UNITED WAY OF HALL COUNTY, INC. (A NON-PROFIT CORPORATION) GAINESVILLE, GEORGIA FINANCIAL STATEMENTS (WITH INDEPENDENT AUDITORS' REPORT)

Transcription

1 (A NON-PROFIT CORPORATION) GAINESVILLE, GEORGIA FINANCIAL STATEMENTS (WITH INDEPENDENT AUDITORS' REPORT) Years Ended

2 GAINESVILLE, GEORGIA TABLE OF CONTENTS BASIC FINANCIAL STATEMENTS AND REPORTS Page INDEPENDENT AUDITORS' REPORT 1-2 STATEMENTS OF FINANCIAL POSITION 3-4 STATEMENTS OF ACTIVITIES 5-6 STATEMENTS OF FUNCTIONAL EXPENSES 7 STATEMENTS OF CASH FLOWS 8 NOTES TO THE FINANCIAL STATEMENTS 9-18

3 Bates Carter Exceeding expectations. Always. PH FX CANDLER STREE, HE DO DRAWER 2396 GAINESVI[LE, GEORGIA WWW. B A~F E S CA RT E ~-..CO M INDEPENDENT AUDITORS REPORT To the Board of Directors UNITED WAY OF HALL COUNTY, INC. GAINESVILLE, GEORGIA July 14, 2016 We have audited the accompanying financial statements of UNITED WAY OF HALL COUNTY, INC. (A NON-PROFIT CORPORATION), which comprise the statements of financial position as of, 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 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 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 auditor s 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 the entity s preparation and fair presentation of the 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

4 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of UNITED WAY OF HALL COUNTY, INC. as of April 30, 2016 and 2015, 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. Report on Summarized Comparative Information We have previously audited the UNITED WAY OF HALL COUNTY, INC. s financial statements for the year ending April 30, 2015, and our report dated July 8, 2015, expressed an unmodified opinion on those audited financial statements. In our opinion, the summarized comparative information presented herein as of and for the year ended April 30, 2015, is consistent, in all material respects, with the audited financial statements from which it has been derived. 6., Lt_P

5 STATEMENTS OF FINANCIAL POSITION Assets Current assets Cash and cash equivalents $ 1,137,145 $ 1,135,771 Interest receivable 1,185 2,695 Endowment fund interest receivable Pledges receivable, net 812, ,366 Prepaid expenses 2,796 2,019 Total current assets 1,953,636 2,063,354 Property and equipment Property and equipment 480, ,770 Accumulated depreciation (227,649) (207,788) Total property and equipment 253, ,982 Other assets Endowment fund 139, ,425 Total assets $ 2,346,224 $ 2,474,761 The accompanying notes are an integral part of these financial statements. 3

6 STATEMENTS OF FINANCIAL POSITION Liabilities and Net Assets Current liabilities Accounts payable $ 8,647 $ 9,011 Allocations and designations payable 1,089,422 1,315,000 Other accrued liabilities 6,750 1,468 Donor designations to other United Ways 11,392 7,139 Total current liabilities 1,116,211 1,332,618 Net Assets Unrestricted net assets Unallocated net assets 424, ,674 Board designated net assets 800, ,869 Total unrestricted net assets 1,225,013 1,136,543 Temporarily restricted net assets 5,000 5,600 Total net assets 1,230,013 1,142,143 Total liabilities and net assets $ 2,346,224 $ 2,474,761 The accompanying notes are an integral part of these financial statements. 4

7 STATEMENTS OF ACTIVITIES Year Ended April 30, 2016 (With Comparative Totals for the Year Ended April 30, 2015) Unrestricted Temporarily Restricted Total 2016 Total 2015 Support and revenue Campaign revenues Prior year unpledged revenue, excess of pledges $ 39,415 $ - $ 39,415 $ 45,649 (Writeoff)/Recovery of allowance for uncollected pledges, prior year 15,533-15,533 18,793 Net campaign revenue, prior year 54,948-54,948 64,442 Gross campaign results, current year 1,649, ,650,948 1,729,442 Less donor designations to partner agencies (42,263) - (42,263) (49,985) Less donor designations to other United Ways (12,658) - (12,658) (7,932) Less allowance for uncollectible pledges (132,049) - (132,049) (138,355) Net campaign revenue, current year 1,463, ,463,978 1,533,170 Gross campaign results, next year Net campaign revenue, next year Total campaign revenues 1,517, ,518,926 1,598,212 Other revenues Contributions 2,400 46,035 48,435 40,285 Gain/loss on disposal of fixed assets (73) Inkind contributions (services) 23,531-23,531 18,770 Miscellaneous income 1,494-1,494 2,166 Service fee revenue 1,266-1, Net assets released from restriction 47,584 (47,584) - - Total other revenues 76,275 (1,549) 74,726 61,941 Total support and revenue 1,594,252 (600) 1,593,652 1,660,153 The accompanying notes are an integral part of these financial statements. 5

8 STATEMENTS OF ACTIVITIES Year Ended April 30, 2016 (With Comparative Totals for the Year Ended April 30, 2015) Unrestricted Temporarily Restricted Total 2016 Total 2015 Expenses Program services Partner Agency Funding 247, , ,000 Community Investment Grants 841, , ,984 Less donor designations to partner agencies (42,263) - (42,263) (49,985) Net funds awarded / distributed 1,046,320-1,046,320 1,257,999 Other program services 103, ,137 96,614 Total Program services 1,149,457-1,149,457 1,354,613 Administrative expenses 178, , ,373 Fundraising expenses 182, , ,360 Total expenses 1,510,370-1,510,370 1,701,346 Operating surplus (deficit) 83,882 (600) 83,282 (41,193) Non-operating items Investment income 4,588-4,588 4,826 Increase (decrease) in net assets 88,470 (600) 87,870 (36,367) Net assets, beginning of year 1,136,543 5,600 1,142,143 1,178,510 Net assets, end of year $ 1,225,013 $ 5,000 $ 1,230,013 $ 1,142,143 The accompanying notes are an integral part of these financial statements. 6

9 STATEMENTS OF FUNCTIONAL EXPENSES Year Ended April 30, 2016 (With Comparative Totals for the Year Ended May 01, 2015) Program Services Support Services TOTAL 2016 TOTAL 2015 Allocation Services Organizational & Administration Fundraising Total Salaries & benefits Salaries and wages $ 60,266 $ 77,120 $ 82,462 $ 159,582 $ 219,848 $ 201,007 Retirement plan contributions 1,476 1,410 1,814 3,224 4,700 5,508 Other employee benefits ,500 Payroll taxes 4,610 10,296 6,308 16,604 21,214 15,336 Total salaries & benefits 66,352 88,826 90, , , ,351 Other expenses 211 Services ,994 Accounting services - 38,629-38,629 38,629 31,220 Advertising ,867 20,867 20,867 17,364 Community impact programs 20, ,296 15,629 Conferences & meetings - 3, ,661 4,661 4,996 Dues and subscriptions ,078 1,100 Facilities costs 3,299 5,857 6,163 12,020 15,319 14,732 Funds awarded / distributed 1,046, ,046,320 1,257,999 Information Technology 810 1,968 1,483 3,451 4,261 8,037 Insurance 673 2,632 1,224 3,856 4,529 4,730 Miscellaneous ,370 Office expenses 1,693 5,092 3,668 8,760 10,453 10,872 Professional services - 6,200-6,200 6,200 16,431 Repairs and maintenance ,094 1,383 1,502 Special events ,004 29,004 29,004 17,019 Supplies ,156 10,156 10,284 17,416 Telecommunications 1,346 2,398 2,524 4,922 6,268 9,525 Training and education - 6, ,429 6, Travel ,291 1,377 1,756 United Way Dues 3,650 6,637 6,305 12,942 16,592 17,574 Subtotal 1,078,736 81,702 84, ,011 1,244,747 1,459,031 Depreciation expense 4,369 7,547 7,945 15,492 19,861 18,964 Total operating expenses $ 1,149,457 $ 178,075 $ 182,838 $ 360,913 $ 1,510,370 $ 1,701,346 The accompanying notes are an integral part of these financial statements. 7

10 STATEMENTS OF CASH FLOWS Years Ended Cash flows from operating activities Change in net assets $ 87,870 $ (36,367) Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: Depreciation expense 19,861 18,964 (Gain) loss on the disposal of property and equipment - 73 (Increase) decrease: Cash and cash equivalents - restricted Interest receivable 1,507 (1,255) Pledges receivable 110,364 (179,345) Grants receivable - 5,364 Prepaid expenses (777) 625 Other current assets Increase (decrease) in: Accounts payable (368) 1,940 Other accrued liabilities 5,284 (13) Allocations and designations payable (225,578) (247,490) Grants payable - (792) Donor designations to other United Ways 4,253 (3,072) Total adjustments (85,454) (403,339) Net cash provided by (used in) operating activities 2,416 (439,706) Cash flows from investing activities Payments for the purchase of property and equipment - (16,851) Purchase of investments (1,042) (995) Proceeds on sale of investment - 30,000 Net cash provided by (used in) investing activities (1,042) 12,154 Net increase (decrease) in cash and cash equivalents 1,374 (427,552) Cash and cash equivalents, beginning of year 1,135,771 1,563,323 Cash and cash equivalents, end of year $ 1,137,145 $ 1,135,771 The accompanying notes are an integral part of these financial statements. 8

11 NOTES TO THE FINANCIAL STATEMENTS NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant policies of UNITED WAY OF HALL COUNTY, INC. (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 their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of these financial statements. NATURE OF ACTIVITIES Founded on August 12, 1948, the Corporation is a non-profit Organization whose mission is to "unite people, organizations and resources to improve lives in Hall County." One method the Organization uses to fulfill this objective is by investing financial resources in programs that effectively address the Organization's strategic priorities in education, income and health. In 2013, the Organization developed board approved Community Investment guidelines and procedures for their volunteers to allocate funding to those programs most likely to demonstrate measurable results in achieving those priorities. In addition, the organization implemented a four year transition for funding current partner agencies to the revised model. For the years ending, $247,200 and $500,000, respectively, were granted to the partner agencies and $841,383 and $807,984, respectively, were allocated to the Community Investment Grants program. The Organization is governed by a volunteer board of directors. The accompanying financial statements do not include the financial position and operating results of member agencies, each of which has its own independent board of directors and maintains separate accounts. BASIS OF ACCOUNTING AND PRESENTATION The financial statements of the Organization have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables, and other liabilities. FINANCIAL STATEMENT PRESENTATION The Organization reports financial information regarding its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted, and permanently restricted. In addition, the Organization is required to present a statement of cash flows. CONTRIBUTIONS Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or nature of any donor restrictions. Restricted net assets are reclassified to unrestricted net assets upon satisfaction of the time or purpose restrictions. 9

12 NOTES TO THE FINANCIAL STATEMENTS Funds are raised during the annual fall campaign to be allocated to member agencies and for the operating expenses of the Organization for the coming year. The Organization reports these campaign promises to give, net of allowance for uncollectible pledges, as unrestricted support on the statement of activities. DONATED EQUIPMENT AND SERVICES Donations of property and equipment are recorded as support at their estimated fair value at date of donation. Such donations are reported as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Absent explicit donor stipulations about how long those longlived assets must be maintained, the Organization reports expirations of donor restrictions when the donated or acquired long-lived assets are placed in service. The value of donated equipment and services included in the financial statements and the corresponding expenses are as follows for the year ended April 30: Advertising $ 11,000 $ 8,500 Contract Services 10,937 9,250 Other 1,594 1,020 Total donated services and equipment $ 23,531 $ 18,770 In addition, many individuals volunteer their time and perform a variety of tasks that assist the Organization with specific programs, campaign solicitations, and various committee assignments without compensation. The financial statements do not reflect the value of those contributed services because, although clearly substantial, no reliable basis exists for determining an appropriate amount. CASH AND CASH EQUIVALENTS For purposes of the Statement of Cash Flows, the Organization considers all unrestricted highly liquid investments to be cash equivalents. The organization has long-term certificates of deposit that are included in cash and cash equivalents because of their highly liquid nature. (See Note 3). ALLOWANCE FOR UNCOLLECTIBLE PROMISES TO GIVE The Organization provides an allowance for uncollectible promises to give coincidentally with the recording of campaign revenues. The allowance is computed based upon management estimates of current economic factors, amounts applied to the gross campaign, and excluding donor designations. 10

13 NOTES TO THE FINANCIAL STATEMENTS PLANT, PROPERTY AND EQUIPMENT Property and equipment with a cost greater than $1,000 are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives are as follows: Buildings 30 years Equipment 5-7 years Software & web site 3 years FUNDS AND PROGRAMS The Organization uses the following funds to account for the programs and supporting services it provides: - The Community Investment fund includes activity relating to the allocations to various partner agencies and community impact distributions. - The Organization Support fund includes general assets, support, and administration expenses. - The Resource Development fund includes campaign and marketing activity. FUNCTIONAL ALLOCATION OF EXPENSES The costs of programs and supporting services have been reported on a functional basis. This reporting required the allocation of certain costs among the various programs and supporting services based on estimates made by management. INCOME TAXES No provision has been made for income taxes in the financial statements, since the Organization is exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code. In addition, the Organization qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization that is not a private foundation under Section 509(a)(2). The Organization's Form 990, Return of Organization Exempt from Income Tax, for the years ending April 30, 2013, 2014, 2015 and 2016 are subject to examination by the IRS, generally for three years after they were filed. CONCENTRATION OF RISK The majority of pledges receivable are from contributors in the Hall County area. 11

14 NOTES TO THE FINANCIAL STATEMENTS USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates. ADVERTISING COSTS Advertising costs are expensed as incurred. FINANCIAL STATEMENT RECLASSIFICATION Certain accounts have been reclassified from the prior year for ease of comparison on the financial statements. This reclassification affects neither the change in net assets nor the total net assets of the Organization. NOTE 2 - CONCENTRATION OF CREDIT RISK The Organization maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to certain limits. At, the Organization had approximately $393,856 and $215,407, respectively, in excess of FDIC-insured limits. The Organization has not experienced any losses in such accounts. NOTE 3 - CERTIFICATES OF DEPOSIT Certificates of deposit totaling $293,357 and $781,102, for the years ending respectively, are included in cash and cash equivalents in the accompanying financial statements, and a certificate of deposit with balances of $139,467 and $138,425 for the years ending April 30, 2016 and 2015, respectively, is included in long-term assets. The certificates bear interest ranging from 0.2% to 0.8% and have original maturities from twelve to twenty-four months with penalties for early withdrawal. Any penalties for early withdrawal would not have a material effect on the financial statements. A $1,357 certificate of deposit was held as a surety bond for Georgia unemployment tax for the year ended April 30, The certificate of deposit with a balance of $139,467 is held as a board designated asset in the endowment fund. NOTE 4 - INVESTMENTS Investments in debt securities and equity securities with readily determinable fair values are carried at fair value based on quoted prices in active markets (all level 1 measurements). The cost assigned to investments received by donations is the market value the day the gift is made. As of April 30, 2016 and 2015, there was no outstanding donated stock, and all investment brokerage accounts had a fair market value of $0. All of the Organization's investments at year end were certificates of deposit. 12

15 NOTES TO THE FINANCIAL STATEMENTS NOTE 5 - PLEDGES RECEIVABLE Pledges receivable consisted of the following at April 30: Pledges Receivable $ 944,052 $ 1,060,721 Less allowance for uncollectible pledges (132,049) (138,355) Net pledges receivable $ 812,003 $ 922,366 All pledges receivable are expected to be collected during the next year. NOTE 6 - PLANT, PROPERTY AND EQUIPMENT Property and equipment owned is summarized as follows at April 30: Buildings $ 330,346 $ 330,346 Computer equipment and software 18,267 18,267 Furniture and fixtures 23,157 23,157 Website 9,000 9,000 Land 100, , , ,770 Less: accumulated depreciation (227,649) (207,788) $ 253,121 $ 272,982 Depreciation expense was $19,861 and $18,964 for the years ended, respectively. 13

16 NOTES TO THE FINANCIAL STATEMENTS NOTE 7 - SUMMARY OF NET ASSETS Temporarily restricted net assets consist of the following, including net assets that were released from donor restrictions by satisfying the restricted purposes during the years ending. Released April 30, 2015 Additions from Restrictions April 30, 2016 Campaign pledges for future years $ 600 $ - $ 600 $ - Basic needs funding 5, ,000 Total $ 5,600 $ 949 $ 1,549 $ 5,000 April 30, 2014 Additions Released from Restrictions April 30, 2015 Campaign pledges for future years $ - $ 600 $ - $ 600 Future events 7,957 35,683 43,640 - Basic needs funding - 5,000-5,000 School Supplies initiative 2,345-2,345 - Total $ 10,302 $ 41,283 $ 45,985 $ 5,600 Board-designated net assets consist of the following on April 30: Administrative expenses budgeted $ 215,148 $ 252,798 Fundraising funds budgeted 178, ,481 Sinking fund for Future Capital Needs 5,000 5,000 Read, Learn, Succeed Initiative 8,267 21,680 Endowment fund 139, ,928 Subtotal 547, ,887 Investment in fixed assets 253, ,982 Total board-designated net assets $ 800,355 $ 866,869 14

17 NOTES TO THE FINANCIAL STATEMENTS NOTE 8 - ENDOWMENT FUND The Organization's endowment consists of one fund established to promote community educational programs. The fund is designated by the Board of Directors to function as an endowment fund. 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 donorimposed restrictions. INTERPRETATION OF RELEVANT LAW The Board of Directors of the Organization has interpreted the version of the Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA) enacted in the state of Georgia as requiring the preservation of the historical value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Organization 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 organization in a manner consistent with the standard of prudence prescribed by UPMIFA. In accordance with UPMIFA, the organization considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1. The duration and preservation of the fund. 2. The purposes of the organization and the donor-restricted endowment fund. 3. General economic conditions. 4. The possible effect of inflation and deflation. 5. The expected total return from income and the appreciation of investments. 6. Other resources of the organization. 7. The investment policies of the organization. Endowment Net Asset Composition by Type of Fund as of April 30: Unrestricted Endowment Funds Board-designated endowment funds $ 139,974 $ 138,928 Total funds $ 139,974 $ 138,928 15

18 NOTES TO THE FINANCIAL STATEMENTS Changes in Endowment Net Assets for the Fiscal Years ended April 30: Endowment net assets, beginning of year $ 138,928 $ 167,677 Investment return: Investment income 1,046 1,251 Total investment return 1,046 1,251 Appropriation of endowment assets for expenditure - (30,000) Endowment net assets, end of year $ 139,974 $ 138,928 RETURN OBJECTIVES AND RISK PARAMETERS The Organization 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 the organization must hold in perpetuity or for a donor-specified period as well as board-designated funds. Under this policy, as approved by the Board of Directors, the Organization invests the endowment fund in a certificate of deposit. STRATEGIES EMPLOYED FOR ACHIEVING OBJECTIVES To satisfy its long-term rate-of-return objectives, the organization relies on a total return strategy in which investment returns are achieved through interest income. SPENDING POLICY The Organization has established a policy of appropriating for distribution each year a minimum of 70% of the earnings of the endowment fund. Any earnings not distributed is added to the corpus. In establishing this policy, the Organization considered the long-term expected return on its endowment. The proceeds are to be spent for educational purposes. NOTE 9 - DONOR DESIGNATED CONTRIBUTIONS Individual contributors may designate their contribution to go to a specific member agency. These contributions are recorded as liabilities on the balance sheet in the year made as the Organization is serving as a pass through entity. The liability is reduced as these designations are paid. Donor designated contributions for the 2016 campaign totaled $53,655, which includes $42,263 to member agencies and $11,392 (net of service fee of $1,266) to other United Ways. The Organization had not received any 2017 campaign donor designations in the current year, thus, the outstanding liability reflects only 2016 designations. 16

19 NOTES TO THE FINANCIAL STATEMENTS Donor designated pledges are assessed both a fundraising and management and general fee based on actual historical costs in accordance with United Way of America Membership Standards as outlined in their publication titled United Way of America Implementation Requirement for Membership Standard M (Cost Deduction for Designated Funds). NOTE 10 - MEMBER AGENCY ALLOCATIONS/PAYMENTS The Organization has made the following allocations and payments to its member agencies for April 30: Current year Partner Agency allocations $ 247,200 $ 500,000 Community investment grants 841, ,984 Gross funds awarded 1,088,583 1,307,984 Less donor designated amounts to partner agencies (42,263) (49,985) Net funds awarded 1,046,320 1,257,999 Additional community impact distributions 20,296 15,629 Net funds awarded / distributed $ 1,066,616 $ 1,273,628 NOTE 11 - NORTH GEORGIA COMMUNITY FOUNDATION In prior years, various groups provided assets to the North Georgia Community Foundation (the Foundation) which was designated for the support of the United Way of Hall County, Inc. The property transferred to the North Georgia Community Foundation had a market value of $643,290 and $650,531 at, respectively. Since the Foundation has the ultimate authority and control over all property in the Funds, the Organization does not record the endowment on its records. It is the general policy of the Foundation that a substantial part of the funds shall remain an endowment and therefore distributions of only net income and appreciated value should be requested. However, the governing board of the organization may from time-to-time request a distribution in excess of income and appreciation. During the years ended, the Organization did not receive any grants from the fund. 17

20 NOTE 12 - RETIREMENT PLAN UNITED WAY OF HALL COUNTY, INC. NOTES TO THE FINANCIAL STATEMENTS The United Way provides a simple individual retirement account which is funded based on amounts withheld from salary and matching contributions. The organization matches 3% of the employee contributions. These funds are deposited with an independent administrator on a monthly basis. The employer's contributions into the retirement account for the years ended, was $4,700 and $5,508, respectively. NOTE 13 - FUND RAISING AND MANAGEMENT AND GENERAL EXPENSE RATIO For the year ended April 30, 2016, the "Fund Raising and Management and General Expense Ratio" as defined in the United Way of America Functional Expenses and Overhead Reporting Standards is 20.7%. This is the ratio of the total supporting services (Organizational, Administration and Fundraising) of $337,448 divided by total revenue of $1,628,363 as reported on the Organization's Form 990. The total revenue per the Form 990 is total public support and revenue of $1,593,652 plus investment income of $4,588 as shown on page 6 of these financial statements, less $23,531 of donated services, plus donor designations of $54,921, less related fees of $1,266. The total supporting services on the Form 990 is total administration support services of $360,913, as shown on page 7 of these financial statements, less $23,465 of donated services. NOTE 14 - SUBSEQUENT EVENTS Management has evaluated subsequent events through July 14, 2016, the date the financial statements were available to be issued. 18