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Big Brothers Big Sisters of Utah Year Ended December 31, 2009 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, 2009With Comparative Totals For December 31, 200812/31/2009 12/31/2008ASSETS Current assetsCash and cash equivalents $ 221,700 $ 148,556Cash and cash equivalents - board reserve 146,136,291 860Total cash and cash equivalents 357,991 295,416Investments 133,083 101,221Accounts receivable, including promises to give107,825120,259Allowance for bad debt - (15,494) Prepaid expenses 16,16,792 590Total current assets 517,615,691 992Fixed assets, at costFurniture and equipment 231,721 231,721Less: accumulated depreciation (213,(223,336) 946)Net fixed assets 8, 17,385 775Total assets $ 535,624,076 $ 767LIABILITIES AND NET ASSETS ...
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Big Brothers Big Sisters of Utah Year Ended December 31, 2009 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, 2009 With Comparative Totals For December 31, 2008
12/31/2009 12/31/2008 ASSETS Current assets Cash and cash equivalents $ 221,700 $ 148,556 Cash and cash equivalents - board reserve 136,291 146,860 Total cash and cash equivalents 357,991 295,416 Investments 133,083 101,221 Accounts receivable, including promises to give 107,825 120,259 Allowance for bad debt - (15,494) Prepaid expenses 16,792 16,590 Total current assets 615,691 517,992 Fixed assets, at cost Furniture and equipment Less: accumulated depreciation et 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
231,721 231,721 (223,336) (213,946) 8,385 17,775 $ 624,076 $ 535,767
$ 3,467 $ 649 41,327 39,533 - 1,700 44,794 41,882 - - 44,794 41,882
378,898 317,758 60,008 53,994 140,376 122,133 579,282 493,885 $ 624,076 $ 535,767
Big Brothers Big Sisters of Utah Statement of Activities Year Ended December 31, 2009 With Comparative Totals For The Year Ended December 31, 2008
December 31, 2009 Temporarily Permanently 12/31/2009 12/31/2008 Unrestricted Restricted Restricted Total Total
SUPPORT AND REVENUES Support Government grants $ 455,566 $ - $ - $ 455,566 $ 306,734 Contributions 231,538 9,055 - 240,593 233,980 Friends of BBBS 207,500 - - 207,500 342,683 Corporate donations 162,659 - - 162,659 212,312 Bowl for kids sake 123,350 - - 123,350 134,733 Foundation grants 110,000 4,300 - 114,300 109,648 United Way 53,923 46,653 - 100,576 122,805 In-kind donations 64,762 - - 64,762 56,615 BBBSA grants 19,650 - - 19,650 13,333
Total support 1,428,948 60,008 - 1,488,956 1,532,843
Revenues Unrealized gain / (loss) on investments - - 29,125 29,125 (3,526) Interest income 6,554 - 6,554 9,522 -Realized gain / (loss) on sale of investments - (543) (543) (54,725) -Net assets released from restrictions 64,333 (53,994) (10,339) - -
Total revenues 70,887 (53,994) 18,243 35,136 (48,729)
Total support and revenues 1,499,835 6,014 18,243 1,524,092 1,484,114
EXPENSES Program services 1,126,027 - - 1,126,027 1,025,927 General and administrative 52,913 52,913 47,222 - -Development/fundraising 259,755 - - 259,755 272,910
Total expenses 1,438,695 - - 1,438,695 1,346,059
Change in net assets 61,140 6,014 18,243 85,397 138,055 et assets, beginning of year 317,758 53,994 122,133 493,885 355,830
et assets, end of year $ 378,898 $ 60,008 $ 140,376 $ 579,282 $ 493,885
See accompanying notes to financial statements. 3
Big Brothers Big Sisters of Utah Statement of Functional Expenses Year Ended December 31, 2009 With Comparative Totals For The Year Ended December 31, 2008
December 31, 2009 Program General and Development/ 12/31/2009 12/31/2008 Services Administrative Fundraising Total Total $ 742,796 $ 26,848 $ 125,291 $ 894,935 $ 802,670 59,366 2,145 10,014 71,525 62,487 68,482 2,476 11,551 82,509 134,045
Salaries and wages Payroll taxes Employee benefits Total salaries and related expenses 870,644 31,469 146,856 1,048,969 999,202 Rent 74,411 2,690 12,551 89,652 81,469 Supplies 48,331 1,747 8,152 58,230 44,964 Auction items - - 36,806 36,806 36,320 Insurance 28,788 5,504 392 34,684 40,175 Travel 25,981 940 4,382 31,303 27,475 Professional and affiliation fees 25,324 915 4,272 30,511 30,551 Development events - - 24,878 24,878 18,315 Telephone 17,169 621 2,896 20,686 23,801 Bowl for kids sake - - 13,024 13,024 10,696 Printing and publications 6,861 248 1,157 8,266 21,147 Repairs and maintenance 6,844 248 1,154 8,246 8,082 Bad debt expense - 7,838 - 7,838 25,260 Postage 5,085 184 858 6,127 7,621 Interest and bank fees 3,882 140 655 4,677 6,531 Program events 2,499 - 2,499 7,875 -Miscellaneous 1,941 71 327 2,339 3,289 Conferences 473 17 80 570 6,161 Total expenses before depreciation Depreciation Total expenses
1,118,233 52,632 258,440 1,429,305 1,398,934 7,794 281 1,315 9,390 9,612 $ 1,126,027 $ 52,913 $ 259,755 $ 1,438,695 $ 1,408,546
See accompanying notes to financial statements. 4
Big Brothers Big Sisters of Utah Statement of Cash Flows Year Ended December 31, 2009 With Comparative Totals For The Year Ended December 31, 2008
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 operating activities
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of investments Purchases of investments Purchases of furniture and equipment et cash (used in) provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES Retirement of capital lease obligations et cash (used in) financing activities Net change in cash and cash equivalents 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
12/31/2009 12/31/2008 $ 85,397 $ 138,055 9,390 9,612 - (5,474) (29,125) 3,526 543 54,725 (3,060) 10,286 (202) 13,868 2,818 374 1,794 7,194 67,555 232,166
4,000 103,790 (7,280) (92,360) - (1,883) (3,280) 9,547
(1,700) (2,263) (1,700) (2,263) 62,575 239,450 295,416 55,966 $ 357,991 $ 295,416
$ 42 $ 404 $ - $ -
Big Brothers Big Sisters of Utah Notes to Financial Statements December 31, 2009 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 The financial statements of the Association have been prepared on the accrual basis. The Association follows the provisions of Accounting Standards Codification (ASC) 958, Not-for Profit Entities. 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. 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.
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Notes (continued)
Investments The Organization has adopted the provisions of FASB ASC 958-320, InvestmentsDeb t and Equity Securities . Investments in marketable securities with readily determinable fair values and all investments in debt securities are valued at their fair values in the statement of financial position. Unrealized gains and losses are included in the statement of activities. 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, 2009 was $9,390. 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, 2009, management of the Organization considers all promises to be collectible; therefore, no allowance has been recorded. 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, 2009.
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Notes (continued)
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, 2009, 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, 2009, does not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying statement of financial position. Donated services Volunteers and advisors have donated substantial time in assisting the Organization in achieving the goals of its programs. In accordance with FASB ASC 958-605-25-16, Contributed Services , the Organization recognizes contributions of services only if the services received (a) create or enhance nonfinancial assets or (b) require specialized skills, are provided by individuals possessing those skills and would typically need to be purchased if not provide by donation. Reclassifications Certain items from December 31, 2008 have been reclassified to conform to the December 31, 2009 presentation. 3. FAIR VALUE MEASUREMENTS Effective for the year ended December 31, 2009, the Organization adopted FASB ASC 820, Fair Value Measurements and Disclosures . The adoption of this pronouncement did not have a material impact on the Organization’s fair value measurements. ASC 820 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. FASB ASC 820 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 ASC 820 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 Organization has the ability to access. Level 2 Inputs to the valuation methodology include
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Notes (continued) Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets; Inputs other than quoted prices that are observable for the asset or liability; Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurements. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2009. Common stock: Valued at the closing price reported in the active market in which the individual security is traded. Mutual funds: Mutual funds are valued at the closing price reported by the fund in the active market. Limited partnerships: Valued at the closing price reported in the active market in which the individual security is traded. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Organization believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth by level, within the fair value hierarchy, the Organization’s assets at fair value as of December 31, 2009: Assets at Fair Value as of December 31, 2009 Level 1 Level 2 Level 3 Total Mutual funds $ 120,304 $ - $ - $ 120,304 Limited partnerships 10,611 - - 10,611 Common stock 2,168 2,168 - - Totals $ 133,083 $ - $ - $ 133,083 For the year ended December 31, 2009, there was an unrealized gain of $29,125 and a realized loss on the sale of investments of $543. In addition, the Organization earned interest income in the amount of $6,554 for the year ended December 31, 2009. 9
