HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC.
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1 HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC. FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2016 AND 2015 WITH INDEPENDENT AUDITORS REPORT
2 HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC. TABLE OF CONTENTS Page Number Independent Auditors Report FINANCIAL STATEMENTS Statements of Financial Position... 3 Statements of Activities and Changes in Net Assets... 4 Statements of Cash Flows... 5 Statement of Functional Expenses Year Ended June 30, Statement of Functional Expenses Year Ended June 30, Notes to Financial Statements
3 INDEPENDENT AUDITORS REPORT To the Board of Directors of Habitat for Humanity of Williamson County Texas, Inc. Georgetown, Texas We have audited the accompanying financial statements of Habitat for Humanity of Williamson County Texas, Inc. (a nonprofit organization), which comprise the statements of financial position as of June 30, 2016 and 2015, and the related statements of activities, statements of cash flows, and statements of 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 audit. We conducted our audit 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 WEST HIGHWAY 6 P. O. BOX WACO, TX (254) FAX: (254) AFFILIATE OFFICES: HILLSBORO, TX (254) HOUSTON, TX (281) RIO GRANDE VALLEY, TX (956) TEMPLE, TX (254) ALBUQUERQUE, NM (505)
4 Opinion In our opinion, the financial statements referred to above presented fairly, in all material respects, the financial position of Habitat for Humanity of Williamson County Texas, Inc. as of June 30, 2016 and 2015, and the changes in its net assets, cash flows and functional expenses for the years then ended in accordance with accounting principles generally accepted in the United States of America. Report on Summarized Comparative Information We have previously audited HFHWC s 2015 financial statements, and our report dated October 7, 2015, expressed an unmodified opinion on those audited financial statements. In our opinion, the summarized comparative information presented on the Statement of Activities and Changes in Net Assets for the year ended June 30, 2015, is consistent, in all material respects, with the audited Statement of Activities and Changes in Net Assets from which it has been derived. Waco, Texas October 5,
5 FINANCIAL STATEMENTS
6 CURRENT ASSETS Cash and cash equivalents $ 563,742 $ 267,028 Mortgages receivable, current portion (net of discount) 93,728 84,455 Accounts receivable 99,613 73,447 Prepaid expenses 22,498 7,627 Inventory 23,291 - Total Current Assets 802, ,557 Property and Equipment Furniture and fixtures 31,639 36,037 Equipment 58,700 51,528 Leasehold improvements 91,219 78,227 Less accumulated depreciation ( 107,325) ( 113,263) Other Assets Net Property and Equipment 74,233 52,529 Construction in progress 35,123 9,318 Land for development 274, ,690 Mortgages receivable (net of discount), long term portion 1,065,272 1,077,467 Deposits 9,115 1,000 Total Other Assets 1,384,419 1,361,475 Total Assets $ 2,261,524 $ 1,846,561 LIABILITIES Current Liabilities Accounts payable $ 26,937 $ 11,155 City of Round Rock payable 5,226 7,213 Williamson County payable 6,502 4,162 Accrued expenses 15,034 9,679 Homeowners downpayment 1,000 2,050 Homeowners escrow accounts 78,889 70,993 Notes payable, current portion (net of discount) 52,916 14,833 Deferred revenue 50,000 50,000 Total Current Liabilities 236, ,085 Noncurrent Liabilities HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC. STATEMENTS OF FINANICAL POSITION JUNE 30, 2016 AND 2015 ASSETS LIABILITIES AND NET ASSETS Notes payable (net of discount and current portion) 216, ,704 Total Noncurrent Liabilities 216, ,704 Total Liabilities 452, ,789 NET ASSETS Unrestricted 1,671,538 1,439,047 Temporarily restricted 137,168 25,725 Total Net Assets 1,808,706 1,464,772 Total Liabilities and Net Assets $ 2,261,524 $ 1,846,561 The accompanying notes are an integral part of these financial statements. 3
7 HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC. STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEARS ENDED JUNE 30, 2016 (With Summarized Financial Information for the Year Ended June 30, 2015) Temporarily Unrestricted Restricted Total Total REVENUE AND OTHER SUPPORT Grant revenue $ - $ 236,264 $ 236,264 $ 320,956 Contributions 416,789 32, , ,087 In-kind contributions 277,137 76, ,991 16,630 House construction sponsor - 45,000 45,000 17,774 ReStore income 324, , ,498 Sale to homeowners 300, , ,000 Mortgage discount income 17,593-17,593 21,781 Mortgage discount amortization 86,614-86,614 85,069 Other program income 85,621-85,621 3,622 Unrealized gain (loss) (287) - ( 287) 406 1,508, ,040 1,899,338 1,091,823 Net assets released from restrictions: Satisfaction of purpose restrictions 279,597 ( 279,597) - - Total Revenues and Gains 1,787, ,443 1,899,338 1,091,823 EXPENSES AND LOSSES Program services Home building and repairs 829, , ,122 ReStore 521, , ,062 Total program services 1,350,716-1,350, ,184 Supporting services General and administrative 81,125-81,125 73,334 Development and fundraising 123, ,563 96,625 Total supporting services 204, , ,959 Total Expenses 1,555,404-1,555, ,143 CHANGE IN NET ASSETS 232, , , ,680 NET ASSETS, BEGINNING OF YEAR 1,439,047 25,725 1,464,772 1,313,092 NET ASSETS, END OF YEAR $ 1,671,538 $ 137,168 $ 1,808,706 $ 1,464,772 The accompanying notes are an integral part of these financial statements. 4
8 HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2016 AND CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ 343,934 $ 151,680 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation 8,457 10,565 (Increase) decrease in operating assets: Accounts receivable ( 26,166) 138 Mortgages receivable-net 2,922 25,588 Prepaid expenses ( 14,871) ( 605) Inventory ( 23,291) - Construction in progress ( 25,805) 4,781 Land for development ( 1,219) ( 188,945) Deposits ( 8,115) - Accounts payable 15,782 ( 5,110) City of Round Rock payable ( 1,987) 1,070 Williamson County payable 2,340 2,181 Accrued expenses 5,355 1,632 Homeowner escrow and deposits 7,896 ( 2,335) Homeowners downpayment ( 1,050) 1,500 Net Cash Provided (Used) by Operating Activities 284,182 2,140 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets ( 30,161) - Net Cash Provided (Used) by Financing Activities ( 30,161) - CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt 72,177 45,000 Payments made on long-term debt ( 29,484) ( 34,813) Net Cash Provided (Used) by Financing Activities 42,693 10,187 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 296,714 12,327 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 267, ,701 CASH AND CASH EQUIVALENTS, END OF YEAR $ 563,742 $ 267,028 The accompanying notes are an integral part of these financial statements. 5
9 HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED JUNE 30, 2016 Program Services Supporting Services Home Development Building General and and and Repairs ReStore Administrative Fundraising Total Advertising $ - $ 17 $ - $ 9,647 $ 9,664 Automobile 2,569 3, ,552 Bank charges - 5,181-1,447 6,628 Construction 28, ,432 Contract labor Cost of goods sold - 253, ,570 Cost of land transferred 57, ,519 Cost of homes transferred 328, ,814 Home dedications Depreciation 7, ,457 Family selection and election Habitat for Humanity International SOSI 8,571 2,143 2,143 2,143 15,000 Habitat for Humanity International tithe 9, ,100 Insurance 14,044 4,531 4,088 1,897 24,560 Interest expense 16, ,479 Legal and professional 2, ,800 6,589 14,885 Loan servicing 7, ,745 Marketing 6,333 31,373-6,313 44,019 Mortgage discount expense 125, ,114 Other employee benefits 16,363 12,422 10,890 6,209 45,884 Other expense 2, ,174 Payroll expenses 10,687 10,698 6,599 5,757 33,741 Postage ,978 2,358 Printing - 1, ,792 4,757 Rent 15,555 39,743 1,781 1,781 58,860 Repairs and maintenance 4,874 3, ,917 Salaries 134, ,054 42,826 72, ,223 Small tools 3, ,316 Supplies 1,545 5,232 2, ,580 Telephone and fax 4, ,684 Training 1, ,178 Travel ,440 3,296 Utilities and occupancy expenses 2,973 10,897 1, ,653 Extended volunteer 14, ,897 $ 829,660 $ 521,056 $ 81,125 $ 123,563 $ 1,555,404 The accompanying notes are an integral part of these financial statements. 6
10 HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED JUNE 30, 2015 Program Services Supporting Services Home Development Building General and and and Repairs ReStore Administrative Fundraising Total Advertising $ 4,604 $ 1,812 $ - $ 2,727 $ 9,143 Automobile 3,037 2, ,971 Bank charges - 4, ,228 Construction 21, ,677 Contract Labor ,500 Cost of land transferred 31, ,064 Cost of homes transferred 186, ,395 Home dedications Depreciation 9, ,567 Family selection and election Habitat for Humanity International SOSI 6,000 2,000 1,000 1,000 10,000 Habitat for Humanity International tithe 6, ,750 Insurance 13,431 4,195 4,708 1,640 23,974 Interest expense 14, ,679 Legal and professional 825-5,955 1,400 8,180 Loan servicing 7, ,062 Mortgage discount expense 63, ,700 Other employee benefits 14,579 10,579 2,791 5,650 33,599 Other expense 1,522 1, ,033 Payroll expenses 10,756 7,167 6,496 4,882 29,301 Postage ,728 2,079 Printing ,779 4,074 Property taxes Rent 8,152 44,031 1,884 1,884 55,951 Repairs and maintenance 2,319 5, ,307 Salaries 144,314 95,915 43,093 64, ,533 Small tools Supplies 741 2,562 1,728 1,082 6,113 Telephone and fax 4, ,701 Training 9, ,178 2,858 13,371 Travel 1, ,350 3,334 Utilities and occupancy expenses 3,012 9,554 1, ,622 Extended volunteer 5, ,951 $ 577,122 $ 193,062 $ 73,334 $ 96,625 $ 940,143 The accompanying notes are an integral part of these financial statements. 7
11 HABITAT FOR HUMANITY OF WILLIAMSON COUNTY TEXAS, INC. NOTES TO FINANCIAL STATEMENTS JUNE 30, 2016 AND ORGANIZATION AND NATURE OF ACTIVITIES Habitat for Humanity of Williamson County Texas, Inc. (HFHWC) is a not-for-profit organization registered in the State of Texas and their headquarters is located in Georgetown, Texas. It is an affiliate of Habitat for Humanity International, Inc., which is a nonprofit, nondenominational Christian housing organization. HFHWC, with the help of volunteer labor and donations of money and materials, brings communities and people together to create and sustain home ownership in Williamson County. Home ownership opportunity is created for a qualified family through new construction or rehab of an existing home. Sustaining home ownership opportunity is provided for a qualified family who owns their home but does not have the skills or resources to repair the home. Since 2004, HFHWC has operated the ReStore program through one ReStore location in Georgetown. The ReStore is a retail center that provides donated new and gently used building materials, appliances and furniture to the general public at reduced prices. Proceeds from the ReStore program financially support the programs and mission of Habitat for Humanity. Beginning in July 2016, an additional ReStore is operating in Round Rock. HFHWC is a nonprofit organization, as described in Section 501(c)(3) of the Internal Revenue Code, and is exempt from federal income taxes and has been classified as a publicly supported organization as described in Sections 509(a)(1) and 170(b)(A)(VI). HFHWC was incorporated on February 11, 1999, pursuant to the Texas Non-Profit Corporation Act of the State of Texas. On July 1, 2007, Habitat for Humanity of Greater Round Rock merged with Habitat for Humanity of Greater Georgetown, the surviving corporation, and changed its name to Habitat for Humanity of Williamson County, Texas, Inc. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The accompanying financial statements of HFHWC have been prepared on the accrual basis of accounting and, accordingly, reflect all significant receivables, payables, and other liabilities, in accordance with generally accepted accounting principles. Basis of Presentation Financial statement presentation follows the recommendations of the Financial Accounting Standards Board in its Accounting Standards Codification (ASC) 958, Not-for-Profit Entities. Under ASC 958, HFHWC is required to report 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. 8
12 Also in accordance with ASC 958, contributions received are recorded as unrestricted, temporarily restricted or permanently restricted support, depending on the existence and/or nature of any donor restrictions. A description of the three net asset categories follows: Unrestricted Net Assets Unrestricted Net Assets represent resources over which the Board of Directors has discretionary control and can be used currently for the general purposes of HFHWC in accordance with its bylaws. These designations of unrestricted resources by the governing board do not have the same legal requirements as do restrictions of funds. Temporarily Restricted Net Assets Temporarily restricted net assets represent resources currently available for use, but expendable only for those operating purposes or time restriction specified by the donor. Permanently Restricted Net Assets Permanently restricted net assets represent principal amounts of gifts and bequests which have been accepted with the donor stipulation that the principal be maintained intact in perpetuity or a specified period, with only the income to be utilized. The Organization has no permanently restricted net assets as of June 30, 2016 and Cash and Cash Equivalents For the purpose of the Statements of Cash Flows, HFHWC considers all highly liquid investments with an initial maturity of three months or less to be cash equivalents. Invested cash, cash in accounts of investment custodians, is excluded from this definition. Mortgages Receivable Mortgages receivable consist of non-interest bearing mortgages, which are secured by real estate and payable in monthly installments. The mortgages have an original maturity of 20 to 30 years. These mortgages have been discounted at various rates ranging from 7.39% to 8.34%, based on prevailing market rates at the inception of the mortgages. Mortgage discount expense (amortization of the discount) is recorded using the straight line method over the lives of the mortgages. Property and Equipment Property and equipment are capitalized at cost if they exceed the $1,000 capitalization threshold. Donations of fixed assets are capitalized at fair market value at the date of donation. All assets are depreciated on the straight-line basis over 3 to 15 years. Depreciation expense amounted to $8,457 and $10,565 for the years ended June 30, 2016 and 2015, respectively. 9
13 Land held for Development Land inventory consists of home lots to be developed and costs incurred in conjunction with home construction. They are capitalized until the completion of each home. Home lot inventory was $274,909 and $273,690 as of June 30, 2016 and 2015, respectively. Deferred Revenue Revenue is recognized in the period in which it is earned. As of June 30, 2016 and 2015, HFHWC received contributions for future periods amounting to $50,000 in both years. Support and Cost Grants, gifts of cash, and other assets are reported as restricted support if they are received with donor stipulations that limit the use of the donated assets, or if they are designated as support for future periods. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of net activities as net assets released from restrictions. Donations of goods and equipment are reported as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Donation of permanent assets explicit restrictions that specify how the assets are to be used are reported as restricted support. In the absence of explicit donor stipulations about how long-lived assets must be maintained, HFHWC reports expirations of donor restrictions when the donated or acquired long-lived assets are placed. ReStore revenue is recognized when the donated goods are sold. ReStore expenses are recognized when incurred. Expense Allocation Costs have been summarized on a functional basis in the Statement of Activities and in the Statement of Functional Expenses. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Donated Services A substantial number of volunteers have made significant contributions of their time to HFHWC s program and supporting services. The value of this contributed time is not reflected in these financial statements since it is susceptible to objective measurement or valuation. Construction in Progress Construction in progress is recorded at cost and includes all direct material, labor, and equipment costs and those indirect costs related to home construction such as indirect labor, supplies and tool costs. Land costs included in construction in progress are stated at cost or fair value at the date of the contribution. Included in land costs are any costs incurred in development. When revenue from the sale of a home is recognized, the corresponding costs are then expensed in the statement of activities as program services. 10
14 Transfer or Sale to Homeowners Each transfer to a homeowner is recorded at the gross mortgage. These mortgages do not bear interest, but have been discounted based upon applicable rates of interest published by Habitat for Humanity International, Inc. Then, using the interest method of amortization, the discount will be recognized as mortgage loan amortization over the term of the mortgages. Home Construction Costs Costs incurred in conjunction with home construction are capitalized. Construction costs are expensed during the year a home is sold and included in program services. Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the use of 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. Significant estimates included in the financial statements are the useful lives of property and equipment and the unamortized discount for non-interest bearing mortgage loans receivable and payable. Actual results could differ from those estimates. Income Taxes HFHWC has been granted exemptions from federal income taxes under Section 501(c)(3) of the Internal Revenue code. As such, no provision for income taxes is reflected in the financial statements. The accounting standards on accounting for uncertainty in income taxes address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, HFHWC may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of HFHWC and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements from a tax position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for fiscal years 2016 and HFHWC files its forms 990 in the U.S. federal jurisdiction. HFHWC is no longer subject to examination by the Internal Revenue Service for years before
15 Prior Year Summarized 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 HFHWC s financial statements for the year ended June 30, 2015, from which the summarized information was derived. 3. MORTGAGES RECEIVABLE Mortgages receivable consists of non-interest bearing loans, payable monthly over 20 to 30 years and secured by certain real estate in connection with HFHWC s homebuilding initiatives in Williamson County, Texas. The closing costs are included in the mortgage and an escrow is held for taxes and insurance. The mortgages are non-interest bearing for the life of the loan; however, a discount (calculated based on the imputed interest rate provided annually by Habitat for Humanity International) is recognized by HFHWC at each sale so the financial statements only reflect, at any point in time, the present value of future principal payments to be received. The discount is presented on the balance sheet as a reduction to mortgages receivable and is amortized over the life of the mortgage. Discount rates range from 7.39% to 8.34% based on the applicable interest rate published by Habitat for Humanity International, Inc. for the year the loan was made. In addition to the reported mortgage receivables described above, a subordinate lien is established at the closing of each home for the difference between the appraised value and the actual sales price of the home. The amount of the subordinate lien is forgiven over 20 to 30 years; however, no amounts associated with the subordinate lien are reflected in these financial statements. The subordinate lien, or a portion thereof, is collected only once the mortgage is paid in full; therefore, the amount collectible is unknown. Future minimum principal payments due are as follows: Year Ending June 30, Gross receipts Discount amortization Net minimum principal payments 2017 $ 188,544 $ 94,816 $ 93, ,544 94,816 93, ,544 94,816 93, ,544 94,816 93, ,544 94,816 93,728 Thereafter 1,639, , ,360 $ 2,582,236 $ 1,423,236 $ 1,159,000 The future minimum principal payments noted above are as of June 30, The receivable balance at each respective fiscal year end is based on current mortgage payments. Management expects the balance to increase during future periods. 12
16 4. HOME CONSTRUCTION AND REPAIRS Real estate costs, building materials and contract labor are recorded at cost when incurred. The administrative costs of developing projects are allocated to the respective projects. New home construction activity for the year ended June 30, 2016 and 2015 is as follows: New Home Construction June 30, 2016 June 30, 2015 New homes started in prior years sold in current year 1 1 New homes started, completed, and sold 2 1 New homes started, completed, and not sold 0 0 New homes started, not completed 2 1 Rehabilitated home construction activity for the year ended June 30, 2016 and 2015 is as follows: Rehabilitated homes started in June 30, 2016 June 30, 2015 prior years, sold in current year 0 0 Rehabilitated homes started, completed, and sold 1 1 Rehabilitated homes started, completed, and not sold 0 0 Rehabilitated homes started, Rehabilitated Home Construction not completed 0 0 During the fiscal year 2016, HFHWC also repaired 9 homes and started 2 additional repairs in June 2016 that were still in progress as of June 30, Repairs were done on owner occupied houses throughout Williamson County. 5. SALES TO HOMEOWNERS During the years ended June 30, 2016 and 2015, 4 and 3 homes were sold to qualifying applicants, respectively. The resulting mortgages are non-interest bearing and the presentation of their book value has been discounted based upon the prevailing market rates for low-income housing at the inception of the mortgages (current year s rate 7.48%). The discount totaled $86,614 for 2016 and $87,770 for
17 6. CONCENTRATION OF CREDIT AND MARKET RISK HFHWC maintains cash balances at several financial institutions located in Texas. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. At June 30, 2016 and 2015, respectively, HFHWC s had uninsured cash balances of $250,493 and $0, respectively. HFHWC s purpose is to provide housing for low-income homeowners. As such, it is likely that the mortgage holders would be unable to qualify for a mortgage from a traditional financial institution. This poses an inherent risk to HFHWC that the mortgages receivable will be partially uncollectible. To mitigate the risk of overstating the ability of HFHWC to fully collect the mortgages, the notes receivable have been discounted using the prevailing market rate for lowincome housing at the inception of the note. Additionally, all notes receivable are collateralized by the real estate associated with the mortgage. 7. LONG-TERM DEBT Long-term debt, net of discount, consisted of the following at June 30, 2016 and 2015: Notes payable to Texas Department of Housing and Community Affairs (TDHCA) in the original amount $644,500 and $609,500 as of June 30, 2016 and 2015, respectively, noninterest bearing, discount calculated based on ahypothetical imputed interest rate ranging between 7.39% and 8.14%, the rate is provided annually by Habitat for Humanity International resulting in a discount of $254,771 and $253,492 as of June 30, 2016 and 2015, respectively. The Habitat remits monthly payments of $2,609 and the loans mature February 2027 through November $ 232,053 $ 226,537 Note payable to a bank; interest rate 4.50%; due May Secured by cash deposits held at the bank. 37,177 - Total oustanding balance 269, ,537 Less current installments (52,916) (14,833) Total long-term debt $ 216,314 $ 211,704 The maturities of long-term debt by fiscal year are as follows: 2017 $ 52, , , , ,739 Thereafter 153,358 Total outstanding balance $ 269,230 14
18 8. OPERATING LEASES HFHWC leases two warehouses for administration, program activities, equipment storage, and the Georgetown ReStore. Another space is leased in Round Rock, separately, for the Round Rock ReStore. The leases are strict operating leases that expire on May 31, 2017, and July 31, 2021, respectively. Operating lease expenses of $58,860 and $55,800 were incurred during fiscal year 2016 and 2015, respectively. As of June 30, 2016 and 2015, HFHWC had prepaid rent of $7,347 and $0, respectively. The following are the remaining future minimum payments on the lease as of June 30, 2016: Year Ending June 30, Minimum Lease Rentals 2017 $ 126, , , , ,161 Thereafter 8,113 Total $ 508, RESTRICTED NET ASSETS Temporarily restricted net assets consisted of the following as of June 30, 2016 and 2015: Temporarily restricted: Grants $ 66,574 $ 15,000 House sponsorships 71,094 10,725 Total temporarily restricted net assets $ 137,668 $ 25, LINE OF CREDIT HFHWC has an available revolving line of credit at a local financial institution in the amount of $100,000 expiring in July There was $0 outstanding on this line of credit as of June 30, 2016 and ADVERTISING HFHWC uses advertising to promote its programs. Advertising expenses are expensed as incurred. For the years ended June 30, 2016 and 2015, advertising expenses of $9,664 and $9,143 were incurred, respectively. 15
19 12. TRANSACTIONS WITH HABITAT FOR HUMANITY INTERNATIONAL HFHWC will annually remit a percentage of its unrestricted contributions (excluding in-kind contributions) to Habitat for Humanity International as a tithe. These funds are used to construct homes in economically depressed areas around the world. For the year ended June 30, 2016 and 2015, Habitat contributed $9,100 and $6,750, respectively. In addition to these unrestricted contributions to Habitat for Humanity International, HFHWC also paid a Stewardship & Organizational Sustainability Fee (SOSI) in the amount of $15,000 for the year ended June 30, 2016 and $10,000 for the year ended June 30, RECLASSIFICATIONS Certain immaterial reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results and conform to current 2016 financial statement presentation. 14. SUBSEQUENT EVENTS Subsequent events have been evaluated through October 5, 2016, the issuance date of the report. No subsequent events requiring disclosure were noted. 16
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