United Way of Miami-Dade, Inc. and Subsidiaries

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1 United Way of Miami-Dade, Inc. and Subsidiaries Consolidated Financial Statements, Supplemental Information, Reports Required by Government Auditing Standards and OMB Circular A-133, and Schedule of Expenditures of Federal Awards and State Financial Assistance For the Years Ended June 30, 2014 and 2013

2 Table of Contents Transmittal Letter i Independent Auditor s Report 3 Consolidated Financial Statements Consolidated Statements of Financial Position 5 Consolidated Statements of Activities and Changes in Net Assets 6 Consolidated Statements of Functional Expenses 8 Consolidated Statements of Cash Flows 10 Notes to Consolidated Financial Statements 11 Supplemental Information Schedule of Distributions to Agencies for the year ended June 30, Reports Required by Government Auditing Standards and OMB Circular A-133 Independent Auditor s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 33 Independent Auditor s Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance Required by OMB Circular A Schedule of Expenditures of Federal Awards and State Financial Assistance Schedule of Expenditures of Federal Awards and State Financial Assistance 37 Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance 38 Schedule of Findings and Questioned Costs 39

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5 Report of the Independent Auditor

6 Tel: Fax: Brickell Avenue, Suite 2801 Sabadell Financial Center Miami, FL Independent Auditor s Report To the Board of Directors United Way of Miami-Dade, Inc. and Subsidiaries Miami, Florida Report on the Financial Statements We have audited the accompanying consolidated financial statements of United Way of Miami-Dade, Inc. and Subsidiaries (the United Way ), which comprise the consolidated statements of financial position as of June 30, 2014 and June 30, 2013, and the related consolidated statements of activities and changes in net assets, 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 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 financial statements that are free from material misstatement, whether due to fraud or error. Auditor s 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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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. 3

7 Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of United Way of Miami-Dade, Inc. and Subsidiaries as of June 30, 2014 and June 30, 2013, and the activities and changes in its net assets, its functional expenses and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Our audit of the consolidated financial statements included in this report was conducted for the purpose of forming an opinion on those statements as a whole. The supplemental information on pages 27-31, as listed in the table of contents, is presented for purposes of additional analysis and is not a required part of the basic consolidated financial statements. The accompanying schedule of federal awards and state financial assistance on page 37, as required by Office of Management and Budget Circular A-133 Audits of States, Local Government, and Non-Profit Organizations, is also presented for the purpose of additional analysis and is not 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 basic 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 basic 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. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 25, 2014 on our consideration of United Way s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering United Way s internal control over financial reporting and compliance. Miami, Florida November 25, 2014 Certified Public Accountants 4

8 Consolidated Statements of Financial Position June 30, Assets Cash and equivalents $ 4,467,518 $ 6,673,945 Restricted cash 9,704,915 13,239,375 Investments (Note 2) 38,825,755 30,710,388 Pledges receivable, net (Note 3) 10,692,192 10,669,363 Capital campaign receivable, net (Note 3) 81, ,591 Donor-designated pledges receivables (Note 3) 3,715,918 3,556,495 Interest in Limited Partnership (Note 13) 8,225,488 8,317,000 Receivables and other assets (Note 4) 1,100, ,966 Property and equipment, net (Note 5) 28,281,654 27,920,131 Total assets $ 105,094,615 $ 101,944,254 Liabilities and Net Assets Liabilities Accounts payable and accrued expenses $ 2,587,775 $ 2,831,830 Approved allocations payable 8,892,152 8,968,178 Donor-designated allocations payable 20,192,557 21,016,857 Special contributions allocations payable (Note 13) 8,225,488 8,317,000 Notes payable (Note 8) 14,490,226 15,059,181 Total liabilities 54,388,198 56,193,046 Commitments and Contingencies (Note 9) Net Assets (Notes 10 and 11) Unrestricted 40,574,070 36,259,135 Temporarily restricted 2,021,347 1,911,811 Permanently restricted 8,111,000 7,580,262 Total net assets 50,706,417 45,751,208 $ 105,094,615 $ 101,944,254 See accompanying notes to the consolidated financial statements 5

9 Consolidated Statements of Activities and Changes in Net Assets Public support, investment gains (losses) and other income: Year ended June 30, 2014 Year ended June 30, 2013 Temporarily Permanently Temporarily Permanently Unrestricted Unrestricted Restricted Restricted Total Restricted Restricted Total Public Support Annual campaign, net of estimated uncollectible pledges of $1,342,000 in 2014 and $1,494,000 in 2013 $ 31,789,015 $ 1,547,862 $ - $33,336,877 $ 41,455,684 $ 1,044,286 $ - $ 42,499,970 Special Contribution (Note 13) - 1,293,498-1,293,498-8,993,099-8,993,099 Less donor designations (Note 6) (15,130,276) (2,255,953) - (17,386,229) (24,316,141) (9,533,202) - (33,849,343) Annual campaign, net 16,658, ,407-17,244,146 17,139, ,183-17,643,726 Recovery of (provision for) uncollectible pledges 446, , , ,011 Special events 1,392, ,392,520 1,876, ,876,377 Other contributions 460, , , ,722 Grants 2,408, ,500-2,626,264 2,680,514 42,500-2,723,014 Legacies and bequests 68, , ,900 54, , ,518 Total public support 21,434, , ,738 22,767,984 22,494, , ,755 23,607,368 Investment gains and other income: Interest and dividend income 716, , , ,306 Realized gains on sales of investments, net of investment fees of $63,386 in 2014 and $66,631 in , , , ,478 Unrealized gains (losses) on investments, net 3,838, ,838,348 2,285, ,285,907 Tuition Income 673, , , ,406 Rental income (Note 14) 639, , , ,166 Other income, net 331, , , ,382 Donor restricted investment and other income (Note 6) (151,617) - - (151,617) (86,202) - - (86,202) Total investment gains and other income 6,891, ,891,257 5,042, ,042,443 Net assets released from restrictions: Expiration of time restrictions 693,371 (693,371) ,538 (283,538) - - Total public support, revenue and other $ 29,018,967 $ 109,536 $ 530,738 $ 29,659,241 $ 27,820,911 $ 263,145 $ 565,755 $ 28,649,811 See accompanying notes to the consolidated financial statements 6

10 Consolidated Statements of Activities and Changes in Net Assets Year ended June 30, 2014 Year ended June 30, 2013 Unrestricted Temporarily Restricted Permanently Restricted Total Unrestricted Temporarily Restricted Permanently Restricted Total Distributions to agencies (Note 7) $ 9,154,126 $ - $ - $ 9,154,126 $ 9,232,262 $ - $ - $ 9,232,262 Grant expenses 1,001, ,001,100 1,149, ,149,484 Total distribution to agencies and grant expenses 10,155, ,155,226 10,381, ,381,746 Functional expenses Program services 5,678, ,678,868 5,550, ,550,752 Supporting services 8,806, ,806,878 8,127, ,127,044 Total functional expenses 14,485, ,485,746 13,677, ,677,796 Other expenses (income) 63, , , ,809 Debt extinguishment and refinancing expenses (Note 8) , ,219 Fair market derivative loss (Note 8) , ,100 Total distributions and expenses 24,704, ,704,032 24,632, ,632,670 Changes in net assets 4,314, , ,738 4,955,209 3,188, , ,755 4,017,141 Net assets, beginning of year 36,259,135 1,911,811 7,580,262 45,751,208 33,070,894 1,648,666 7,014,507 41,734,067 Net assets end of year $ 40,574,070 $ 2,021,347 $ 8,111,000 $50,706,417 $ 36,259,135 $ 1,911,811 $ 7,580,262 $ 45,751,208 See accompanying notes to the consolidated financial statements 7

11 Consolidated Statements of Functional Expenses Supporting Services Management Total Supporting Year ended June 30, 2014 Program Services Fundraising and General Services Total Distributions to agencies $ 26,272,155 $ - $ - $ - $ 26,272,155 Grants 1,001, ,001,100 Less: Donor designated distributions (17,118,029) (17,118,029) Total distributions 10,155, ,155,226 Salaries 2,879,664 1,274,633 3,526,556 4,801,189 7,680,853 Employee benefits 524, , , ,513 1,258,246 Payroll taxes 220,188 86, , , ,426 Total salaries and related expenses 3,624,585 1,544,594 4,310,346 5,854,940 9,479,525 Professional fees and contractual services 68,651 75, , , ,827 Information Technology , , ,463 Occupancy 666, , , ,286 1,331,032 Interest expense 221,758 33, , , ,646 Public relations and information 42,073 59, , , ,631 Conferences and non-local meetings 32,667 4,741 16,815 21,556 54,223 Supplies 10,434 5,132 13,291 18,423 28,857 Local transportation 28,390 16,839 29,753 46,592 74,982 Local meetings 30, , , , ,034 Postage 7,728 8,010 27,241 35,251 42,979 Telephone 35,809 27,262 53,078 80, ,149 Other expenses 406,834 71, , , ,389 Total expenses before depreciation and amortization 5,176,102 2,156,939 6,344,696 8,501,635 13,677,737 Depreciation and amortization of property and equipment 502,766 72, , , ,009 Total functional expenses 5,678,868 2,228,990 6,577,888 8,806,878 14,485,746 Other expenses ,060 63,060 63,060 Total distributions and expenses $ 15,834,094 $ 2,228,990 $ 6,640,948 $ 8,869,938 $ 24,704,032 See accompanying notes to the consolidated financial statements 8

12 Consolidated Statements of Functional Expenses Supporting Services Management Total Supporting Year ended June 30, 2013 Program Services Fundraising and General Services Total Distributions to agencies $ 43,587,624 $ - $ - $ - $ 43,587,624 Grants 1,149, ,149,484 Less: Donor designated distributions (34,355,362) (34,355,362) Total distributions 10,381, ,381,746 Salaries 2,651,602 1,156,992 3,227,681 4,384,673 7,036,275 Employee benefits 543, , , ,187 1,250,571 Payroll taxes 215,093 80, , , ,130 Total salaries and related expenses 3,410,079 1,412,594 3,987,303 5,399,897 8,809,976 Professional fees and contractual services 44,347 9, , , ,318 Information Technology ,035 89,035 89,035 Occupancy 685, , , ,818 1,360,391 Interest expense 290,887 43, , , ,367 Public relations and information 51,690 68, , , ,398 Conferences and non-local meetings 28,232 5,087 11,642 16,729 44,961 Supplies 8,677 3,095 8,200 11,295 19,972 Local transportation 21,121 14,386 27,569 41,955 63,076 Local meetings 51, , , , ,138 Postage 6,202 6,598 22,552 29,150 35,352 Telephone 33,085 22,537 50,030 72, ,652 Other expenses 415,787 70, , , ,370 Total expenses before depreciation and amortization 5,046,762 1,950,089 5,860,155 7,810,244 12,857,006 Depreciation and amortization of property and equipment 503,990 75, , , ,790 Total functional expenses 5,550,752 2,025,934 6,101,110 8,127,044 13,677,796 Other expenses, debt extinguishment and refinancing expenses, and fair market of derivative loss 573, ,128 Total distributions and expenses $ 16,505,626 $ 2,025,934 $ 6,101,110 $ 8,127,044 $ 24,632,670 See accompanying notes to the consolidated financial statements 9

13 Consolidated Statements of Cash Flows June 30, Cash Flows from Operating Activities: Changes in net assets $ 4,955,209 $ 4,017,141 Adjustments to reconcile changes in net assets to net cash provided by operating activities: Depreciation and amortization 808, ,790 Change in allowance for uncollectible pledges (252,000 ) (4,113 ) Unrealized gains on investments, net (3,838,348 ) (2,285,907 ) Realized gains on sale of investments, net (842,936 ) (855,478 ) Fair value derivative loss - 63,100 Change in operating assets and liabilities: Restricted cash 3,534,460 (4,608,971 ) Pledges receivables 105, ,775 Interest in limited partnership 91,512 (7,403,174 ) Receivables and other assets (359,210 ) 1,080,286 Accounts payable and accrued expenses (244,056 ) 70,960 Approved allocations payable (76,026 ) 7,846 Donor-designated allocations payable (824,300 ) 5,282,878 Special contributions payable (91,512 ) 7,403,174 Net cash provided by operating activities: 2,966,141 3,799,307 Cash Flows from Investing Activities: Proceeds from sale of investments 9,717,614 7,985,019 Purchase of investments (13,151,696 ) (7,117,104 ) Purchase of property and equipment (1,169,531 ) (161,897 ) Net cash (used in) provided by investing activities (4,603,613 ) 706,018 Cash Flows from Financing Activities: Payment to terminate derivative contract - (1,846,000 ) Borrowing from financial institution - 15,415,000 Repayment of notes payable (568,955 ) (13,970,819 ) Net cash used in financing activities (568,955 ) (401,819 ) Net (decrease) increase in cash and cash equivalents (2,206,427 ) 4,103,506 Cash and cash equivalents-beginning of the year 6,673,945 2,570,439 Cash and cash equivalents-end of the year $ 4,467,518 $ 6,673,945 Supplemental Disclosure: Interest paid, net of amounts capitalized $ 362,645 $ 473,367 See accompanying notes to the consolidated financial statements 10

14 Notes to Consolidated Financial Statements 1. Organization and Summary of Significant Accounting Policies United Way of Miami-Dade, Inc. and Subsidiaries, collectively referred to as the "United Way", is an independent, Florida not-for-profit philanthropic corporation exempt from income tax under Section 501(c)(3) of the United States Internal Revenue Code (IRC). United Way works to advance the common good in Miami-Dade County by creating opportunities for a better life for all. United Way is focused on improving education, income and health-the building blocks for a good life. United Way invests in quality programs, advocates for better policies, engages people in the community and generates resources. The consolidated financial statements include United Way of Miami-Dade, Inc. ("United Way") and its wholly-owned subsidiaries, Center for Excellence LLC ("CFE"), Children's Advocacy Complex LLC ("CAC"), 3250 Real Estate Holdings LLC ("3250 REH"), United Way of Miami-Dade Real Property Holdings LLC, UWMD Charity Auction LLC, 3107 Coral Way, LLC and 3125 Coral Way, LLC. The subsidiaries are organized under the laws of the State of Florida or California as single member limited liability companies, which for Federal tax purposes are disregarded as separate reporting entities. CFE operates an early childhood development demonstration school located at 350 SW 32nd Road, Miami Florida, as part of an integrated research, developmental and training center for early childhood issues. The demonstration school operates as a separate program under the CFE. CAC owns, operates and manages a seven floor parking garage and office building located at 3150 SW 3rd Avenue, Miami, Florida. CAC leases the office space on the 8th floor of the same building, to an unrelated not-for-profit organization, which is a grantor of the United Way that deals with children's issues. During the years ended June 30, 2014 and 2013, United Way received grant funding from the unrelated not-for-profit organization amounting to $532,270 and $271,621, respectively, which is included as a component of grants in the accompanying consolidated statements of activities and changes in net assets REH owns the two buildings located at 3250 SW 3rd Avenue, Miami, Florida and at 350 SW 32nd Road, Miami, Florida comprising of the Ansin Building (United Way's corporate office) and the CFE Building REH leases available office space in the Ansin Building to various charitable organizations in the community. United Way of Miami-Dade Real Property Holdings LLC serves to receive in-kind real properties contributed to United Way. No real property was received during the years ended June 30, 2014 and UWMD Charity Auction LLC is a California based legal entity that is allowed to sell wine contributed to United Way and auctioned at the Veritage Miami, an annual special event, managed by United Way Coral Way, LLC owns the property located on 3107 Coral Way, which is use as a parking lot for the UWMD and other Tenants Coral Way, LLC, owns the property located on 3125 Coral Way, which currently holds four apartments with residential tenants. There are plans to use this property as an early childhood educational hub under a head start initiative undertaken by the United Way Center for Excellence in Early Education. United Way of Miami Dade, Inc. recorded rental income of $639,577 and $469,166 for the years ending June 30, 2014 and 2013 from all entities. This rental income is offset by certain allowances as discussed in Note 14. All significant intercompany accounts and transactions have been eliminated upon consolidation. 11

15 Notes to Consolidated Financial Statements 1. Organization and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements of United Way have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Net Assets Net assets, revenues, expenses, gains and losses are classified based on the existence or absence of donor-imposed restrictions as follows: Unrestricted - net assets that are not subject to donor-imposed restrictions. Temporarily restricted - net assets subject to donor-imposed restrictions that may, or will be met by actions of United Way or that expire by the passage of time. Permanently restricted - net assets subject to donor-imposed restrictions that require the assets be permanently maintained by United Way. Annual Fundraising/Contributions/Promise to Give United Way conducts year-round fundraising activities via direct solicitation to individual and corporate contributors in addition to major fundraising events. Funds contributed to the Community Plan are allocated in accordance with the United Way of Miami-Dade Community Investment Committee impact allocation process. Donors may also limit their gift by directing the gift to a particular health and human service organization in accordance with the United Way Board of Directors policy. Community Plan funds are distributed monthly commencing the subsequent July, while funds that are contributor restricted to specific agencies are disbursed quarterly. Contributions are recognized as revenue when they are received or unconditionally pledged. Unconditional promise to give that is expected to be collected within one year is recorded at their net realizable value. Unconditional promises to be collected in future years are recorded at the present value of estimated future cash flows. Contributions and gifts with no restrictions or specified uses identified by the donor or grantor are included in unrestricted revenue in the consolidated statements of activities and changes in net assets. Contributions with donor or grantor restrictions that limit the use of donated assets are reported as either temporarily or permanently restricted support in the consolidated statements of activities and changes in net assets. When donor or grantor restrictions are satisfied, temporarily restricted net assets are reclassified as unrestricted net assets and reported in the consolidated statements of activities and changes in net assets as net assets released from restrictions. Donor restricted contributions whose restrictions are met within the same year as received are reflected as unrestricted revenue in the accompanying consolidated financial statements. An allowance for uncollectible contributions is provided based upon management's judgment, including such factors as prior collection history, type of contribution and nature of fund raising activity. Cash and Cash Equivalents Cash and cash equivalents include highly liquid short-term investments with original maturities of three months or less. Investments in money market funds are carried at cost plus accrued interest, which approximates fair value. 12

16 Notes to Consolidated Financial Statements 1. Organization and Summary of Significant Accounting Policies (Continued) Restricted Cash Restricted cash are segregated Donor Advised Fund ("DAF") accounts held in a local financial institution. DAF accounts are accounts set up by United Way on behalf of donors within the guidelines provided by the Internal Revenue Service. Under these guidelines, contributions received from donors are deposited into separate bank accounts and the funds are available to be directed by the donor at a later date. These segregated funds are pending release to United Way until the respective donor advises and United Way approves recipients and amounts to be distributed. These gifts are agency transactions and revenues or expenses related to these accounts are not reflected in United Way's net assets at June 30, 2014 and Accordingly, United Way has recorded a liability of $12,685,998 and $13,932,183 at June 30, 2014 and 2013, respectively, as a component of donor-designated allocations payable in the accompanying consolidated statements of financial position, representing the restricted funds that had not been released by the donors. As of June 30, 2014 and 2013, the restricted cash component of that liability was $9,704,915 and $13,239,375, respectively; there are restricted investments attributed directly to the DAF accounts at June 30, 2014 and 2013 amounting $2,981,083 and $692,808, respectively. Investments Under GAAP, investments in marketable securities with readily determinable fair values and all investments in debt securities are reported at their fair values in the consolidated statements of financial position. Realized and unrealized investment gains and losses are included in the changes in net assets. These gains and losses and other investment income are reflected in the consolidated statements of activities and changes in net assets as changes in unrestricted net assets or temporarily restricted net assets. Fair Value Measurements Fair value is defined as the price the United Way would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent counter-party in the principal market or in the absence of a principal market, the most advantageous market for the investment or liability. GAAP establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish a classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of United Way s investments. The inputs are summarized in the three broad levels listed below. Level 1 - quoted prices in active markets for identical investments Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) Level 3 - significant unobservable inputs (including United Way s own assumptions in determining the fair value of investments) In applying the provisions of fair value measurements to United Way s investment activities during the year, the following valuation techniques have been employed: Certificate of Deposits Short-term investments consist primarily of cash and cash equivalents held. The transaction price of the short-term investments is typically United Way s best estimate of fair value. United Way s investments in short-term investments are categorized in Level 1 of the fair value hierarchy. 13

17 Notes to Consolidated Financial Statements 1. Organization and Summary of Significant Accounting Policies (Continued) Equity Securities Securities and other investments traded on a national exchange or on the national market system of NASDAQ are valued at their last reported sale price or, if there has been no sale on that date, at the closing "bid" price if long, or closing "ask" price if short. Other securities or investments for which over-the-counter market quotations are available are valued at their last reported sale price or, if there had been no sale on that date, at closing "bid" price if long, or closing "ask" price if short as reported by a reputable source selected by United Way. United Way has sole and absolute discretion in valuing any positions for which market quotations are not readily available or in adjusting the valuation of any other positions. United Way s investments in equity securities are categorized in Level 1 of the fair value hierarchy. Mutual Funds and other Exchange Traded Funds (EFTs) Mutual funds and EFTs are valued at their net asset values, which are determined daily and are quoted on a national exchange. United Way s investments in mutual funds are categorized in Level 1 of the fair value hierarchy. US Treasuries and Asset-Backed Securities The fair value of federal agency debt securities is generally based on quoted prices in active markets. When quoted prices are not available, fair value is determined based on a valuation model that uses inputs that include interest-rate yield curves, cross-currency-basis index spreads, and country credit spreads similar to the bond in terms of issuer, maturity and seniority. United Way s investments in federal agency debt securities are categorized in Level 1 of the fair value hierarchy. U.S. Corporate Bonds The fair value of debt securities is estimated based on quoted prices in active markets. When quoted prices are not available, fair value is determined based on a valuation model that uses inputs that include interest-rate yield curves, crosscurrency-basis index spreads, and country credit spreads similar to the bond in terms of issuer, maturity and seniority. United Way s investments in debt securities are categorized in Level 1 of the fair value hierarchy. Fund of Funds United Way invests in fund of funds. Each fund of funds allocates their assets among a select group of private investment funds (commonly known as hedge funds). The net asset values of the fund of funds are determined by the fund of fund's investment manager as of the close of business at the end of each month. United Way records the fair value of its fund of funds' investments based on United Way's proportionate share of the underlying fair value of the fund of fund's net asset value as provided by each fund of fund's investment manager, as well as United Way's own assumptions pertaining to historical and expected performance of the underlying assets and/or actual experience with similar investment types. Actual results may differ from these valuation assumptions and these differences could significantly affect the accuracy of fair value estimates included in these financial statements. United Way's investments in fund of funds are categorized in Level 3 of the fair value hierarchy. Interest in Limited Partnership Under a charitable agreement dated June 30, 2004, the United Way was selected as the sole beneficiary of a net income with makeup charitable remainder trust (NIMCRUT). The NIMCRUT assets consist on a preferred interest to a Limited Partnership. On December 15, 2009 the charitable remainder trust was partially terminated and the United Way received $5,027,115 in preferred interest of the Limited Partnership. The preferred interest was valued at the fair market value of the underlying investment instruments at the time of the termination. The carrying value of the preferred interest in partnership, recorded on the cost basis, changes based on redemptions of the donor and reported capital gains during each fiscal year. In December 2012, there was an additional partial termination of the NIMCRUT with a net capital investment of $8,993,099 of preferred interest in the limited partnership. The carrying value of the preferred interest in limited partnership at June 30, 2014 and 2013 is $8,225,488 and $8,317,000, respectively. Redemptions made by the donor amounted to $1,385,000 and $1,515,000 for the years ended June 30, 2014 and 2013, respectively. 14

18 Notes to Consolidated Financial Statements 1. Organization and Summary of Significant Accounting Policies (Continued) Contributions Designated to Other Organizations Donors contributing to United Way campaigns may choose to direct all or part of their contributions to specific agencies as described in the Internal Revenue Service Code Section 501(c)3. These transactions are reported in the consolidated statements of activities and changes in net assets as part of the United Way annual campaign and amounts designated to others are then deducted to arrive at net campaign revenue. Amounts deducted are carried as liabilities until paid to the designated agencies. No allowance for bad debt expense is recorded against these pledges as designated contributions are not paid until the related pledges have been collected from the donors; any uncollected receivable is written-off against the corresponding liability established. Receivables and Other Assets Receivables and other assets represent receivables from various sources which include tenants, special events sponsorships and other unconditional grant awards from various sources. Grant receivables may include awards from private donors, federal, state, and local governmental agencies, and other not-for-profit agencies. Grants receivable that are expected to be received within one year are recorded at their net realizable value. Grants receivable that are expected to be received in future years are recorded at the present value of future cash flows. The discounts on those amounts are computed using a risk-free interest rate applicable to the year in which the grant is awarded. All grants receivable were current as of June 30, 2014 (refer to Note 4). Property and Equipment Property and equipment is recorded at cost. Expenditures for major betterments and additions are charged to the asset accounts while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are charged to expense currently. Depreciation of property and equipment is determined using the straight-line method, based on estimated useful lives of 3 to 39 years. Donated Materials and Services No amounts have been reflected in the consolidated financial statements for donated services since the cost of these services does not meet the criteria for recognition under GAAP, however, a substantial number of volunteers have donated significant amounts of time to the organization's program services and its fund-raising campaigns. Contributions of tangible assets are recognized at fair market value when received. There were no tangible assets donated for fiscal years ended June 30, 2014 and Special Events Annually, United Way hosts various special events to supplement its fundraising activities. United Way classifies these events as peripheral from the organization and reports gains at net in the accompanying statements of activities and changes in net assets. For the years ended June 30, 2014 and 2013, gross revenues from special events amounted to $2,463,007 and $3,154,743. Costs related direct benefit to donor for special events for the year ended June 30, 2014 and 2013 amounted to $1,070,487 and $1,278,366 respectively. Rental Income Minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, is recognized on a straight-line basis over the term of the related lease. Income Taxes United Way has received a determination letter from the Internal Revenue Service (IRS) that grants an exemption from income taxes under Section 501(c)(3) of the IRC except for any income that may be a result of unrelated business transactions. 15

19 Notes to Consolidated Financial Statements 1. Organization and Summary of Significant Accounting Policies (Continued) United Way is required under GAAP to recognize the tax benefit associated with tax positions taken for tax return purposes when it is more-likely-than-not that the position will be sustained. United Way does not believe there are any material uncertain tax positions and accordingly has not recognized any liability for unrecognized tax benefits. United Way has filed for and received income tax exemptions in the jurisdictions where it is required to do so. Additionally, United Way has filed Internal Revenue Service Form 990 tax returns as required and all other applicable returns in those jurisdictions where it is required. United Way believes that it is no longer subject to U.S. federal, state and local, or non-u.s. income tax examinations by tax authorities for years before However, United Way is still open to examination by taxing authorities from fiscal year 2009 forward. No interest or penalties have been recorded in the financial statements related to any uncertain tax positions. Reclassification Certain amounts in the 2013 consolidated financial statements have been reclassified to conform to the 2014 presentation. Subsequent Events The date to which events occurring after June 30, 2014, the date of the most recent statement of financial position have been evaluated for possible adjustments to the financial statements or disclosure is November 25, Investments At June 30, investments at fair value consisted of the following: US Corporate Bonds $ 5,747,794 $ 5,228,464 Equity Securities Domestic 4,233,692 1,744,510 International 2,479,661 1,653,276 Real Estate and Tangibles 22,278-6,735,631 3,397,786 Mutual Funds Global Bond 399, ,544 High Yield Bond 1,612, ,430 Emerging Markets 941,594 31,819 Small Value 1,510,368 1,237,251 Mid-Cap Value 1,686,457 1,344,938 Large Value 6,541,800 5,026,301 Large Growth 4,666,898 4,047,497 Large Blend 1,265,389 1,271,518 Foreign Blend 2,636,827 2,888,623 Alternative 463, ,791 21,725,673 17,626,712 Funds of Funds 4,185,324 3,793,478 Certificate of Deposits 431, ,825 US Treasuries - 99,980 Asset-Backed Securities - 100,143 $ 38,825,755 $ 30,710,388 16

20 Notes to Consolidated Financial Statements 2. Investments (Continued) The following summarizes the contractual schedule maturities of the investments in debt securities as of June 30, 2014: Year ended June 30, Amount 2015 $ 1,880, , , , ,661 Thereafter 1,910,643 $ 5,747,794 Fair Value United Way s investments recorded at fair value have been categorized based upon a fair value hierarchy in accordance with GAAP and United Way s accounting policies as disclosed in Note 1. The following tables present information about United Way s assets measured at fair value as of June 30, 2014 and 2013: As of June 30, 2014 Assets Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Certificate of Deposits $ 431,333 $ - $ - $ 431,333 Equity securities 6,735, ,735,631 Mutual funds 21,725, ,725,673 US Corporate Bonds 5,747, ,747,794 Fund of funds - - 4,185,324 4,185,324 Subtotal 34,640,431-4,185,324 38,825,755 Interest in Limited Partnership - - 8,225,488 8,225,488 Total $ 34,640,431 $ - $ 12,410,812 $ 47,051,243 17

21 Notes to Consolidated Financial Statements 2. Investments (Continued) As of June 30, 2013 Assets Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Certificate of Deposits $ 463,825 $ - $ - $ 463,825 US Treasuries 99, ,980 Asset Backed Securities 100, ,143 Equity securities 3,397, ,397,786 Mutual funds 17,626, ,626,712 US Corporate Bonds 5,228, ,228,464 Fund of funds - - 3,793,478 3,793,478 Subtotal 26,916,910-3,793,478 30,710,388 Interest in Limited Partnership - - 8,317,000 8,317,000 Total $ 26,916,910 $ - $ 12,110,478 $ 39,027,388 The following table presents additional information about Level 3 assets measured at fair value. Both observable and unobservable inputs may be used to determine the fair value of positions that United Way has classified within the Level 3 category. As a result, the unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs. Changes in Level 3 assets measured at fair value for the years ended June 30, 2014 and 2013 are as follows: Year Ended June 30, 2014 Beginning Balance Net Purchases/ Redemptions Net Unrealized Gains (Losses) Total Fund of Funds $ 3,793,478 $ - $ 391,846 $ 4,185,324 Interest in Limited Partnership 8,317,000 ( 1,385,000) 1,293,488 8,225,488 Total $ 12,110,478 $ ( 1,385,000) $ 1,685,334 $ 12,410,812 Year Ended June 30, 2013 Fund of Funds $ 4,139,119 $ (602,591) $ 256,950 $ 3,793,478 Interest in Limited Partnership 913,826 7,403,174-8,317,000 Total $ 5,052,945 $ 6,800,583 $ 256,950 $ 12,110,478 Liabilities Interest rate swap $ 1,782,900 $ (1,846,000) $ 63,100 $ - The net unrealized gains and losses for the years ended June 30, 2014 and 2013 for investments held at June 30, 2014 and 2013 are reflected as a component of investment gains and losses in the accompanying consolidated statements of activities and changes in net assets. 18

22 Notes to Consolidated Financial Statements 3. Pledges Receivable Pledges receivable that are unconditional promises to give that represent a period of one year or more are measured at the present value of future cash flows based on a discount rate ranging from 1%-3% at June 30, 2014 and As of June 30, 2014, pledge receivables were: Unrestricted Capital Donor- Designated Total Less than one year $ 10,686,644 $ 381,000 $ 3,568,183 $ 14,635,827 One to five years 1,435, ,500 1,585,975 Unamortized discount ( 87,927) - (2,765) (90,692) Net of discounts 12,034, ,000 3,715,918 16,131,110 Allowance for bad debts ( 1,342,000) (300,000) - (1,642,000) Net of allowance $ 10,692,192 $ 81,000 $ 3,715,918 $ 14,489,110 As of June 30, 2013, pledge receivables were: Unrestricted Capital Donor- Designated Total Less than one year $ 10,930,487 $ 516,591 $ 3,556,495 $ 15,003,573 One to five years 1,347, ,347,999 Unamortized discount (115,123) - - (115,123) Net of discounts 12,163, ,591 3,556,495 16,236,449 Allowance for bad debts (1,494,000) (400,000) - (1,894,000) Net of allowance $ 10,669,363 $ 116,591 $ 3,556,495 $ 14,342,449 Ten donors accounted for 50% and three donors accounted for 56% of the total donor designated campaign for the years ended June 30, 2014 and June 30, 2013, respectively. 4. Receivables and Other Assets As of June 30, receivables and other assets consisted of the following: Grants receivable $ 302,347 $ 222,217 Other receivables less allowance for uncollectible receivables of $108,371 in 2014 and $113,434 in , ,170 Prepaid expenses and other assets 362, ,579 Total receivables and other assets $ 1,100,175 $ 740,966 Grants and other receivables at June 30, 2014 and 2013 are due within one year. 19

23 Notes to Consolidated Financial Statements 5. Property and Equipment At June 30 property and equipment consisted of the following: Land $ 5,749,252 $ 5,163,000 Building and improvements 28,519,161 28,040,806 Computer equipment 636, ,538 Office furniture and equipment 1,569,511 1,499,130 Vehicles 32,456 32,456 Total 36,507,151 35,358,930 Less: accumulated depreciation (8,225,497) (7,438,799) Total property and equipment, net $ 28,281,654 $ 27,920, Donor-Designated Contributions United Way receives certain pledges designated by donors for distribution to organizations both affiliated and unaffiliated with United Way, including funds that are held in Donor Advised Funds (Note 1 Restricted Cash) All restricted pledges, subject to collection and net of administrative fees, are distributed as designated by the donors. Investment income from designated funds held by United Way are also deemed agency transactions and available to the donor to direct, if so chooses. The income amount is included in the appropriate line item in the statement of financial activities and changes in net assets. A counter-revenue amount is also included that represents the agency transaction related to that revenue. Donor-designated contributions available for distribution for the years ended June 30, 2014 and 2013 resulted from the following programs: Donor Designations $ 16,092,731 $ 24,856,244 Investment income from Donor Advised Funds 151,617 86,202 Special contribution plus capital gains 1,293,498 8,993,099 $ 17,537,846 $ 33,935, Distributions to Agencies The United Way expenses the annual funding to programs based on the revenue available on a fiscal year basis. The expense recorded at June 30 th is for payments to Impact and Strategic Partners during the following fiscal year. During the year ended June 30, 2014, the United Way expensed and allocated $9,154,126 to these partners. During the year ended June 30, 2013, United Way expensed and allocated $9,232,262 to these partners, which were paid out during the year ended June 30,

24 Notes to Consolidated Financial Statements 8. Notes Payable Tax-Exempt Industrial Revenue Bonds In May 2008, United Way executed a loan agreement, payable on demand, with the Miami-Dade County Industrial Development Authority ( Issuer ) in conjunction with the issuance of the Tax-exempt Industrial Revenue Bonds ( Bonds ), par values totaling $16,000,000. Additionally, as security for the payment of the loan, United Way has negotiated an irrevocable letter of credit issued by a financial institution for an amount not to exceed $16,240,000. Pursuant to the loan agreement, the Issuer lends the proceeds from the sale of the Bonds to United Way. The funds were used to pay down prior notes payable and interest rate swap agreement related to the Ansin, CFE and CAC buildings and to fund the cost related to the issuance of the Bonds, as discussed below. In conjunction with the loan agreement, United Way entered into an interest rate swap agreement dated May 23, 2008 to hedge its exposure to interest rate fluctuations by fixing the interest rate at 3.4% on the Bonds. In December 2012, United Way executed a refinancing agreement with BankUnited, ( Bondholder ) and the Miami-Dade County Industrial Development Authority ( Issuer ) in conjunction with the issuance of the Tax-exempt Revenue Refunding Bonds ( Bonds ), par values totaling $15,415,000. Pursuant to the loan agreement, United Way used bond proceeds to pay out $13,615,000, which was the outstanding principal of the 2008 loan agreement. United Way also terminated the swap agreement with Wells Fargo with a payment of $1,846,000, which was the fair market value of the swap agreement at the time that the refinancing was executed. As part of the transaction, United Way incurred in a bond cost of $238,090 of which $165,783 was capitalized as loan costs and will be amortized under the straight line method over the life of the Bonds. Debt extinguishment and refinancing expenses for the year ended June 30, 2013 totaled $402,219 that includes $72,307 of expenses in connection with the refinancing of the debt and $329,912 of debt issuance costs associated with the retired debt. The effective rate of the new debt with BankUnited is ten years fixed of 2.32%. At June 30, 2014, United Way outstanding balance of the loan agreement is $14,490,226. The terms of the loan requires United Way to maintain certain financial covenants. At June 30, 2014, United Way is in compliance with the covenants. Fiscal Year Amount 2015 $ 634, , , , ,271 Thereafter 11,164,782 Totals $ 14,490, Commitments and Contingencies Contingencies In the normal course of business, United Way has received grants which are subject to audit by agents of the funding authority, the purpose of which is to ensure compliance with conditions precedent to providing such funds. The Board believes that all the expenditures are properly recorded and that the liability, if any, for any reimbursement which may arise as the result of audits would not be significant. 21

25 Notes to Consolidated Financial Statements 10. Net Assets At June 30, unrestricted net assets consisted of the following: Board designated programs: Fixed Contingency $ 1,131,458 $ 1,131,458 Community Emergency Relief Fund 1,000,000 1,000,000 Community Investment Contingency 1,151,150 1,333,596 Property Fund 19,835,318 19,816,382 Total board designated programs 23,117,926 23,281,436 Board designated endowment 14,428,776 11,064,625 Unrealized gains (losses) on investments 2,923,861 1,699,488 Unrestricted and undesignated 103, ,586 Total unrestricted net assets $ 40,574,070 $ 36,259,135 At June 30, temporarily restricted net assets consisted of the following: Pledges restricted to future campaigns $ 2,021,347 $ 1,903,686 Capital Campaign - 8,125 $ 2,021,347 $ 1,911,811 The Fixed Assets Contingency net asset designation corresponds to a reserve used for ongoing United Way administrative operations in the event of a natural or fiscal emergency so that the Organization can continue operation on a cut back basis for up to four months. The Community Emergency Relief Fund at the $1,000,000 mark reflects the response capability that United Way of Miami- Dade should demonstrate in the event of a community-wide catastrophe. The Community Investment Contingency net asset designation sets aside represent funds for prospective community plan programmatic needs. The allocation of funds are evaluated by Impact staff and approved by the volunteer committee at the time of request. The Property Fund net asset designation represents the book value of land, building, automobiles, computers, furniture and fixtures representing set aside funds to cover cost of replacements. Board designated endowment represents donations received by United Way that are earmarked by the Board of Directors as quasi-endowments to be invested separately to generate earnings that can be used to pay for operating expenses. Permanently restricted net assets at June 30, 2014 and 2013 amounted to $8,111,000 and $7,580,262, respectively, which consisted of endowments subject to income restrictions. The United Way Board approved a new endowment policy in June 2014; including spending guidelines for both endowment portfolios. 22

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