FRIENDS OF THE HIGH LINE, INC. FINANCIAL STATEMENTS ...

FRIENDS OF THE HIGH LINE, INC.

FINANCIAL STATEMENTS AND

SUPPLEMENTARY INFORMATION

DECEMBER 31, 2017

FRIENDS OF THE HIGH LINE, INC.

TABLE OF CONTENTS

Page Independent Auditors' Report ........................................................................................... 1-2 Financial Statements

Statement of Financial Position ................................................................................... 3 Statement of Activities ................................................................................................ 4-5 Statement of Cash Flows ............................................................................................ 6 Notes to Financial Statements .................................................................................... 7-23 Supplementary Information Independent Auditors' Report on Supplementary Information ..................................... 25 Schedule of Functional Expenses ............................................................................... 26

INDEPENDENT AUDITORS' REPORT

To the Board of Directors of Friends of the High Line, Inc.

We have audited the accompanying financial statements of Friends of the High Line, Inc. (a nonprofit organization), which comprise the statement of financial position as of December 31, 2017, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements.

Management's 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.

Auditors' 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 of 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 auditors' 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 entity'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 entity'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 Friends of the High Line, Inc. as of December 31, 2017, 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.

Report on Summarized Comparative Information

We have previously audited Friends of the High Line, Inc.'s 2016 financial statements, and our report dated April 27, 2016, expressed an unmodified opinion on those audited financial statements. In our opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2016, is consistent, in all material respects, with the audited financial statements from which it has been derived.

New York, New York April 26, 2018

3 FRIENDS OF THE HIGH LINE, INC. STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2017 WITH COMPARATIVE TOTALS FOR 2016

(Dollars in thousands)

Assets Cash and cash equivalents (Notes 1b and 9a) Unconditional promises to give (Notes 1e, 3 and 9c) Accounts receivable and other current assets Inventory (Note 1f) Investments (Notes 1c, 1d and 4) Operations Endowments (Note 7) Campaign for the High Line Property and equipment, at cost (net of accumulated depreciation) (Notes 1g and 5)

Total Assets

Liabilities and Net Assets Liabilities Accounts payable and accrued expenses Construction and renovation costs payable Refundable advances Deferred compensation plan liability (Note 10a) Total Liabilities

Commitments (Notes 8 and 10)

Net Assets Unrestricted (Note 2a) Operating Board designated operating reserve Board designated for future periods and purposes Board designated High Line Fund Campaign for the High Line Total Unrestricted

Temporarily restricted (Note 2b) Operations Campaign for the High Line Total Temporarily Restricted

Permanently restricted (Notes 2c and 7) Total Net Assets

Total Liabilities and Net Assets

2017

2016

$ 5,582 25,315 252 214

5,361 49,168 13,148

556

$99,596

$ 5,845 24,276 429 257

4,889 40,501 26,537

652

$103,386

$ 953 872 231 122

2,178

$ 965 341 548 155

2,009

1,522 4,810

300 42,370 13,230 62,232

2,428 4,727

400 35,001 27,264 69,820

9,818 19,525 29,343

5,843 97,418

$99,596

7,062 18,714 25,776

5,781 101,377

$103,386

See notes to financial statements.

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