LITERACY PARTNERS, INC.
[Pages:16]LITERACY PARTNERS, INC.
FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
JUNE 30, 2016 AND 2015
LITERACY PARTNERS, INC.
TABLE OF CONTENTS
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS Statement of Financial Position, June 30, 2016 and 2015 Statement of Activities and Changes in Net Assets, Year ended June 30, 2016 with Summarized Information for 2015 Statement of Functional Expenses, Year ended June 30, 2016 with Summarized Information for 2015 Statement of Cash Flows, Years ended June 30, 2016 and 2015 Notes to Financial Statements
Page 1-2
3 4 5 6 7
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors of Literacy Partners, Inc. New York, New York
We have audited the accompanying consolidated financial statements of Literacy Partners, Inc. (the "Organization"), which comprise the statement of financial position as of June 30, 2016 and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements.
Management 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 Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 judgment, 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 organization'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 Organization's internal control. Accordingly, we 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Literacy partners, Inc. as of June 30, 2016, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
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To the Board of Directors of Literacy Partners, Inc. New York, New York Report on Summarized Comparative Information We have previously audited Literacy Partners, Inc.'s 2015 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated October 30, 2015. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2015 is consistent, in all material respects, with the audited financial statements from which it has been derived. Philadelphia, Pennsylvania December 12, 2016
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LITERACY PARTNERS, INC.
STATEMENT OF FINANCIAL POSITION
June 30, 2016 And 2015
ASSETS Cash Investments (Note 3) Accounts receivable and other assets Contributions receivable Grants receivable Prepaid expenses Inventory (Note 2) Equipment, net of accumulated depreciation of $276,828 in 2016 and $258,652 in 2015 Security deposit Total assets
LIABILITIES Accounts payable and other accrued expenses Deferred Rent (Note 4) Total liabilities
NET ASSETS (Note 5) Unrestricted Operations Board designated Total unrestricted net assets Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets
2016
$ 649,863 5,519,525 2,346 17,000 23,900 7,295 -
44,558 63,750
$ 6,328,237
2015
$ 741,314 6,041,316 2,723 50,100 42,489 7,115 112,767
29,803 20,000
$ 7,047,627
$ 34,577 79,114
113,691
$ 12,884 -
12,884
749,858 167,467
917,325
36,119 5,261,102
6,214,546
$ 6,328,237
1,048,264 183,121
1,231,385
542,256 5,261,102
7,034,743
$ 7,047,627
See accompanying notes to financial statements.
3
4
LITERACY PARTNERS, INC.
STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS For The Year Ended June 30, 2016 With Summarized Information For 2015
REVENUES Public Support Foundation grants Community partnership grants Corporate contributions Individuals Government contracts Contributions in-kind Total public support
Other Revenue Fund raising events, net of direct benefit to donors of $161,693 in 2016 and $115,256 in 2015 Investment income Investment return designated for current operations (Note 3) Other revenue Total other revenue Total public support and other revenue
EXPENSES Program services Supporting services Management and general Fundraising Total supporting services Total expenses
Excess of revenues over expenses
Other Changes Investment return in excess of amounts designated for current operations (Note 3) Transfers
Change in net assets
Net Assets Beginning of year
End of year
See accompanying notes to financial statements.
UNRESTRICTED
Board
Operations Designated
Total
$ 278,000 $
-
$ 278,000
734
-
734
10,100
-
10,100
153,966
-
153,966
49,991
-
49,991
589,301
-
589,301
1,082,092
-
1,082,092
843,151 4
425,000 6,051
1,274,206 2,356,298
1,800,422
343,357 510,925 854,282 2,654,704
(298,406)
-
843,151
-
4
-
425,000
-
6,051
-
1,274,206
-
2,356,298
-
1,800,422
-
343,357
-
510,925
-
854,282
-
2,654,704
-
(298,406)
-
(298,406)
(15,654) -
(15,654)
(15,654) -
(314,060)
1,048,264 $ 749,858
183,121 $ 167,467
1,231,385 $ 917,325
Temporarily Permanently
Restricted
Restricted
2016
2015
$
-
$
- $ 278,000 $ 167,950
-
-
734
27,031
-
-
10,100
25,500
-
-
153,966
277,278
-
-
49,991
90,000
-
-
589,301
205,332
-
-
1,082,092
793,091
-
-
843,151
926,014
-
-
4
5
-
-
425,000
350,000
-
-
6,051
1,020
-
-
1,274,206 1,277,039
-
-
2,356,298 2,070,130
-
-
1,800,422 1,178,756
-
-
343,357
355,326
-
-
510,925
354,348
-
-
854,282
709,674
-
-
2,654,704 1,888,430
-
-
(298,406)
181,700
(506,137) -
(506,137)
542,256 $ 36,119
-
(521,791) (333,075)
-
-
-
-
(820,197) (151,375)
5,261,102 $ 5,261,102
7,034,743 $ 6,214,546
7,186,118 $ 7,034,743
LITERACY PARTNERS, INC.
STATEMENT OF FUNCTIONAL EXPENSES For The Year Ended June 30, 2016 With Summarized Information For 2015
Salaries Payroll taxes and benefits Contributions in-kind
Instruction and facility Books Program video Other Instructional and testing materials Occupancy Telephone Printing/postage Office supplies and equipment Travel and conferences Professional fees Fund-raising / special events Insurance Consultants/outside services Computer expenses Staff development Miscellaneous Depreciation
Total Expenses - 2016
Total Expenses - 2015
Educational Support
$ 449,697 107,637
316,869 88,616 1,157 100,054 6,585 1,458 7,155 2,447 10,915 7,420 5,966 269 10,837 -
$ 1,117,082
$ 843,589
Program Services
Basic
Family
Educational Literacy
Centers
Centers
$ 214,873 51,431
$ 84,658 20,264
2016
Total Program $ 749,228
179,332
68,951 112,767
709 47,808 3,146 998 2,664 3,749 5,216 30,000 2,851 219 -
$ 545,382
$ 145,324
110 18,836 1,240 847 4,365 44 2,055 1,123 4,416 -
$ 137,958
$ 189,843
68,951 112,767 316,869
88,616 1,976 166,698 10,971 3,303 14,184 6,240
18,186 37,420 9,940 269 15,472 -
$ 1,800,422
$ 1,178,756
Support Services
General And Administrative Fundraising
Total
$ 132,673 31,756
$ 127,548 30,529
$ 1,009,449 241,617
20,450 133 29,519 1,943 2,884 13,557 2,027 35,400 3,220 9,198 1,760 1,120 39,541 18,176
$ 343,357
$ 355,326
94,415 28,379 1,868 28,672 6,728 192 122,819 3,096 52,641 1,692 1,145 11,201 -
$ 510,925
$ 354,348
68,951 112,767 316,869 203,481
2,109 224,596
14,782 34,859 34,469 8,459 35,400 122,819 24,502 99,259 13,392 2,534 66,214 18,176
$ 2,654,704
2015
Total
$ 833,585 195,828
92,565 -
2,296 246,156
17,477 24,463 26,939 7,041 24,825 199,831 27,700 99,064 17,136 4,070 49,707 19,747
$ 1,888,430
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See accompanying notes to financial statements.
LITERACY PARTNERS, INC.
STATEMENT OF CASH FLOWS
June 30, 2016 And 2015
CASH FLOWS FROM OPERATING ACTIVITIES Increase in net assets Adjustments to reconcile increase in net assets to net cash provided by operating activities Depreciation Realized and unrealized losses on investments (Increase) decrease in current assets Accounts receivable and other assets Prepaid expenses Inventory Security Deposit Increase (decrease) in liabilities Accounts payable and accrued expenses Deferred rent Net cash provided by (used for) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of investments Purchase of investments Purchase of furniture, fixtures and equipment Net cash provided by investing activities
Net increase (decrease) in cash
CASH Beginning of year End of year
2016 $ (820,197)
2015 $ (151,375)
18,176 344,839
52,066 (180)
112,767 (43,750)
21,693 79,114 (235,472)
1,519,250 (1,342,298)
(32,931) 144,021
(91,451)
19,747 289,325
302,862 31,601 (112,767)
-
(41,568) -
337,825
1,300,791 (1,257,040)
(7,179) 36,572
374,397
741,314 $ 649,863
366,917 $ 741,314
See accompanying notes to financial statements.
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