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CHILD CARE RESOURCESFINANCIAL STATEMENTSWith Independent Auditor's ReportYEARS ENDED DECEMBER 31, 2006 AND 2005OMB A-133 SUPPLEMENTAL FINANCIAL REPORTSYEAR ENDED DECEMBER 31, 2006CHILD CARE RESOURCESFINANCIAL STATEMENTSYEARS ENDED DECEMBER 31, 2006 AND 2005TABLE OF CONTENTSINDEPENDENT AUDITOR'S REPORT 2STATEMENTS OF FINANCIAL POSITIONDecember 31, 2006 and 2005 4STATEMENTS OF UNRESTRICTED ACTIVITYYears ended December 31, 2006 and 2005 5STATEMENTS OF CHANGES IN NET ASSETS 6STATEMENTS OF FUNCTIONAL EXPENSES 7STATEMENTS OF CASH FLOWSYears ended December 31, 2006 and 2005 8 - 9NOTES TO FINANCIAL STATEMENTS 10 - 15SUPPLEMENTARY INFORMATIONSchedule of Expenditures of Federal AwardsYear ended December 31, 2006 17Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performedin Accordance with Government Auditing Standards 18Report on Compliance with Requirements Applicable to EachMajor Program and on Internal Control Over Compliance inAccordance with OMB Circular A-133 20Schedule of Findings and Questioned Costs 22Independent Auditor's Report on Schedule of Non-Federal Governmental Awards 23Schedule of Expenditures of Non-Federal Governmental AwardsYear ended December 31, 2006 24 - 251INDEPENDENT AUDITOR'S REPORTApril 23, 2007Board of DirectorsChild Care ResourcesSeattle, WashingtonWe have audited the accompanying statements of financial position of Child Care Resources, anonprofit ...
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CHILD CARE RESOURCES
FINANCIAL STATEMENTS With Independent Auditor's Report
YEARS ENDED DECEMBER 31, 2006 AND 2005
OMB A-133 SUPPLEMENTAL FINANCIAL REPORTS YEAR ENDED DECEMBER 31, 2006
CHILD CARE RESOURCES FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2006 AND 2005 TABLE OF CONTENTS
INDEPENDENT AUDITOR'S REPORT STATEMENTS OF FINANCIAL POSITION December 31, 2006 and 2005 STATEMENTS OF UNRESTRICTED ACTIVITY Years ended December 31, 2006 and 2005 STATEMENTS OF CHANGES IN NET ASSETS Years ended December 31, 2006 and 2005 STATEMENTS OF FUNCTIONAL EXPENSES Years ended December 31, 2006 and 2005 STATEMENTS OF CASH FLOWS Years ended December 31, 2006 and 2005 NOTES TO FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION Schedule of Expenditures of Federal Awards Year ended December 31, 2006 Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance withGovernment Auditing Standards Report on Compliance with Requirements Applicable to Each Major Program and on Internal Control Over Compliance in Accordance withOMB Circular A-133 Schedule of Findings and Questioned Costs Independent Auditor's Report on Schedule of Non-Federal Governmental Awards Schedule of Expenditures of Non-Federal Governmental Awards Year ended December 31, 2006
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April 23, 2007
Board of Directors Child Care Resources Seattle, Washington
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying statements of financial position of Child Care Resources, a nonprofit corporation, as of December 31, 2006 and 2005, and the related statements of unrestricted activity, changes in net assets, functional expenses, and cash flows for the years then ended. These financial statements are the responsibility of Child Care Resources management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America,Government Auditing Standards,the Comptroller General of the United States;issued by and the provisions of Office of Management and Budget (OMB) Circular A-133,Audits of States, Local Governments, and Non-profit Organizations.Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Child Care Resources as of December 31, 2006 and 2005, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance withGovernment Auditing Standards,we have also issued our report dated April 23, 2007 on our consideration of Child Care Resources internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants. This report is an integral part of an audit performed in accordance withGovernment Auditing Standards and should be read in conjunction with this report in considering the results of our audit.
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The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133,Audits of States, Local Governments, and Non-Profit Organizations,not a required part of the basic financialand is statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Jacobson Jarvis & Co, PLLC
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CHILD CARE RESOURCES STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2006 AND 2005
ASSETS
2006 2005 Current Assets Cash and cash equivalents $ 1,210,531 $ 459,374 Certificates of deposit 129,457 675,695 Accounts receivable 432,805 360,583 Promises to give 358,492 406,688 Prepaid expenses 109,656 86,948 Total Current Assets 2,240,941 1,989,288 Equipment, net of accumulated depreciation of $273,770 and $228,870 94,038 96,123 Promises to Give - long-term - 70,000 $ 2,334,979 $ 2,155,411
Current Liabilities Accounts payable Accrued liabilities Deferred revenue Cash held for others Net Assets Unrestricted Temporarily restricted
See notes to financial statements.
LIABILITIES AND NET ASSETS
$ 173,629 $ 117,283 121,859 117,232 13,792 - 10,319 14,652 Total Current Liabilities 319,599 249,167
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1,275,547 1,201,219 739,833 705,025 Total Net Assets 2,015,380 1,906,244 $ 2,334,979 $ 2,155,411
CHILD CARE RESOURCES STATEMENTS OF UNRESTRICTED ACTIVITY YEARS ENDED DECEMBER 31, 2006 AND 2005
2006
2005
Unrestricted Public Support and Revenue Unrestricted Public Support Government contracts and grants $ 2,726,820 $ 2,278,497 United Way of King County 102,046 132,346 Contributions and private grants 525,470 376,505 In-kind contributions 53,645 40,054 Total Unrestricted Public Support 3,407,981 2,827,402 Revenue Employer fees 18,240 21,670 Program services fees 137,324 121,634 Investment income 51,053 22,314 Other income 11,284 17,699 Total Revenue 217,901 183,317 Net Assets Released from Restrictions Satisfaction of purpose restrictions 356,319 276,486 Satisfaction of time restrictions 227,046 119,770 Total Unrestricted Public Support, Revenue, and Other Support 4,209,247 3,406,975 Expenses Program services Management and general Fundraising
See notes to financial statements.
3,314,975 2,720,102 449,950 363,298 369,994 272,175 Total Expenses 4,134,919 3,355,575 Change in Unrestricted Net Assets $ 74,328 $ 51,400
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CHILD CARE RESOURCES STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED DECEMBER 31, 2006 AND 2005
2006 2005 Temporarily Temporarily Unrestricted Restricted Total Unrestricted Restricted Total $ 3,625,882 $ 3,625,882 $ 3,010,719 $ 3,010,719
Public Support, Revenue, and Other Support Unrestricted public support and revenue Restricted public support Contributions $ 343,126 343,126 $ 696,530 696,530 United Way of King County 275,047 275,047 102,047 102,047 Net assets released from restrictions 583,365 (583,365) - 396,256 (396,256) -Total Public Support, Revenue, and Other Support 4,209,247 34,808 4,244,055 3,406,975 402,321 3,809,296 Expenses 4,134,919 4,134,919 3,355,575 3,355,575 Change in Net Assets 74,328 34,808 109,136 51,400 402,321 453,721 Net Assets - beginning of year 1,201,219 705,025 1,906,244 1,149,819 302,704 1,452,523 Net Assets - end of year $ 1,275,547 $ 739,833 $ 2,015,380 $ 1,201,219 $ 705,025 $ 1,906,244
See notes to financial statements.6
CHILD CARE RESOURCES STATEMENTS OF FUNCTIONAL EXPENSES YEARS ENDED DECEMBER 31, 2006 AND 2005
2006 PROGRAM SERVICES Provider Services and Total Management Capacity Parent Program and Total Building Services Services General Fundraising Expenses Salaries and wages $ 655,047 $ 493,067 $ 1,148,114 $ 275,182 $ 182,210 $ 1,605,506 Employee benefits 77,116 64,930 142,046 22,823 20,539 185,408 Payroll taxes 51,358 37,450 88,808 20,802 12,882 122,492 Total Salaries and Related Expenses 783,521 595,447 1,378,968 318,807 215,631 1,913,406 Parent and provider assistance 479,720 760,320 1,240,040 - - 1,240,040 Professional fees 180,580 23,497 204,077 45,865 47,736 297,678 Occupancy 72,128 36,150 108,278 18,791 11,188 138,257 Supplies 42,501 16,852 59,353 18,052 39,770 117,175 MIS expense 42,036 38,890 80,926 - - 80,926 In-kind expenses 12,093 21,004 33,097 5,624 14,924 53,645 Depreciation 17,661 17,785 35,446 6,970 2,484 44,900 Staff development, training, and meetings 18,389 5,405 23,794 15,270 3,676 42,740 Communication 19,943 13,994 33,937 3,705 2,544 40,186 Printing and publications 14,635 11,563 26,198 2,374 9,981 38,553 Dues, subscriptions, and advertising 7,867 10,218 18,085 4,193 3,289 25,567 Equipment rent and repair 12,432 2,685 15,117 1,923 6,678 23,718 Travel, lodging, and meals 13,498 6,693 20,191 1,374 1,351 22,916 Other expenses 8,226 4,008 12,234 1,084 7,044 20,362 Postage and shipping 6,567 8,839 15,406 1,781 2,890 20,077 Insurance 6,471 3,357 9,828 4,137 808 14,773 Total Expenses $ 1,738,268 $ 1,576,707 $ 3,314,975 $ 449,950 $ 369,994 $ 4,134,919
See notes to financial statements.7
2005 PROGRAM SERVICES Provider Services and Total Management Capacity Parent Program and Total Building Services Services General Fundraising Expenses $ 502,941 $ 494,510 $ 997,451 $ 235,290 $ 150,144 $ 1,382,885 61,374 65,507 126,881 22,964 11,915 161,760 39,017 42,009 81,026 17,788 10,953 109,767 603,332 602,026 1,205,358 276,042 173,012 1,654,412 127,668 816,547 944,215 - - 944,215 67,494 24,862 92,356 31,132 20,875 144,363 58,581 46,416 104,997 16,047 12,567 133,611 25,571 12,690 38,261 10,710 27,718 76,689 49,573 52,712 102,285 - 102,285 - 5,586 6,890 12,476 - 10,703 23,179 19,704 16,503 36,207 6,464 2,848 45,519 22,598 7,289 29,887 6,396 3,130 39,413 17,423 15,204 32,627 2,975 2,279 37,881 16,166 11,065 27,231 1,229 4,589 33,049 11,426 14,594 26,020 2,032 2,908 30,960 11,859 2,264 14,123 2,123 3,689 19,935 9,463 7,445 16,908 1,168 842 18,918 4,936 4,325 9,261 1,080 3,479 13,820 8,818 9,385 18,203 1,916 2,717 22,836 6,083 3,604 9,687 3,984 819 14,490 $ 1,066,281 $ 1,653,821 $ 2,720,102 $ 363,298 $ 272,175 $ 3,355,575
CHILD CARE RESOURCES STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2006 AND 2005
2006 2005 Cash Flows from Operating Activities Cash received from: Government agencies $ 2,661,834 $ 2,168,817 Donors 1,355,271 947,511 Program participants 144,306 126,500 Employers 18,240 21,670 Investment income 41,393 20,854 Other income 10,858 16,143 Cash paid to: Employees (1,968,989) (1,721,879) Vendors (2,029,120) (1,534,729) Net Cash Provided by Operating Activities 233,793 44,887 Cash Flows from Investing Activities Maturities of certificates of deposit and sales of investments 660,179 398,623 Purchases of certificates of deposit (100,000) (587,871) Purchases of equipment (42,815) (20,409) Net Cash Provided (Used) by Investing Activities 517,364 (209,657) Change in Cash and Cash Equivalents 751,157 (164,770) Cash and Cash Equivalents - beginning of year 459,374 624,144 Cash and Cash Equivalents - end of year $ 1,210,531 $ 459,374
See notes to financial statements.
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CHILD CARE RESOURCES STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2006 AND 2005
Reconciliation of Change in Net Assets to Net Cash Flows from Operating Activities: Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities Depreciation (Gain) loss on investments Reinvested investment earnings Donated investments Donated equipment (Increase) decrease in Accounts receivable Promises to give Prepaid expenses Decrease (increase) in Accounts payable Accrued liabilities Deferred revenue Cash held for others
2006 2005 $ 109,136 $ 453,721 44,900 45,519 (7,530) 2,605 (2,130) (4,065) (4,281) (27,162) - (16,875) (72,222) (106,370) 118,196 (334,496) (22,708) (15,534) 56,346 32,952 4,627 12,851 13,792 - (4,333) 1,741 Net Cash Provided by Operating Activities $ 233,793 $ ,887 44
See notes to financial statements.
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CHILD CARE RESOURCES
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2006 AND 2005
NOTE A ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Child Care Resources (the Agency), a not-for-profit agency, was incorporated on November 1, 1989 as the result of a broad, community-based planning effort to coordinate child care resource and referral services. During 1991, the Agency changed its name from Child and Family Resource and Referral to Child Care Resources. Design of this agency involved over 75 members of the community, including employers, child care providers, parents, government staff, and United Way. The Agency combined and expanded services that were formerly offered by the Crisis Clinic's Daycare Referral Service and Family Services Child and Family Resource Center. The Agency offers services in King County from their office located in Seattle, Washington. The Agency provides child care referral and related services to parents, employers, and employees. It provides training and technical assistance to child care providers and offers coordination for the community in addressing major child care policy issues. The Agency provides services through the following programs: Provider Services and Capacity Building Recruitment & Capacity Building- Increases new and existing child care programs focusing on infants, children with special needs, families needing non-standard hour care, and before- and after-school options. Increases the quality and availability of child care that is culturally and linguistically compatible with the needs of the child, predominantly in informal provider settings. Technical Assistancetelephone assistance, and site visits to child care- Offers walk-in assistance, providers and the general community. Helps family and center based child care providers throughout King County, Washington, with the accreditation process and seeks to improve quality and accessibility of child care to underserved populations, including communities of color, rural communities, families with children with special needs, and low-income families; and provides leadership in child care issues, including adequacy of supply of child care facilities and the quality of services. A workroom, library, and conference room are available at each location. Training- Provides workshops to licensed child care providers at each of the Agency's sites and in the community on a variety of topics designed to increase the quality of care. Family Friend and Neighbor Program (FFN) -Builds a delivery system of resources for FFN caregivers. The purpose of this project is to improve the school readiness and school success of children in FFN care by providing targeted, age appropriate resources to FFN caregivers through the community based organizations that serve them. CCR facilitates the development of educational Play & Learn groups for FFN caregivers and the children in their care. CCR provides training and technical assistance to community based organizations to facilitate their start-up and operation of Play & Learn groups.
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