Colorado Children s Immunization Coalition

Transcription

1 Colorado Children s Immunization Coalition Financial Statements December 31, 2014 and 2013 (With Independent Auditor s Report Thereon) Philip William Debus Certified Public Accountant

2 Philip William Debus Certified Public Accountant East Crestline Place Centennial, Colorado PDebus@msn.com Office Fax INDEPENDENT AUDITOR'S REPORT The Board of Directors Colorado Children s Immunization Coalition Report on the Financial Statements I have audited the accompanying financial statements of Colorado Children s Immunization Coalition, which comprise the Statements of Financial Position as of December 31, 2014 and 2013, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States 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 My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 judgement, 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, I 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. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. serving tax-exempt organizations since 1975

3 The Board of Directors Colorado Children s Immunization Coalition Opinion In my opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of Colorado Children s Immunization Coalition as of December 31, 2014 and 2013 and the results of its activities and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. February 9, 2015 Certified Public Accountant Centennial, Colorado serving tax-exempt organizations since 1975

4 Statements of Financial Position December 31, 2014 and 2013 Assets Current assets: Cash and equivalents $ 328, ,246 Grants receivable 22, ,061 Other receivables 1,500 5,731 Prepaid expenses 3,616 3,875 Total current assets 356, ,913 Furniture and equipment (note 1): Furniture and equipment 14,604 14,604 Accumulated depreciation (12,149) (10,354) Property and equipment, net 2,455 4,250 $ 358, ,163 Liabilities and Net Assets Current liabilities: Accounts payable $ 13,820 1,960 Accrued payroll liabilities 6,895 11,630 Total current liabilities 20,715 13,590 Net assets: Temporarily restricted net assets (note 2) 118, ,947 Unrestricted net assets 219, ,626 Total net assets 338, ,573 Total liabilities and net assets $ 358, ,163 The accompanying notes are an integral part of these financial statements. -1-

5 Statements of Activities Years ended December 31, 2014 and 2013 Change in unrestricted net assets: Support and revenue: Direct public support: Contributions and grants $ 237, ,563 Special event, less expenses of $20,335 and $5,705 respectively for the years ending 2014 and ,065 20,530 In-kind contributions (note 3) 18,453 59, , ,996 Other revenue: Interest income Membership dues 735 4,704 Miscellaneous revenue 1,500 1,623 6,933 Total unrestricted support and revenues 283, ,929 Expenses: Program services Community based immunization activities 333, ,116 Supporting services Fund raising 30,607 28,969 Management and general 48,802 40,396 Total supporting services 79,409 69,365 Total expenses 412, ,481 Assets released from restriction 88,474 68,177 Change in unrestricted net assets (40,005) 162,625 Unrestricted net assets at beginning of year 259,626 97,001 Unrestricted net assets at the end of year $ 219, ,626 Change in temporarily restricted net assets: Restricted contributions $ 90, ,124 Assets released from restriction (88,474) (68,177) Change in temporarily restricted net assets 1, ,947 Temporarily restricted net assets at beginning of year 116,947 Temporarily restricted net assets at the end of year $ 118, ,947 The accompanying notes are an integral part of these financial statements. -2-

6 Statement of Functional Expenses For the year ended December 31, 2014 PROGRAM SERVICES SUPPORTING SERVICES Community Based Immunization Management Fund Activities and General Raising Total Expenses: Salaries and benefits $ 178,955 22,220 26, ,260 Education 11,618 11,618 Immunization awareness program 32, ,814 Other program expenses 6, ,446 Public policy 81,763 81,763 Professional services 4,635 19, ,438 Occupancy 3, ,410 Materials ,147 Board development 82 2, ,424 Office expense 12,551 2,887 2,719 18,157 Total expenses $ 333,068 48,802 30, ,477 The accompanying notes are an integral part of these financial statements.

7 Statement of Functional Expenses For the year ended December 31, 2013 PROGRAM SERVICES SUPPORTING SERVICES Community Based Immunization Management Fund Activities and General Raising Total Expenses: Salaries and benefits $ 156,177 16,633 23, ,553 Education 13,961 13,961 Immunization awareness program 55,040 55,040 Other program expenses 3,922 3,922 Public policy 146, ,719 Professional services 4,600 17, ,529 Occupancy 3, ,410 Materials Board development 3,447 3,447 Office expense 18,547 2,452 3,521 24,520 Total expenses $ 403,116 40,396 28, ,481 The accompanying notes are an integral part of these financial statements.

8 Statements of Cash Flows Years ended December 31, 2014 and 2013 Change in cash Cash flows from operating activities: Direct public support $ 421, ,490 Special event, net 26,065 20,530 Membership fees 735 4,704 Other revenue 1,500 Interest received Cash paid to employees and suppliers (384,845) (472,130) Net cash provided by operating activities 64, ,823 Cash flows from investing activities: Purchase of fixed assets (5,100) Cash and equivalents at beginning of year 264,246 79,523 Cash and equivalents at the end of year $ 328, ,246 Reconciliation of change in net assets to net cash provided by operating activities Change in net assets: Change in net assets $ (38,479) 279,572 Adjustments to reconcile change in net assets to net cash provided by operating activities: Decrease (increase) in receivables 93,745 (94,513) Decrease (increase) in prepaid expenses 259 (1,399) Increase in payables 7,125 4,503 Depreciation 1,795 1,660 Total adjustments 102,924 (89,749) Net cash provided by operating activities $ 64, ,823 The accompanying notes are an integral part of these financial statements. -5-

9 Notes to Financial Statements December 31, 2014 and 2013 (1) Summary of Significant Accounting Policies Nature of Operations Colorado Children s Immunization Coalition (Coalition) is a not-for-profit corporation. The goal of Colorado Children s Immunization Coalition is to increase public awareness of the need for immunizations and to collaborate in opportunities to promote and offer immunizations in Colorado communities. The Coalition and its members are working to achieve the goal of 90% of Colorado children fully immunized by age two. Currently there are over 100 participating organizations representing a wide variety of public, private, community organizations and individuals working collaboratively toward the common goal of improving the immunization rate for children of Colorado. Basis of Accounting Coalition financial statements have been prepared on the accrual basis of accounting and, accordingly, reflect all significant receivables, payables and other liabilities. Information regarding the financial position and activities of the Coalition is reported according to three classes of net assets: unrestricted, temporarily restricted, and permanently restricted. The Coalition has no permanently restricted net assets. Furniture and Equipment Assets having a cost greater than $500 and a life greater than one year are capitalized. Donated assets are recorded at fair market value. Furniture and equipment are depreciated over a three to five year useful life using the straight-line method. Repairs are maintenance are charged to expense as incurred. Fully-depreciated assets amounting to $9,504 remain in use. Income Taxes Colorado Children s Immunization Coalition has received notification that it qualifies under Section 501(c)(3) of the Internal Revenue Code as a public charity exempt from Federal income taxation on exempt purpose income. Colorado Children s Immunization Coalition has conducted its activities so as to maintain tax exemption and, accordingly, no provision for income taxes has been made. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the use of management estimates. Cash Equivalents For the purpose of reporting cash flows, cash and cash equivalents are defined as cash and short term investments with an original maturity of three months or less. (Continued) -6-

10 Notes to Financial Statements December 31, 2014 and 2013 (1) Summary of Significant Accounting Policies (Continued) Functional Allocation of Expenses The costs of providing the various programs and other activities have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among the program and supporting services benefitted. Volunteers Colorado Children s Immunization Coalition utilizes the strengths and resources of their coalition members in a volunteer capacity which bolsters the organization s ability to be efficient and productive. Coalition members volunteer in committee work and projects, assist with event planning and implementation, and provide educational resources and training opportunities at no cost to Colorado Children s Immunization Coalition. Reclassifications Certain reclassifications have been made to the December 2013 amounts to make them comparable to the classifications adopted for December (2) Restricted Contributions Colorado Children s Immunization Coalition reports gifts of cash and other assets as 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 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 activities as net assets released from restriction. Receipts of restricted contributions whose restrictions are met prior to the end of the calendar year in which they are received, are reported as unrestricted contributions. Long-lived assets received without restriction are recorded as unrestricted contributions. During the year ended December 31, 2013, Colorado Children s Immunization Coalition received $185,124 in grants restricted to fund certain programs. At December 31, 2013 $116,947of these grants remain unexpended, resulting in a temporarily restricted net asset. For the year ended December 31, 2014 the Coalition received $90,000 in grants restricted to funding certain programs. The Coalition expended $88,474 of restricted funds resulting in a balance of temporarily restricted net assets or $116,947 at December 31, (Continued) -7-

11 (3) In-kind Contributions Notes to Financial Statements December 31, 2014 and 2013 The Coalition receives office facilities from a member organization at no charge. These facilities have been valued in the accompanying financial statements at $8,453 for the years ended December 31, 2014 and The coalition also received technical systems support at no charge which has been valued at $10,000 for the years ended December 31, 2014 and The above items are allocated to all expense categories. For the year ended December 31, 2014, the Coalition received hospitality items valued at $3,400 used for the annual special event. The value of these items is included in the day of event expenses. For the year ended December 31, 2103, the Coalition received the benefit of public service announcements promoting childhood immunization. These announcements have been valued at $41,450 and are included in Public Policy program costs. (4) Retirement Plan Effective January 1, 2010 the Coalition established a Simple IRA retirement plan covering all employees. The coalition matches employee contributions to the plan up to three percent of compensation. For the years ended December 31, 2014 and 2013, the Coalition contributed $2,416 and $2,117 to the plan, respectively. Due to the nature of the plan, there are no unfunded vested benefits. (5) Subsequent events In preparing these financial statements, the organization has evaluated subsequent events and transactions for potential recognition or disclosure through February 9, 2015, the date the financial statements were available to be issued. -8-