Consolidated Financial Statements December 31, 20X1 And .
Consolidated Financial StatementsDecember 31, 20X1 and 20X0Save Our CharitiesThis publication provides illustrative financial statements and relateddisclosures and is organized to be used as a reference tool fornongovernmental, not-for-profit entities other than health careproviders. The example contained herein is fictitious. Any resemblanceor similarities to real entities is entirely coincidental and beyond theintent of the author and the AICPA. Further, the content is intended asnonauthoritative guidance only. For illustrative purposes, we haveincluded changes resulting from FASB ASU No. 2016-14, Not-for-ProfitEntities (Topic 958): Presentation of Financial Statements of Not-forProfit Entities. This publication includes relevant guidance effective onDecember 31, 2016; however, it is not a substitute for theauthoritative pronouncements. Users of this publication are urged torefer directly to the applicable authoritative pronouncements forfurther guidance.
Save Our CharitiesTable of ContentsDecember 31, 20X1 and 20X0Independent Auditor’s Report. 1Financial Statements . 3Consolidated Statements of Financial Position . 3Consolidated Statements of Activities . 4Consolidated Statements of Functional Expenses1 . 6Consolidated Statements of Cash Flows . 8Notes to Consolidated Financial Statements . 10Independent Auditor’s Report on Supplementary Information . 40Supplementary Information . 41Consolidating Statement of Financial Position Information . 41Consolidating Statement of Activities Information . 431[Note: All not-for-profit entities are required to report information about expenses in one location—onthe face of the statement of activities, as a schedule in the notes to the financial statements, or in aseparate financial statement—as discussed in FASB Accounting Standards Codification (ASC) 958-20545-6 and 958-720-45-15. This requirement can be fulfilled by presenting a statement of functionalexpenses or providing the equivalent information in the notes to the financial statements. Presentingthis information as supplementary information does not meet the requirement.]
Independent Auditor’s ReportThe Board of DirectorsSave Our CharitiesCity, StateReport on the Financial StatementsWe have audited the accompanying consolidated financial statements of Save Our Charities (SOC), whichcomprise the consolidated statements of financial position as of December 31, 20X1 and 20X0, and therelated consolidated statements of activities, functional expenses [if presented], and cash flows for theyears then ended, and the related notes to the consolidated financial statements.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financialstatements 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 preparationand fair presentation of consolidated financial statements that are free from material misstatement,whether due to fraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the consolidated financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe consolidated financial statements. The procedures selected depend on the auditor’s judgment,including the assessment of the risks of material misstatement of the consolidated financial statements,whether due to fraud or error. In making those risk assessments, the auditor considers internal controlrelevant to the entity’s preparation and fair presentation of the consolidated financial statements in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose of expressingan opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion.An audit also includes evaluating the appropriateness of accounting policies used and the reasonablenessof significant accounting estimates made by management, as well as evaluating the overall presentation ofthe consolidated financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.1
OpinionIn our opinion, the consolidated financial statements referred to above present fairly, in all materialrespects, the financial position of Save Our Charities as of December 31, 20X1 and 20X0, and thechanges in its net assets and its cash flows for the years then ended in accordance with accountingprinciples generally accepted in the United States of America.[Note: If, instead of presenting two-year full comparative financial statements, the entity chooses topresent a single year with summarized comparative information, delete the reference to the prior yearin both the immediately preceding paragraph and the opening paragraph and insert the following:]Report on Summarized Comparative InformationWe have previously audited Save Our Charities 20X0 consolidated financial statements, and weexpressed an unmodified audit opinion on those audited consolidated financial statements in our reportdated Month Day, 20X1. In our opinion, the summarized comparative information presented herein as ofand for the year ended December 31, 20X0 is consistent, in all material respects, with the auditedconsolidated financial statements from which it has been derived.[Note: When comparative information for a prior year or years is presented only in total, rather than bynet asset class, a note to the financial statements must be added describing the summarized financialinformation; see the accounting policies section for example. Financial statement headings would besingular and indicate only the current year and include the following parenthetical notation below thecurrent-year dating in the heading: “(with summarized financial information for the year endedDecember 31, 20X0);” footnote headings would include the current year-end date only. Examplefinancial statement heading:Save Our CharitiesConsolidated Statement of Financial PositionDecember 31, 20X1(with summarized financial information for December 31, 20X0)]Audit Firm SignatureCity, StateMonth Day, 20X22
[NFPs also have the option to prepare a classified StatementSave Our Charitiesof Financial Position]Consolidated Statements of Financial PositionDecember 31, 20X1 and 20X020X1AssetsCash and cash equivalentsOperating investmentsAccounts receivable, netPromises to give, netGift shop inventory, netPrepaid expenses and other assetsCash restricted to building projectProperty and equipment, netAssets held under split-interest agreementsBeneficial interests in charitable trusts held by othersBeneficial interest in assets held by community foundationBeneficial interests in perpetual trustsEndowmentPromises to give, netInvestmentsTotal assetsLiabilities and Net AssetsAccounts payableAccrued expenses and other liabilitiesDeferred revenueLine of creditLiabilities under split-interest agreementsCapital lease obligationsBonds and notes payableInterest-rate swapTotal liabilities 0030,810,8021,977,102812,8501,094,8422,595,05920X0 ,131 94,314,447372,55343,378,704 86,137,541 01,488,80386,4599,759,768273,50015,372,702Net Assets [The level of detail presented here is not required, however if the information presented on the faceis not sufficiently detailed, it must be included in the notes.]Without donor ed by the Board for operating reserve300,000250,000Designated by the Board for endowment15,511,18614,912,222Invested in property and equipment, net of related debt21,150,88520,193,87840,019,67836,726,501With donor restrictionsPerpetual in nature22,864,75022,450,146Purpose restrictions14,228,31610,351,233Time-restricted for future periods1,391,8251,279,636Underwater endowments(42,677)38,484,89134,038,338Total net assets78,504,56970,764,839Total liabilities and net assets 94,314,447 86,137,541See Notes to Consolidated Financial Statements3
[NFPs have multiple presentation options, such as pancake and columnar.Save Our CharitiesThis NFP is preparing a columnar statement.]Consolidated Statement of ActivitiesYear Ended December 31, 20X1Without DonorRestrictionsRevenue, Support, and GainsProgram service feesExchange portion of membership duesGift shop salesLess cost of goods soldNet gift shop salesNet investment returnOther revenueFederal and state contracts and grantsContributionsDonated professional servicesIn-kind contributionsGross special events revenueLess cost of direct benefits to donorsNet special events revenueChange in value of split-interestagreements held by Save Our CharitiesDistributions from and change in value ofbeneficial interests in assets held by othersChange in value of interest-rate swapNet assets released from restrictionpursuant to endowment spending-ratedistribution formulaNet assets released from restrictions - otherTotal revenue, support, and gainsExpenses and LossesProgram services expenseAdvisory ProgramTraining ProgramTotal program expensesSupporting services expenseManagement and generalFundraising and developmentTotal supporting services expensesLoss on uncollectable promises to giveImpairment loss on buildingTotal expenses and lossesChange in Net AssetsNet Assets, Beginning of YearNet Assets, End of YearSee Notes to Consolidated Financial Statements ,388With DonorRestrictions Total-3,412,3922,858,963- 960,00017,349,2223,293,17736,726,501 40,019,6784,446,55334,038,338 38,484,8917,739,73070,764,839 78,504,5694
[NFPs have multiple presentation options, such as pancake and columnar.Save Our CharitiesThis NFP is preparing a columnar statement.]Consolidated Statement of ActivitiesYear Ended December 31, 20X0Without DonorRestrictionsRevenue, Support, and GainsProgram service feesExchange portion of membership duesGift shop salesLess cost of goods soldNet gift shop salesNet investment returnOther revenueFederal and state contracts and grantsContributionsDonated professional servicesIn-kind contributionsDonated equipmentGross special events revenueLess cost of direct benefits to donorsNet special events revenueChange in value of split-interestagreements held by Save Our CharitiesDistributions from and change in value ofbeneficial interests in assets held by othersGain on sale of equipmentChange in value of interest-rate swapNet assets released from restrictionpursuant to endowment spending-ratedistribution formulaNet assets released from restrictions - otherTotal revenue, support, and gainsExpenses and LossesProgram services expenseAdvisory ProgramTraining ProgramTotal program expensesSupporting services expenseManagement and generalFundraising and developmentTotal supporting services expensesLoss on uncollectable promises to giveTotal expenses and lossesChange in Net AssetsNet Assets, Beginning of YearNet Assets, End of YearSee Notes to Consolidated Financial Statements 35,463With DonorRestrictions Total-(36,523)2,084,555- 94,421434,24317,000,387737,67033,300,668 34,038,338682,32470,082,515 70,764,839(55,346)36,781,847 36,726,5015
[All NFPs are required to report information about expenses in one location, either on the face of the statement ofSave Our Charitiesactivities, as a schedule in the notes to the financial statements, or as a separate financialConsolidated Statement of Functional Expensesstatement. Presenting this information as supplementary information does not meet the requirement.]Year Ended December 31, 20X1AdvisoryGrants and other assistanceSalaries and wagesEmployee benefitsPayroll taxesProfessional servicesAccounting feesLegal feesAdvertising and promotionOffice expensesInformation technologyOccupancyTravelConferences, conventions and meetingsInterestInsuranceTraining and developmentGift shop cost of goods soldCost of direct benefits to donorsDepreciation and amortizationBad debt expenseOtherTotal expenses by functionLess expenses included with revenueson the statement of activitiesGift shop cost of goods soldCost of direct benefits to donorsTotal expenses included in theexpense section on the statementof activities 59,6211,147,18631,569Program ServicesTraining 13,400,5882,464,694(59,621)- 13,340,967See Notes to Consolidated Financial 977- 2,464,694Total 478,27659,6211,221,61137,546Managementand General 15,865,282(59,621)- 15,805,661 ising andDevelopment ,4571,02233,66913,9607,474883,593592,859--883,593 592,859Cost ofGoods Sold Total12,60112,601(12,601) - ,354,335(59,621)(12,601) 17,282,1136
[All NFPs are required to report information about expenses in one location, either on the face of the statement ofSave Our Charitiesactivities, as a schedule in the notes to the financial statements, or as a separate financialConsolidated Statement of Functional Expensesstatement. Presenting this information as supplementary information does not meet the requirement.]Year Ended December 31, 20X0AdvisoryGrants and other assistanceSalaries and wagesEmployee benefitsPayroll taxesProfessional servicesAccounting feesLegal feesAdvertising and promotionOffice expensesInformation technologyOccupancyTravelConferences, conventions and meetingsInterestInsuranceTraining and developmentGift shop cost of goods soldCost of direct benefits to donorsDepreciation and amortizationBad debt expenseOther 58,7811,096,58230,938Program ServicesTraining 12,966,074Less expenses included with revenueson the statement of activitiesGift shop cost of goods soldCost of direct benefits to donorsTotal expenses included in theexpense section on the statementof activities2,225,205(58,781)- 12,907,293See Notes to Consolidated Financial 857- 2,225,205Total 485,37158,7811,165,35036,795Managementand General 15,191,279(58,781)- 15,132,498 undraising andDevelopment ,0851,00233,76312,9817,325870,669562,977--870,669 562,977Cost ofGoods Sold Total36,93936,939(36,939) - ,661,864(58,781)(36,939) 16,566,1447
[An NFP may choose to report cash flows fromSave Our Charitiesoperating activities under either the direct or indirect method. Consolidated Statements of Cash FlowsIf the direct method is used, a reconciliation of the change in Years Ended December 31, 20X1 and 20X0net assets from operating activities may be reported but is not required.]Cash Flows from Operating ActivitiesProgram service payments receivedMembership receiptsGift shop sales receiptsReceipts from federal and state contracts and grantsContributions received, net of amounts restricted forlong-term purposesReceipts from special eventsDistributions from beneficial interests and assets held by othersOther cash receiptsGrants paidPayments for salaries, benefits and payroll taxesPayments to vendorsInterest paid20X120X0 13,410,429373,781112,364256,663 4)Net Cash from Operating ActivitiesCash Flows from Investing ActivitiesPurchases of operating investmentsProceeds from sales of operating investmentsPurchases of property and equipmentProceeds from sales of property and equipment(Addition to) cash restricted to building project(Addition to) withdrawal from assets held undersplit-interest agreements(Addition to) withdrawal from 5,456)5,390-88,476541,671Net Cash used for Investing ActivitiesCash Flows from Financing ActivitiesCollections of contributions restricted to building projectCollections of contributions restricted to endowmentPayments to beneficiaries of split-interest agreementsProceeds from establishment of split-interest agreementsNet borrowings (repayments) under line of creditProceeds from issuance of bonds and notesPrincipal payments on bonds, notes and capital leasesNet Cash from Financing Net Change in Cash and Cash Equivalents2,335,4241,391,123Cash and Cash Equivalents, Beginning of Year3,485,9162,094,793Cash and Cash Equivalents, End of YearSee Notes to Consolidated Financial Statements 5,821,340 3,485,9168
[An NFP may choose to report cash flows fromSave Our Charitiesoperating activities under either the direct or indirect method. Consolidated Statements of Cash FlowsIf the direct method is used, a reconciliation of the change in Years Ended December 31, 20X1 and 20X0net assets from operating activities may be reported but is not required.]20X1Reconciliation of Change in Net Assets to Net Cashfrom Operating ActivitiesChange in net assetsAdjustments to reconcile change in net assets to net cashfrom operating activitiesDepreciation and amortizationAmortization of discount on promises to giveRealized and unrealized (gain) loss on operating investmentsImpairment loss – building(Gain) on sale of property and equipmentContributed property and equipment capitalizedLoss on uncollectable promises to giveContributions received under split-interest agreementsContributions restricted to building projectContributions restricted to endowmentChange in value of split-interest agreements held by SOCChange in beneficial interests in assets held by othersEndowment net investment (return)Change in value of interest rate swapChanges in operating assets and liabilitiesAccounts receivable, netPromises to give, netGift shop inventory, netPrepaid expenses and other assetsAccounts payableAccrued expenses and other liabilitiesDeferred revenueNet Cash from Operating ActivitiesSupplemental Disclosure of Cash Flow InformationCash paid during the year forInterestUnrelated business income taxes [if any]Supplemental Disclosure of Non-cash Investing and Financing ActivityAccounts payable for property and equipmentEquipment financed through capital lease arrangementSee Notes to Consolidated Financial Statements 7,739,73020X0 )716,6523,427(38,072)(96,082)13,81754,095762,601 441,514- 493,767- 441,514 493,767 445,369- 94,700 445,369 94,7009
Save Our CharitiesNotes to Consolidated Financial StatementsDecember 31, 20X1 and 20X0Note 1 -Principal Activity and Significant Accounting PoliciesOrganization[These paragraphs should be tailored to each specific entity and include descriptions of each of theprograms included in the statements of activities.]Save Our Charities (SOC, we, us, our)2 is a nonprofit organization established to provide a comprehensivesource of support and training to public charities across America. Designed to assist charities throughouttheir entire life cycles, our experts can assist boards of directors, management, and staff in all areas ofnonprofit formation, planning, financing, and operations. We fulfill our mission by focusing our efforts intwo primary service areas.AdvisoryOur Advisory Services Program provides technical, advisory, and managerial services to charities facingsomething as small as an isolated challenge, all the way to developing strategies and tactics fororganizations over entire life cycles. We help organizations adapt to an ever-changing world as theycontinually reinvent themselves to ensure relevance and effectiveness. Ultimately, we hope to enablemany charities to “obsolete” themselves by achieving a cure, solution, or other means of permanentlysolving a societal need.TrainingOur specially trained educators and counseling staff members help board members, management, andstaff alike develop and enhance the essential skills they need to thrive while focusing on the populationsthey serve. Through a variety of individual and group experiential workshops, webinars, and recreationalleadership classes at our Leadership Effectiveness Retreat Center, participants become empowered withnew levels of confidence and energy to continue their fulfilling work.Save Our Charities Foundation (the Foundation) is a separate not-for-profit organization establishedsolely to raise, hold, and administer funds for the benefit of Save Our Charities. The Foundation isgoverned by a separate Board of Directors, the majority of which are appointed by Save Our Charities’Board of Directors. The Board of Directors of the Foundation authorizes supporting distributions to SaveOur Charities.2[Many organizations use first-person voice in their footnotes (for example, “we” “us” “our”), which reflects thefact that the financial statements are a product of management and the organization, not the auditors. Firstperson voice may help foster a more personal, direct connection to the entity’s constituents and funders.]10
Save Our CharitiesNotes to Consolidated Financial StatementsDecember 31, 20X1 and 20X0Principles of ConsolidationThe consolidated financial statements include the accounts of Save Our Charities and Save Our CharitiesFoundation because Save Our Charities has both control and an economic interest in the Foundation. Allsignificant intercompany accounts and transactions have been eliminated in consolidation. Unlessotherwise noted, these consolidated entities are hereinafter referred to as “Save Our Charities.”Comparative Financial Information[When prior year summarized information is presented, this note must be included.]The accompanying financial statements include certain prior-year summarized comparative information intotal but not by net asset class. Such information does not include sufficient detail to constitute apresentation in conformity with accounting principles generally accepted in the United States of America(GAAP). Accordingly, such information should be read in conjunction with our audited financialstatements for the year ended December 31, 20X0, from which the summarized information was derived.Cash and Cash EquivalentsWe consider all cash and highly liquid financial instruments with original maturities of three months orless, which are neither held for nor restricted by donors for long-term purposes, to be cash and cashequivalents. Cash and highly liquid financial instruments restricted to building projects, endowments thatare perpetual in nature, or other long-term purposes are excluded from this definition.[This example template assumes that Save Our Charities holds brokered certificates of deposit (CDs),which are “other investments” under GAAP. It also assumes that Save Our Charities has elected toreport “other investments” at fair value; accordingly, the CDs are included in the Note 3 fair valuedisclosures. An entity may instead hold CDs with a local financial institution (that is, non-brokered/nontraded CDs). In such instances, Q&A section 2130.39, “Balance Sheet Classification of Certificates ofDeposit” (AICPA, Technical Questions and Answers), indicates that CDs with original maturities of 90days or less are commonly considered “cash and cash equivalents” under FASB Accounting StandardsCodification (ASC) 305, Cash and Cash Equivalents. With rare exception, non-brokered CDs with originalmaturities over 90 days would be included in “other investments” because they are neither equitysecurities with readily determinable fair values nor debt securities. Per paragraph 4.37 of the AICPAAudit and Accounting Guide Not-for-Profit Entities, “other investments” may be carried at carrying valueor fair value by institutions of higher education, voluntary health and welfare entities, or health careentities, and may be carried at fair value or the lower of cost or fair value by all other NFPs, unless thefair value election under FASB ASC 825-10 has been made.]Receivables and Credit PoliciesAccounts receivable consist primarily of noninterest-bearing amounts due for advisory services,educational, and training programs. We determine the allowance for uncollectable [“uncollectible” also isacceptable—be consistent throughout] accounts receivable based on historical experience, anassessment of economic conditions, and a review of subsequent collections. Accounts receivable arewritten off when deemed uncollectable. At December 31, 20X1 and 20X0, the allowance was 15,800and 18,100, respectively.11
Save Our CharitiesNotes to Consolidated Financial StatementsDecember 31, 20X1 and 20X0Promises to Give [or Contributions Receivable. Use of the term pledges receivable is discouragedbecause it is considered to be ambiguous.]We record unconditional promises to give that are expected to be collected within one year at netrealizable value. Unconditional promises to give expected to be collected in future years are initiallyrecorded at fair value using present value techniques incorporating risk-adjusted discount rates designedto reflect the assumptions market participants would use in pricing the asset. In subsequent years,amortization of the discounts is included in contribution revenue in the statements of activities. Wedetermine the allowance for uncollectable promises to give based on historical experience, an assessmentof economic conditions, and a review of subsequent collections. Promises to give are written off whendeemed uncollectable. At December 31, 20X1 and 20X0, the allowance was 112,994 and 83,128,respectively[If the entity has elected to report promises to give at fair value, then replace the preceding paragraph withthe following:We initially record unconditional promises to give and subsequently carried at fair value using presentvalue techniques incorporating risk-adjusted discount rates designed to reflect the assumptions marketparticipants would use in pricing the asset. (Note: There would be no allowance for uncollectablepromises to give because collectibility is one of many factors considered in determining fair value. Note3 would be amended to incorporate the fair value disclosures for the promises to give, and Note 4would display the promises to give expected to be collected over the three intervals required to bepresented, with a separate line showing the adjustment to arrive at fair value. The fair values wouldagree to the statements of financial position.)]Gift Shop InventoryOur inventory comprise
1 [Note: All not-for-profit entities are required to report information about expenses in one location—on the face of the statement of activities, as a schedule in the notes to the financial statements, or in a separate financial statement—as discussed in FASB Accounting Sta
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