Welcome Public Input Regular Business A Agenda B Minutes from Reports/Discussion Topics Finance Committee Agenda Tuesday, January 15, 2019 * 9

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1 Welcome Public Input Regular Business A Agenda B Minutes from Reports/Discussion Topics Finance Committee Agenda Tuesday, January 15, 2019 * 9:00 am ELCFV, 135 Executive Circle, Daytona Beach NEW Call-In: Conference Room #: # K Perry C Annual Audit Report James Moore James Halleran, CPA D Financial Status November 2018 M Barclay E Budget Amendments H DiRenzo F Next Steps Monitoring Summary Update G Next Quarterly Meeting January/April/July/October H Future Topics Member Comments/Announcements & Adjournment K Perry This committee provides financial oversight for the organization. Tasks include budgeting & financial planning, financial reporting and the creation and monitoring of internal controls and accountability policies. They might also report to the Board and/or Executive Committee the financial condition of the organization. This Committee shall recommend the frequency of selection and selection of an independent auditor, shall review the independent auditor's report and oversee any corrective actions deemed necessary as a result of any audit review. Mission: To enhance children s school readiness by providing opportunities for quality early learning, while strengthening family stability for a healthy community. 1

2 Meeting: Date: Location: Present: Excused: ELCFV Staff: Guests: ELCFV Finance Committee Tuesday, October 2, 2018 * 9:00 am ELCFV, 135 Executive Circle, Daytona Beach Kristen Perry, Tom Cox, Christine Sikora, Donald O Brien Rebecca DeLorenzo Heather DiRenzo, Lisa Brantley, Melanie Barclay None Agenda Item Summary/Discussion Action/Follow-Up Welcome The meeting was called to order at 9:00am. Public Input Regular Business Reports / Discussion Topics None Agenda The agenda was reviewed and accepted. Minutes The minutes from 7/17/18 were reviewed and accepted. 17/18 Draft Final Submitted to OEL & final payment has been received. 18/19 Draft August Financials - School Readiness: SR administrative budget at 4.5 (cap at 5%). Provider Services and Eligibility 5.7% (cap at 14%) Quality 9% (must be at least 4%) o Quality increase due to Quality Initiatives We are recommending 82.5% budget for Direct Services (minimum is 78%). Have been spending over 82% for the past two years. VPK: VPK administrative expenses at 4% (cap is 4%). The new OEL Portal has not worked correctly since implementation. OEL is working diligently to address issues. Providers are currently unable to submit attendance electronically and are being paid in advance, based on their last regular payment. This will be reconciled once the portal is working and providers have entered attendance for those past months. Any significant changes will be discussed with providers and they will be allowed a reasonable amount of time to repay if needed. Some of the smaller family child care centers have requested reconciliation, which is being done manually as they submit copies of their attendance sheets. Additional funds received from OEL this year also requires additional match raised of $25,000. There is talk at the state level about raising match from 6% to 8%, which would then require an additional $150,000 raised in match annually. Finance Committee Meeting Minutes October 2, 2018 Page 1 2

3 Agenda Item Summary/Discussion Action/Follow-Up The CEO is attending a Waterford UPSTART Conference in Utah, exploring an online alternative to VPK for children that are unable to attend a program due to transportation or location. Unrestricted Funds Employees are not allowed to participate in raising unrestricted funds. Members recommend asking Board members if they sit on a Foundation Board. Monitoring Summary The Finance Director provided an update of monitoring status and what is expected through the end of the fiscal year. CEO Challenge with the Chamber Leadership group for early learning. Quarterly Meeting Schedule The next meeting will be held in January 2019 at the ELCFV, 135 Executive Circle, Daytona Beach. Date and time TBD. Future Topics Financial Accounting Standards Changes Comments Meeting adjourned at 10:15 am. OCTOBER 2, 2018 Finance Committee Minutes Approved: Kristen Perry, Treasurer Early Learning Coalition of Flagler & Volusia Board of Directors Date Finance Committee Meeting Minutes October 2,

4 January 1, 2030 To the Board of Directors of The Early Learning Coalition of Flagler and Volusia Counties, Inc. We have audited the financial statements of The Early Learning Coalition of Flagler and Volusia Counties, Inc. (the Coalition) as of and for the year ended June 30, 2018, and have issued our report thereon dated January 1, Professional standards require that we advise you of the following matters relating to our audit. Our Responsibility in Relation to the Financial Statement Audit As communicated in our engagement letter dated June 7, 2017, our responsibility, as described by professional standards, is to form and express an opinion about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of its respective responsibilities. Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing 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 over financial reporting. Accordingly, as part of our audit, we considered the internal control of the Coalition solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you. We have provided our comments regarding significant control deficiencies and other matters noted during our audit above. Planned Scope and Timing of the Audit We conducted our audit consistent with the planned scope and timing we previously communicated to you. 4

5 To the Board of Directors of The Early Learning Coalition of Flagler and Volusia Counties, Inc. January 1, 2030 Page 2 Compliance with All Ethics Requirements Regarding Independence The engagement team, others in our firm, as appropriate, and our firm have complied with all relevant ethical requirements regarding independence. We have applied safeguards related to our preparation of the Coalition s financial statements and IRS Form 990, including, but not limited to, an assessment of management s skill, knowledge, and experience. Qualitative Aspects of the Entity s Significant Accounting Practices Significant Accounting Policies Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by The Early Learning Coalition of Flagler and Volusia Counties, Inc. is included in Note 1 to the financial statements. As described in Note 1(l), during the fiscal year ended June 30, 2018, the entity changed its financial statement presentation by adopting FASB Accounting Standards Update (ASU) , Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. There was no cumulative effect as of the beginning of the year to be reported. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus. Significant Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ markedly from management s current judgments. The most sensitive accounting estimates affecting the financial statements is depreciation expense disclosed in Note 1(g) and Note 4 to the financial statements. Financial Statement Disclosures Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to financial statement users. The most sensitive disclosure affecting the Coalition s financial statements relate to the disclosure of significant concentrations in Note 7 to the financial statements. Significant Difficulties Encountered during the Audit We encountered no significant difficulties in dealing with management relating to the performance of the audit. 5

6 To the Board of Directors of The Early Learning Coalition of Flagler and Volusia Counties, Inc. January 1, 2030 Page 3 Uncorrected and Corrected Misstatements For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole. Management has corrected all identified misstatements. In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. No material misstatements were noted. Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Coalition s financial statements or the auditor s report. No such disagreements arose during the course of the audit. Representations Requested from Management We have requested certain written representations from management in the management representation letter dated January XX, Management s Consultations with Other Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters. Other Significant Matters, Findings or Issues In the normal course of our professional association with the Coalition, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, operating conditions affecting the entity, and operating plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the Coalition s auditors. This communication is intended solely for the information and use of the Board of Directors and management of The Early Learning Coalition of Flagler and Volusia Counties, Inc. and is not intended to be, and should not be, used by anyone other than these specified parties. Very truly yours, JAMES MOORE & CO., P.L. 6

7 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. FINANCIAL STATEMENTS JUNE 30, 2018 AND

8 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. TABLE OF CONTENTS JUNE 30, 2018 AND 2017 Page(s) Independent Auditors Report 1 2 Financial Statements Statements of Financial Position 3 Statements of Activities 4 Statements of Functional Expenses 5 6 Statements of Cash Flows 7 Notes to Financial Statements 8 12 Schedule of Expenditures of Federal Awards, State Financial Assistance, and State Matching of Federal Awards 13 Notes to Schedule of Expenditures of Federal Awards, State Financial Assistance, and State Matching of Federal Awards 14 Independent Auditors 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 Independent Auditors Report on Compliance for Each Major Federal Program and Major State Project and Report on Internal Control Over Compliance in Accordance with the Uniform Guidance and Chapter , Rules of the State of Florida, Office of the Auditor General Schedule of Findings and Questioned Costs Management Letter

9 INDEPENDENT AUDITORS REPORT To the Board of Directors, The Early Learning Coalition of Flagler and Volusia Counties, Inc. Report on the Financial Statements We have audited the accompanying financial statements of The Early Learning Coalition of Flagler and Volusia Counties, Inc., (the Coalition) which comprise the statement of financial position as of June 30, 2018, and the related statements of activities, functional expenses, and cash flows for the year 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. Auditors 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 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 auditors 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

10 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Coalition as of June 30, 2018, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters The financial statements of the Coalition for the year ended June 30, 2017, were audited by another auditor who expressed an unmodified opinion on those statements on January 17, Other Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying Schedule of Expenditures of Federal Awards, State Financial Assistance, and State Matching of Federal Awards is presented for purposes of additional analysis as required by the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter , Rules of the State of Florida, Office of the Auditor General, and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 1, on our consideration of The Coalition 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 the effectiveness of the Coalition s 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 The Early Learning Coalition of Flagler and Volusia Counties, Inc. s internal control over financial reporting and compliance. Daytona Beach, Florida January 1,

11 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. STATEMENTS OF FINANCIAL POSITION JUNE 30, 2018 AND 2017 ASSETS Current assets Cash and cash equivalents $ 826,047 $ 749,885 Contracts and grants receivable 918,861 1,257,159 Prepaid expenses and other current assets 108,695 81,612 Total current assets 1,853,603 2,088,656 Property and equipment, net 59,075 82,119 Total Assets $ 1,912,678 $ 2,170,775 LIABILITIES AND NET ASSETS Current liabilities Accounts payable and due to providers $ 1,498,685 $ 1,684,593 Accrued expenses 123, ,806 Unearned revenue 77,526 92,274 Total current liabilities 1,699,786 1,918,673 Net assets Without donor restrictions Unrestricted 152, ,983 Invested in property and equipment 59,075 82,119 With donor restrictions Purpose restrictions Total net assets 212, ,102 Total Liabilities and Net Assets $ 1,912,678 $ 2,170,775 The accompanying notes to financial statements are an integral part of these statements

12 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. STATEMENT OF ACTIVITIES FOR THE YEARS ENDED JUNE 30, 2018 AND Without Donor Restrictions Revenue and support Program support: Federal awards $ 9,748,817 $ 12,637,102 State financial assistance 9,860,291 10,090,539 State general revenue funding 4,291,161 1,548,497 Other contract and grant funding 367, ,189 Interest income 1,554 1,460 Local contributions and donations 587, ,618 Net assets released from purpose restrictions 12,719 - Total revenue and support 24,869,410 25,155,405 Expenses Program services: School Readiness 13,915,817 14,198,946 Volunatry Pre-kindergarten 9,715,173 9,935,074 Voluntary Pre-kindergarten Outreach and Awareness 26,208 29,208 Other programs 476, ,828 Total program services 24,134,025 24,417,056 Supporting services: Management and general 775, ,435 Total expenses 24,909,451 25,212,491 Change in net assets without donor restrictions (40,041) (57,086) With Donor Restrictions Contributions 13,550 - Net assets released from purpose restrictions (12,719) - Change in net assets with donor restrictions Change in net assets (39,210) (57,086) Net Assets, beginning of year 252, ,188 Net Assets, end of year $ 212,892 $ 252,102 The accompanying notes to the financial statements are an integral part of these statements

13 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED JUNE 30, 2018 Support Program Services Services Voluntary Pre- VPK Total School Kindergarten Outreach & Other Program Management Total Readiness (VPK) Awareness Programs Services and General Expenses Purchase of services $ 12,150,407 $ 9,455,822 $ - $ 162,776 $ 21,769,005 $ - $ 21,769,005 Salary and related expenses 1,181, ,794 18,493 87,603 1,495, ,979 2,113,038 Professional fees 61,029 6, ,783 28,107 95,890 Office and storage rent 235,709 27,075 1, ,353 69, ,493 Community outreach 30, ,065 53,058 86, ,749 Materials and supplies 11,214 1, ,566 14,068 3,461 17,529 Insurance 16,041 1, ,813 5,457 23,270 Printing and publications , ,160 Equipment leasing 36,801 3, (2,411) 38,453 12,531 50,984 Postage and shipping 1, , ,728 Travel 29,747 2, ,622 35,033 6,433 41,466 Miscellaneous 3, ,011 32,334 12,153 44,487 Education and training 91, , ,652 1, ,046 Telephone and utilities 34,982 4, ,987 7,066 47,053 Depreciation ,513 39,513-39,513 Computer and information technology 25,966 2, ,828 8,922 37,750 Licenses and fees Dues and subscriptions 4, ,200 8,369 1,550 9,919 Total expenses before allocation 13,915,817 9,715,173 26, ,827 24,134, ,426 24,909,451 Allocation of Management and General 655, ,910-1, ,426 (775,426) - Total Expenses $ 14,571,152 $ 9,834,083 $ 26,208 $ 478,008 $ 24,909,451 $ - $ 24,909,451 The accompanying notes to financial statements are an integral part of this statement

14 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED JUNE 30, 2017 Support Program Services Services Voluntary Pre- VPK Total School Kindergarten Outreach & Other Program Management Total Readiness (VPK) Awareness Programs Services and General Expenses Purchase of services $ 11,945,967 $ 9,673,810 $ - $ 34,492 $ 21,654,269 $ - $ 21,654,269 Salary and related expenses 1,170, ,423 21,028 74,895 1,469, ,536 2,102,723 Professional fees 59,095 6, ,000 90,839 33, ,647 Office and storage rent 250,052 33,120 1, ,298 65, ,136 Community outreach 33, ,004 31,258 68, ,338 Materials and supplies 6, ,654 1,810 9,464 Insurance 15,235 1, ,130 5,003 22,133 Printing and publications 3, ,081 5,714 1,158 6,872 Equipment leasing 53,996 5, (12,409) 47,311 15,075 62,386 Postage and shipping 2, , ,097 Travel 17,242 1, ,657 20,810 4,790 25,600 Miscellaneous 5, ,112 24,209 31,383 9,435 40,818 Education and training 573, , ,801 3, ,674 Telephone and utilities 29,136 4, ,331 6,730 40,061 Depreciation ,113 41,113-41,113 Computer and information technology 26,556 3, ,847 9,398 39,245 Licenses and fees Dues and subscriptions 4, ,425 7,344 3,671 11,015 Loss (Gain) on disposition of asset Total expenses before allocation 14,198,946 9,935,074 29, ,828 24,417, ,435 25,212,491 Allocation of Management and General 670, , ,435 (795,435) - Total Expenses $ 14,869,157 $ 10,060,298 $ 29,208 $ 253,828 $ 25,212,491 $ - $ 25,212,491 The accompanying notes to financial statements are an integral part of this statement

15 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. STATEMENT OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2018 AND Cash flows from operating activities Change in net assets $ (39,210) $ (57,086) Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: Depreciation 39,513 41,112 Loss on disposal of property and equipment (Increase) decrease in operating assets Contracts and grants receivable 338,298 (227,459) Unbilled contracts and grants receivable - 4,551 Prepaid expenses and other current assets (27,083) (8,401) Donated property and equipment (13,879) - Increase (decrease) in operating liabilities Accounts payable and due to providers (185,908) (86,352) Accrued expenses (18,231) 25,451 Unearned revenue (14,748) 13,852 Total adjustments 117,962 (236,775) Net cash provided by (used in) operating activities 78,752 (293,861) Cash flows from investing activities Purchases of property and equipment (2,590) (12,409) Net change in cash and cash equivalents 76,162 (306,270) Cash and cash equivalents, beginning of year 749,885 1,056,155 Cash and cash equivalents, end of year $ 826,047 $ 749,885 The accompanying notes to the financial statements are an integral part of these statements

16 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. NOTES TO FINANCIAL STATEMENTS JUNE 30, 2018 AND 2017 (1) Summary of Significant Accounting Policies: The following is a summary of the more significant accounting policies and practices of The Early Learning Coalition of Flagler and Volusia Counties, Inc. (the Coalition ) which affect significant elements of the accompanying financial statements: (a) Coalition and purpose The Early Learning Coalition of Flagler and Volusia Counties, Inc. is organized as a not-for-profit corporation for the purpose of providing child care financial assistance and related support services for low-income families in Flagler and Volusia counties. The Coalition provides its program services by administering Federal and State School Readiness, Voluntary Pre- Kindergarten, Outreach and Awareness, and Other Programs through a comprehensive network of contracted early learning and child care providers. The Coalition provides these services primarily through recurring funding through Florida Department of Educations s Office of Early Learning ( OEL ). The Coalition is governed by a twenty-seven member Board of Directors, and various focused sub-committees thereof. (b) Basis of accounting The financial statements have been prepared on the accrual basis of accounting, and accordingly, reflect all significant receivables, payables, and other liabilities. (c) Basis of presentation Net assets, revenues, gains, and losses are classified based on the existence or absence of donor or grantor imposed restrictions. Accordingly, net assets and changes therein are classified and reported as follows: Net Assets Without Donor Restrictions - Net assets that are not subject to donor-imposed restrictions. Net Assets With Donor Restrictions - Net assets subject to donor-imposed stipulations. Some donor-imposed restrictions are temporary in nature, such as those that will be met either by actions of the Coalition and/or the passage of time. Other donor-imposed restrictions are perpetual in nature that will not be met by either actions of the Coalition or the passage of time. At June 30, 2017, the Coalition had no net assets with donor restrictions. See statements of financial position for net assets with donor restrictions as of June 30, (d) Cash and cash equivalents Cash and cash equivalents consist of checking and money market funds. For purposes of the statements of cash flows, the Coalition considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of June 30, 2018 and 2017, the Coalition has no money market funds. (e) Contracts and grants receivable Contracts and grants receivable represent uncollected reimbursement requests presented to OEL for payment at June 30, 2018 and Unbilled receivables represent expenses incurred as of June 30, 2018 and 2017 that were not yet billed to OEL at year-end. Management believes that the entire balance of these receivables is collectible, based on amounts subsequently collected and prior collection history. Accordingly, no allowance for potentially uncollectible contracts, grants, or unbilled receivables is provided. (f) Unearned revenue Unearned revenue, if any, primarily consists of advances received for contracted programs and fundraising events that apply to future periods

17 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. NOTES TO FINANCIAL STATEMENTS JUNE 30, 2018 AND 2017 (1) Summary of Significant Accounting Policies: (Continued) (g) Property and equipment The Coalition capitalizes all assets acquired in excess of $1,000 for property and equipment. Property and equipment are carried at cost for purchased assets and at fair value at date of donation for donated assets. Depreciation is calculated using the straight-line method over the following estimated lives: Building improvements Computer equipment Office equipment Vehicles 5 years 3 5 years 2 5 years 3 years (h) Income taxes The Coalition is generally exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. Therefore, no provision for income taxes has been made in the accompanying financial statements. The Coalition files income tax returns in the U.S. Federal jurisdiction. The Coalition s income tax returns for the past three years are subject to examination by taxing authorities and may change upon examination. (i) Expense allocation The costs of providing various programs and other activities have been summarized on a functional basis in the statements of activities and the statements of functional expenses. Salaries and other program support service expenses, which benefit more than one program, are allocated to the various programs based on relative benefit, as determined by management. (j) 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 certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. (k) Donated services The Coalition records in-kind professional services as contribution revenues. Contributed professional services are recognized if the services received (a) create or enhance nonfinancial assets or (b) require specialized skills, are performed by individuals with those skills, and would otherwise be purchased if not provided by donation. Donated materials are valued at the fair value as of the date of donation. The in-kind support reflected in the accompanying financial statements is included in contribution revenue and is offset by like amounts included in expenses or property and equipment. (l) Recently issued accounting pronouncements The FASB and other entities issues new or modifications to, or interpretations of existing accounting guidance during the year ended June 30, 2018, and earlier years. The Coalition has considered the new pronouncements that altered accounting principles generally accepted in the United States of America, and other than as disclosed in the notes to the consolidated financial statements below, does not believe that any other new or modified principles will have a material impact on the Coalition s reported financial position or operations in the near term. In May 2014, the FASB issued Accounting Standards Update (ASU) : Revenue from Contracts with Customers, to clarify the principles used to recognize revenue for all entities. The new standard (as amended) is effective for fiscal years beginning after December 15, 2018 and may be adopted early. The Coalition is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows

18 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. NOTES TO FINANCIAL STATEMENTS JUNE 30, 2018 AND 2017 (1) Summary of Significant Accounting Policies: (Continued) In June 2018, the FASB issued ASU , Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. ASU clarifies and improves current guidance about whether a transfer of assets is a contribution or an exchange transaction and clarifies how an entity determines whether a resource provider is participating in an exchange transaction. ASU is effective to the Coalition for fiscal years beginning after December 15, 2018, with earlier adoption by one year permitted. The effects of this change are still being determined. In February 2016, the FASB issued ASU : Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the statement of financial position and disclosing key information about leasing arrangements. The new standard is effective for fiscal years beginning after December 15, 2019 and may be adopted early. The Coalition is currently evaluating the effect that implementation of the new standard will have on its financial position, results of operations, and cash flows. In August 2016, the FASB issued ASU : Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, to make improvements to the information provided in financial statements and accompanying notes of not-for-profit entities, including net asset classification requirements and the information presented about an entity s liquidity, financial performance, and cash flows. The new standard is effective for fiscal years beginning after December 15, 2017 and may be adopted early. The Coalition has elected to early implement this new standard during fiscal year ended June 30, There was no financial effect requiring restatement of beginning net assets. (2) Liquidity and Availability: Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the balance sheet date, comprise the following: (3) Retirement Plan: Cash and cash equivalents $ 826,047 Contracts and grants receivable 918,861 Total $ 1,744,908 The Coalition maintains a retirement plan (the Plan ) for the benefit of its employees. The Plan is a defined-contribution plan for all full-time employees with six months of service. Employees become fully vested in the Plan after completing one year of service. Through February 19, 2012, the Coalition contributed 3% of earnings on behalf of each participant. Thereafter, the Coalition changed the Plan to match contributions of up to 3% of the employee s salary. For the years ended June 30, 2018 and 2017, the Coalition contributed approximately $33,106 and $31,834, respectively, to the Plan

19 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. NOTES TO FINANCIAL STATEMENTS JUNE 30, 2018 AND 2017 (4) Property and Equipment: The following is a summary of property and equipment at June 30, 2018 and 2017: Building improvements $ 70,202 $ 70,202 Computer equipment 98, ,620 Office equipment 95, ,845 Vehicles 13, , ,667 Less: Accumulated depreciation (219,457) (195,548) Total $ 59,075 $ 82,119 OEL holds a reversionary interest in all nonexpendable, tangible personal property acquired with funds received from OEL. Depreciation expense for the years ended June 30, 2018 and 2017 was $39,513 and $41,113, respectively. (5) Support Requiring Matching Funds: The Coalition receives a substantial portion of its support from the state of Florida and the U.S. Department of Health and Human Services passed through OEL. For the years ended June 30, 2018 and 2017, the OEL grant provided by the State of Florida required a 6% local match of the Working Poor funds totaling $435,889 and $392,570, respectively. (6) Operating Leases: The Coalition had noncancelable operating leases, primarily for office space, that expired at various dates subsequent to June 30, Those leases generally contained renewal options for periods ranging from 3 to 10 years and require the Coalition to pay all executory costs, such as taxes, maintenance, and insurance. For the years ended June 30, 2018 and 2017, rent expense was approximately $310,680 and $350,139, respectively. In August 2012, the Coalition entered into an operating lease for office space in Deland, Florida, effective September 1, The lease calls for monthly base rent payments of $3,100, and beginning in September 2014, it will pay its proportionate share of operating expenses, as defined under the lease agreement. The term of this lease expired on August 31, The option to renew for an additional period of three years was exercised, effective September 1, The lease calls for monthly payments of $2,948. In April 2013, the Coalition entered into an operating lease for office space in Daytona, Florida, effective July 1, The lease calls for monthly base rent payments of $22,917, along with the Coalition s proportionate share of operating expenses, as defined under the lease agreement. The term of this lease expired on June 30, The option to renew for an additional period of five years was exercised, effective July 1, The lease calls for monthly payments of $21,812, to increase 2% annually

20 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. NOTES TO FINANCIAL STATEMENTS JUNE 30, 2018 AND 2017 (6) Operating Leases: (Continued) Future minimum lease payments under operating leases that have remaining terms in excess of one year are as follows: (7) Commitments and Contingencies: Year ending June 30, Amount 2019 $ 297, , , , ,392 Total $ 1,438,956 (a) Grant administration Amounts received or receivable from governmental agencies are subject to audit and adjustment by grantor agencies, principally federal and state governments. Any disallowed claims, including amounts already collected, may constitute a liability of the Coalition. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time, although the Coalition expects such amounts, if any, to be immaterial. (b) Revenue concentration The Coalition and its related programs receive substantial support from federal and state governments. If a significant reduction in the level of this support occurs, it may have an effect on the Coalition s programs and activities. For the respective years ended June 30, 2018 and 2017, 39% and 50% of the Coalition s revenues and support were from the Federal government passed through the OEL. In addition, for the respective years ended June 30, 2018 and 2017, 57% and 46% of the Coalition s revenues and support were from OEL through state financial assistance and matching funds. (c) Concentration of credit risk The Coalition maintains demand deposit accounts with a financial institution, which are insured up to limits defined by the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation. At June 30, 2018 and 2017, account balances exceeded federally insured limits by $635,293 and $534,991, respectively. The Coalition has not experienced any losses in such accounts, and believes that it is not exposed to any significant credit risk on cash and cash equivalents. (8) Subsequent Events: Subsequent events have been evaluated for reporting and disclosure through January 17, 2018, the date the financial statements were available to be issued

21 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS, STATE FINANCIAL ASSISTANCE AND STATE MATCHING OF FEDERAL AWARDS FOR THE YEAR ENDED JUNE 30, 2018 PASS THROUGH IDENTIFYING NUMBER/ FEDERAL/ STATE AGENCY CFDA/ GRANT CONTRACT PASS THROUGH ENTITY CSFA FUNDING IDENTIFICATION FEDERAL PROGRAM/ STATE PROJECT NUMBER PERIOD NUMBER EXPENDITURES FEDERAL AWARDS Department of Health and Human Services Passed through Florida Department of Education, Office of Early Learning: Child Care Development Fund (CCDF) Cluster: Child Care Development Block Grant /1/17-6/30/18 PP188 $ 217,891 Child Care Development Block Grant /1/17-6/30/18 SR188 5,360,667 Child Care Mandatory and Matching Funds of the CCDF /1/17-6/30/18 SR188 2,982,782 Total Child Care Development Fund (CCDF) Cluster 8,561,340 Temporary Assistance to Needy Families (TANF Cluster) /1/17-6/30/18 SR188 1,171,393 Social Services Block Grant /1/17-6/30/18 SR188 16,085 Total Department of Health and Human Services 9,748,818 TOTAL EXPENDITURES OF FEDERAL AWARDS $ 9,748,818 STATE FINANCIAL ASSISTANCE Florida Department of Education: Voluntary Pre-Kindergarten Program - VPK /1/17-6/30/18 SV188 $ 9,860,291 Designated State General Revenue Unrestricted SGU 7/1/17-6/30/18 SR188 48,694 Total Department of Health and Human Services 9,908,985 TOTAL EXPENDITURES OF STATE FINANCIAL ASSISTANCE $ 9,908,985 STATE MATCHING OF FEDERAL AWARDS State Matching of Federal Awards (93.596) N/A 7/1/17-6/30/18 SR188 $ 2,893,210 State Matching of Federal Awards (93.558) N/A 7/1/17-6/30/18 SR188 1,349,256 Total State Matching of Federal Awards $ 4,242,466 TOTAL EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE AND MATCHING OF FEDERAL AWARDS $ 23,900,269 The accompanying notes to the schedule of expenditures of federal awards, state financial assistance, and state matching of federal awards are an integral part of this schedule

22 THE EARLY LEARNING COALITION OF FLAGLER AND VOLUSIA COUNTIES, INC. NOTE TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS, STATE FINANCIAL ASSISTANCE, AND STATE MATCHING OF FEDERAL AWARDS FOR THE YEAR ENDED JUNE 30, 2018 (1) Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) includes the Federal awards and State financial assistance activity of The Early Learning Coalition of Flagler and Volusia Counties, Inc. (the Coalition), under programs of the Federal and State government for the year ended June 30, 2018 in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter , Rules of the State of Florida, Office of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Coalition it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Coalition (2) Summary of Significant Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. No amounts were passed through to subrecipients during the year ended June 30, (3) De Minimis Indirect Cost Rate Election: Indirect cost rate is dictated by federal and state contract terms. The 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance is not in effect nor is it available under these contracts

23 INDEPENDENT AUDITORS 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 To the Board of Directors, The Early Learning Coalition of Flagler and Volusia Counties, Inc. 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 The Early Learning Coalition of Flagler and Volusia Counties, Inc. (the Coalition ), which comprise the statement of financial position as of June 30, 2018, 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 January 1, Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the Coalition 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 opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Coalition s internal control. Accordingly, we do not express an opinion on the effectiveness of the Coalition 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 Coalition s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or 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 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. 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 identified. not been

24 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Coalition s financial statements are free from 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 Coalition 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 Early Learning Coalition of Flagler and Volusia Counties, Inc. s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Daytona Beach, Florida January 1,

25 INDEPENDENT AUDITORS REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND MAJOR STATE PROJECT AND REPORT ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH THE UNIFORM GUIDANCE AND CHAPTER , RULES OF THE STATE OF FLORIDA, OFFICE OF THE AUDITOR GENERAL To the Board of Directors, The Early Learning Coalition of Flagler and Volusia Counties, Inc..: Report on Compliance for Each Major Federal Program and State Project We have audited The Early Learning Coalition of Flagler and Volusia Counties, Inc. s (the Coalition) compliance with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement, the requirements described in the Florida Department of Financial Services State Projects Compliance Supplement, and special audit guidance provided by the Office of Early Learning that could have a direct and material effect on each of the Coalition s major federal programs and major state projects for the year ended June 30, The Coalition s major federal programs and major state projects are identified in the summary of auditors results section of the accompanying schedule of findings and questioned costs. Management s Responsibility Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs and state projects. Auditors Responsibility Our responsibility is to express an opinion on compliance for each of the Coalition s major federal programs and major state projects 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 the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Chapter , Rules of the State of Florida, Office of the Auditor General, and special audit guidance provided by the State of Florida, Office of Early Learning (OEL). Those standards, the Uniform Guidance, Chapter , Rules of the State Florida, Office of the Auditor General, and special audit guidance provided by OEL 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 or major state project occurred. An audit includes examining, on a test basis, evidence about the Coalition 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 and major state project. However, our audit does not provide a legal determination of the Coalition s compliance

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