation as well as significant regulatory action including fines, penalties, and exclusion from the Medicare and Medicaid programs. NOTE 12-SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Supplemental information: Cash paid for interest Noncash investing and financing activities: Proceeds from sale of land Use of proceeds from sale: Payment on mortgage Closing costs Taxes paid at closing $ 57,521 $ 350,000 $ 312,499 33,126 4,375 $ 350,000 NOTE 13-TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets were restricted for the following purposes at June 30, 2014: School to work program equipment Medical and rehab equipment $ 15,000 3,900 18,900 Release of restrictions for the year ended June 30, 2014 was the result of funds being spent for their donor restricted purpose, as well as the release of accumulated earnings on permanently restricted endowments authorized by the Board of Directors. 15
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EASTER SEALS CAPITAL REGION & EASTERN CONNECTICUT, INC. Audited Financial Statements
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