FISH of Greater New Haven, Inc. December 31, 2016

Transcription

1 FISH of Greater New Haven, Inc. December 31, 2016 Index: Page Independent Accountants' Review Report 2 Financial Statements: Financial position 3 Activities 4 Functional expenses 5 Cash flows 6 Notes to financial statements 7-8 1

2 INDEPENDENT ACCOUNTANTS REVIEW REPORT To the Board of Directors FISH of Greater New Haven, Inc. New Haven, Connecticut: We have reviewed the accompanying financial statements of FISH of Greater New Haven, Inc. (a nonprofit organization), which comprise the statement o financial condition as of December 31, 2016, and the related statements of activities, functional expenses and cash flows for the year then ended. A review includes primarily applying analytical procedures to management s financial data and making inquiries of the Organization s management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the 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. Accountants Responsibility Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion. Accountants Conclusion Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America. New Haven, Connecticut April 14,

3 FISH of Greater New Haven, Inc Statement of Financial Position December 31, 2016 Assets Cash $ 34,915 Contributions receivable 5,340 Prepaid expenses 1,195 Total current assets 41,450 Total Assets $ 41,450 Liabilities Accounts payable 2,318 Accrued liabilities 3,029 Total current liabilities 5,347 Total Liabilities $ 5,347 Net Assets Unrestricted $ 36,103 Total net assets 36,103 Total Liabilities and Net Assets $ 41,450 See independent accountants' review report and notes to financial statements. 3

4 FISH of Greater New Haven, Inc Statement of Activities For The Year Ended December 31, 2016 Support Unrestricted contributions $ 425,598 Total Unrestricted Support 425,598 Expenses Program services 350,816 Management and general 74,796 Fundraising 1,449 Total Expenses 427,061 (Decrease) in net assets (1,463) Net Assets - beginning of year 37,566 Net Assets - end of year $ 36,103 See independent accountants' review report and notes to financial statements. 4

5 FISH of Greater New Haven, Inc. Statement of Functional Expenses For the Year Ended December 31, 2016 Program Management Services and General Fundraising Total Food costs and supplies $ 294,554 $ 294,554 Payroll and payroll taxes 48,444 48,443 96,887 Rent and utilities 11,586 11,586 Advertising and marketing 1,538 1,538 3,076 Data processing and software costs 1,614 1,614 3,228 Development Fundraising 1,310 1,310 Insurance 1,825 1,825 3,650 Office administration and supplies 6,980 6,980 Professional and bookkeeping fees 1,448 1,448 Taxes, licenses and dues Telephone 1,206 1,205 2,411 Travel and meetings 1,477 1,477 $ 350,816 $ 74,796 $ 1,449 $ 427,061 See independent accountants' review report and notes to financial statements. 5

6 FISH of Greater New Haven, Inc Statement of Cash Flow For The Year Ended December 31, 2016 Cash flows from operating activities (Decrease) in net assets $ (1,463) Adjustments to reconcile (decrease) in net assets to net cash (used by) operating activities: (Increase) in accounts receivable (5,340) (Increase) in prepaid expense (1,195) Increase in accounts payable 591 Increase in accrued expenses 3,029 Total Adjustments (2,915) Net cash (used in) operating activities (4,378) Net (decrease) in cash $ (4,378) Cash - beginning of year $ 39,293 Cash - end of year $ 34,915 Supplemental disclosures: Donated food $ 264,223 Donated food distributed $ (264,223) See independent accountants' review report and notes to financial statements. 6

7 FISH of Greater New Haven, Inc. Notes to Financial Statements December 31, Summary of Significant Accounting Policies Nature of Organization FISH of Greater New Haven, Inc. (the Organization) was incorporated in Its mission is to provide free groceries to homes of individuals and families with emergency needs. Basis of Accounting The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. Basis of Presentation Net assets, revenues and expenses are classified based on the existence (restricted) or absence (unrestricted) of donor-imposed restrictions. Net assets of the Organization are all currently classified as unrestricted. Support of Organization The Organization's activities are funded by contributions and grants from foundations, individuals and the general public. The contributions consist of funds and food products. Food contributions are recorded by the Organization at estimated fair value at the time of the gift. The value assigned and recorded for the food contributions amounted to $ 264,223 for the year ended December 31, This in-kind support is offset by like amounts included in program food costs. Estimates The preparation of financial statements in conformity with generally accepted accounting principles require management to make use of estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents The Organization has determined that all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Income Taxes The Organization qualifies as a public charity under Internal Revenue Code Section 170(b)(1)(A)(vi) and has been determined to be exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code, accordingly no provision for income taxes has been made. The Organization's Forms 990, Return of Organization Exempt from Income Tax, for the years ending 2015, 2014, and 2013 are subject to examination by the IRS, generally for three years after they are filed. Consideration of Credit Risk The Organization maintains its cash balances with creditworthy, high quality financial institutions and balances do not generally exceed federally insured limits. Contributions receivable consist of small donations pledged at the end of the year and collected timely therefore management has elected not to record an allowance for doubtful accounts. See independent accountants review report and note to financial statements. 7

8 FISH of Greater New Haven, Inc. Notes to Financial Statements December 31, 2016 Functional Expenses The cost of providing the program and support of the Organization has been summarized on a functional basis and reported in the Statement of Functional Expenses. Costs which are associated with the program of the Organization are charged directly to that program. Costs that are not specifically identifiable are allocated based upon management estimates of the program and supporting services benefitted. Date of Management Review Management has evaluated subsequent events through April 14, 2017, the date on which the financial statements were available to be issued. 2. Operating Lease Commitments The Organization occupies it premises under a lease dated November 23, The lease terms provide for yearly rental of $10,080 payable in monthly installments of $840 for lease years one and two and a yearly rental of $10,680 payable in monthly installments of $890 for lease years three and four. Additional costs are incurred for utilities and parking. The Organization in January 2017 secured new premises for the operations and entered into a one year lease for those premises. The minimum rental under the new lease is as follows: Year Ending December 31: 2017 $ 9,630 $ 9,630 Concluded - See independent accountants review report and note to financial statements. 8