EPWORTH. Children & Family Services. Financial Statements with Independent Auditor s Report

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1 EPWORTH Children & Family Services Financial Statements with Independent Auditor s Report DECEMBER 31, 2014

2 TABLE OF CONTENTS Independent Auditor s Report... 1 Page Financial Statements Statements of Financial Position... 3 Statement of Activities... 4 Statements of Cash Flows... 6 Statement of Functional Expenses... 7 Notes to Financial Statements... 9 Supplemental Information 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...23 Independent Auditor s Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by OMB Circular A Schedule of Expenditures of Federal Awards...27 Note to Schedule of Expenditures of Federal Awards...28 Schedule of Findings and Questioned Costs...29

3 Independent Auditor s Report Board of Directors Epworth Children & Family Services, Inc. St. Louis, Missouri Report on the Financial Statements We have audited the accompanying financial statements of Epworth Children & Family Services, Inc. (a nonprofit organization), which comprise the statements of financial position as of December 31, 2014 and 2013, and the related statements of activities, cash flows, and functional expenses 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. 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 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 Organization 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 Organization 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 Epworth Children & Family Services, Inc. as of December 31, 2014 and 2013, 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. Other Matters Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, 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 audits of the basic 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 basic 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. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 3, 2015, on our consideration of Epworth Children & Family Services, Inc. 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 Epworth Children & Family Services, Inc. s internal control over financial reporting and compliance. St. Louis, Missouri April 3, 2015

5 Statements of Financial Position December 31, 2014 and ASSETS Cash and cash equivalents $ 625,766 $ 1,607,840 Investments, at fair value 5,563,681 6,115,143 Accounts receivable, less allowance for doubtful accounts of $45,000 and $70,000 in 2014 and 2013, respectively 1,643,150 1,230,485 Contributions receivable, net 211, ,517 Grants receivable 989,452 1,061,988 Prepaid and other assets 269, ,623 Property and equipment, net 5,126,418 4,711,099 Beneficial interest in trusts, at fair value 2,388,778 2,381,955 TOTAL ASSETS $ 16,817,546 $ 17,561,650 LIABILITIES AND NET ASSETS Liabilities Note payable $ 367,450 $ 382,743 Accounts payable 125, ,182 Accrued expenses 342, ,363 Gift annuity liability - 11,082 Other liabilities 87,320 58,052 Total Liabilities 922,244 1,282,422 Net Assets Unrestricted: Undesignated 4,267,325 4,917,966 Investment in property and equipment 4,758,968 4,328,356 Total Unrestricted 9,026,293 9,246,322 Temporarily restricted 2,734,387 2,859,366 Permanently restricted 4,134,622 4,173,540 Total Net Assets 15,895,302 16,279,228 TOTAL LIABILITIES AND NET ASSETS $ 16,817,546 $ 17,561,650 The accompanying notes are an integral part of these financial statements. -3-

6 Statement of Activities Year ended December 31, 2014 REVENUE AND PUBLIC SUPPORT Revenue: Fees for service 9,896,673 Temporarily Permanently Unrestricted Restricted Restricted Total $ $ - $ - $ 9,896,673 Federal and state grants 1,253, ,253,887 Investment income 210, , ,633 Other Income 133, ,650 Total revenue 11,494, ,381-11,649,843 Public support: Contributions 663, ,834-1,084,204 Special events 1,070,835 5,000-1,075,835 Change in value of beneficial interest in trusts - 45,741 (38,918) 6,823 Legacies, bequests and trusts - 118, ,937 In-kind rent 89, ,600 United Way of Greater St. Louis - 780, ,412 Total public support 1,823,805 1,370,924 (38,918) 3,155,811 Net assets released from restrictions 1,651,284 (1,651,284) - - TOTAL REVENUE AND PUBLIC SUPPORT 14,969,551 (124,979) (38,918) 14,805,654 EXPENSES Program services: Residential treatment 3,750, ,750,705 Supplementary education 2,284, ,284,030 Community services 1,733, ,733,339 Emergency shelter 748, ,797 Foster care 704, ,515 Older youth services 1,556, ,556,753 Family support services 1,005, ,005,909 Prevention services 378, ,902 Total program services 12,162, ,162,950 Supporting services: Management and general 1,845, ,845,239 Fund raising 1,181, ,181,391 Total supporting services 3,026, ,026,630 TOTAL EXPENSES 15,189, ,189,580 CHANGE IN NET ASSETS (220,029) (124,979) (38,918) (383,926) Net assets, beginning of year 9,246,322 2,859,366 4,173,540 16,279,228 Net assets, end of year $ 9,026,293 $ 2,734,387 $ 4,134,622 $ 15,895,302 The accompanying notes are an integral part of these financial statements. -4-

7 Statement of Activities Year ended December 31, 2013 REVENUE AND PUBLIC SUPPORT Revenue: Fees for service 8,962,025 Temporarily Permanently Unrestricted Restricted Restricted Total $ $ - $ - $ 8,962,025 Federal and state grants 1,049, ,049,300 Investment income 447, , ,893 Other Income 85, ,722 Total revenue 10,544, ,187-10,931,940 Public support: Contributions 917, , ,905 1,980,690 Special events 1,168, ,168,794 Change in value of beneficial interest in trusts - 134, , ,343 Legacies, bequests and trusts 383,473 81, ,454 In-kind rent 89, ,600 United Way of Greater St. Louis - 780, ,412 Total public support 2,559,264 1,672, ,320 4,731,293 Net assets released from restrictions 1,983,031 (1,983,031) - - TOTAL REVENUE AND PUBLIC SUPPORT 15,087,048 76, ,320 15,663,233 EXPENSES Program services: Residential treatment 3,571, ,571,237 Supplementary education 2,240, ,240,940 Community services 1,529, ,529,877 Emergency shelter 743, ,879 Foster care 721, ,311 Older youth services 1,275, ,275,294 Family support services 931, ,153 Prevention services 106, ,460 Total program services 11,120, ,120,151 Supporting services: Management and general 1,824, ,824,495 Fund raising 985, ,038 Total supporting services 2,809, ,809,533 TOTAL EXPENSES 13,929, ,929,684 CHANGE IN NET ASSETS BEFORE OTHER ITEMS 1,157,364 76, ,320 1,733,549 Excess PYC assets over liabilities assumed by Epworth Children & Family Services, Inc. (See Note M) 23, , ,450 CHANGE IN NET ASSETS 1,180, , ,320 1,861,999 Net assets, beginning of year 8,065,543 2,677,466 3,674,220 14,417,229 Net assets, end of year $ 9,246,322 $ 2,859,366 $ 4,173,540 $ 16,279,228 The accompanying notes are an integral part of these financial statements. -5-

8 Statements of Cash Flows Years ended December 31, 2014 and Cash flows from operating activities: Change in net assets $ (383,926) $ 1,861,999 Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: Depreciation 593, ,350 Change in allowance for receivables (29,067) 37,005 Change in value of beneficial interest in trusts (6,823) (246,343) Net unrealized (gains) losses on investments 208,705 (501,345) Net realized gain on investments (371,999) (154,018) (Increase) decrease in assets and liabilities: Accounts receivable (387,668) (114,548) Grants and contributions receivable 165,909 (733,585) Prepaids and other assets (116,467) (83,372) Accounts payable (259,073) 272,908 Accrued expenses and other liabilities (74,730) 116,319 Net cash provided by (used in) operating activities (661,260) 1,009,370 Cash flows from investing activities: Purchases of property and equipment (1,009,198) (1,622,675) Proceeds from sales of investments 2,561, ,021 Purchases of investments (1,846,523) (1,263,977) Payments on gift annuity (11,082) (6,640) Net cash used in investing activities (305,521) (2,001,271) Cash flows from financing activities Cash collected on capital campaign pledges - 388,943 Net borrowings of notes payable (15,293) (14,834) Net cash provided by (used in) financing activities (15,293) 374,109 NET DECREASE IN CASH AND CASH EQUIVALENTS (982,074) (617,792) Cash and cash equivalents, beginning of year 1,607,840 2,225,632 Cash and cash equivalents, end of year $ 625,766 $ 1,607,840 Supplemental disclosure: Cash paid during the year for interest $ 11,430 $ 11,992 The accompanying notes are an integral part of these financial statements. -6-

9 Statement of Functional Expenses Year ended December 31, 2014 Program Services Residential Supplementary Community Emergency Foster Older Youth Family Support Prevention Management Fund Total Treatment Education Services Shelter Care Services Services Services Total and General Raising Total Expenses Salaries $ 2,147,413 $ 1,325,797 $ 621,795 $ 461,650 $ 417,115 $ 779,792 $ 675,715 $ 243,881 $ 6,673,158 $ 1,204,864 $ 509,239 $ 1,714,103 $ 8,387,261 Employee benefits and payroll taxes 556, , ,110 95,909 78, , ,810 51,576 1,619, , , ,090 1,991,031 Total salaries and related expenses 2,703,776 1,721, , , , , , ,457 8,293,099 1,448, ,110 2,085,193 10,378,292 Professional fees 159, ,450 38,526 15,864 13,597 41,823 30,309 30, ,530 43, , , ,462 Supplies 30,697 34,833 18,961 10,011 8,239 20,239 18,196 7, ,529 68,119 18,454 86, ,102 Food service 158, , ,464 1, ,570 33,356 6,091 39, ,017 Telephone 30,023 19,211 24,844 9,321 12,635 26,330 8,538 3, ,972 9,389 5,467 14, ,828 Utilities 51,594 47,625 23,812 19,844 15,837 11,906 5,953 3, ,540 17,859 3,969 21, ,368 Postage, printing and publications 5,219 3,228 3,049 1,256 1,076 2,690 1, , , , ,749 Repairs and maintenance 58,823 54,298 27,149 22,624 13,574 13,574 6,787 4, ,354 20,362 4,525 24, ,241 Training, travel, meetings and Supporting Services memberships 23,648 16,331 45,806 9,792 34,969 39,010 50,277 10, , ,474 14, ,302 Automobile expenses 11,433 8,689 7,774 3,201 2,744 6,860 3,659 1,129 45, ,946 Client assistance 72,459 1, ,650 9,622 60, ,875 13,427 5,481 1,104, ,104,855 Insurance 31,461 22,652 21,394 8,809 7,551 18,877 10,068 2, ,329 1,258 1,258 2, ,845 Interest ,715 5, , ,430 Bad debt 44,451 32,484 29,064 11,968 10,258 25,645 13,677 3, , ,966 Rent 92,467 37,886 15,702 8,146 19,721 34,339 9,894 4, , , ,110 Miscellaneous 3,705 1,792 1, ,063 1, ,238 66,422 15,528 81,950 93,188 - Total expenses before depreciation 3,477,991 2,271,414 1,682, , ,515 1,465, , ,382 11,703,614 1,710,696 1,181,391 2,892,087 14,595,701 Depreciation 272,714 12,616 51,197 13,962-91,526 11,801 5, , , , ,879 Total expenses $ 3,750,705 $ 2,284,030 $ 1,733,339 $ 748,797 $ 704,515 $ 1,556,753 $ 1,005,909 $ 378,902 $ 12,162,950 $ 1,845,239 $ 1,181,391 $ 3,026,630 $ 15,189,580 The accompanying notes are an integral part of these financial statements. -7-

10 Statement of Functional Expenses Year ended December 31, 2013 Residential Supplementary Community Emergency Foster Older Youth Family Support Prevention Management Fund Total Treatment Education Services Shelter Care Services Services Services Total and General Raising Total Expenses Salaries $ 2,090,287 $ 1,400,052 $ 589,734 $ 472,490 $ 431,367 $ 658,718 $ 655,109 $ 79,051 $ 6,376,808 $ 1,088,904 $ 461,764 $ 1,550,668 $ 7,927,476 Employee benefits and payroll taxes 477, , , ,388 84, , ,911 7,061 1,426, ,692 89, ,212 1,669,230 Total salaries and related expenses 2,567,778 1,714, , , , , ,020 86,112 7,802,826 1,242, ,284 1,793,880 9,596,706 Professional fees 119, , ,442 10,958 14,101 1, , , , , ,448 Supplies 30,359 35,739 14,013 13,831 9,900 12,248 9, ,200 54,439 4,473 58, ,112 Food service 158, , , ,036 36,977 4,787 41, ,800 Telephone 24,990 19,786 19,973 8,879 11,917 21,683 10,792 3, ,103-3,440 3, ,543 Utilities 43,471 43,471 21,736 18,113 24,771 18,113 1, ,486 14,490 3,623 18, ,599 Postage, printing and publications 10,330 28,778 5,736 2,496 2,233 5,800 3, , , , ,918 Repairs and maintenance 41,804 41,804 20,902 17,418 15,677 17,418 1, ,380 42,033 3,484 45, ,897 Training, travel, meetings and Program Services Supporting Services memberships 16,188 18,373 27,362 7,002 31,902 26,603 43,044 2, ,752-8,095 8, ,847 Automobile expense 11,909 11,909 5,955 4,962 4,466 4, ,659 3, ,962 49,621 Client assistance 84,192 2, ,864 11,999 43, ,892 14,175 8,405 1,025, ,025,513 Insurance 27,052 23,806 17,313 7,574 6,492 17,313 8, , ,207 Interest ,996 5, , ,992 Bad debt ,149-74,149 74,149 Rent 89,087 38,343 12,923 6,323 37,688 60,668 11,412 2, , ,736 Miscellaneous 2,522 1, , ,319 64,907 8,020 72,927 81,246 Total expenses before depreciation 3,227,213 2,220,052 1,478, , ,972 1,270, , ,460 10,671,602 1,718, ,038 2,703,732 13,375,334 Depreciation 344,024 20,888 51,816 15, ,810 11, , , , ,350 Total expenses $ 3,571,237 $ 2,240,940 $ 1,529,877 $ 743,879 $ 721,311 $ 1,275,294 $ 931,153 $ 106,460 $ 11,120,151 $ 1,824,495 $ 985,038 $ 2,809,533 $ 13,929,684 The accompanying notes are an integral part of these financial statements. -8-

11 Notes to Financial Statements December 31, 2014 Note A - Operations and Summary of Significant Accounting Policies Operations Epworth Children & Family Services, Inc. ( Epworth or the Organization ) is a not-forprofit charitable corporation that provides a wide array of services to children, youth and families in need, strengthening the capacity of each to thrive in society. For more than 145 years, Epworth has provided the community with essential youth development services that have helped thousands of children overcome severe emotional and behavioral challenges. Epworth s innovative, holistic, and comprehensive treatment approach helps youth focus on solutions, build on inherent strengths and communicate more effectively. Over 7,000 youth and families turn to Epworth for foster care, emergency shelter, residential treatment, transitional living services, educational day treatment services, family support services and prevention services each year. Epworth s revenue and support are derived primarily from state and federal agencies, and public contributions. In addition, Epworth is a member in Children s Permanency Partnership, LLC, a for-profit LLC, which provides foster care case management services to youth in the custody of the State of Missouri. On June 1, 2013, Epworth acquired Progressive Youth Connection, a Missouri not-forprofit corporation, whose mission is to teach children the skills they need to keep themselves safe, make positive decisions, turn away from violence, and grow into healthy, productive adults. Financial Statements Presentation The following is a description of the three classes of net assets of the Organization: Unrestricted Net Assets represent those net assets whose use is not restricted by donors. Temporarily Restricted Net Assets represent those net assets whose use has been limited by donor-imposed stipulations that either expire by passage of time or can be fulfilled and removed by actions of the Organization pursuant to those stipulations. Permanently Restricted Net Assets represent those net assets whose use has been limited by donor-imposed stipulations requiring principal to be maintained in perpetuity, while the income earned on the principal is expendable on general operating expenses, unless otherwise restricted by the donor. -9-

12 Notes to Financial Statements - Continued December 31, 2014 Note A - Operations and Summary of Significant Accounting Policies (Continued) Basis of Accounting The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Cash and Cash Equivalents For purposes of the statement of cash flows, the Organization considers all highly liquid financial instruments, excluding cash held in the investment accounts, with a maturity as of the financial statement date of three months or less to be cash equivalents. The Organization maintains cash balances at various major domestic financial institutions in amounts that at times may exceed federally insured limits. Accounts and Grants Receivable Accounts and grants receivable are fees for services and grants which are stated at the amount management expects to collect from outstanding balances. Invoices are considered past due once they are outstanding over 30 days. Management provides for probable uncollectible amounts through a charge against earnings and a corresponding increase in a valuation allowance based on its assessment of the current status of individual accounts. Balances still outstanding after management has used reasonable collection efforts are written off through a reduction in the valuation allowance and the receivable. Investments Investments are stated at fair value. Investment income is recognized when earned. Property and Equipment Property and equipment is recorded at cost or, if received by gift or bequest, at the market value at the date of donation. If the donors stipulate how long the assets must be used, the contributions are recorded as restricted support. In absence of such stipulations, contributions of property and equipment are reported as unrestricted support. In 2014 and 2013, the Organization did not have any contributions of property and equipment considered restricted support. -10-

13 Notes to Financial Statements - Continued December 31, 2014 Note A - Operations and Summary of Significant Accounting Policies (Continued) Depreciation is recorded on the straight-line basis over the estimated useful lives of the assets as follows: buildings and improvements, five to 30 years; furniture and equipment, three to 15 years; automobiles, five years; and computers and software, three to five years. Expenditures for major renewals and improvements, which increase the useful lives of respective assets, are capitalized. Maintenance and repairs are expensed as incurred. Impairment of Long Lived Assets Long lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and the carrying value of the asset. For the years ended December 31, 2014 and 2013, management determined that no impairment loss needs to be recognized. Gift Annuity Liability The Organization had one charitable gift annuity which was an arrangement between a donor and the Organization whereby the donor contributed assets to the Organization in exchange for a promise to pay a fixed amount for a specified period of time to the donor. The gift annuity liability represented the present value of the future payments due the donor. The gift annuity liability was $11,082 at December 31, 2013 and was eliminated in 2014 due to the donor s death. Other Liabilities Other liabilities primarily consist of a direct subsidy received by the Organization from an Affordable Housing Program Agreement for Rental Project ( Agreement ) with a bank. The direct subsidy has an initial 15-year retention period through December The Organization shall repay the bank all or a portion of the subsidy including interest, if the subsidy is not used in compliance with the terms of the Agreement, unless such non-compliance is cured within a reasonable period of time, as determined by the bank. Contributions The Organization recognizes contributions as revenue when an unconditional promise is made. All contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily or permanently restricted support that increase those net asset classes. -11-

14 Notes to Financial Statements - Continued December 31, 2014 Note A - Operations and Summary of Significant Accounting Policies (Continued) In addition to receiving cash contributions, the Organization receives in-kind contributions of rental space and other items from donors. It is the Organization s policy to record the estimated fair value of certain in-kind donations as an expense in its financial statements and similarly increase in contribution revenue by a like amount. The Organization records those donations if their value is readily ascertainable and if the services performed require expertise. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Tax Status The Organization constitutes a qualified not-for-profit organization under Section 501(c)(3) of the Internal Revenue Code and is, therefore, exempt from federal income taxes. The Organization has addressed the provisions of Financial Accounting Standards Board ( FASB ) Accounting Standards Codification ( ASC ) 740, Accounting for Income Taxes. In that regard, the Organization has evaluated its tax positions, expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings and believes that no provision for income taxes is necessary, at this time, to cover any uncertain tax positions. Epworth s federal Form 990 for tax years 2011 and later remain subject to examination by taxing authorities. Reclassifications Certain reclassifications have been made to the 2013 financial statements to conform to the 2014 presentation. -12-

15 Notes to Financial Statements - Continued December 31, 2014 Note B - Investment Income Investment income consists of the following: Interest and dividend income $ 123,895 $ 112,688 Net realized gains on investments 371, ,018 Net unrealized gains (losses) on investments (208,705) 501,345 Other 78,444 66,842 Note C - Contributions Receivable At December 31, 2014 and 2013, contributions receivable were as follows: $ 365,633 $ 834, Total contributions receivable $ 231,211 $ 336,450 Allowance for uncollectibles (20,000) (35,933) $ 211,211 $ 300,517 Substantially all contributions receivable are expected to be collected within one year. Note D - Beneficial Interest in Trusts The Organization is a named beneficiary of irrevocable deferred gifts. These amounts are held by third-party trustees and are included in temporarily or permanently restricted net assets by the Organization. At December 31, 2014 and 2013, these assets, including investments and real estate, were valued at $2,388,778 and $2,381,955, respectively. -13-

16 Notes to Financial Statements - Continued December 31, 2014 Note E - Property and Equipment Property and equipment at December 31, 2014 and 2013 are comprised of the following: Land, buildings and improvements $ 9,980,142 $ 8,014,072 Furniture and equipment 1,053,582 1,006,404 Computers and software 636, ,891 Automobiles 277, ,590 Construction in progress - 1,324,474 11,948,587 11,248,431 Less: accumulated depreciation (6,822,169) (6,537,332) $ 5,126,418 $ 4,711,099 The Organization leases a major portion of its land at no cost from the Women s Division of the United Methodist Church, a related party. In the event the Organization resolves to vacate this leased property, the Women s Division, at its option, shall either sell the leased property and invest the proceeds in a new site for the Organization under similar lease terms or reimburse the Organization for the fair value of the buildings and the improvements it made on the leased property. For the years ended December 31, 2014 and 2013, Epworth has recorded an estimated fair value for this lease of $89,600 as both inkind contribution income and rent expense. Note F - Defined Contribution Plan The Organization has a 401(k) plan where eligible employees can contribute a percentage of their annual compensation not to exceed federal limits. The Organization did not make a contribution to the 401(k) plan during 2014 and

17 Notes to Financial Statements - Continued December 31, 2014 Note G - Note Payable Note payable at December 31, 2014 and 2013 consist of the following: Note payable to bank due in monthly installments of $2,227 including annual interest at 3% through October 12, 2017, at which time a final payment of $323,744 is due. Note is collateralized by the building at 7520 Natural Bridge Rd. $ 367,450 $ 382,743 Maturities of notes payable debt are as follows: December 31, Amount 2015 $ 15, , ,443 $ 367,450 Note H - Fair Value Measurements of Assets and Liabilities The Organization follows FASB ASC , Fair Value Measurements and Disclosures. FASB ASC establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: -15-

18 Notes to Financial Statements - Continued December 31, 2014 Note H - Fair Value Measurements of Assets and Liabilities (Continued) Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in active markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis and recognized in the accompanying combined statements of financial position, as well as the general classification of such instruments pursuant to the valuation hierarchy. Common stocks, corporate bonds and U.S. government securities: Valued at the closing price reported on the active market on which the individual securities are traded. Mutual Fund: Valued at the net assets value (NAV) of shares held at year end. Beneficial interests in trusts are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Management determines the fair value measurement valuation policies and procedures, which are subject to Board assessment and approval. At least annually, management determines if the current valuation techniques used in fair value measurements are still appropriate. The Organization recognizes transfers between levels in the fair value hierarchy at the end of the reporting period. There were no transfers between levels for the years ending December 31, 2014 and

19 Notes to Financial Statements - Continued December 31, 2014 Note H - Fair Value Measurements of Assets and Liabilities (Continued) The following table presents the fair value measurements of investments recognized in the accompanying statement of financial position measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at December 31, 2014: Description Level 1 Level 2 Level 3 Balance 12/31/2014 Investments: Money market funds $ 204,488 $ - $ - $ 204,488 Domestic exchange funds 157, ,477 Domestic mutual funds 1,813, ,813,664 International exchange funds 92, ,701 International mutual funds 1,221, ,221,306 Credit funds 237, ,573 Diversified taxable mutual funds 1,735, ,735,226 Taxable high yield funds 51, ,917 Domestic preferred stock 10, ,846 Emerging markets 26, ,637 Tax Exempt High-Yield Funds 8, ,556 Other 3, ,290 Total - Investments $ 5,563,681 $ - $ - $ 5,563,681 Beneficial interest in trusts $ - $ - $ 2,388,778 $ 2,388,

20 Notes to Financial Statements - Continued December 31, 2014 Note H - Fair Value Measurements of Assets and Liabilities (Continued) The following table presents the fair value measurements of investments recognized in the accompanying statement of financial position measured at fair value on a recurring basis and the level within the FASB ASC fair value hierarchy in which the fair value measurements fall at December 31, 2013: Description Level 1 Level 2 Level 3 Balance 12/31/2013 Investments: Money market funds $ 207,738 $ - $ - $ 207,738 Domestic exchange funds 559, ,325 Domestic mutual funds 1,995, ,995,845 International exchange funds 80, ,294 International mutual funds 1,162, ,162,053 Credit funds 99, ,970 Diversified taxable mutual funds 1,905, ,905,000 Taxable high yield funds 35, ,217 Domestic preferred stock 32, ,778 Emerging markets 33, ,781 Tax Exempt High-Yield Funds Other 3, ,142 Total - Investments $ 6,115,143 $ - $ - $ 6,115,143 Beneficial interest in trusts $ - $ - $ 2,381,955 $ 2,381,955 Beneficial interests in trusts are measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The following is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013: Beginning balance $ 2,381,955 $ 2,135,612 Increase (decrease) in fair value 6, ,343 Ending balance $ 2,388,778 $ 2,381,

21 Notes to Financial Statements - Continued December 31, 2014 Note I - Endowment Funds The Organization follows the Uniform Prudent Management of Institutional Funds Act (UPMIFA). The Organization s endowment consists only of donor-designated funds; there were no board designated endowment funds during 2014 and The named endowment funds are for general operating purposes except for the Odom funds, the earnings of which are restricted for building maintenance and improvements. The Board of Directors has interpreted state law as requiring the preservation of the fair value of the original gift as of the date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. Therefore, 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 fund; and 3) 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 Board of Directors adopted a spending rate of 5% per year based on the market value at the end of the previous calendar year for the endowment funds. Temporarily Permanently 2014 Unrestricted Restricted Restricted Total Endowment Net Assets, Beginning of Year $ - $1,643,671 $4,173,540 $5,817,211 Gifts added to principal Investment return - 155, ,381 Change in value of perpetual trusts - 45,741 (38,918) 6,823 Amounts released for expenditure - (174,871) - (174,871) Endowment Net Assets, End of Year $ - $1,669,922 $4,134,622 $5,804,

22 Notes to Financial Statements - Continued December 31, 2014 Note I - Endowment Funds (Continued) Temporarily Permanently 2013 Unrestricted Restricted Restricted Total Endowment Net Assets, Beginning of Year $ - $1,257,098 $3,674,220 $4,931,318 Gifts added to principal , ,905 Investment return - 387, ,187 Change in value of perpetual trusts - 134, , ,343 Amounts released for expenditure - (135,542) - (135,542) Endowment Net Assets, End of Year $ - $1,643,671 $4,173,540 $5,817,211 Note J - Temporarily Restricted Net Assets The Organization s temporarily restricted net assets as of December 31, 2014 and 2013 are available for the following purposes or periods: Subsequent years operating expenses $ 688,183 $ 679,851 Capital improvements 235, ,579 Beneficial interests in trust 905, ,022 Older youth services projects 120, ,502 United Way support 780, ,412 Other 5,000 10,000 $ 2,734,387 $ 2,859,366 Net assets released: Satisfaction of program restrictions $ 1,021,946 $ 982,030 Expiration of time restrictions 629,338 1,001,001 $ 1,651,284 $ 1,983,

23 Notes to Financial Statements - Continued December 31, 2014 Note K - Permanently Restricted Net Assets Note L - Leases The Organization s permanently restricted net assets as of December 31, 2014 and 2013 are comprised as follows: Gambrill funds $ 250,000 $ 250,000 Adams funds 102, ,288 Hart funds 232, ,611 Odom funds 1,620,565 1,620,565 Beneficial interest in trusts 1,483,015 1,521,933 Other 446, ,143 $ 4,134,622 $ 4,173,540 The Organization leases equipment under operating leases expiring at various dates through Rental expense was $134,511 and $171,484 for the years ended December 31, 2014 and 2013, respectively. Future minimum lease payments as of December 31, 2014 are as follows: Years ending December 31, Amount 2015 $ 53, , , , ,482 Note M - Business Combination On June 1, 2013, the Organization acquired Progressive Youth Connection ( PYC ), a Missouri nonprofit corporation that focuses on violence prevention. This acquisition was accomplished by a contribution of the net assets of PYC to the Organization. -21-

24 Notes to Financial Statements - Continued December 31, 2014 Note M - Business Combination (Continued) The assets and liabilities of Progressive Youth Connection at the date of the acquisition agreement were: Note N - Concentrations Cash and cash equivalents $ 5,730 Accounts receivable 20,000 Pledge receivable 105,035 Prepaid expenses 615 Property and equipment, net 2,630 Liabilities (5,560) Contribution $ 128,450 For the years ended December 31, 2014 and 2013, approximately 27.9% and 18.6%, respectively, of the Organization s revenue and public support is provided by one local government agency. Note O - Subsequent Event The Organization evaluated all subsequent events through April 3, 2015, the date the financial statements were available to be issued. In February 2015, Epworth announced a plan to discontinue its Supplemental Education Program at the end of the school year due to anticipated significant declining enrollment for the upcoming school year. The plan also calls for consolidation of the Residential Treatment program facilities and a reduction in available beds to youth starting in summer The reductions in the Residential Treatment program were driven by a decrease in occupancy rates and changes in treatment models. -22-

25 Supplemental Information

26 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 Board of Directors Epworth Children & Family Services, Inc. St. Louis, Missouri We have audited, in accordance with the 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, the financial statements of Epworth Children & Family Services, Inc., which comprise the statement of financial position as of December 31, 2014, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated April 3, Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Epworth Children & Family Services, Inc. s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Epworth Children & Family Services, Inc. s internal control. Accordingly, we do not express an opinion on the effectiveness of Epworth Children & Family Services, Inc. s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of the internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

27 Compliance and Other Matters As part of obtaining reasonable assurance about whether Epworth Children & Family Services, Inc. s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the organization s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the organization s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. St. Louis, Missouri April 3, 2015

28 Independent Auditor s Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by OMB Circular A-133 Board of Directors Epworth Children & Family Services, Inc. St. Louis, Missouri Report on Compliance for Each Major Federal Program We have audited Epworth Children & Family Services, Inc. s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on each of Epworth Children & Family Services, Inc. s major federal programs for the year ended December 31, Epworth Children & Family Services, Inc. s major federal programs are identified in the summary of auditor s results section of the accompanying schedule of findings and questioned costs. Management s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs. Auditor s Responsibility Our responsibility is to express an opinion on compliance for each of Epworth Children & Family Services, Inc. s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about Epworth Children & Family Services, Inc. s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of Epworth Children & Family Services, Inc. s compliance. Opinion on Each Major Federal Program In our opinion, Epworth Children & Family Services, Inc. complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended December 31, 2014.

29 Report on Internal Control Over Compliance Management of Epworth Children & Family Services, Inc. is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered Epworth Children & Family Services, Inc. s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of Epworth Children & Family Services, Inc. s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, we identified certain deficiencies in internal control over compliance, as described in the accompanying schedule of findings and questioned costs as items , that we consider to be a significant deficiency. Epworth Children & Family Services, Inc. s response to the internal control over compliance findings identified in our audit is described in the accompanying schedule of findings and questioned costs. The Organization s response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other purpose. St. Louis, Missouri April 3, 2015

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