RIVERSIDE COVENANT CHURCH, INC. Compiled Financial Statements June 30, 2019

RIVERSIDE COVENANT CHURCH, INC.

Compiled Financial Statements

June 30, 2019

RIVERSIDE COVENANT CHURCH, INC.

JUNE 30, 2019

TABLE OF CONTENTS

Accountants�� Compilation Report

1

Statement of Financial Position �C Modified Cash Basis

2

Statement of Activity �C Modified Cash Basis

3

Notes to Financial Statements

4

Schedule of Expenses �C Modified Cash Basis

8

Accountants' Compilation Report

PHERSON

ASSOCIATES

CERTIFIED PUBLIC ACCOUNTANTS

410 South 18th Street

Lafayette, IN 47905-1239

765-742-1056

Fax 765-742-6681

info@



American Institute of CPAs

Indiana CPA Society

Travis V. Pherson, CPA

Donald G. Ruth, CPA

To the Leadership Team

Riverside Covenant Church, Inc.

West Lafayette, IN 47906

Management is responsible for the accompanying financial statements of the Riverside

Covenant Church, Inc. which comprise of the statement of financial position �\ modified cash

basis as June 30, 2019 and the related statement of activity �\ modified cash basis for the

twelve months then ended in accordance with the modified cash basis of accounting, and

for determining that the modified cash basis of accounting is an acceptable financial

reporting framework. We have performed a compilation engagement in accordance with

Statements on Standards for Accounting and Review Services promulgated by the

Accounting and Review Services Committee of the AICPA. We did not audit or review the

financial statements nor were we required to perform any procedures to verify the

accuracy or completeness of the information provided by management. Accordingly, we do

not express an opinion, a conclusion, nor provide any form of assurance on these financial

statements.

The financial statements are prepared in accordance with the modified cash basis of

accounting, which is a basis of accounting other than accounting principles general

accepted in the United States of America. We draw attention to Note 1 of the financial

statements, which describes the basis of accounting. Specifically, the treatment of fixed

assets and the related allowance for depreciation have been presented in a manner not

normally found in modified cash basis financial statements. Please see Note 1 �C Basis of

Accounting for further explanation.

Steven R. Koerner, CPA

Supplementary Information

The supplementary information contained in the schedule of expenses �\ modified cash basis

for the twelve months ended June 30, 2019 is presented for purposes of additional analysis

and is not a required part of the basic financial statements. This information is the

representation of management. The information was subject to our compilation

engagement, however, we have not audited or reviewed the supplementary information

and, accordingly, do not express an opinion, a conclusion, nor provide any form of

assurance on such supplementary information.

Pherson & Associates, P.C. CPAs

Pherson & Associates, P.C. CPAs

August 31, 2019

Riverside Covenant Church, Inc.

STATEMENTS OF FINANCIAL POSITION �\ MODIFIED CASH BASIS

June 30, 2019

2019

Current Assets:

Cash

Cash in Savings

$

135,108

191,754

Total Current Assets

326,862

Property and Equipment:

Land

Building & improvements

507,740

595,350

Total Property and Equipment

Total Assets

Current Liabilities:

Credit Cards Payable

Note Payable �\ NCP House

Current Portion Of Debt

1,103,090

$

1,429,952

$

3,519

161,367

18,984

Total Current Liablities

183,870

Long�\Term Liabilities

Note Payable �\ NCP Church Building

Note Payable �\ NCP Land

Less: Current Portion of Debt

103,956

387,902

(18,984)

Total Current Liabilities

472,874

Total Liabilites

656,744

Net Assets without Restrictions:

Undesignated

Board Designated

640,523

91,419

Total Net Assets without Restrictions

731,942

Net Assets with Restrictions

41,266

Total Net Assets

Total Liabilities and Net Assets

773,208

$

1,429,952

See Accountants' Compilation Report and Accompanying Notes

2

RIVERSIDE COVENANT CHURCH, INC.

STATEMENT OF ACTIVITY �\ MODIFIED CASH BASIS

For the Year Ended June 30, 2019

Contributions

Rental Income �\ Farm

Building & Vehicle Use

Program Income

Miscellaneous Income

Interest Income

$

Total Revenues

Without

Restriction

553,367 $

2,340

590

11,810

505

1,814

2019

With

Restriction

28,537 $

Totals

581,904

2,340

590

11,810

505

1,814

570,426

28,537

Net assets released in satisfaction

of program restrictions

107,393

(107,393)

0

Total Support and Revenues

677,819

(78,856)

598,963

General Office & Administrative

General Property

General Minsitry

General Community

Staff Compensation & Benefits

Interest

6,971

141,795

140,966

11,961

250,416

34,551

Total Expenses

586,660

Increase (Decrease) in Net Assets

Net Assets, Beginning of Year

Net Assets, End of Year

$

598,963

6,971

141,795

140,966

11,961

250,416

34,551

�\

586,660

91,159

(78,856)

12,303

640,783

120,122

760,905

731,942 $

41,266 $

See Accountants' Compilation Report and Accompanying Notes

3

773,208

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