FRANZISKA RACKER CENTERS, INC. FINANCIAL STATEMENTS
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1 FINANCIAL STATEMENTS December 31, 2016
2 Table of Contents FRANZISKA RACKER CENTERS, INC. INDEPENDENT AUDITOR'S REPORT 1-2 AUDITED FINANCIAL STATEMENTS: STATEMENT OF ACTIVITIES 3 STATEMENT OF FUNCTIONAL EXPENSES 4 STATEMENT OF FINANCIAL POSITION 5 STATEMENT OF CASH FLOWS 6 NOTES TO FINANCIAL STATEMENTS 7-18 SCHEDULE OF REVENUE, EXPENSES AND ALLOCATED SUPPORTING SERVICES 19 December 31, 2016
3 SCIARABBA WALKERt? CERTIFIED PUBLIC ACCOUNTANTS BUSINESS CONSULTANTS INDEPENDENT AUDITOR'S REPORT To the Board of Directors Franziska Racker Centers, Inc. Ithaca, NY We have audited the accompanying financial statements of Franziska Racker Centers, Inc. (a not-for-profit corporation), which comprise the statements of financial position as of December 31, 2016 and 2015 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 consolidated 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 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. 410 East Upland Road Ithaca, New York I (Fax) 839 State Route 13 Cortland, New York
4 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Franziska Racker Centers, Inc. as of December 31, 2016 and 2015, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule of revenue, expenses and allocated supporting services on page 19 is presented for purposes of additional analysis and is not a required part of the 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 financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the 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 financial statements as a whole. }4,!Jdu )I/If Sciarabba Walker & Co., LLP Ithaca, New York April 26,
5 AUDITED FINANCIAL STATEMENTS STATEMENT OF ACTIVITIES Year Ended December 31, 2016 with Comparative Totals for 2015 REVENUES Program Services: Temporarily Permanently Unrestricted Restricted Restricted Children's & Clinical Services $ 6,780,677 $ $ Residential Services 18,671,555 Community Support Services 6,492,792 Counseling for School Success 2,977,662 Total Program Service Revenue 34,922,686 Fundraising 525,742 1,646 4,610 Prior Period Rate Adjustment 108,301 Other Revenue 54,520 Investment Return 119,585 11,564 ( 90,414) Total Revenue 35,730,834 13,210 ( 85,804) NET ASSETS RELEASED FROM RESTRICTIONS 367,942 ( 367,942) EXPENSES Program Services: Children's & Clinical Services 6,445,685 Residential Services 16,544,267 Community Support Services 5,823,611 Counseling for School Success 2,496,041 Total Program Services 31,309,604 Supporting Services 3,555,424 Fundraising 198,502 Total Supporting Services 3,753,926 Total Expenses 35,063,530 CHANGE IN NET ASSETS -- OPERATIONS 1,035,246 ( 354,732) ( 85,804) NET ASSETS, BEGINNING OF YEAR 11,686,824 4,437, ,021 NET ASSETS, END OF YEAR $ 12,722,070 $ 4,082,379 $ 428,217 See notes to financial statements.
6 2016 Total 2015 Total $ 6,780,677 $ 6,822,033 18,671,555 18,072,773 6,492,792 5,991,011 2,977,662 2,688,405 34,922,686 33,574, , , ,301 68,485 54,520 35,994 40,735 ( 60,626) 35,658,240 34,117,820 6,445,685 6,725,338 16,544,267 16,305,483 5,823,611 5,147,430 2,496,041 2,156,619 31,309,604 30,334,870 3,555,424 3,472, , ,612 3,753,926 3,623,218 35,063,530 33,958, , ,732 16,637,956 16,478,224 $ 17,232,666 $ 16,637,956 3
7 STATEMENT OF FUNCTIONAL EXPENSES Year Ended December 31, 2016 with Comparative Totals for 2015 Children's & Residential Community Clinical Services Services Services Salaries $ 3,951,586 $ 10,723,006 $ 3,647,317 Taxes & Fringe Benefits 1,005,435 2,776, ,146 Total Salaries & Related Expenses 4,957,021 13,499,369 4,451,463 Program Supplies 300, ,215 7,533 Travel and Vehicle Expenses 74, , ,310 Facility Expenses 144, ,586 25,061 Food Expenses 109, ,898 11,604 Reimbursable Consumer Expenses 632,718 Rent and Leased Equipment 331, ,162 63,618 Office Expenses 77, ,057 41,760 Interest Expense 47, ,425 6,544 Computer Expenses 23,420 52,406 22,270 Consultants 19,473 13,325 86,087 Utilities 39, ,415 6,039 Payroll Service Insurance 22,090 81,651 5,808 Telephone 26,792 87,370 24,026 Staff Training & Development 25,615 41,781 18,786 Audit & Legal Expenses Advertising & Public Relations Expenses 11, ,348 Dues & Subscriptions 10,902 3,289 3,605 Miscellaneous 1,555 1,943 12,289 Donor Restricted Expenses Bad Debt Expense 47,913 Total Expenses Before Depreciation & Amortization 6,271,698 16,218,287 5,784,869 Depreciation & Amortization 173, ,980 38,742 TOTAL EXPENSES $ 6,445,685 $ 16,544,267 $ 5,823,611 See notes to financial statements.
8 Counseling For School Success Program Total 2016 Supporting Services Fundraising 2016 Total 2015 Total $ 1,699, ,470 2,058,993 $ 20,021,432 4,945,414 24,966,846 $ 1,910, ,882 2,427,492 $ 100,907 8, ,091 $ 22,032,949 5,470,480 27,503,429 $ 21,093,671 5,610,235 26,703,906 15,504 15, ,666 14, ,416 4,592 8,865 44,137 5, , , , , , , , , , , , , , ,319 13,553 23,630 16,288 47, ,872 55,220 19,683 21,894 84,988 38, ,626 13,702 17, ,713 57,754 24,936 55,504 39,770 49,282 64,934 6, , ,101 3,756 4, ,585 30,868 10, 108 6,663 12, , , , , , , , , , , , , , , ,408 39,770 93,703 98,672 29,167 12,136 48, , , , , , , , , , , , , , , ,131 57,675 58,004 79,184 16,858 23,276 2,619 2,486,413 9,628 30,761, ,337 3,432, , ,849 1,653 34,390, ,097 33,237, ,550 $ 2,496,041 $ 31,309,604 $ 3,555,424 $ 198,502 $ 35,063,530 $ 33,958,088 4
9 STATEMENT OF FINANCIAL POSITION Year Ended December 31, 2016 with Comparative Totals for 2015 Temporarily Permanently Unrestricted Restricted Restricted ASSETS Cash $ 2,632,828 $ 30,481 $ 3,020 Investments 2,055, , ,542 Net Accounts Receivable 4,265,897 Prepaid Expenses 382,599 Net Pledges Receivable, current portion Other Assets 807,021 TOTAL CURRENT ASSETS 10,144, , ,562 Receivables - Long-Term 44,889 15,000 Beneficial Interest in a Perpetual Trust 228,655 Investments Restricted for Long-Term Purposes 298,100 TOTAL LONG-TERM ASSETS 44, , ,655 Land, Buildings & Equipment: Land 637,401 Buildings & Improvements 12,507,908 3,516,377 Vehicles 1,433,409 Furniture & Fixtures 46,472 Equipment 995,387 15,620,577 3,516,377 Less: Accumulated Depreciation & Amortization 5,543,594 Net Land, Buildings & Equipment 10,076,983 3,516,377 TOTAL ASSETS $ 20,265,967 $ 4,082,379 $ 428,217 LIABILITIES AND NET ASSETS Accounts Payable & Accrued Expenses $ 436,938 $ $ Accrued Payroll 1,673,739 Accounts Payable - Government Agencies 234,892 Other Liabilities 254,126 Current Portion - Long-Term Debt 504,425 TOTAL CURRENT LIABILITIES 3,104,120 LONG-TERM DEBT, net of current portion 4,439,777 NET ASSETS 12,722,070 4,082, ,217 TOTAL LIABILITIES AND NET ASSETS $ 20,265,967 $ 4,082,379 $ 428,217 See notes to financial statements.
10 2016 Total 2015 Total $ 2,666,329 $ 1,854,230 2,474,713 2,122,916 4,265,897 4,136, , , , ,021 1,059,887 10,596,559 9,577,665 59,889 15, , , , , , , , ,401 16,024,285 15,886,051 1,433,409 1,583,640 46,472 46, , ,187 19,136,954 19,138,750 5,543,594 5,027,639 13,593,360 14,111,111 $ 24,776,563 $ 24,320,945 $ 436,938 $ 253,575 1,673,739 1,479, , , , , , ,394 3,104,120 2,735,806 4,439,777 4,947,183 17,232,666 16,637,956 $ 24,776,563 $ 24,320,945 5
11 FRANZISKA RACKER CENTERS~ INC. STATEMENT OF CASH FLOWS Years Ended December 31, 2016 and CASH FLOWS FROM OPERA TING ACTIVITIES Change in Net Assets $ 594,710 $ 159,732 Adjustments to Reconcile Change in Net Assets to Net Cash Provided by Operating Activities: Depreciation and Amortization 673, ,550 Loss on Investments 9, ,319 Loss (Gain) on Disposal of Asset 15,681 ( 1,000) (Increase) Decrease in Operating Assets: Accounts Receivable 25,322 1,127,167 Prepaid Expenses ( 178,075) 380,124 Other Assets 252,866 ( 359,218) Increase (Decrease) in Operating Liabilities: Accounts Payable & Accrued Expenses 183,350 ( 114,004) Accrued Payroll 194, ,154 Other Liabilities ( 77,873) 50,182 Accounts Payable - Government Agencies 103,315 ( 326,924) NET CASH PROVIDED BY OPERATING ACTIVITIES 1,796,756 1,907,082 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from Sales of Investments 187,924 Purchase of Investments ( 308,171) ( 217,717) Purchase of Property, Plant, & Equipment ( 149,963) ( 339,613) Proceeds from Sale of Property, Plant & Equipment 15,852 1,000 NET CASH USED IN INVESTING ACTIVITIES ( 442,282) ( 368,406) CASH FLOWS FROM FINANCING ACTIVITIES Principal Payments on Line of Credit ( 450,000) Proceeds from Line of Credit 450,000 Payments Long-Term Debt ( 542,375) ( 588,428) NET CASH USED IN FINANCING ACTIVITIES ( 542,375) ( 588,428) NET CHANGE IN CASH 812, ,248 CASH, BEGINNING OF YEAR 1,854, ,982 CASH, END OF YEAR $ 2,666,329 $ 1,854,230 See notes to financial statements. 6
12 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 1-NATURE OF OPERATIONS The Organization is a not-for-profit organization engaged in providing a variety of mental health, clinical, residential, support services, and educational services to children, adolescents and adults. The Organization provides services in Tompkins, Cortland and Tioga Counties with its administrative operations located in Ithaca, New York. Franziska Racker Centers, Inc. is supported primarily through governmental agencies, fees and grants. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Financial Statement Presentation The Organization reports information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets and permanently restricted net assets. Contributions Contributions received are recorded as unrestricted, temporarily restricted or permanently restricted support depending on the existence and/or nature of any donor restrictions. Generally, contributions received, including unconditional promises to give, are recognized as revenue in the period received at their fair values. Donated Property and Equipment Donations of property and equipment are recorded as contributions at their estimated fair value at the date of donation. Assets donated with explicit restrictions regarding their use and contributions of cash that must be used to acquire property and equipment are reported as increases in restricted net assets. It is the Organization's policy to imply a time restriction, based on the assets' estimated useful lives, on donations of property and equipment that are not restricted as to their use by the donor. Accordingly, those donations are recorded as increases in temporarily restricted net assets. The Organization reclassifies temporarily restricted net assets to unrestricted net assets each year for the amount of depreciation expense relating to the donated property and equipment. Accounting Method The Organization's financial statements are prepared on the accrual basis of accounting. Prior Year Summarized Comparative Information The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with generally accepted accounting principles. Accordingly, such information should be read in conjunction with the Organization's financial statements for the year ended December 31, 2015, from which the summarized information was derived. 7
13 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES - Continued Land, Buildings, and Equipment Land, buildings, and equipment are recorded at cost. Depreciation is recorded on the straightline method over the estimated economic useful lives of the respective assets. When properties are retired or otherwise disposed of, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recorded in the statement of activities. Expenditures for repairs and maintenance not considered to substantially lengthen property lives are charged to expense as incurred. Depreciation charged to expense in 2016 and 2015 amounted to $673,097 and $720,550, respectively. Income Taxes The Organization is exempt from income taxes under Section 50l(c)(3) of the Internal Revenue Code. The Organization accounts for income taxes in accordance with F ASB Accounting Standards Codification (ASC) 740, Income Taxes. Functional Allocation of Expenses Certain shared costs are being allocated among the various programs and administrative categories. These costs are allocated based on square footage, percentage of salaries or prior year's actual usage depending on the nature of the cost. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Reclassifications Certain reclassifications may have been made to the prior year's financial statement presentation to correspond to the current year's format. Total equity and net income are unchanged due to these reclassifications. Cash and Cash Equivalents For the purposes of the statements of cash flows, the Organization uses the indirect method of reporting net cash flows from operating activities, and considers all short-term investments with an original maturity of three months or less to be cash equivalents. At December 31, 2016 and 2015, there were no cash equivalents. 8
14 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 3 - INVESTMENTS In accordance with U.S. GAAP, the Organization records its investments in securities at fair market value. For 2016, the change between the market value at December 31, 2016 and the market value at December 31, 2015, is presented as an unrealized gain. At December 31, 2016 and 2015, components of investment income were as follows: Interests and Dividends $ 50,621 $ 57,693 Unrealized Gain/ (Loss) 78,960 ( 99,186) Gain/(Loss) on Sale 1,568 16,917 (Loss) on Beneficial Interest in Perpetual Trust ( 90,414) ( 36,050) Total Investment Return $ 40,735 $ ( 60,626) The investment income is summarized in the statement of activities. Service charges in 2016 and 2015 were $7,094 and $8,008, respectively, have been excluded from the investment return shown above. At December 31, 2016, investments consisted of the following: Unrestricted Temporary Restricted Permanently Restricted Cost Market Value Cost Market Value Cost Market Value Corporate Stocks and Bonds $ 1,456,556 $ 1,477,193 $ $ $ $ Government Agency Bonds 590, , , , , ,003 Cash and Liquid Assets 82,539 82,539 TOTAL $ 2,047,073 $ 2,055,750 $ 222,421 $ 222,421 $ 196,542 $ 196,542 9
15 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 3 - INVESTMENTS - Continued At December 31, 2015, investments consisted of the following: Unrestricted Temporary Restricted Permanently Restricted Cost Market Value Cost Market Value Cost Market Value Corporate Stocks and Bonds $ 1,223,197 $ 1,159,592 $ $ $ $ Government Agency Bonds 568, , , , ,409 Cash and Liquid Assets 44,686 44,686 52,682 TOTAL $ 1,791,719 $ 1,721,422 $ 208,403 $ 208,403 $ 193,091 $ 140,409 52, ,091 NOTE 4 - DONATED MATERIALS AND SERVICES Donated materials, equipment and services are reflected in the accompanying statements only if there is an objective basis to measure the value of these items. At December 31, 2016 and 2015, the organization received donated materials with an estimated fair value of $23,921 and $260,522, respectively. Donated materials, equipment and services are reported in fundraising revenue on the Statement of Activities. NOTE 5 - CONCENTRATIONS OF CREDIT RISK Investments As further described in Note 3, the Organization holds investments in corporate stocks and bonds, government agency bonds and liquid assets. By their nature, those investments contain a concentration of credit risk associated with market fluctuations and the quality of collateral backing them. Accounts Receivable At December 31, 2016 and 2015, the Organization had accounts receivable balances of $4,265,897 and $4, 136, 108, respectively. Almost all the receivables consist of monies due from Medicaid, other governmental programs and agencies and insurance companies in which the Organization does not require collateral. 10
16 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 5 - CONCENTRATIONS OF CREDIT RISK- Continued The Organization maintains a small accounts receivable allowance of $20,000. The allowance is to acknowledge the risk associated with billing to private sources. During the year, the Organization's deposits in financial institutions exceeded the FDIC insured amounts. NOTE 6 - PLEDGES RECEIVABLE Pledges Receivable At December 31, 2016 and 2015, the Organization had net pledges receivable balances of $15,000 and $215,000, respectively. The pledges receivable are related to a Capital Campaign that began in 2008 and ended in Unconditional promises to give at December 31, 2016 include the following: Unconditional promises to give due in: More than five years Net unconditional promises to give $ NOTE 7 - LONG-TERM DEBT At December 31, 2016 and 2015, long-term debt consisted of the following: 2016 Notes payable at various rates of interest ranging from 4.0% to 5.6%, payable in equal monthly. principal and interest installments aggregating $29,301, maturing through Collateral consists of vehicles and buildings. $ 1,733,462 DASNY series 2005 bonds payable at 3.75% due in monthly principal and interest installments of approximately $10,000, maturing through 2019, secured by unrestricted revenues. 70, $ 1,933, ,917 11
17 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 7 - LONG-TERM DEBT - Continued DASNY series 2010 bonds payable at 3.967% due in monthly principal and interest installments of approximately $16,000, maturing through 2025, secured by unrestricted revenues. TCDC Series 2011 bond at 4%. Interest only payments through June 2012, followed by principal and interest payments of $18,556, maturing in Secured by the building. Total Long-Term Debt Less: Current Portion $ 1,250,187 1,890,136 4,944, ,425 $ 4,439,777 $ 1,395,992 2,034,174 5,486, ,394 $ 4,947,183 At December 31, 2016, long-term debt matures as follows: Thereafter $ 504, , , , ,380 2,482,770 $ 4,944,202 Cash paid for interest for the years ended December 31, 2016 and 2015 amounted to $256,4 73 and $293,214, respectively. NOTE 8 - LINE OF CREDIT The Organization's line of credit has a maximum available balance of $1,000,000 at an interest rate of prime minus.5% at December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, the line of credit balance was $0. The line of credit is secured by investment accounts and certain accounts receivable. NOTE 9 - PENSION PLAN The Organization has a defined contribution pension plan, which is available to all eligible employees and is matching after two years of service. Pension expense for the years ended December 31, 2016 and 2015 was $331,477 and $313,002, respectively. 12
18 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 10 - HEALTH REIMBURSMENT ACCOUNT (HRA) Through December 31, 2010, the Organization offered a Health Reimbursement Account (HRA) to all eligible employees. The Organization contributed a fixed amount per eligible employee each year. Contributions to the HRA ended on December 31, 2010, but existing balances were honored only through December 31, Accordingly, there was no accrued liability at December 31, NOTE 11 - RENT AND LEASE COMMITMENTS At December 31, 2016, the Organization had long-term operating rent and lease commitments for equipment and facilities as follows: 2017 $ 508, , , , ,001 $ 2,408,396 Rent and leased equipment expense at December 31, 2016 and 2015 amounted to $575,195 and $581,137, respectively. NOTE 12 - TEMPORARILY AND PERMANENTLY RESTRICTED NET ASSETS Temporarily restricted net assets consist of funds restricted by the Organization's donors for specific purposes. At December 31, 2016 and 2015, the Organization maintained $4,082,3 79 and $4,437,111, respectively, in temporarily restricted net assets. For 2016 (and subsequent years), the Organization has made the following commitments from the temporarily restricted net assets available at December 31, 2016: Program Enhancements and Innovations (201 7 and subsequent years) $ 252,902 $ 268,282 Bond Debt Reserve 298, ,100 Building and Improvements - Net of Time Restrictions 3,516,377 3,655,729 Capital Campaign Pledges 15, ,000 Total Temporarily Restricted Net Assets $ 4,082,379 $ 4,437,111 13
19 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 12 - TEMPORARILY AND PERMANENTLY RESTRICTED NET ASSETS - Continued Permanently restricted net assets consist of funds to be held indefinitely. Income generated from the assets can be used to support the Organization's general activities. At December 31, 2016 and 2015, the Organization maintained $428,217 and $514,021, respectively, in permanently restricted net assets. Donor Restricted Permanent Endowment Beneficial Interest in Trusts Total Permanently Restricted Net Assets 2016 $ 199, ,655 $ 428, $ 194, ,069 $ 514,021 NOTE 13 - LONG-TERM ASSETS At December 31, 2016, long-term assets consisted of the following: Unrestricted Temporarily Restricted Permanently Restricted Long Term AR Investments restricted for long-term purposes-bond debt reserve Beneficial interest in a perpetual trust Total long-term assets $ 44,889 $ 44,889 $ 15, ,100 $ 313,100 $ 228,655 $ 228,655 Amounts Due from Staff The Organization has recorded a long-term receivable to recognize amounts due for employee pay advances. In 2016, the Organization consolidated pay calendars so all staff would be on the same pay cycle. A small group of staff received net pay advances so they wouldn't have to miss a pay when they moved to a new pay calendar. Upon termination, staff has agreed to repay the advance from their last pay. Repayments are expected over the next 10 years. Long-Term Receivable-Beneficial Interest in a Perpetual Trust The Organization is a named beneficiary in a perpetual trust. The Organization receives annual income from the trust, but the principal of the trust will never be distributed. The Organization has recorded its interest in the trust as a permanently restricted asset. The fair value of the Organization's interest is estimated by multiplying the Organization's income sharing percentage 14
20 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 13 - LONG-TERM ASSETS - Continued by the market value of the trust's assets at year-end. Changes in the fair value of the trust are recorded as increases or decreases to permanently restricted net assets. Income distributions are recognized as unrestricted income. During the years ended December and 2015, the Organization received income distributions of $99,765 and $17,908, respectively. Investments Restricted for Long-Term Purposes Bond Debt Reserve The Organization has recorded an investment restricted for long-term purposes to recognize the fair market value of investments in two bond debt reserves. The bond debt reserves were established to satisfy long-term debt service requirements for DASNY bonds used to finance twelve of its Individual Residential Alternatives. NOTE 14 - ENDOWMENT The Organization maintains an endowment - a fund of cash and secunt1es for the express purpose of accumulating principal to generate a permanent source of income for the maintenance of the Organization's ongoing mission. The endowment was established by donors' restriction that the gifts' principal be invested in perpetuity. No donor restrictions have been placed on the investment returns. As required by GAAP, net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. Interpretation of Relevant Law The Board of Trustees of the Organization has interpreted and complied with relevant state law. 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. In accordance with applicable state law and the Organization's investment policy, 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 15
21 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 14 - ENDOWMENT - Continued 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 December 31, 2016: Donor-restricted endowment funds Total Donor - Restricted Endowment Permanently Restricted $ 199,562 $ Changes in Endowment Net Assets as of December 31, 2016 are as Follows: Endowment net assets, beginning of year Contributions Endowment net assets, end of year Permanently Restricted $ 194, $ Total Endowment Net Assets $ 199,562 $ Total Endowment Net Assets $ 194, $ Endowment Funds Deficiencies From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or NYPMIF A requires the organization to retain as a fund of perpetual duration. There were no such deficiencies as of December 31, 2016 or Investment Strategy and Objectives The Organization's endowment assets are commingled in the investment portfolio with the Organization's unrestricted monies. The Organization's investment strategy has been to maintain investments in low risk cash, cash equivalents and government & corporate AAA bonds in amounts greater than the endowed portion of the investment portfolio. The objective of this investment strategy as it relates to the endowment is to preserve the principal of the endowed assets and generate a reasonable and predictable long-term cash flow. Endowment Earnings Spending Policy and How Investment Objectives Relate to Spending Policy The Organization adopted a policy to distribute earnings from the endowment. Management first evaluates the actual return on the endowment to determine the amount available to be distributed. Next, management evaluates requests for expenditures to determine that they meet objectives of the donor. Consistent with donor wishes, earnings from the endowment that are not distributed are released for general purposes. In establishing this policy, the Organization 16
22 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE 15 - FAIR VALUE MEASUREMENTS expects to achieve its objective to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term as well as to provide additional real growth through new gifts and investment return. Accounting Standards Codification (ASC) 820 established a three-tier hierarchy for fair value measurements, which prioritizes the inputs used in measuring fair value as follows. Level 1 - observable inputs such as quoted prices for identical instruments in active markets. Level 2 - inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data. Level 3 - unobservable inputs in which there is little or no market data, which would require the Organization to develop its own assumptions. As of December 31, 2016, the Organization held certain assets and liabilities that were measured at fair value on a recurring basis. The fair value of investments, beneficial interest in a perpetual trust, is obtained from readily available market prices. Assets: Level I: Quoted Prices in Level 2: Active Significant Level 3: Investments Pledges receivable Beneficial interests in trusts Reconciliation of Level 3 amounts: Total $ 2,474,713 15, ,655 Markets of Identical Assets $ 2,474, ,655 Other Significant Observable Unobservable Inputs inputs $ $ 15,000 Pledges receivable, December 31, 2015 Uncollectible Pledges net of Allowance Pledge collections during 2016 Allowance for uncollectible pledges Pledges receivable, December 31, 2016 $ 215,000 ( 200,000) $ 15,000 17
23 NOTES TO FINANCIAL STATEMENTS December 31, 2016 and 2015 NOTE16-SUBSEQUENTEVENTS Management has evaluated subsequent events through April 26, 2017, which is the date the financial statements are available to be issued. There were no subsequent events that required disclosure. 18
24 SCHEDULE OF REVENUE, EXPENSES AND ALLOCATED SUPPORTING SERVICES Year Ended December 31, 2016 Program Allocated and Support Total Fundraising Service Total Change in Net Revenue Expenses Expenses Expenses Assets Children's & Clinical Services $ 6,780,677 $ 6,445,685 $ 727,341 $ 7,173,026 $ (392,349) Residential Services 18,671,555 16,544,267 1,866,881 18,411, ,407 Community Support Services 6,492,792 5,823, ,145 6,480,756 12,036 Counseling for School Success 2,977,662 2,496, ,657 2,777, ,964 Fundraising 531, ,502 22, , ,097 Prior Period Rate Adjustment 108, ,301 Other Revenue 54,520 54,520 Investment Return 40,735 40,735 $ 35,658,240 $ 31,508,106 $ 3,555,424 $ 35,063,530 $ 594,710 Supplemental Schedule 1 is a re-statement of the Statement of Activities to identify the change in net assets after including allocated Support Service expenses. 19
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