2019 American Red Cross Financial Statements
THE AMERICAN NATIONAL RED CROSS
Consolidated Financial Statements June 30, 2019
(With summarized information for the year ended June 30, 2018) (With Independent Auditors' Report Thereon)
KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102
Independent Auditors' Report
The Board of Governors The American National Red Cross:
We have audited the accompanying consolidated financial statements of The American National Red Cross (the Organization), which comprise the consolidated statement of financial position as of June 30, 2019, and the related consolidated statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the consolidated financial statements.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors' 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 control relevant to the organization's preparation and fair presentation of the consolidated 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 consolidated 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 consolidated financial statements referred to above present fairly, in all material respects, the financial position of The American National Red Cross as of June 30, 2019, and the changes in their net assets and their cash flows for the year then ended, in accordance with U.S. generally accepted accounting principles.
KPMG LLP is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.
Emphasis of Matter As discussed in note 1(q) to the consolidated financial statements, in 2019 The American National Red Cross adopted new accounting guidance, Accounting Standards Update (ASU) No. 2016-14, Not for Profit Entities (Topic 958) ? Presentation of Financial Statements for Not for Profit Entities, ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), and ASU No. 2018-08, Not-for Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. Our opinion is not modified with respect to this matter. Report on Summarized Comparative Information We have previously audited The American National Red Cross' 2018 consolidated financial statements, and we expressed an unmodified audit opinion on those audited consolidated financial statements in our report dated October 24, 2018. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2018 is consistent, in all material respects, with the audited consolidated financial statements from which it has been derived before the adjustments to adopt ASU No. 2016-14 . As part of our audit of the 2019 consolidated financial statements, we also audited the adjustments described in note 1(q) that were applied to adopt ASU No. 2016-14 retrospectively in the 2018 consolidated financial statements. In our opinion, such adjustments are appropriate and have been properly applied.
McLean, Virginia October 23, 2019
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THE AMERICAN NATIONAL RED CROSS Consolidated Statement of Financial Position
June 30, 2019 (With comparative information as of June 30, 2018)
(In thousands)
Assets
2019
Current assets:
Cash and cash equivalents
$
Investments (note 4)
Trade receivables, including grants, net of allowance for doubtful accounts of $2,364
in 2019 and $1,564 in 2018 (note 11)
Contributions receivable (note 2)
Inventories, net of allowance for obsolescence of $178 in 2019 and $141 in 2018
Other current assets
101,101 460,187
196,172 31,948 38,800 49,516
Total current assets
877,724
Noncurrent assets: Investments (note 4) Contributions receivable (note 2) Land, buildings, and other property, net (note 3) Assets held for sale, net (note 3) Other assets (note 9)
1,067,866 14,689
798,466 35,740
255,419
Total noncurrent assets
2,172,180
Total assets
$
3,049,904
Liabilities and Net Assets
Current liabilities: Accounts payable and accrued expenses Current portion of debt (note 5) Postretirement benefits (note 10) Other current liabilities (notes 9 and 11)
$
272,134
43,888
3,824
133,210
Total current liabilities
453,056
Noncurrent liabilities: Debt (note 5) Pension and postretirement benefits (note 10) Other liabilities (notes 5 and 9)
537,413 495,161 122,110
Total noncurrent liabilities
1,154,684
Total liabilities
1,607,740
Net assets (notes 7 and 8): Without donor restrictions net assets (deficit) With donor restrictions net assets
(5,469) 1,447,633
Total net assets
1,442,164
Commitments and contingencies (notes 4, 5, 6, 10, 11) Total liabilities and net assets
$
3,049,904
See accompanying notes to consolidated financial statements.
2018
129,488 645,064
204,631 40,150 38,826 58,799
1,116,958
1,022,435 9,170
828,445 12,081
251,158 2,123,289 3,240,247
286,654 40,452 3,730
136,924 467,760
571,260 492,884 126,191 1,190,335 1,658,095
(46,450) 1,628,602 1,582,152
3,240,247
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THE AMERICAN NATIONAL RED CROSS Consolidated Statement of Activities Year ended June 30, 2019
(With summarized information for the year ended June 30, 2018) (In thousands)
Operating revenues and gains: Contributions: Corporate, foundation and individual giving United Way and other federated Contracts, including federal government Legacies and bequests Services and materials Products and services: Biomedical Services Program materials Investment return, net (note 4) Other revenues Net assets released from restrictions
Total operating revenues and gains
Operating expenses: Program services: Services to the Armed Forces Biomedical Services Community Services Domestic Disaster Services Training Services International Relief and Development Services
Total program services
Supporting services: Fundraising Management and general
Total supporting services
Total operating expenses
Change in net assets from operations
Nonoperating investment return, net (note 4) Pension-related changes other than net periodic
Benefit cost (note 10)
Change in net assets
Net assets, beginning of year
Net assets, end of year
Without donor restrictions
$
188,396
9,153
1,822
65,988
28,132
1,741,302 142,379 15,147 70,601 811,845
3,074,765
73,838 1,740,715
24,672 667,355 144,066
61,304
2,711,950
177,041 103,527 280,568 2,992,518
82,247 (4,280)
(36,986)
40,981
(46,450)
$
(5,469)
With donor restrictions
411,130 32,387 49,770 32,211 41,911
-- -- 38,088 374 (811,845) (205,974)
-- -- -- -- -- -- --
-- -- -- -- (205,974) 25,005
-- (180,969) 1,628,602 1,447,633
Totals
2019
2018
599,526 41,540 51,592 98,199 70,043
1,741,302 142,379 53,235 70,975 --
2,868,791
1,237,162 50,412 58,551 97,066
111,680
1,714,669 134,666 191,785 69,880 --
3,665,871
73,838 1,740,715
24,672 667,355 144,066
61,304 2,711,950
177,041 103,527 280,568 2,992,518 (123,727)
20,725
(36,986) (139,988) 1,582,152 1,442,164
69,319 1,806,665
22,416 766,800 135,998
87,507 2,888,705
198,541 113,608 312,149 3,200,854 465,017 (140,849)
62,061 386,229 1,195,923 1,582,152
See accompanying notes to consolidated financial statements.
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