FISH of Greater New Haven, Inc. December 31, 2017

Transcription

1 FISH of Greater New Haven, Inc. December 31, 2017 Index: Page Independent Accountants' Review Report 2 Financial Statements: Financial position 3 Activities 4 Functional expenses 5 Cash flows 6 Notes to financial statements 7-8 1

2 INDEPENDENT ACCOUNTANTS REVIEW REPORT To the Board of Directors FISH of Greater New Haven, Inc. New Haven, Connecticut: We have reviewed the accompanying financial statements of FISH of Greater New Haven, Inc. (a nonprofit organization), which comprise the statement o financial position as of December 31, 2017, and the related statements of activities, functional expenses and cash flows for the year then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management s financial data and making inquiries of management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the 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. Accountants Responsibility Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion. Accountants Conclusion Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America. New Haven, Connecticut May 11,

3 FISH of Greater New Haven, Inc Statement of Financial Position December 31, 2017 Assets Cash $ 64,878 Contributions receivable 5,560 Prepaid expenses 1,142 Total current assets 71,580 Total Assets $ 71,580 Liabilities Accounts payable $ 1,257 Accrued liabilities 3,659 Deferred revenue 20,000 Total current liabilities 24,916 Total Liabilities 24,916 Net Assets Unrestricted 46,664 Total net assets 46,664 Total Liabilities and Net Assets $ 71,580 See independent accountants' review report and notes to financial statements. 3

4 FISH of Greater New Haven, Inc Statement of Activities For The Year Ended December 31, 2017 Support Unrestricted contributions $ 556,783 Total Unrestricted Support 556,783 Expenses Program services 526,826 Management and general 18,451 Fundraising 945 Total Expenses 546,222 Increase in net assets 10,561 Net Assets - beginning of year 36,103 Net Assets - end of year $ 46,664 See independent accountants' review report and notes to financial statements. 4

5 FISH of Greater New Haven, Inc. Statement of Functional Expenses For the Year Ended December 31, 2017 Program Management Services and General Fundraising Total Food costs and supplies $ 428,669 $ 428,669 Payroll and payroll taxes 81,906 $ 14,454 96,360 Rent and utilities 9,334 1,647 10,981 Advertising and marketing $ Data processing and software costs Development Fundraising Insurance 2, ,960 Office administration and supplies Professional and bookkeeping fees 1, ,014 Taxes, licenses and dues Telephone 1, ,308 $ 526,826 $ 18,451 $ 945 $ 546,222 See independent accountants' review report and notes to financial statements. 5

6 FISH of Greater New Haven, Inc Statement of Cash Flow For The Year Ended December 31, 2017 Cash flows from operating activities Increase in net assets $ 10,561 Adjustments to reconcile increase in net assets to net cash provided by operating activities: (Increase) in accounts receivable (220) Decrease in prepaid expense 53 (Decrease) in accounts payable (1,061) Increase in accrued expenses 630 Increase in deferred revenue 20,000 Total Adjustments 19,402 Net cash provided by operating activities 29,963 Net increase in cash 29,963 Cash - beginning of year 34,915 Cash - end of year $ 64,878 Supplemental disclosures: Donated food $ 387,609 Donated food disbributed $ (387,609) See independent accountants' review report and notes to financial statements. 6

7 FISH of Greater New Haven, Inc. Notes to Financial Statements December 31, Summary of Significant Accounting Policies Nature of Organization FISH of Greater New Haven, Inc. (the Organization) was incorporated in The mission of the Organization is to provide free groceries to the homes of individuals and families with emergency needs. Basis of Accounting The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles. Basis of Presentation Net assets, revenues and expenses are classified based on the existence (restricted) or absence (unrestricted) of donor-imposed restrictions. Net assets of the Organization are all currently classified as unrestricted. Support of Organization The Organization's activities are funded by contributions and grants from foundations, individuals and the general public. The contributions consist of funds and food products. Food contributions are recorded by the Organization at the estimated fair value at the time of the gift based on price per pound of donated product. The value assigned and recorded for the food contributions amounted to $ 387,609 for the year ended December 31, This in-kind support is offset by like amounts included in program food costs. Estimates The preparation of financial statements in conformity with generally accepted accounting principles require management to make use of estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents The Organization has determined that all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Income Taxes The Organization qualifies as a public charity under Internal Revenue Code Section 170(b)(1)(A)(vi) and has been determined to be exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code, accordingly no provision for income taxes has been made. The Organization's Forms 990, Return of Organization Exempt from Income Tax, for the years ending 2016, 2015, and 2014 are subject to examination by the IRS, generally for three years after they are filed. Consideration of Credit Risk The Organization maintains its cash balances with creditworthy, high quality financial institutions and balances do not generally exceed federally insured limits. Contributions receivable consist of small donations pledged at the end of the year and collected timely therefore management has elected not to record an allowance for doubtful accounts. See independent accountants review report and notes to financial statements. 7

8 FISH of Greater New Haven, Inc. Notes to Financial Statements December 31, 2017 Functional Expenses The cost of providing the program and support of the Organization has been summarized on a functional basis and reported in the Statement of Functional Expenses. Costs which are associated with the program of the Organization are charged directly to that program. Costs that are not specifically identifiable are allocated based upon management estimates of the program and supporting services benefitted. Date of Management Review Management has evaluated subsequent events through May 11, 2018, the date on which the financial statements were available to be issued. 2. Operating Lease Commitments The Organization in January 2017 secured new premises for the operations and entered into a one year lease for those premises. The minimum annual rental under the lease was as follows payable monthly $875.50: Year Ending December 31: 2017 $ 9,630 $ 9,630 The Organization entered into a new lease for the premises on February 1, 2018 for a one year period at a monthly rental of $ which includes electricity and maintenance fees. The lease has two one year renewal periods for a monthly rental of $ and $ including electricity and maintenance fees. Concluded - See independent accountants review report and notes to financial statements. 8