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Big Brothers Big Sisters of Utah Year Ended December 31, 2008 Financial Statements And Independent Auditor’s Report Big Brothers Big Sisters of Utah Table of Contents Independent Auditor’s Report 1 Financial Statements Statement of Financial Position 2 Statement of Activities 3 Statement of Functional Expenses 4 Statement of Cash Flows 5 Notes to Financial Statements 6 Big Brothers Big Sisters of UtahStatement of Financial PositionDecember 31, 2008With Comparative Totals For December 31, 200712/31/2008 12/31/2007ASSETS Current assetsCash and cash equivalents $ 148,556 $ 55,966Cash and cash equivalents - board reserve -146,860 Total cash and cash equivalents 295,416 55,966Investments 101,221 165,428Accounts receivable, including promises to give120,259117,646Allowance for bad debt (15,494) (2,595) Prepaid expenses16,590 30,458 Total current assets 366,903517,992 Fixed assets, at costFurniture and equipment 231,721 229,838Less: accumulated depreciation (213,946) (204,334)Net fixed assets 25,50417,775 Total assets $ 392,407535,767 $ LIABILITIES AND NET ASSETS ...
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Big Brothers Big Sisters of Utah Year Ended December 31, 2008 Financial Statements And Independent Auditor’s Report
Big Brothers Big Sisters of Utah Table of Contents
Independent Auditor’s Report Financial Statements Statement of Financial Position Statement of Activities Statement of Functional Expenses Statement of Cash Flows Notes to Financial Statements
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2 3 4 5 6
Big Brothers Big Sisters of Utah Statement of Financial Position December 31, 2008 With Comparative Totals For December 31, 2007
ASSETS Current assets Cash and cash equivalents Cash and cash equivalents - board reserve Total cash and cash equivalents Investments Accounts receivable, including promises to give Allowance for bad debt Prepaid expenses Total current assets Fixed assets, at cost Furniture and equipment Less: accumulated depreciation Net fixed assets Total assets
LIABILITIES AND NET ASSETS Current liabilities Accounts payable Accrued liabilities Current portion of long-term liabilities Total current liabilities Long-term liabilities, net of current portion Total liabilities Net assets Unrestricted Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets
See accompanying notes to financial statements. 2
12/31/2008 12/31/2007 $ 148,556 $ 55,966 146,860 - 295,416 55,966 101,221 165,428 120,259 117,646 (15,494) (2,595) 16,590 30,458 517,992 366,903
231,721 229,838 (213,946) (204,334) 17,775 25,504 $ 535,767 $ 392,407
$ 649 $ 275 39,533 32,339 1,700 2,696 41,882 35,310 - 1,267 41,882 36,577
317,758 148,299 53,994 30,225 122,133 177,306 493,885 355,830 $ 535,767 $ 392,407
Big Brothers Big Sisters of Utah Statement of Activities Year Ended December 31, 2008 With Comparative Totals For The Year Ended December 31, 2007
December 31, 2008 Temporarily Permanently 12/31/2008 12/31/2007 Unrestricted Restricted Restricted Total Total
SUPPORT AND REVENUES Support Friends of BBBS $ 342,683 $ - $ - $ 342,683 $ 199,554 Government grants 306,734 - - 306,734 167,679 Contributions 233,980 - - 233,980 159,618 Corporate donations 212,312 - - 212,312 124,537 Bowl for kids sake 134,733 - - 134,733 100,455 United Way 81,655 41,150 - 122,805 69,517 Foundation grants 96,804 12,844 - 109,648 129,309 In-kind donations 51,141 - 5,474 56,615 32,581 BBBSA grants 13,333 - - 13,333 70,225 Golf tournament - - - - 23 425 ,
Total support 1,473,375 53,994 5,474 1,532,843 1,076,900
Revenues Unrealized gain / (loss) on investments - (3,526) (3,526) 11,826 -Realized gain / (loss) on sale of investments - - (54,725) (54,725) 1,240 Interest income 9,522 - - 9,522 9,293 Net assets released from restrictions 32,621 (30,225) (2,396) - -
Total revenues 42,143 (30,225) (60,647) (48,729) 22,359
Total support and revenues 1,515,518 23,769 (55,173) 1,484,114 1,099,259
EXPENSES Program services 1,025,927 - - 1,025,927 907,460 General and administrative 47,222 - - 47,222 56,508 Development/fundraising 272,910 - - 272,910 164,332
Total expenses 1,346,059 - - 1,346,059 1,128,300
Change in net assets 169,459 23,769 (55,173) 138,055 (29,041) et assets, beginning of year 148,299 30,225 177,306 355,830 384,871
et assets, end of year $ 317,758 $ 53,994 $ 122,133 $ 493,885 $ 355,830
See accompanying notes to financial statements. 3
Big Brothers Big Sisters of Utah Statement of Functional Expenses Year Ended December 31, 2008 With Comparative Totals For The Year Ended December 31, 2007
December 31, 2008 Program General and Development/ 12/31/2008 12/31/2007 Services Administrative Fundraising Total Total
Salaries and wages $ 633,454 $ 32,958 $ 136,258 $ 802,670 $ 696,219 Payroll taxes and benefits 105,896 4,691 23,458 134,045 111,324
Total salaries, payroll taxes and benefits Rent Supplies Insurance Auction items Legal and professional Travel Bad debt expense Telephone Printing and publications Development events Bowl for kids sake Repairs and maintenance Program events Postage Interest and bank fees Conferences Miscellaneous
Total expenses before depreciation Depreciation
Total expenses
739,350 37,649 159,716 936,715 807,543 64,361 2,851 14,257 81,469 85,425 35,522 1,573 7,869 44,964 50,638 39,587 98 490 40,175 35,456 - - 36,320 36,320 10,772 24,135 1,070 5,346 30,551 25,397 21,705 962 4,808 27,475 23,244 25,260 - - 25,260 - 18,803 833 4,165 23,801 24,852 16,706 740 3,701 21,147 11,727 - - 18,315 18,315 9,331 - - 10,696 10,696 9,517 6,385 283 1,414 8,082 4,136 7,875 - - 7,875 125 6,021 266 1,334 7,621 5,791 5,159 229 1,143 6,531 7,406 4,867 216 1,078 6,161 4,361 2,598 115 576 3,289 3,133
1,018,334 46,885 271,228 1,336,447 1,118,854 7,593 337 1,682 9,612 9,446
$ 1,025,927 $ 47,222 $ 272,910 $ 1,346,059 $ 1,128,300
See accompanying notes to financial statements. 4
Big Brothers Big Sisters of Utah Statement of Cash Flows Year Ended December 31, 2008 With Comparative Totals For The Year Ended December 31, 2007
CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: Depreciation and amortization Donated stock Unrealized gain on investments Realized gain on sale of securities Changes in current assets and liabilities: Accounts receivable Prepaid expenses Accounts payable Accrued liabilities et cash provided by (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of investments Purchases of investments Purchases of furniture and equipment et cash provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES Retirement of capital lease obligations et cash (used in) financing activities Net change in cash Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest Cash paid for income taxes
See accompanying notes to financial statements. 5
12/31/2008 12/31/2007 $ 138,055 $ (29,041) 9,612 9,446 (5,474) - 3,526 (11,826) 54,725 (1,240) 10,286 (1,323) 13,868 (4,928) 374 - 7,194 5,487 232,166 (33,425)
103,790 161,692 (92,360) (153,977) (1,883) - 9,547 7,715
(2,263) (2,200) (2,263) (2,200) 239,450 (27,910) 55,966 83,876 $ 295,416 $ 55,966
$ - $ - $ $ --
Big Brothers Big Sisters of Utah Notes to Financial Statements
1. ORGANIZATION HISTORY Big Brothers Big Sisters of Utah, (the “Organization) is a not-for-profit corporation organized under the laws of the State of Utah in February 1978. The Organization matches adult volunteers with children who need and want a mentor. These volunteers provide the children with friendship, guidance, and a positive role model that can prevent many negative behaviors. The Organization currently operates two types of mentoring programs: Community based and school based both of which utilize many community partners including the Housing Authority of Salt Lake County and nine school districts (22 elementary and middle schools) statewide. The State Office is located in Murray and serves Salt Lake County, Southern Davis and Utah Counties; a branch office is located in Park City and serves Summit and Wasatch Counties; a branch office is located in Layton and serves Weber and Northern Davis Counties and a satellite office in St. George that serves Washington County. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of Big Brothers Big Sisters of Utah is presented to assist in understanding the Organization’s financial statements. The financial statements and notes are representations of the Organization’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. The financial statements of the Organization have been prepared on the accrual basis. The Organization follows the provisions of Statements of Financial Accounting Standards (SFAS) No. 117, “Financial Statements of Not-for-Profit Organizations and SFAS No. 116, “Accounting for Contributions Received and Contributions Made. The significant accounting policies followed are described below to enhance the usefulness of the financial statements to the reader. Estimates in the Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Classes of Net Assets Revenues and gains are classified based on the presence or absence of donor restrictions and reported in the following net asset categories: a. Unrestricted net assets represent the portion of net assets not subject to donor restrictions. b. Temporarily restricted net assets arise from contributions that are restricted by the donor for specific purposes or time periods. c. Permanently restricted net assets arise from contributions that are restricted by the donor in perpetuity. All contributions are considered available for unrestricted use, unless specifically restricted by the donors. All expenses are reported as changes in unrestricted net assets.
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Notes (continued)
Cash and Cash Equivalents For purposes of the statement of cash flows, cash equivalents include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are carried at their estimated collectible amounts. The Organization’s accounts receivable are generally short-term in nature; thus, the Organization does not accrue finance or interest charges. Accounts receivable are periodically evaluated for collectibility based on past credit history with customers and their current financial condition. An allowance for doubtful accounts has been established for amounts management believes may not be fully collectible. Fixed Assets Fixed assets are recorded at acquisition cost, or if donated, at the fair market value at the date donated. The Organization capitalizes additions that exceed $1,000. Depreciation expense is provided on a straight-line basis over the following estimated useful lives of the respective assets, which range from five to ten years. Equipment under capital lease obligations is depreciated on the straight-line method over the shorter period of the lease term or the estimated useful life of the equipment. Depreciation expense for the year ended December 31, 2008 was $9,612. Investments The Organization has adopted SFAS No. 124, “Accounting for Certain Investments Held by Not-for-Profit Organizations. Under SFAS No. 124, investments in marketable securities with readily determinable fair values and all investments in debt securities are reported at their fair values in the statement of financial position. Unrealized gains and losses are included in the change in net assets. The Organization determines the cost basis of investments by specific identification. Contributions Unconditional promises to give are recognized as contributions when received at the net present value of the amounts expected to be collected. Contributions are considered available for unrestricted use unless specifically restricted by the donor. Amounts received that are restricted for future periods or by the donor for specific purposes are reported as temporarily restricted or permanently restricted support that increases those net asset classes. When a donor-imposed time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the accompanying statements of activities and changes in net assets as net assets released from restriction. Donor-restricted contributions whose restrictions are met in the same year the contribution is received are reported as unrestricted. Capital campaign contributions are considered temporarily restricted until the asset is placed into service. Promises to give Promises to give are recorded at their estimated fair value. Amounts due later than one year, if any, are recorded at the present value of estimated future cash flows. The Organization estimates the allowance based on analysis of specific donors, taking into consideration the age of past due pledges and an assessment of the donor’s ability to pay. At December 31, 2008, management of the Organization considers all promises to be collectible; therefore, no allowance has been recorded.
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Notes (continued)
Income taxes The Organization is exempt from federal income taxes under section 501(c)(3) of the Internal Revenue Code and therefore has made no provision for federal income taxes in the accompanying financial statements. In addition, the Organization has been determined by the Internal Revenue Service not to be a “private foundation within the meaning of Section 509(a) of the Internal Revenue Code. There was no unrelated business income for the year ended December 31, 2008. Concentrations of Credit Risks The Organization maintains its cash balances at a bank. Accounts at that institution are insured by the Federal Deposit Insurance Corporation up to $250,000. At December 31, 2008, the Organization did not have any balances that exceeded the FDIC insurance limit of $250,000. The Organization has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash. 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 programs and supporting services benefited. Fair Value of Financial Instruments The Organization has a number of financial instruments, none of which are held for trading purposes. The Organization estimates that the fair value of all financial instruments at December 31, 2008, does not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying statement of financial position. In-Kind Donations A portion of the Organization’s support is derived from donated materials and services. All such materials and services have been assigned an approximate market value at the date of receipt by the Organization’s staff. These donated materials and services meet the requirements of SFAS No. 116 and are, therefore, recorded in the period received. Reclassifications Certain items from December 31, 2007 have been reclassified to conform to the December 31, 2008 presentation. 3. ACCOUNTS RECEIVABLE, INCLUDING PROMISES TO GIVE Accounts receivable, including promises to give, consists of the following at December 31, 2008: Pledges receivable $ 37,747 Grants receivable 40,618 United Way promise to give 41,150 Sales tax receivable 744 Total $ 120,259
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Notes (continued)
4. TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets consist of the following: Fieldstone Foundation purpose restriction $ 12,844 United Way - promise to give 41,150 Total $ 53,994 Each restricted item is expected to be used in the next fiscal year. 5. PERMANENTLY RESTRICTED NET ASSETS Permanently restricted net assets consist of the following at December 31, 2008: Cost Fair Value Equity securities (mutual funds and stocks) $ 103,893 $ 101,221 Cash 20,912 20,912 Total $ 124,805 $ 122,133 Investment return on these permanently restricted investments was as follows for the year ended December 31, 2008: Unrealized losses $ 3,526 Realized losses from sale of investments 54,725 Total investments loss $ 58,251
6. FAIR VALUE MEASUREMENTS Effective for the year ended December 31, 2008, the Organization adopted SFAS No. 157, Fair Value Measurements (SFAS 157), and related FASB Staff Position FAS No. 157-2. The adoption of this pronouncement did not have a material impact on the Organization’s fair value measurements. SFAS No. 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. SFAS No. 157 establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB Statement No. 157 are described as follows: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access. Level 2 Inputs to the valuation methodology include Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets;
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