NATIONAL MULTIPLE SCLEROSIS SOCIETY, UPSTATE NEW YORK CHAPTER, INC.
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1 NATIONAL MULTIPLE SCLEROSIS SOCIETY, UPSTATE NEW YORK CHAPTER, INC. Financial Statements as of September 30, 2016 and 2015 Together with Independent Auditor s Report
2 INDEPENDENT AUDITOR S REPORT December 22, 2016 To the Board of Directors of National Multiple Sclerosis Society, Upstate New York Chapter, Inc.: We have audited the accompanying financial statements of National Multiple Sclerosis Society, Upstate New York Chapter, Inc. (a New York not-for-profit corporation), which comprise the statements of financial position as of September 30, 2016 and 2015, and the related 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 financial statements in accordance with accounting principles generally accepted in the United States; 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. 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. 171 Sully s Trail, Suite 201 Pittsford, New York p (585) f (585) Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of National Multiple Sclerosis Society, Upstate New York Chapter, Inc. as of September 30, 2016 and 2015, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States. ALBANY BATAVIA BUFFALO EAST AURORA GENEVA NYC ROCHESTER RUTLAND, VT SYRACUSE UTICA
3 NATIONAL MULTIPLE SCLEROSIS SOCIETY, UPSTATE NEW YORK CHAPTER, INC. STATEMENTS OF FINANCIAL POSITION SEPTEMBER 30, 2016 AND ASSETS CURRENT ASSETS: Cash and cash equivalents $ 144,036 $ 103,779 Contributions receivable 152, ,044 Due from other Chapters 3,993 16,644 Prepaid expenses and other assets 27,204 20,182 Total current assets 327, ,649 NONCURRENT ASSETS: Interest in National Multiple Sclerosis Society's pooled investment fund 920,007 1,138,075 Furniture, fixtures, and equipment, at cost, net of accumulated depreciation 3,737 5,729 Due from home office - charitable remainder trusts 6,791 13,003 Beneficial interest in trust managed by third-party 150, ,000 Total noncurrent assets 1,080,535 1,306,807 Total assets $ 1,408,021 $ 1,648,456 LIABILITIES AND NET ASSETS CURRENT LIABILITIES: Due to home office $ 125,000 $ 1,958 Accounts payable and accrued expenses 124, ,691 Deferred revenue 93,572 75,864 Funds held for others - 11,913 Total current liabilities 343, ,426 NET ASSETS: Unrestricted (6,834) 307,928 Temporarily restricted 154, ,458 Permanently restricted 916, ,644 Total net assets 1,064,576 1,382,030 Total liabilities and net assets $ 1,408,021 $ 1,648,456 The accompanying notes are an integral part of these statements. 1
4 NATIONAL MULTIPLE SCLEROSIS SOCIETY, UPSTATE NEW YORK CHAPTER, INC. STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEARS ENDED SEPTEMBER 30, 2016 AND Temporarily Permanently Temporarily Permanently Unrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total PUBLIC SUPPORT: Received directly - Special events (includes in-kind donations of $128,071 in 2016 and $162,476 in 2015) $ 2,097,901 $ - $ - $ 2,097,901 $ 2,167,478 $ - $ - $ 2,167,478 Less: Benefit to donor costs (218,847) - - (218,847) (208,222) - - (208,222) Net received from special events 1,879, ,879,054 1,959, ,959,256 Contributions (includes in-kind donations of $0 in 2016 and $1,000 in 2015) 455,923 12, , ,444 11, ,837 Legacies 79, , , ,682 Total received directly 2,414,304 12,262-2,426,566 2,677,382 11,393-2,688,775 Received indirectly - United Way - 178, , , ,837 Total received indirectly - 178, , , ,837 Total public support 2,414, ,104-2,605,408 2,677, ,230-2,870,612 OTHER REVENUE (LOSS): Investment income (loss), net 78, ,134 (60,965) - - (60,965) Service program fees , ,111 Miscellaneous income 75, ,000 6, ,827 Total other revenue (loss) 154, ,049 (53,027) - - (53,027) NET ASSETS RELEASED FROM RESTRICTIONS: United Way 176,191 (176,191) ,102 (193,102) - - Donations for program and local chapter use 17,605 (17,605) ,096 (75,096) - - Total revenue 2,762,149 (2,692) - 2,759,457 2,892,553 (74,968) - 2,817,585 EXPENSES: Program services - Research 687, , , ,864 Client programs 694, , , ,143 Community programs 247, , , ,178 Professional education and training 72, ,312 71, ,930 Public education 637, , , ,551 Total program services 2,339, ,339,274 2,374, ,374,666 Supporting services - Fund raising 573, , , ,981 Management and general 164, , , ,388 Total supporting services 737, , , ,369 Total expenses 3,076, ,076,911 3,204, ,204,035 CHANGES IN NET ASSETS (314,762) (2,692) - (317,454) (311,482) (74,968) - (386,450) NET ASSETS - beginning of year 307, , ,644 1,382, , , ,644 1,768,480 NET ASSETS - end of the year $ (6,834) $ 154,766 $ 916,644 $ 1,064,576 $ 307,928 $ 157,458 $ 916,644 $ 1,382,030 The accompanying notes are an integral part of these statements. 2
5 NATIONAL MULTIPLE SCLEROSIS SOCIETY, UPSTATE NEW YORK CHAPTER, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED SEPTEMBER 30, 2016 Program Activities Supporting Services Professional Management Total Client Community Education Public and Programs Benefit to Grand Research Programs Programs and Training Education Total Fund Raising General and Support Donor Costs Total Salaries $ - $ 304,650 $ 116,675 $ 19,446 $ 275,019 $ 715,790 $ 167,604 $ 42,595 $ 925,989 $ - $ 925,989 Employee benefits - 17,188 6,582 1,097 15,516 40,383 9,456 2,403 52,242-52,242 Payroll taxes - 24,734 9,473 1,579 22,328 58,114 13,608 3,458 75,180-75,180 Total salaries and related expenses - 346, ,730 22, , , ,668 48,456 1,053,411-1,053,411 Printing - 10, ,967 24,110 53, ,723-77,723 Postage and shipping - 8, ,414 19,465 20, ,440-40,440 Telephone - 2, ,869 4,864 1, ,292-6,292 Supplies - 3,961 (210) 110 1,584 5,445 1, ,570 14,379 21,949 Dues and memberships , ,459-2,459 Professional and other contract service fees - 31,984 7,445 1,338 19,517 60, ,741 4, , ,828 Donated public service announcements ,020-64,020-64,020 Travel - 13,666 7, ,591 26,309 36, ,370 85, ,909 Meetings - 13, ,261 1, ,678 5,225 20,903 Occupancy - 60,904 19,476 3,246 45, ,534 27,978 7, ,622 32, ,126 Furniture and equipment - 6,017 2, ,432 14,473 3, ,624-18,624 Direct financial assistance - 61, , ,077-61,077 Awards and prizes ,176 58,430 59,606 Miscellaneous expense - 1, ,361 4,078 45, ,289 22,770 72,059 Depreciation - 1, ,374 3, ,626-4,626 Total expenses before Chapter support of Society initiatives - 563, ,928 28, ,413 1,183, ,315 64,539 1,796, ,847 2,015,052 Chapter support of Society initiatives 687, ,213 74,979 43, ,688 1,155,923 24,993 99,790 1,280,706-1,280,706 Total expenses $ 687,305 $ 694,649 $ 247,907 $ 72,312 $ 637,101 $ 2,339,274 $ 573,308 $ 164,329 $ 3,076,911 $ 218,847 3,295,758 Less: Direct benefit to donor costs (218,847) Total expenses as reported on the statement of activities $ 3,076,911 The accompanying notes are an integral part of these statements. 3
6 NATIONAL MULTIPLE SCLEROSIS SOCIETY, UPSTATE NEW YORK CHAPTER, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED SEPTEMBER 30, 2015 Program Activities Supporting Services Professional Management Total Client Community Education Public and Programs Benefit to Grand Research Programs Programs and Training Education Total Fund Raising General and Support Donor Costs Total Salaries $ - $ 313,283 $ 135,114 $ 25,855 $ 315,339 $ 789,591 $ 221,873 $ 70,316 $ 1,081,780 $ - $ 1,081,780 Employee benefits - 26,533 11,443 2,190 26,707 66,873 18,791 5,955 91,619-91,619 Payroll taxes - 27,281 11,766 2,251 27,460 68,758 19,321 6,123 94,202-94,202 Total salaries and related expenses - 367, ,323 30, , , ,985 82,394 1,267,601-1,267,601 Printing - 12, ,104 25,674 45, ,438-71,438 Postage and shipping - 4, ,711 11,014 28, ,788-39,788 Telephone - 4,831 2, ,863 12,176 4,231 1,084 17,491-17,491 Supplies - 6, ,871 8,975 4, ,080 19,007 33,087 Dues and memberships - 1, ,175 1, ,719-3,719 Professional and other contract service fees - 20,830 4, ,803 35,637 86,155 2, , ,198 Donated public service announcements , , ,050 Travel - 20,530 6, ,069 32,300 31,200 1,186 64,686 68, ,827 Meetings - 16, ,390 3, ,896 7,598 28,494 Occupancy - 47,495 19,340 3,701 45, ,673 31,759 10, ,497 33, ,766 Furniture and equipment - 5,264 2, ,117 12,994 3,601 1,141 17,736-17,736 Direct financial assistance - 78, , ,835-78,835 Awards and prizes ,273 57,843 Miscellaneous expense - 2, ,957 5,776 42, ,163 22,934 72,097 Depreciation - 2, ,278 5,704 1, ,815-7,815 Total expenses before Chapter support of Society initiatives - 590, ,154 37, ,457 1,289, , ,364 2,043, ,222 2,251,785 Chapter support of Society initiatives 649, ,245 58,024 34, ,094 1,085,041 17,407 58,024 1,160,472-1,160,472 Total expenses $ 649,864 $ 701,143 $ 254,178 $ 71,930 $ 697,551 $ 2,374,666 $ 670,981 $ 158,388 $ 3,204,035 $ 208,222 $ 3,412,257 Less: Direct benefit to donor costs (208,222) Total expenses as reported on the statement of activities $ 3,204,035 The accompanying notes are an integral part of these statements. 4
7 NATIONAL MULTIPLE SCLEROSIS SOCIETY, UPSTATE NEW YORK CHAPTER, INC. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2016 AND CASH FLOW FROM OPERATING ACTIVITIES: Change in net assets $ (317,454) $ (386,450) Adjustments to reconcile change in net assets to to net cash flow from operating activities: Net investment loss (gain) (52,938) 89,314 Depreciation 4,626 7,815 Change in due from home office - charitable remainder trusts 6,212 12,519 Forgiveness of loan from home office (75,000) - Changes in: Contributions receivable 48,791 44,890 Contributions receivable - due from home office - 5,600 Due from other chapters 12,651 (7,213) Prepaid expenses and other assets (7,022) 3,864 Due to home office (1,958) (10,544) Accounts payable and accrued expenses (51,818) (60,344) Deferred revenue 17,708 6,044 Funds held for others (11,913) (7,907) Net cash flow from operating activities (428,115) (302,412) CASH FLOW FROM INVESTING ACTIVITIES: Purchases of investments (34,192) (2,513,484) Proceeds from sale of investments 305,198 1,286,095 Proceeds from sale of officer life insurance policies - 94,434 Purchases of furniture, fixtures, and equipment (2,634) (2,135) Net cash flow from investing activities 268,372 (1,135,090) CASH FLOW FROM INVESTING ACTIVITIES: Proceeds from loan from home office 200,000 - Net cash flow from financing activities 200,000 - CHANGE IN CASH AND CASH EQUIVALENTS 40,257 (1,437,502) CASH AND CASH EQUIVALENTS - beginning of year 103,779 1,541,281 CASH AND CASH EQUIVALENTS - end of year $ 144,036 $ 103,779 The accompanying notes are an integral part of these statements. 5
8 NATIONAL MULTIPLE SCLEROSIS SOCIETY, UPSTATE NEW YORK CHAPTER, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2016 AND THE CHAPTER The National Multiple Sclerosis Society (the Society ) is a not-for-profit voluntary health and welfare agency that mobilizes people and resources so that everyone affected by multiple sclerosis (MS) can live their best lives as we stop MS in its tracks, restore what has been lost, and end MS forever. The Upstate New York Chapter (the Chapter ) raises funds across upstate New York. The Society has offices across the country and is governed by a national board of directors and local boards of directors. The Society s mission is fulfilled through funding cutting-edge research, driving change through advocacy, facilitating professional education, collaborating with MS organizations around the world, and providing services designed to help people with MS and their families move their lives forward. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Financial Reporting In order to ensure observance of limitations and restrictions placed on the use of the resources available to the Chapter, the accounts of the Chapter are maintained in accordance with the principles of fund accounting. This is the procedure by which resources for various purposes are classified for accounting and reporting purposes into funds that are in accordance with specific activities and objectives. In the accompanying financial statements, funds that have similar characteristics have been combined into three net asset categories: unrestricted, temporarily restricted, and permanently restricted. Unrestricted Net Assets Unrestricted net assets represent funds which are fully available, at the discretion of management and the Board of Directors, for the Chapter to utilize in any of its program or supporting services. In addition, they include the Chapter s net investment in equipment and other resources designated by the Board for specific purposes. Temporarily Restricted Net Assets Temporarily restricted net assets are comprised of funds which are restricted by donors for specific purposes, as well as unrestricted investment earnings on permanently restricted endowment funds not yet appropriated for expenditure by the Chapter s Board of Directors. Donor restrictions are satisfied either by the passage of time or by actions of the Chapter. The Chapter s policy is to record all contribution revenue as unrestricted, if the restriction is met in the year in which the revenue is earned. Permanently Restricted Net Assets Permanently restricted net assets include resources with permanent donor-imposed restrictions which require the assets to be maintained in perpetuity, but permit the Chapter to expend all or part of the income derived from the donated assets. 6
9 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Financial Reporting (Continued) When both restricted and unrestricted resources are available for use, it is the Chapter s policy to use restricted resources first, then unrestricted resources as they are needed. Cash and Cash Equivalents Cash and cash equivalents include bank demand deposit accounts and money market accounts. At times, the balances in the Chapter s bank accounts may exceed federally insured limits. However, the Chapter believes it is not exposed to any significant credit risk with respect to these accounts. The Chapter considers highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Contributions Receivable Contributions receivable consist of accruals of public support received after year end that pertained to fundraising events held during fiscal 2016 and Receivables are recorded at net realizable value, net of an allowance for uncollectible amounts. The Chapter believes that the pledges receivable are fully collectible. There are no identifiable concentrations of credit risk related to these receivables. Donated securities are liquidated upon receipt and recorded as contributions at their fair value. Funds Held for Others In 2015, the Chapter acted as Treasurer for the National MS Society NY Coalition Action Network (the Coalition). In this capacity, the Chapter received and disbursed cash on the Coalition s behalf. This activity ended in 2016 and all remaining funds were returned to the Coalition. Investments The Chapter s investments are held by the Society in a pooled investment fund and are allocated to the Chapter based on the percent of the total investment fund owned by each chapter. Investments are exposed to various risks, such as interest rate, market, and credit risk. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investments will occur in the near term and these changes could materially affect the amounts reported in the accompanying financial statements. Furniture, Fixtures, and Equipment Furniture, fixtures, and equipment are stated at cost, if purchased, or fair value at the date of donation. Depreciation is provided using the straight-line method over the estimated useful lives of the related assets which range from three to ten years. Expenditures for maintenance and repairs are charged to operations as incurred. The Chapter capitalizes additions of furniture, fixtures, and equipment in excess of $1,000 with useful lives in excess of one year. Revenue Recognition and Deferred Revenue Contributions are recorded as revenue when received or promised (pledged) unconditionally, at their fair value. The fair value of long-term contributions receivable is measured based on the present value of future cash flows, with consideration of expectation about possible variations in the amount and/or timing of the cash flows and other specific factors that would be considered by market participants. The fair value measurements also consider donors credit risk. Unconditional bequests (donations received under terms of a will) are reported as revenues when notification of the bequest is received, the amount is reasonably determinable, and the probate court declares the will valid. 7
10 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue Recognition and Deferred Revenue (Continued) It is the Chapter s policy to record temporarily restricted contributions received and fulfilled in the same accounting period in the unrestricted net asset class. When a prior year s donor restriction expires, that is, when a time restriction ends or purpose restriction is fulfilled, temporarily restricted net assets are reclassified as unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Conditional contributions are recognized as revenue when the conditions on which they depend have been substantially met. All cash receipts received in advance of special events that are held subsequent to year-end are recorded as deferred revenue and recognized in the year of the event. Advertising Costs Advertising costs are expensed as incurred. Advertising expense was $138,842 and $178,329 during the years ended September 30, 2016 and 2015, respectively. These amounts are recorded as donated public service announcements and professional and other contract service fees on the accompanying statements of functional expenses. Income Taxes The Chapter qualifies as a charitable organization as defined by Internal Revenue Code Section 501(c)(3) and, accordingly, it is exempt from federal income taxes under Internal Revenue Code Section 501(a). Additionally, since the Chapter is publicly supported, contributions qualify for the maximum charitable contributions deduction under the Internal Revenue Code. The Chapter is also exempt from New York State income tax. Guidance in the area of Accounting for Uncertainty in Income Taxes under the Financial Accounting Standards Board ( FASB ) Accounting Standards Codification, clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This standard provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more-likely-than-not to be sustained, if the position were to be challenged by a taxing authority. The standard also provides guidance on measurement, classification, interest and penalties, and disclosure. The Chapter s fiscal years ended in 2013, 2014, 2015, and 2016 remain open to audit for both federal and state purposes. The Chapter has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and, to identify and evaluate other matters that may be considered tax positions. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the amounts of revenues and expenses during the reporting period. The most significant of which include the fair values assigned to certain financial instruments; collectability of contributions receivable; donated public service announcements; and, the useful lives assigned to property and equipment. Actual results could differ from those estimates. Functional expenses that are not specifically attributable to program services or supporting services are allocated by management based on various allocation factors. 8
11 3. CONTRIBUTIONS RECEIVABLE Contributions receivable consisted of the following at September 30: United Way $ 135,713 $ 133,062 Contributions - special events 14,445 25,769 Bequests receivable 2,095 42,213 $ 152,253 $ 201, TEMPORARILY RESTRICTED NET ASSETS Net assets are temporarily restricted for the following purposes at September 30: United Way programs $ 135,713 $ 133,062 Client and community services and public education 12,262 7,393 Other 6,791 17,003 $ 154,766 $ 157, INTEREST IN POOLED INVESTMENT FUND The Chapter holds a share of the overall portfolio of the Society s pooled investment fund, rather than in the individual financial instruments and, therefore, has the same composition of investments as that of the Society s total pooled investment fund. The Chapter s share of the Society s pooled investment fund totaled $920,007 and $1,138,075, which represents 0.2% and 0.4%, respectively, of the Society s total pooled investment fund and 11.3% and 11.0% of the Society s total endowment investment portfolio as of September 30, 2016 and Net Investment Income (Loss) Net investment income (loss) consisted of the following for the years ended September 30: Interest and dividends $ 25,195 $ 28,349 Realized gain (loss) (1,609) 11,143 Unrealized gain (loss) 54,548 (100,457) $ 78,134 $ (60,965) For the year ended September 30, 2016, investment management fees of $3,838 relating to the Chapter s interest in the Society s pooled investment fund were absorbed by the home office. For the year ended September 30, 2015, the Chapter incurred investment management fees of $5,279 which were included in net investment loss in the accompanying statement of activities and changes in net assets. 9
12 5. INTEREST IN POOLED INVESTMENT FUND (Continued) Fair Value Measurement The Chapter adopted the provisions of ASC Section (formerly known as FASB Statement of Financial Accounting Standards No. 157), Fair Value Measurements ( FAS 157 ) effective October 1, FAS 157 establishes a fair value hierarchy for the inputs used to measure fair value based on the nature of the data input, which generally range from quoted prices for identical instruments in a principal trading market (Level 1) to estimates determined using related market data (Level 3). Multiple inputs may be used to measure fair value; however, the level of fair value of each financial asset or liability presented below is based on the lowest significant input level within this fair value hierarchy. The methods and assumptions used to determine the fair values of the financial assets were as follows: Fair value measurements based on Level 1 inputs: Measurements that are most observable are based on quoted prices of identical instruments obtained from the principal markets in which they are traded. Closing prices are both readily available and representative of fair value. Market transactions occur with sufficient frequency and volume to ensure liquidity. Fair value measurements based on Level 2 inputs: Measurements derived indirectly from observable inputs or from quoted prices from markets that are less liquid are considered Level 2. Measurements may consider inputs that other market participants would use in valuing a portfolio, quoted market prices for similar securities, interest rates, credit risks, and others. Fair value measurements based on Level 3 inputs: Measurements that are least observable are estimated from related market data, determined from sources with little or no market activity for comparable contracts, or are positions with longer durations. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Chapter believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table provides the fair value hierarchy of the Chapter s financial assets at September 30, 2016: Level 1 Level 2 Level 3 Total Interest in Society s pooled investment fund $ - $ - $ 920,007 $ 920,007 $ - $ - $ 920,007 $ 920,007 The following table provides the fair value hierarchy of the Chapter s financial assets at September 30, 2015: Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,648 $ - $ - $ 2,648 Interest in Society s pooled investment fund - - 1,135,427 1,135,427 $ 2,648 $ - $ 1,135,427 $ 1,138,075 10
13 5. INTEREST IN POOLED INVESTMENT FUND (Continued) Fair Value Measurement (Continued) At September 30, 2016 and 2015, the Society s pooled investment portfolio was classified within the FASB fair value hierarchy as Level 3. Principally all of the underlying funds investments are readily marketable, based on quoted fair market values, however the Chapter s share of the Society s pooled investment fund cannot be priced on an active exchange and, therefore, the interests in the pooled investment fund are classified as Level 3. The table below is a summary of the changes in the fair value of the Chapter s Level 3 financial assets for the years ended September 30: Fair value, beginning of the year $ 1,135,427 $ - Deposit (withdrawal) (293,554) 1,202,078 Interest and dividends 25,195 22,663 Realized gain (loss) (1,609) 11,143 Unrealized gain (loss) 54,548 (100,457) Fair value, end of the year $ 920,007 $ 1,135, FURNITURE, FIXTURES, AND EQUIPMENT Furniture, fixtures, and equipment consisted of the following at September 30: Office equipment $ 207,045 $ 286,748 Client equipment 7,774 7, , ,522 Less: Accumulated depreciation (211,082) (288,793) $ 3,737 $ 5, ENDOWMENT General The Chapter s endowment consists of funds established for a variety of purposes. As required by GAAP, net assets associated with endowment funds are classified and reported based on the existence or absence of donor imposed restrictions. 11
14 7. ENDOWMENT (Continued) Interpretation of Relevant Law The Chapter s endowment includes all donor-restricted endowment funds. Management has interpreted the New York Uniform Prudent Management of Institutional Funds Act (NYPMIFA) as requiring the preservation of the fair value of the original gift as the gift date of the donorrestricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Chapter classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Board of Directors in a manner consistent with the standard of prudence prescribed by NYPMIFA. In accordance with NYPMIFA, the Chapter 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 general purposes of the Chapter and the donor-restricted endowment fund. 3. General economic conditions. 4. The possible effect of inflation and deflation. 5. The expected total return from income and appreciation of investments. 6. Other resources of the Chapter. 7. The investment policies of the Chapter. Activity The activity in the Chapter s endowment was as follows for the years ended September 30, 2016 and 2015: Unrestricted Temporarily Restricted Permanently Restricted Total Endowment net assets, October 1, 2014 $ - $ 54,661 $ 916,644 $ 971,305 Investment return: Investment income - 11,538-11,538 Net realized and unrealized loss (69,883) (11,538) - (81,421) Appropriation of endowment earnings - (54,661) - (54,661) Endowment net assets, September 30, 2015 (69,883) - 916, ,761 Investment return: Investment income 19, ,693 Net realized and unrealized Income (loss) 45, ,668 Endowment net assets, September 30, 2016 $ (4,522) $ - $ 916,644 $ 912,122 12
15 7. ENDOWMENT (Continued) Funds with 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 New York law requires the Chapter to retain as a fund of perpetual duration. In accordance with GAAP, deficiencies of this nature that are reported as unrestricted net assets were $4,522 and $69,883 as of September 30, 2016 and 2015, respectively. These deficiencies resulted from unfavorable market fluctuations that occurred during the year ended September 30, Return Objectives and Risk Parameters The Chapter s endowment fund consists of assets that must be held in perpetuity or for specified time periods stipulated by the donors. The Chapter maintains investment and spending policies for its endowment assets aimed at providing predictable and steady support for the Society s research, programmatic, and administrative activities. Under this policy, the endowment assets are invested in a manner intended to preserve their value consistent with such donor stipulations, minimize the effect of high economic volatility and/or low investment return and provide funding for the programs specified by the donors. Endowment Investment Spending Policy For all endowment funds that have a value greater than their original gift, the spending rate (stated as a percentage) will be reviewed by the Investment Committee of the Society s Board of Directors and established on an annual basis. The annual spending rate on endowed funds held by the Chapter may range from a minimum of 0% to a maximum of 7%. The Investment Committee will inform the Chief Financial Officers of the spending rate which will be incorporated into the budget review and approval process. In establishing the spending rate, the Investment Committee shall rely on the three-year rolling average market value (12 quarters) of the Endowment Fund assets calculated as of sixmonths prior to the fiscal year commencement date. Endowment Borrowings The Board of Directors has authorized that the endowment fund can serve as a source of liquidity for the Chapter, in the event of temporary cash shortfalls of up to $350,000. Funds are drawn from the Chapter s permanently restricted funds and repaid when cash becomes available. The borrowings are supported by an approved Board resolution. There were no endowment borrowings at September 30, 2016 and BENEFICIAL INTEREST IN TRUST MANAGED BY THIRD-PARTY The Chapter funded the annual premium cost of a split-dollar life insurance policy on behalf of the Chapter s former president. Upon termination of the arrangement or payment of the death benefit, the Chapter will receive proceeds equal to the amount of premiums it has paid. Consequently, the aggregate premiums paid under the terms of this arrangement through September 30, 2016 and 2015 of $150,000 have been recorded. 9. GIFT ANNUITIES The Chapter is the beneficiary of a number of charitable gift annuities or split-interest agreements with donors, whereby the Society s home office controls and invests the donated assets and shares with the donor or the donor s designee income generated from these assets until such time as stated in the agreement (usually upon the death of the donor or donor s designee). 13
16 9. GIFT ANNUITIES (Continued) At September 30, 2016 and 2015, the value of the Chapter s split-interest agreements was $6,791 and $13,003, respectively. The Chapter recognized losses from the change in the value of these agreements of $6,212 and $12,519 during the years ended September 30, 2016 and 2015, respectively. 10. DUE TO HOME OFFICE During the year ended September 30, 2016, the home office provided loans to the Chapter totaling $200,000 to be used for operational shortfalls. The home office forgave $75,000 of this loan which has been included in miscellaneous income on the accompanying statements of activities and changes in net assets for the year ended September 30, EMPLOYEE RETIREMENT PLAN Effective January 1, 2016, the Chapter participates in the Society s Defined Contribution Retirement Plan, which covers substantially all of the Chapter s employees, based on defined eligibility for covered employees. Temporary employees and independent contractors are not eligible. Upon the first day of employment, covered employees receive a 100% matching employer contribution for the first 3% of eligible compensation contributed and then 50% on the next 2% of eligible compensation contributed for a maximum of a 4% employer contribution. All employer contributions are 100% vested for participants. Retirement expenses are incurred by the Society rather than the Chapter. Prior to January 1, 2016, the Chapter maintained a defined contribution retirement plan (the Plan). Under the terms of the Plan, all full-time employees were eligible to receive Chapter contributions after three months of employment. Employees were vested on a three-year schedule. The Chapter contributed 3% of each employee s salary to the Plan on a yearly basis as a safe harbor contribution and each year, considered making additional discretionary contributions. Effective January 1, 2016, the Chapter s plan balance was merged into the Society s Defined Contribution Retirement Plan. The Chapter s retirement expense for the year ended September 30, 2015 was $20,642 while the retirement expense for the year ended September 30, 2016 was incurred by the Society rather than the Chapter. 12. DONATED MATERIALS AND SERVICES The Chapter records contributions of services as both revenue and expense to the extent that such services require specialized skills and would have been purchased by the Chapter if not donated. A summary of these items were as follows for the years ended September 30: Donated Donated Donated Donated Use Services Materials Total Services Materials Total Program $ - $ - $ - $ - $ 1,000 $ 1,000 Special events 92,212 35, , ,550 22, ,476 $ 92,212 $ 35,859 $ 128,071 $ 139,550 $ 23,926 $ 163,476 14
17 12. DONATED MATERIALS AND SERVICES (Continued) In addition to contributions of services recorded as revenue and expense, additional volunteers have donated significant amounts of time in support of the Chapter s activities. Those amounts have not been reflected as donated services in the accompanying financial statements because they do not meet the criteria for revenue recognition under GAAP. 13. COMMITMENTS AND CONTINGENCIES Lease Agreements The Chapter rents office space from the Al Sigl Community of Agencies under an operating lease agreement which expires December 31, Rent expense under the terms of this agreement was $75,757 and $73,616 during the years ended September 30, 2016 and 2015, respectively. The annual rent is reviewed by both parties on or before January 1 of each year and any rental adjustment is mutually agreed upon and becomes effective on that date and continues throughout the remainder of the lease term. In addition, the Chapter leases space for its Albany and Buffalo operations and rents office equipment under operating lease agreements which expire at various dates through June 30, Rental expense under the terms of these agreements was $80,015 and $84,899 during the years ended September 30, 2016 and 2015, respectively. Future minimum rental payments under the current terms of these lease agreements are as follows for the years ending September 30: 2017 $ 125, , , , ,726 Thereafter 131,706 $ 712,143 Apartment Rentals The Chapter entered into a project with Sanford Street Associates, L.P. and Epilepsy-Pralid, Inc. to provide apartments, known as Howitt House, to multiple sclerosis clients and/or their families. The Chapter has agreed to guarantee payment of all rentals due for the seven apartment units whether or not they are occupied. 15
18 14. CHAPTER SUPPORT OF SOCIETY INITIATIVES (NATIONAL PROGRAMS EXPENSE) National Programs Expense The National Programs Expense (NPE) is an allocation from chapters that funds a large portion of the Society s budget in areas such as nationwide programs, services, centralized functions, and the Society s research investments, as well as investments in the Society s unified plan. The Society s budget is determined through an inclusive budget planning process. The Budget Development Advisory Committee provides consensus advice to the CEO and is comprised of members of the Senior Leadership Team, members of the National Board of Directors, and regional volunteer liaisons responsible for communicating with volunteer leadership in each region. Revenue tiers with progressively higher percentages are used to determine the NPE allocation amounts. The remittance percentage is subject to adjustment each year to ensure that the Society meets its programmatic goals and that all donor restrictions are honored. During the years ended September 30, 2016 and 2015, the Chapter s NPE was calculated to be $1,280,706 and $1,160,472, respectively. These amounts are reflected as Chapter support of Society Initiatives in the accompanying statement of functional expenses. As the Society will implement a single consolidated audit for the year ended September 30, 2017 (Note 15), NPE will no longer be calculated after September 30, Stepping Stones During the year ended September 30, 2015, the Chapter was granted $6,827 from the Society s Stepping Stones Fund, which assist individuals with the financial challenges of multiple sclerosis. Grants awarded from the Stepping Stones Fund cover the gaps in financial assistance that otherwise cannot be met through the individual s own resources, local chapter resources, and community or national resources. No grants for this fund occurred in SOCIETY REALIGNMENT As the Society continues to become unified, the organization is transitioning to a single Society entity, which will perform one audit and file a single IRS Form 990 under one federal employer s identification number (EIN) effective October 1, The transition will better align Society resources so that the organization can maximize its impact. For accounting purposes, the transition will be treated as an acquisition of 100% of the assets and liabilities of the Chapter by the Society. No consideration was given in exchange for the interests. The assets and liabilities of the Chapter were recorded at fair value as of October 1, 2016, which were estimated to approximate book value as recorded on the Chapter s books. Recognized amounts of identifiable assets and liabilities assumed by the Society were as follows on October 1, 2016: Cash and cash equivalents $ 144,036 Contributions receivable 152,253 Due from other chapters 3,993 Prepaid expenses and other assets 27,204 Interest in Society s pooled investment fund 920,007 Furniture, fixtures, and equipment, net 3,737 Due from home office charitable remainder trusts 6,791 Beneficial interest in trust managed by third party 150,000 Due to home office (125,000) Accounts payable and accrued expenses (124,873) Deferred revenue (93,572) Inherent contribution received $ 1,064,576 16
19 15. SOCIETY REALIGNMENT (Continued) The excess fair value of assets received over liabilities assumed is reported as a contribution received in the acquisition of the Chapter on the statement of activities and changes in net assets of the realigned Society entity in fiscal SUBSEQUENT EVENTS Subsequent events have been evaluated through December 22, 2016, which was the date that the financial statements were available to be issued. 17
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