HOSANNA/FAITH COMES BY HEARING AND AFFILIATES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2016 AND 2015

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1 CONSOLIDATED FINANCIAL STATEMENTS

2 TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 3 CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS 5 CONSOLIDATED STATEMENTS OF CASH FLOWS 7 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8 SUPPLEMENTARY INFORMATION CONSOLIDATED STATEMENTS OF FUNCTIONAL EXPENSES 18

3 CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS REPORT Board of Directors Hosanna/Faith Comes By Hearing and Affiliates Albuquerque, New Mexico Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements for Hosanna/Faith Comes By Hearing and Affiliates, which comprise the consolidated statements of financial position as of March 31, 2016 and 2015, and the related consolidated statements of activities and changes in net assets, and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated 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 consolidated 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 audits to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the consolidated financial 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 consolidated financial 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 consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. (1)

4 Board of Directors Hosanna/Faith Comes By Hearing and Affiliates Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Hosanna/Faith Comes By Hearing and Affiliates as of March 31, 2016 and 2015, and the consolidated results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Report on Supplementary Information Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidated statements of functional expenses are presented for purposes of additional analysis and are not a required part of the consolidated financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated financial statements. The information has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the consolidated financial statements as a whole. CliftonLarsonAllen LLP Albuquerque, New Mexico July 20, 2016 (2)

5 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 3,488,116 $ 3,149,674 Accounts Receivable: Trade 27,062 33,138 Other 33,215 6,232 Inventory 1,555,215 1,896,004 Donated Property Held for Sale 6,197 6,197 Deposits 731, ,546 Prepaid Expenses 144, ,595 Committed Orders 696, ,356 Total Current Assets 6,683,209 6,230,742 NON-CURRENT ASSETS Note Receivable - 85,041 PROPERTY AND EQUIPMENT Machinery and Equipment 1,852,958 1,750,738 Building and Improvements 1,396,314 1,388,392 Furniture and Fixtures 90,549 90,549 Total 3,339,821 3,229,679 Less: Accumulated Depreciation and Amortization (2,761,085) (2,599,147) Total Property and Equipment 578, ,532 LAND 422, ,703 Total Property, Land and Equipment 1,001,439 1,053,235 RECORDINGS, LITERATURE, AND LICENSES, Net of Accumulated Amortization of $12,432,008 and $10,760,162 in 2016 and 2015, Respectively 26,285,095 24,739,760 Total Assets $ 33,969,743 $ 32,108,778 See accompanying Consolidated Notes to Financial Statements. (3)

6 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable $ 1,692,461 $ 1,089,795 Accrued Expenses and Other Liabilities 568, ,880 Current Maturities of Debt Obligations 53,982 50,576 Total Current Liabilities 2,314,618 1,693,251 LONG-TERM DEBT, LESS CURRENT MATURITIES ABOVE 13,673 68,108 Total Liabilities 2,328,291 1,761,359 NET ASSETS Unrestricted 23,577,744 23,105,775 Temporarily Restricted 8,063,708 7,241,644 Total Net Assets 31,641,452 30,347,419 Total Liabilities and Net Assets $ 33,969,743 $ 32,108,778 (4)

7 CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS YEAR ENDED MARCH 31, 2016 Temporarily Unrestricted Restricted Total REVENUES, SUPPORT, AND OTHER INCOME Contributions $ 1,664,227 $ 19,796,892 $ 21,461,119 Sales 171, ,650 Loss on Sale of Donated Property Held for Sale Other Revenue and Support 17,927-17,927 Total Revenues and Public Support 1,853,976 19,796,892 21,650,868 TOTAL NET ASSETS RELEASED FROM RESTRICTIONS 18,974,828 (18,974,828) - EXPENSES Program Services 17,979,616-17,979,616 Fundraising 1,114,409-1,114,409 Management and General 1,262,810-1,262,810 Total Expenses 20,356,835-20,356,835 CHANGES IN NET ASSETS 471, ,064 1,294,033 Net Assets - Beginning of Year 23,105,775 7,241,644 30,347,419 NET ASSETS - END OF YEAR $ 23,577,744 $ 8,063,708 $ 31,641,452 See accompanying Consolidated Notes to Financial Statements. (5)

8 CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS YEAR ENDED MARCH 31, 2015 Temporarily Unrestricted Restricted Total REVENUES AND PUBLIC SUPPORT Contributions $ 1,759,827 $ 17,965,784 $ 19,725,611 Sales 170, ,211 Loss on Sale of Property (16,870) - (16,870) Other Revenue and Support 22,435-22,435 Total Revenues and Public Support 1,935,603 17,965,784 19,901,387 TOTAL NET ASSETS RELEASED FROM RESTRICTIONS 15,153,423 (15,153,423) - EXPENSES Program Services 14,439,373-14,439,373 Fundraising 1,077,367-1,077,367 Management and General 1,103,608-1,103,608 Total Expenses 16,620,348-16,620,348 CHANGES IN NET ASSETS 468,678 2,812,361 3,281,039 Net Assets - Beginning of Year 22,637,097 4,429,283 27,066,380 NET ASSETS - END OF YEAR $ 23,105,775 $ 7,241,644 $ 30,347,419 See accompanying Consolidated Notes to Financial Statements. (6)

9 CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED CASH FLOWS FROM OPERATING ACTIVITIES Change in Net Assets $ 1,294,033 $ 3,281,039 Adjustments to Reconcile Change in Net Assets to Net Cash Provided by Operating Activities: Depreciation and Amortization 1,850,765 1,791,967 Loss on Sale of Donated Property Held for Sale - 16,870 Effects of Changes in Operating Assets and Liabilities: Accounts Receivable (20,907) (6,219) Inventory 340,789 (625,827) Deposits (169,452) (255,269) Prepaid Expenses 18,052 (42,919) Committed Orders (282,507) 102,715 Accounts Payable 602,666 88,986 Accrued Expenses and Other Liabilities 15,295 61,792 Net Cash Provided by Operating Activities 3,648,734 4,413,135 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds on Note Receivable 85,041 14,959 Purchase of Property and Equipment (3,344,304) (2,736,606) Proceeds from Sale of Donated Property - 5,130 Net Cash Used by Investing Activities (3,259,263) (2,716,517) CASH FLOWS FROM FINANCING ACTIVITIES Payments on Long-Term Debt (51,029) (145,436) Net Cash Used by Financing Activities (51,029) (145,436) NET INCREASE IN CASH AND CASH EQUIVALENTS 338,442 1,551,182 Cash and Cash Equivalents - Beginning of Year 3,149,674 1,598,492 CASH AND CASH EQUIVALENTS - END OF YEAR $ 3,488,116 $ 3,149,674 SUPPLEMENTAL DATA Cash Paid for Interest $ 16,369 $ 4,461 *Amounts included in depreciation and amortization expense on the Statement of Functional Expenses are presented net of amounts allocated to Cost of Goods Produced. See accompanying Consolidated Notes to Financial Statements. (7)

10 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 NATURE OF BUSINESS Hosanna/Faith Comes By Hearing is a nonprofit Christian ministry dedicated to recording the Bible in audio format in indigenous languages and starting Audio Bible listening groups around the world. The ministry works in cooperation with Bible societies, churches, and mission groups worldwide. Hosanna/Faith Comes By Hearing is exempt from income taxes under Internal Revenue Code (IRC) Section 501(c)(3) and is governed by a Board of Directors. During fiscal year 1999, Hosanna/Faith Comes By Hearing established Faith Comes By Hearing International Foundation, Inc. (International Foundation). The International Foundation s mission is to solicit, manage and disburse funds, and to otherwise provide support exclusively for the benefit of Hosanna/Faith Comes By Hearing. The International Foundation is exempt from income taxes under IRC Section 501(c)(3) and is governed by a Board of Directors. During fiscal year 2011, Hosanna/Faith Comes By Hearing created Hong Kong Limited, which is a registered charity in China. This charity only operates so donors in China could give funds to a recognized charity. The amounts received during the fiscal year were recognized as donations by Hosanna/Faith Comes By Hearing and the money held in the bank account is included in the cash reported in these financial statements. The consolidated financial statements include the accounts of Hosanna/Faith Comes By Hearing, the International Foundation and Hong Kong Limited (collectively referred to as Hosanna ). Intercompany accounts and transactions were eliminated in consolidation. Primary Exempt Purpose To proclaim Jesus Christ as Lord. Mission and Program Accomplishments Jesus Christ was proclaimed Lord to the literate and illiterate through Scripture-in-use and other programs in the U.S. and other parts of the world. Services Provided Faith Comes By Hearing (FCBH) Programs In the last thirteen years, over 67,000 different U.S. churches have participated in the You ve Got The Time (YGTT) program. In the last 7 years, over 662,000 MILITARY BIBLESTICKS have been provided to military personnel. During this fiscal year, over 138,000 were sent to servicemen and veterans. (8)

11 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 NATURE OF BUSINESS (CONTINUED) Services Provided (Continued) Faith Comes By Hearing Programs - International During the year ended March 31, 2016, Hosanna began 43,190 new listening projects in over 80 countries, with approximately 3,887,100 new listeners hearing the entire New Testament in their indigenous language. Each church or group was given a free audio New Testament in their indigenous tongue and listened at least once a week for 30 minutes. Some 28,470 of these groups received Proclaimer units. The Proclaimer is a dedicated audio player containing a dramatized recording of the New Testament in a translated indigenous language. With no moving parts to the playback mechanism, it is practically indestructible, and plays for hours at a time. It can run on rechargeable batteries, solar power, hand-crank or AC adapter. Also, most of the 31,264 programs started in 2015 continued in During this fiscal year, Hosanna expanded the Every Church/Every Village program, in which over 7,116 New Testaments in various languages on Proclaimers (in increments of up to two per project) were provided free to church missionaries or individuals traveling on mission trips to establish FCBH listening groups in 139 countries. FCBH is being used worldwide in: - Churches - Hospitals - Unreached villages and - Prisons communities for church planting - JESUS Film follow-up - Schools - Military and police The listening groups range from a handful of people to 5,000 listeners. However, the worldwide average is 90 listeners per group. This calculation considers only those listeners attending the initiation of the FCBH program in the first group or church. Often, churches use the audio New Testament for evangelism, church planting and public broadcast from the church loudspeaker. These additional listeners cannot easily be counted and are therefore not included in the reported numbers of listeners. Recording Service Centers In order to effectively conduct the non-u.s. language recording projects and the FCBH programs, Hosanna uses regional service centers. They are staffed by people from the region who are devoted to sharing the Word of God in every language. These regional service centers are supplied with the recording and other equipment needed to support all of the Audio New Testament recordings and FCBH programs. The individuals staffing the centers are not Hosanna employees and the service centers are not recorded on the financial statements. During the year ended March 31, 2016, Hosanna partnered with 24 different recording organizations in 19 countries, with a total of 37 recording teams, each capable of recording two or more languages per year. (9)

12 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 NATURE OF BUSINESS (CONTINUED) Services Provided (Continued) New Testament Recordings During the year ended March 31, 2016, 121 audio recordings were completed with 94 new languages, bringing the total number of languages with a complete Audio New Testament to 977 languages spoken in 185 countries by over 5 billion people. Hosanna also had 39 recordings in final mastering and editing, and 44 recordings in-process at year-end. Faith Comes By Hearing BIBLE.IS Faith Comes By Hearing has one purpose: God s Word everywhere for everyone. This is done by producing audio and sign heart-language recordings of Scripture and making them available for free by every possible means. Faith Comes By Hearing is harnessing technology that allows us to respond to any digital initiative the future may bring. The Digital Bible Platform is the brain that provides end-users access to biblical content. As of March 31, 2016, there have been more than 304 million unique users engaging with the Bible in their heart language; 34 million-plus unique downloads of the Bible.is app, with user interfaces localized (translated) in 19 languages. Faith Comes By Hearing and Deaf Bible Society In many cultures, the Deaf are ostracized, hidden away, denied access to school, cut off from society, and difficult to reach. Less than one-fifth of all deaf people in poor nations receive any education. Even for those who can read, written text is a second language. Their heart language is sign language. There are more than 400 sign languages in use around the world. Each has their own system of gestures and expressions, including American Sign Language, which is as different from English as any other foreign language. Faith Comes By Hearing began providing the Bible in Video to the Deaf Community by developing and launching the first Deaf Bible app available through use of smartphones, video phones, or computers. Since the inception of the Deaf Bible app, there are now 19 sign languages available on the app. Faith Comes by Hearing was instrumental in establishing this work with the Deaf Community and in the formation of the Deaf Bible Society a separate 501(c)(3) organization. Faith Comes by Hearing now partners with Deaf Bible Society in bringing the Word of God to Deaf people worldwide. Faith Comes By Hearing and Faith Comes By Hearing Asia Limited Hosanna formed a charitable organization in China called Faith Comes By Hong Kong Limited. This organization is now under separate governance and has changed its name to Faith Comes By Hearing Asia Limited. Hosanna has no tax liability related to this organization, and now works in partnership with Faith Comes By Hearing Asia Limited in providing the Audio Bible in Asian Languages and to Asian people groups Faith Comes By Hearing Radio and Satellite The Audio Bible in hundreds of languages is live around the world through free Internet radio stations, such as itunes Radio. More than 126 million streams have taken place as of the end of March. Through a partnership with SAT-7, the Arabic Audio Bible is airing nonstop on a dedicated satellite television channel to homes across the Middle East and surrounding regions, with plans to add other languages, including Farsi. (10)

13 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 NATURE OF BUSINESS (CONTINUED) Partnerships The mission of Hosanna is accomplished through support from the Body of Christ and strategic partnerships with ministries worldwide. Working in partnership is a core value which Hosanna utilizes to promote unity in the Body of Christ. These partnerships are with National and International Bible Societies and agencies, Bible Translation organizations, Mission organizations, Denominations, individual national and international churches and missionaries. These partnerships provide various activities and funding of Audio Bible recordings and Audio Bible listening groups. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates in Preparing Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. Basis of Presentation The accompanying consolidated financial statements are presented in accordance with the accounting and reporting standards required by FASB ASC 958, Not for Profit Entities. FASB ASC 958 requires Hosanna to report information regarding its consolidated financial position and activities according to three classes of net assets: Unrestricted net assets represent those unrestricted donations that Hosanna has received and has fulfilled or completed the restrictions on. Unrestricted net assets are not subject to any further donor-imposed restrictions. Temporarily restricted net assets represent net assets subject to donor-imposed stipulations that can be fulfilled by actions of Hosanna or the passage of time, pursuant to those stipulations. They would also include the fair market value adjustment to permanent funds and related activities. Permanently restricted net assets result from donor-imposed stipulations that neither expire by the passage of time nor can be fulfilled or otherwise removed by actions of Hosanna. This amount would represent the original gift value. No permanently restricted net assets were held during 2016 and 2015, and, accordingly, these consolidated financial statements do not reflect any activity related to this class of net assets. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, Hosanna considers all unrestricted highly liquid investments with an original maturity of three months or less to be cash equivalents. (11)

14 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Cash and Temporarily Restricted Net Asset Balances Large increases in cash and temporarily restricted net asset balances can result from donations received close to the fiscal year end, or from restricted donations that carry longer time requirements to fulfill the donor s restrictions. Donated Assets and Services Donated services are recognized as contributions in accordance with financial accounting standards, if the services create or enhance non-financial assets and require specialized skills provided by individuals possessing those skills, and would otherwise be purchased by Hosanna. Accounts Receivable and Sales Return Allowance Hosanna utilizes the allowance method for accounts receivable valuation and for estimated sales returns. The allowance is based on experience and other circumstances which may affect the collectability of the account. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Hosanna did not have any allowances for the years ended March 31, 2016 and Inventory Inventories are valued at the lower of cost or market. Cost is determined using the weighted average cost method. Deposits The Audio Playback Devices used by Hosanna in the Audio Bible Listening Groups are purchased from outside manufacturers of electronic equipment. Hosanna completes production and performs quality assurance on these devices by loading/adding the New Testament Language Recordings. Deposits paid to these manufacturers for these Proclaimers, Mini Proclaimers and Biblesticks for the years ended March 31, 2016 and 2015 were $725,798 and $562,546, respectively. Committed Orders Hosanna purchases various proprietary audio devices from an overseas manufacturer. Hosanna is obligated for the entire amount of these product orders. When the order is placed, a portion of the total dollar amount is paid to the manufacturer and recorded as a Current Asset identified as Deposits. The balance of the order is recorded as an Accounts Payable liability and as a Current Asset identified as Committed Orders. Committed Orders for the years ended March 31, 2016 and 2015 were $696,863 and $414,356, respectively. Prepaid Expenses Prepaid expenses for the years ended March 31, 2016 and 2015 were $144,543 and $162,595, respectively. These prepaid expenses range from advertising to group health and life premiums. Prepaid expenses are normally consumed or amortized during the next fiscal year activities. (12)

15 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Note Receivable Note receivable represents an amount from an unrelated organization. This note was paid in full during the current fiscal year. Interest was paid annually at 1.95%. Interest income was recognized on an annual basis. Interest income was $1,207 and $941 for the years ended March 31, 2016 and Property and Equipment All acquisitions of property and equipment in excess of $500 and all repairs, maintenance, renewals and betterments that materially prolong the assets useful lives are capitalized. Property and equipment are carried at cost or, if donated, at the approximate fair value at the date of donation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, ranging from 3 to 20 years. Impairment of Long-lived Assets and Long-lived Assets to be Disposed of Hosanna reviews its long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of, if any, are reported at the lower of the carrying amount or the fair value less costs to sell. Management believes all assets are recoverable and no impairment was recorded in the current year. Recordings Hosanna incurs substantial costs in developing, recording and mastering indigenous language Bible recordings that are to be sold or distributed. The benefits of those expenditures are not realized until future periods. Therefore, all direct and applicable indirect costs of developing and acquiring the Bible recordings are capitalized. Based on experience and research of other organizations performing similar functions, such costs are amortized over 20 years on the straight-line basis. Revenue Recognition Contributions received are recorded as increases in permanently restricted, temporarily restricted or unrestricted net assets, depending on the existence and/or nature of any donor restrictions. When a restriction is fulfilled, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the consolidated statements of activities and changes in net assets as net assets released from restrictions. Mission and program related sales revenue is recognized upon shipment of the product to the customer. Functional Classification of Expenses Hosanna presents its expenses on a functional basis among its various programs. Expenses and support services that can be identified with a specific program are allocated directly according to their natural expenditure classification. Other expenses that are common to several programs are allocated based on various relationships. (13)

16 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Shipping and Handling Costs Costs incurred for shipping and handling are included in program costs as a component of the cost of sales. These costs were approximately $426,593 and $439,139 in 2016 and 2015, respectively. Advertising and Promotion Prepaid costs to produce direct-response advertising and fundraising materials are amortized to advertising expense according to usage. Direct-response advertising materials consist primarily of internally produced and printed brochures containing information about products available from Hosanna and are included in the packaging of each item shipped. Direct-response fundraising materials consist primarily of internally produced and printed letters and response receipts describing Hosanna s current recording and distribution projects. Such materials are disbursed on a campaign-by-campaign basis. Hosanna did not have any direct-response material costs for the years ended March 31, 2016 and Advertising expense totaled approximately $741,000 and $375,000 for the years ended March 31, 2016 and 2015, respectively. Of this amount, approximately $497,000 and $183,000 is included in program expense in the Statements of Functional Expenses for the years ended March 31, 2016 and 2015, respectively. Income Taxes Hosanna and the International Foundation are non-profit corporations and qualify as taxexempt organizations under Section 501(c)(3) of the IRC. As such, their normal activities do not result in any income tax liability. Hosanna and the Foundation are classified as other than private foundations. Hosanna did not incur any unrelated business taxable income for the year ended March 31, As a result, Hosanna did not recognize federal and state income tax for the year ended March 31, Conflicts of Interest / Private Inurement Business activities or relationships by Board Members, Directors, Officers and employees that conflict with Hosanna s business interests are prohibited by policy. Expense Approval Reimbursable expense accounts are not used. All expense activity requires authorization and approval by two members of management. Wages, Benefits and Compensations Employee compensation is determined by a Board approved nondiscriminatory graded pay scale system with adjustments for merit and tenure. Each position contains grade level evaluations of the individual job requirements for education/mental ability; physical/ emotional capacity; skill/experience levels; authority/responsibility parameters; and work condition/performance conformity. Compensation to any employees related to upper management is disclosed in the corporate 990 return in compliance with IRS regulations. (14)

17 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Reclassifications Certain accounts in the prior year consolidated financial statements have been reclassified for comparative purposes to conform with the presentation in the current year consolidated financial statements. Subsequent Events Management evaluated subsequent events through July 20, 2016, the date the financial statements were available to be issued. Events or transactions occurring after March 31, 2016, but prior to July 20, 2016, that provided additional evidence about conditions that existed at March 31, 2016 have been recognized in the financial statements for the year ended March 31, Events or transactions that provided evidence about conditions that did not exist at March 31, 2016 but arose before the financial statements were available to be issued, have not been recognized in the financial statements for the year ended March 31, NOTE 3 INVENTORIES Inventories consisted of the following at March 31: Finished Goods $ 359,247 $ 266,821 Work-in-Progress 6,996 62,185 Raw Materials and Supplies 1,188,972 1,566,998 Total Inventories $ 1,555,215 $ 1,896,004 NOTE 4 RECORDINGS, LITERATURE, AND LICENSES Recordings consisted of the following at March 31: Recordings $ 38,370,781 $ 35,153,601 Literature 55,915 55,915 Licenses 290, ,407 Total Recordings, Literature and Licenses 38,717,103 35,499,923 Less: Accumulated Amortization (12,432,008) (10,760,163) Net Recordings, Literature and Licenses $ 26,285,095 $ 24,739,760 Recordings and the related components are all amortized over a useful life of 20 years. Amortization expense for the years ended March 31, 2016 and 2015 was $1,739,922 and $1,635,822. (15)

18 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 5 LONG-TERM DEBT Long-term debt consisted of the following at March 31: Note payable to a local financial institution at 6%, due in monthly installments of $4,716, including interest, through October Note is secured by Hosanna's operating facility. $ 67,655 $ 118,684 Less: Current Maturities (53,982) (50,576) Long-Term Debt Less Current Portion $ 13,673 $ 68,108 Long-term maturities are as follows: Year Ending December 31, Amount 2017 $ 53, , Total $ 67,655 Interest expense paid on the mortgage for the years ended March 31, 2016 and 2015 was $5,665 and $11,152, respectively. NOTE 6 TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets are available for the following purposes or periods: Faith Comes By Hearing Programs $ 2,868,514 $ 3,206,372 Military BibleStick Programs 2,322,567 1,966,285 Narration Programs 798,420 1,237,444 Other Programs 2,074, ,543 Total Temporarily Restricted Net Assets $ 8,063,708 $ 7,241,644 Net assets are released from donor restrictions by conducting the programs for which they were restricted as costs are incurred in amounts representing actual costs plus certain indirect costs. Some programs provide for the release of restrictions based upon a fixed amount, such as $37 per New Testament produced for distribution and $35,000 per Audio Drama New Testament recorded. Other programs provide for the release of restrictions as costs are incurred in these programs in an amount representing management s estimate of actual costs incurred plus certain indirect costs. (16)

19 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 7 ROYALTY AGREEMENTS Hosanna has entered into several copyright license agreements to produce and sell certain products, which expire at various dates through February Under these agreements, Hosanna pays the proprietor of the copyright a percentage of net sales, as defined. Royalties under these agreements range up to 10 percent. Sales subject to these agreements during the years ended March 31, 2016 and 2015 were approximately $172,000 and $170,000, respectively. Amounts paid for royalties during the years ended March 31, 2016 and 2015 were approximately $19,000 and $6,000, respectively, and are included in the statements of financial position. NOTE 8 OPERATING LEASES Hosanna leases certain equipment and space under short-term operating leases. Rent expense for the years ended March 31, 2016 and 2015 were approximately $50,000 and $-0-, respectively. NOTE 9 COMMITMENTS AND CONTINGENCIES Cash deposits at a financial institution exceed the federal insured limit of $250,000 at March 31, Hosanna has not experienced, and believes it is not exposed to, significant credit risk from these deposits. NOTE 10 MAJOR DONORS The company relied on two main contributors for a total of 24% of total contributions for the years ended March 31, 2016 and Management anticipates that contributor concentrations will continue, but the makeup will differ. (17)

20 CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES YEAR ENDED MARCH 31, 2016 Supporting Services Total Total Program Fund- Management Supporting Functional Services Raising and General Services Expenses EXPENSES Advertising and Promotion $ 497,260 $ 178,353 $ 65,186 $ 243,539 $ 740,799 Cost of Goods Produced * 142, ,523 Depreciation and Amortization 1,799,343-28,327 28,327 1,827,670 Faith Comes By Hearing Programs 8,832, ,832,362 Insurance 10, ,170 4,935 15,023 Interest 14, ,243 2,228 16,369 Legal and Accounting Fees 27,462 5,650 4,740 10,390 37,852 Merchant and Bank Fees 47,350 3,083 3,941 7,024 54,374 Miscellaneous Expense Office Expenses 6,602-1,703 1,703 8,305 Payroll Taxes and Fringe Benefits 1,038, , , ,157 1,349,334 Postage and Courier Expenses 51,169 10,753 5,397 16,150 67,319 Professional Services 111, ,576 12, , ,564 Rental Expenses 48,493-4,907 4,907 53,400 Repairs and Maintenance 104,310 2,746 14,176 16, ,232 Salaries and Wages 4,462, , ,232 1,331,899 5,794,218 Supplies and Artwork Expenses 73,624 11,043 9,969 21,012 94,636 Telephone and Utilities 456,484 3,289 49,275 52, ,048 Travel, Meetings and Entertainment 256, ,427 48, , ,807 Total Expenses $ 17,979,616 $ 1,114,409 $ 1,262,810 $ 2,377,219 $ 20,356,835 * Also includes amounts allocated from other natural categories as part of manufacturing overhead, including depreciation and amortization. (18)

21 CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES YEAR ENDED MARCH 31, 2015 Supporting Services Total Total Program Fund- Management Supporting Functional Services Raising and General Services Expenses EXPENSES Advertising and Promotion $ 183,333 $ 165,709 $ 25,860 $ 191,569 $ 374,902 Cost of Goods Produced * 157, ,924 Depreciation and Amortization 1,704,279 8,136 26,725 34,861 1,739,140 Faith Comes By Hearing Programs 6,283, ,283,038 Insurance 17,247 1,388 1,421 2,809 20,056 Interest 3, ,461 Legal and Accounting Fees 18,410 5,751 2,696 8,447 26,857 Merchant and Bank Fees 39,908 2,956 3,038 5,994 45,902 Miscellaneous Expense 4, ,373 2,293 6,372 Office Expenses 2, ,245 Payroll Taxes and Fringe Benefits 931, , , ,198 1,241,629 Postage and Courier Expenses 40,323 10,802 4,277 15,079 55,402 Professional Services 38,323 70,083 5,284 75, ,690 Rental Expenses Repairs and Maintenance 84,002 3,532 25,804 29, ,338 Salaries and Wages 4,156, , ,544 1,268,249 5,424,817 Supplies and Artwork Expenses 52,384 7,901 8,044 15,945 68,329 Telephone and Utilities 480,903 17,214 9,688 26, ,805 Travel, Meetings and Entertainment 239, ,929 42, , ,841 Total Expenses $ 14,439,373 $ 1,077,367 $ 1,103,608 $ 2,180,975 $ 16,620,348 * Also includes amounts allocated from other natural categories as part of manufacturing overhead, including depreciation and amortization. (19)

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