SPECIAL OLYMPICS MARYLAND, INC. FINANCIAL STATEMENTS DECEMBER 31, 2017

Transcription

1 SPECIAL OLYMPICS MARYLAND, INC. FINANCIAL STATEMENTS DECEMBER 31, 2017

2 TABLE OF CONTENTS Page Independent auditor's report 1 2 Financial statements Statement of financial position 3 Statement of activities 4 Statement of cash flows 5 Notes to financial statements 6 16 Supplementary information Schedule of functional expenses 17

3 INDEPENDENT AUDITOR S REPORT To the Board of Directors of Special Olympics Maryland, Inc. Baltimore, Maryland We have audited the accompanying financial statements of Special Olympics Maryland, Inc. (a non-profit Organization), which comprise the statement of financial position as of, and the related statements of activities 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. 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. -1-

4 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Special Olympics Maryland, Inc. as of, 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. Report on Summarized Comparative Information We have previously audited Special Olympics Maryland, Inc. s 2016 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated May 23, In our opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2016, is consistent, in all material respects, with the audited financial statements from which it has been derived. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule of functional expenses on page 17 is presented for the purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Annapolis, Maryland May 17, 2018 MULLEN, SONDBERG, WIMBISH & STONE, P.A. -2-

5 STATEMENT OF FINANCIAL POSITION ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,012,926 $ 919,357 Contributions receivable 346, ,357 Bequests receivable 100,000 - Prepaid expenses 14,491 12,953 Total current assets 1,473,508 1,149,667 PROPERTY AND EQUIPMENT Net of accumulated depreciation 150,137 79,660 OTHER ASSETS Investments 1,770,211 1,334,888 Bequests receivable 85,000 - Deposits and other assets 3,000 3,000 Total other assets 1,858,211 1,337,888 Total assets $ 3,481,856 $ 2,567,215 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable and accrued expenses $ 354,611 $ 496,754 Accrued payroll and related withholdings 95,759 81,496 Accrued vacation 83,021 63,767 Capital lease obligations 5,362 4,925 Deferred rent 8,181 5,312 Deferred revenue 48,989 3,107 Total current liabilities 595, ,361 LONG-TERM LIABILITIES Capital lease obligations 1,415 6,778 Deferred rent 35,886 44,067 Total long-term liabilities 37,301 50,845 Total liabilities 633, ,206 NET ASSETS Unrestricted 1,078, ,121 Unrestricted - Board designated 1,770,211 1,334,888 Total net assets 2,848,632 1,861,009 Total liabilities and net assets $ 3,481,856 $ 2,567,215 The accompanying notes are an integral part of these financial statements. -3-

6 STATEMENT OF ACTIVITIES Year Ended With Summarized Financial Information for the Year Ended December 31, UNRESTRICTED REVENUES, GAINS AND OTHER SUPPORT Special events, gross revenues $ 4,626,029 $ 4,204,928 Less: Special events, gross expenses (2,573,364) (2,591,687) Grants 904, ,520 Sponsorships 824, ,585 Contributions 747, ,146 Donated goods and services 454, ,302 Bequests 341, ,000 Direct mail campaign 264, ,199 Telemarketing campaigns 210, ,712 Investment income, net of expenses 175,571 84,831 Miscellaneous income 12,715 10,617 Total unrestricted revenues, gains and other support 5,988,067 4,550,153 EXPENSES Program services Outreach and training 1,207,628 1,029,912 Area/county services, games and competition 2,619,143 2,402,108 Public education 539, ,564 Total program services 4,365,908 3,976,584 Supporting services Fundraising 422, ,163 Administrative 211, ,414 Total supporting services 634, ,577 Total expenses 5,000,444 4,516,161 Change in net assets 987,623 33,992 NET ASSETS, BEGINNING OF YEAR 1,861,009 1,827,017 NET ASSETS, END OF YEAR $ 2,848,632 $ 1,861,009 The accompanying notes are an integral part of these financial statements. -4-

7 STATEMENT OF CASH FLOWS Year Ended CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets $ 987,623 $ 33,992 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization 36,073 30,536 Realized/unrealized gain on investments (116,596) (46,044) (Increase) decrease in operating assets: Contributions and bequests receivable (313,734) (35,550) Prepaid expenses (1,538) (8,816) Increase (decrease) in operating liabilities: Accounts payable and accrued expenses (142,143) 62,136 Accrued payroll and related withholdings 14,263 29,502 Accrued vacation 19,254 7,313 Deferred revenue 45,882 (15,643) Deferred rent (5,312) (2,557) Net cash provided by operating activities 523,772 54,869 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (106,550) (40,944) Purchase of investments and reinvested income (421,383) (94,917) Proceeds from the sale of investments 102,656 30,582 Net cash used by investing activities (425,277) (105,279) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on capital lease obligations (4,926) (5,849) Net change in cash and cash equivalents 93,569 (56,259) Cash and cash equivalents at beginning of year 919, ,616 Cash and cash equivalents at end of year $ 1,012,926 $ 919,357 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid during the year for interest $ 807 $ 1,300 The accompanying notes are an integral part of these financial statements. -5-

8 NOTES TO FINANCIAL STATEMENTS Note 1 - Summary of Significant Accounting Policies Nature of Organization Special Olympics Maryland, Inc. (the Organization) provides year-round sports training and competition programs for children and adults with intellectual disabilities. The Organization has partnered with twenty-one of the State s twenty-four School Districts to add Special Olympics Unified Sports to their Interscholastic Sports programs, to help those Districts comply with the 2008 Maryland Fitness and Athletics Equity for Students with Disabilities Act. These financial organization statements reflect the activities of the state office of Special Olympics Maryland, Inc. and the activities of eighteen geographical areas within Maryland that operate under the auspices of Special Olympics Maryland, Inc. These activities are funded primarily by special events, direct mail and telemarketing campaigns, and private contributions. Basis of Accounting The Organization prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. This basis of accounting involves the application of accrual accounting; consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. Financial Statement Presentation 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 accounting principles generally accepted in the United States of America. The prior year statement of financial position, statement of cash flows, and footnote disclosures are included for comparative purposes only. Accordingly, such information should be read in conjunction with the Organization s financial statements for the year ended December 31, 2016, from which the summarized information was derived. Revenue Recognition Contributions and grants are reported as revenue in the year received and/or when the unconditional promises are made. Special Olympics Maryland, Inc. reports gifts of cash and other assets as temporarily restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when the restriction is met, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Donorrestricted contributions whose restrictions are met in the same year are reported as unrestricted support. The policy for recognizing revenue for the Polar Bear Plunge was amended to reflect recognition of revenue in the period when the cash is received. Therefore, no pledge receivables were recorded for this event as of or

9 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 1 - Summary of Significant Accounting Policies (Cont.) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingencies at the statement of financial position date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, cash and cash equivalents represent deposits in checking and savings accounts and certificates of deposit with original maturities of ninety days or less, except those that are part of an investment portfolio. Contributions and Bequests Receivable Contributions receivable represent gifts from individuals and corporations for the general support of the Organization. Bequests receivable represent contributions due from estates. All contributions are considered fully collectible; therefore no allowance has been established. Investments Investments comprise mutual funds, exchange traded funds, and cash held in brokerage accounts. These investments are recorded in the financial statements at fair market value. Unrealized gains and losses are included in investment income in the statement of activities. Property and Equipment Property and equipment acquisitions in excess of $500 are capitalized and recorded at cost. Depreciation is provided over the estimated useful lives of the assets using the straight-line method. Deferred Revenue Deferred revenue consists of grant and other revenue for which the Organization has not met its obligation. Deferred revenue as of consisted of $45,989 for the 2018 USA Games. Deferred revenue as of December 31, 2016 consisted of $3,107 of unearned grant revenue. Classification of Net Assets Unrestricted net assets represent the portion of expendable net assets that are available for support of operations. Unrestricted, board designated net assets represent the portion designated by the Board of Directors to be used as a reserve fund. -7-

10 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 1 - Summary of Significant Accounting Policies (Cont.) Income Tax Status Special Olympics Maryland, Inc. qualifies as a tax-exempt Organization under Section 501(c)(3) of the Internal Revenue Code and is classified as other than a private foundation. Such organizations are taxed only on unrelated business income. No provision for federal income tax is required as of and 2016, as the Organization has no unrelated business income. Income Tax Position The Organization follows the guidance of ASC , Accounting for Uncertainty in Income Taxes which clarifies the accounting for the recognition and measurement of the benefits of individual tax positions in the financial statements, including those of non-profit organizations. Tax positions must meet a recognition threshold of more-likely-than-not in order for the benefit of those tax positions to be recognized in the Organization s financial statements. The Organization analyzes tax positions taken, including those related to the requirements set forth in IRC Sec. 501(c) to qualify as a tax exempt organization, activities performed by volunteers and board members, the reporting of unrelated business income, and its status as a tax-exempt organization under Maryland state statute. The Organization does not know of any tax benefits arising from uncertain tax positions, and there was no effect on the Organization s financial position or changes in net assets as a result of analyzing its tax positions. Years ending on or after December 31, 2014 remain subject to examination by federal and state authorities. Donated Goods and Services Donated services are recognized as a contribution if the services (a) create or enhance nonfinancial assets or (b) require specialized skills, are performed by people with those skills, and would otherwise be purchased by the Organization. Various individuals and organizations contribute goods and services to the Organization s programs. Donated goods and services are recorded at fair value as of the date of donation and are included in contributions as revenue and assets or expenses in the accompanying financial statements. A significant number of unpaid volunteers contribute time to the Organization. The value of these services are not reflected in the accompanying financial statements in accordance with accounting principles generally accepted in the United States of America because the time contributed was for non-specialized services, and the recognition criteria was not met. -8-

11 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 1 - Summary of Significant Accounting Policies (Cont.) Functional Expenses The cost of providing the various programs and other activities has been summarized on a functional basis in the accompanying schedule of functional expenses. Accordingly, certain costs have been allocated to programs and supporting services based upon direct costs. Reclassifications Certain amounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements. Note 2 - Concentration of Cash Balances At and 2016, and at various times during the year, the Organization maintained cash-in-bank balances in excess of the federally insured limit of $250,000. Amounts held in excess of FDIC insurance coverage at and 2016, were approximately $304,000 and $184,000, respectively. The Organization monitors the credit worthiness of these financial institutions and has not experienced any losses on its cash and cash equivalents. Note 3 - Property and Equipment Property and equipment consisted of the following at December 31: Estimated Lives (in years) Furniture and equipment 3-10 $ 189,056 $ 145,866 Computer software ,036 31,246 Work in progress - 24, , ,543 Less accumulated depreciation (157,955) (121,883) $ 150,137 $ 79,660 Depreciation and amortization expense for the years ending and 2016 was $36,073 and $30,536, respectively. -9-

12 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 4 - Investments Investments are stated at fair market value. Investments consisted of the following at December 31: Fair Fair Value Cost Value Cost Brokerage cash $ 194,460 $ 194,460 $ 14,293 $ 14,293 Mutual funds 1,194,592 1,075, , ,082 Exchange traded funds 381, , , ,735 Total $ 1,770,211 $ 1,529,609 $ 1,334,888 $ 1,213,110 Dividends, interest, and capital gain distributions earned on investments for the years ended and 2016 were $73,035 and $50,930, respectively. Realized and unrealized gains on investments were $116,596 and $46,044 for the years ended December 31, 2017 and 2016, respectively. Investment income is reported net of related expenses of $14,060 and $12,143 for the years ended and 2016, respectively. Note 5 - Fair Value Measurement ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Organization measures fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Organization also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three-level hierarchy for fair value measurements based on the transparency of information used in the valuation of an asset or liability at the measurement date. The three levels of the fair value hierarchy are as follows: Level 1: Level 2: Level 3: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Organization has the ability to access at the measurement date. Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. Inputs that are unobservable and supported by little or no market activity and that are significant to the fair value of the assets or liabilities. -10-

13 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 5 - Fair Value Measurement (Cont.) Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes observable requires significant judgment by the Organization's management with the consultation of its investment advisors. Management considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The classification of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument. Investments whose values are based on quoted market prices in active markets, and are, therefore classified with Level 1, include brokerage cash, active listed mutual funds and exchange traded funds. There have been no changes in investment valuation technique or inputs. The table below presents the balances of assets measured at fair value on a recurring basis by level within the hierarchy as of December 31: 2017 Level 1 Level 2 Level 3 Total Investments Brokerage cash $ 194,460 $ - $ - $ 194,460 Mutual funds 1,194, ,194,592 Exchange traded funds 381, ,159 Total investments $ 1,770,211 $ - $ - $ 1,770, Level 1 Level 2 Level 3 Total Investments Brokerage cash $ 14,293 $ - $ - $ 14,293 Mutual funds 976, ,991 Exchange traded funds 343, ,604 Total investments $ 1,334,888 $ - $ - $ 1,334,

14 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 6 - Capital Lease Obligations The Organization obtained a copier in January 2014 with a lease agreement accounted for as a capital lease. The lease is for a period of 63 months. The capital lease obligation has been recorded in the financial statements at the present value of future minimum lease payments, discounted at an interest rate of 8%. At and 2016 the capitalized cost of the leased copier amounted to $24,200. At and 2016, the net book value of the copier was $5,761 and $10,371, respectively. Amortization expense attributable to the copier for each of the years ended and 2016 amounted to $4,610 and is included in depreciation and amortization expense on the schedule of functional expenses. The future minimum lease payments under the above capital leases are as follows: Year Ending December $ 5, ,435 Total future minimum lease payments 7,168 Less amount representing interest (391) Present value of future minimum lease payments (including current portion of $5,362) $ 6,777 For the years ended and 2016 the Organization incurred $807 and $1,300, respectively, in interest expense related to this lease. Note 7 - Compensated Absences Employees of the Organization are entitled to paid vacation, depending on job classification. At and 2016, employees had accrued vacation benefits of $83,021 and $63,767, respectively. Note 8 - Line of Credit During the year ending December 31, 2015, the Organization entered into an agreement with a financial institution to obtain a secured, revolving line of credit. The maximum allowable draw on the line is $125,000, bearing interest at LIBOR plus 2.75%. The line of credit expires October 31, As of and 2016, there were no outstanding draws of the line of credit. -12-

15 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 9 - Unrestricted Board Designated Net Assets The following special purpose funds have been designated by the Board of Directors as of December 31: Quasi-endowment fund $ 228,775 $ 155,976 Reserve fund 1,541,436 1,178,912 $ 1,770,211 $ 1,334,888 Note 10 - Net Assets (Unrestricted) Board Designated / Quasi - Endowment As of and 2016, the Board of Directors designated $228,775 and $155,976, respectively, of unrestricted net assets as a general endowment fund/quasi endowment to support the Howard County program of Special Olympics Maryland, Inc. Since that amount resulted from internal designations and is not donor-restricted, it is classified and reported in unrestricted net assets. The Organization has a spending policy that allows the Organization to either use the earnings to support the day-to-day operations of the Howard County program of Special Olympics Maryland, Inc. or reinvest the earnings. Composition of and changes in board designated endowment net assets were as follows for the year ended December 31: Board-designated endowment net assets, beginning of year $ 155,976 $ 117,032 Contributions 50,000 30,001 Investment income, net management fees 7,884 3,988 Net appreciation 14,915 4,955 Board-designated endowment net assets, end of year $ 228,775 $ 155,

16 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 11 - Allocation of Joint Costs During the years ended and 2016, the Organization incurred joint costs of $113,803 and $155,504, respectively, for telemarketing activities that included both a program component and a fundraising appeal. Of these costs, $39,831 was allocated to fundraising and $73,972 was allocated to program services for the year ended December 31, For the year ended December 31, 2016, $54,426 was allocated to fundraising and $101,078 was allocated to program services. Note 12 - Retirement Plan The Organization sponsors a 403(b) defined contribution plan funded through a group annuity contract. Employee contributions to the Plan are discretionary, and the employer may match 100% of the employee contributions up to 4% of gross salary and an additional 4% of gross salary as an employer discretionary contribution. All employees who have completed at least 1,000 hours of services within one year and have reached 21 years of age are eligible to participate in the Plan. Employees become fully vested in the value of their account attributable to employer contributions after three years of service. Pension expenses for the years ended and 2016 were $87,740 and $77,291 respectively, and are included in employee benefits in the accompanying schedule of functional expenses. Note 13 - Accredited Organization The Organization is accredited by Special Olympics, Inc. Through this relationship, the Organization is allotted a share of the net revenue generated by direct mail fundraising campaigns conducted solely by Special Olympics, Inc. in Maryland. In turn, the Organization pays Special Olympics, Inc. an annual accreditation fee calculated based on a percentage of its total revenue earned, less in-kind donations and revenue earned from Special Olympics, Inc. During the years ended and 2016, the Organization received net funding of $176,401 and $183,827, respectively, from Special Olympics, Inc. -14-

17 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 14 - Commitments - Operating Leases Special Olympics Maryland, Inc. has a non-cancelable operating lease for its main office space in Baltimore, Maryland that expires in August Under the lease, the base rent of $10,712 per month escalates 2% annually and is subject to common area maintenance fees. The Organization leases additional office space in Columbia, Maryland under a noncancelable operating lease that expires in August The agreement is for $1,375 per month in base rent and escalates at a rate of 3% annually. Future minimum rental payments under the current leases are as follows for subsequent years ending December 31: 2018 $ 189, , , ,712 Total $ 716,527 Rent expense for the years ended and 2016 totaled $209,945 and $215,900, respectively and is included in occupancy on the schedule of functional expenses. Note 15 - Donated Goods and Services Donated goods and services of certain key volunteers and businesses have been recorded at their estimated value as of the date the services or goods were rendered. For the years ended and 2016, donated goods and services amounted to $1,362,394 and $1,340,409, respectively. If these goods and services were not provided by a volunteer or donor, they would otherwise have to be performed by paid personnel or subcontractors. Donated goods and services consist of in-kind donations for athletic events, special events, and donated legal services. In-kind contributions of $900,945 and $914,640 was recognized for the Polar Bear Plunge for the years ended and 2016 and are included on the statement of activities as special event revenue and expense. Of this amount, approximately $875,000 was donated from local radio and television stations for advertisements and promotions for the years ended and

18 NOTES TO FINANCIAL STATEMENTS (Cont.) Note 16 - Subsequent Events The Organization has evaluated the impact of significant subsequent events. There have been no subsequent events that require recognition or disclosure through May 17, 2018, the date the Organization s financial statements were available to be issued. -16-

19 SUPPLEMENTAL INFORMATION

20 SCHEDULE OF FUNCTIONAL EXPENSES Year Ended With Summarized Financial Information for the Year Ended December 31, 2016 Outreach and Training Program Services Supporting Services Total Area/County Services, Games and Competition Public Education Total Fundraising Administrative Total Salaries $ 702,231 $ 395,913 $ 258,734 $ 1,356,878 $ 202,329 $ 120,962 $ 323,291 $ 1,680,169 $ 1,445,194 Employee benefits 104,309 48,898 38, ,639 30,050 18,927 48, , ,173 Payroll taxes 55,984 33,291 20, ,904 16,129 8,109 24, , ,596 Total salaries and related expenses 862, , ,795 1,658, , , ,506 2,054,927 1,751,963 Competition and training 57,209 1,839,793 5,593 1,902,595 9,733 3,559 13,292 1,915,887 1,735,506 Occupancy 84,127 90,270 30, ,394 24,236 12,636 36, , ,932 Professional fees and services 62,294 8,665 73, ,570 15,510 26,984 42, , ,081 Postage and office supplies 20,915 28,237 8,619 57,771 50,130 7,004 57, ,905 97,633 Telemarketing ,972 73,972 39,831-39, , ,504 Special Olympics, Inc. fee 44,271 44,271-88, ,542 79,372 Travel and meetings 11,866 62, , ,031 76,490 32,076 Insurance 23,440 14,229 8,636 46,305 6,753 3,396 10,149 56,454 55,875 Depreciation and amortization 12,159 8,540 3,871 24,570 9,952 1,551 11,503 36,073 30,536 Telephone 14,420 8,870 5,148 28,438 4,035 2,523 6,558 34,996 31,140 Printing and publications 12,305 10,510 4,146 26,961 2,557 3,014 5,571 32,532 28,394 Fundraising and marketing ,874 3,122 22,300 6, ,414 28,714 21,997 Miscellaneous 1,794 4,498 2,828 9,120 4, ,727 14,847 17,251 Repairs and maintenance - 1,490-1, ,137 1,881 Interest ,020 Total expenses $ 1,207,628 $ 2,619,143 $ 539,137 $ 4,365,908 $ 422,922 $ 211,614 $ 634,536 $ 5,000,444 $ 4,516,