THE AMERICAN NATIONAL RED CROSS
THE AMERICAN NATIONAL RED CROSS
Consolidated Financial Statements
June 30, 2017 (with summarized information for the year ended June 30, 2016)
(With Independent Auditors' Report Thereon)
KPMG LLP 1676 International Drive 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, 2017 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 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, 2017, and the changes in their net assets, their functional expenses 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.
Report on Summarized Comparative Information We have previously audited The American National Red Cross 2016 consolidated financial statements, and we expressed an unmodified audit opinion on those audited consolidated financial statements in our report dated October 27, 2016. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2016 is consistent, in all material respects, with the audited consolidated financial statements from which it has been derived.
McLean, VA October 6, 2017
THE AMERICAN NATIONAL RED CROSS
Consolidated Statement of Financial Position
June 30, 2017 (with comparative information as of June 30, 2016)
(In thousands)
Assets
Current assets: Cash and cash equivalents Investments (Note 4) Trade receivables, including grants, net of allowance for doubtful accounts of $2,284 in 2017 and $2,398 in 2016 (Note 11) Contributions receivable (Note 2) Inventories, net of allowance for obsolescence of $154 in 2017 and $833 in 2016 Other current assets
Total current 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)
Total assets
Liabilities and Net Assets
Current liabilities: Accounts payable and accrued expenses Current portion of debt (Note 5) Postretirement benefits (Note 10) Other current liabilities (Note 9 and 11)
Total current liabilities
Debt (Note 5) Pension and postretirement benefits (Note 10) Other liabilities (Notes 5 and 9)
Total liabilities
Net assets (Notes 7 and 8): Unrestricted net assets (deficit):
Unrestricted cash available for operations, net investment in land, buildings and other property, and other unrestricted net assets
Pension and postretirement benefits and other long term liabilities
Total Unrestricted net assets (deficit)
Temporarily restricted net assets Permanently restricted net assets
Total net assets
Commitments and contingencies (Notes 4, 5, 6, 10, 11)
Total liabilities and net assets
See accompanying notes to the consolidated financial statements.
3
2017
2016
$ 122,115 $
83,344
291,923
475,624
196,593 69,511
197,120 66,430
40,708 37,658
38,179 32,226
758,508
892,923
1,238,862 17,135
844,567 26,078
257,430
1,157,730 8,672
879,168 50,662
246,651
3,142,580
3,235,806
237,508 138,745
3,723 149,155
529,131
506,867 779,975 130,684
1,946,657
251,737 30,715 3,665
141,644
427,761
572,234 1,103,157
146,981
2,250,133
1,102,256 (1,352,041)
(249,785)
608,304 837,404
1,195,923
1,300,424 (1,724,876)
(424,452)
602,314 807,811
985,673
$ 3,142,580 $ 3,235,806
THE AMERICAN NATIONAL RED CROSS
Consolidated Statement of Activities
Year ended June 30, 2017 (with summarized information for the year ended June 30, 2016)
(In thousands)
Operating revenues and gains: Contributions: Corporate, foundation and individual giving United Way and other federated Legacies and bequests Services and materials Products and services: Biomedical Program materials Contracts, including federal government Investment income (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 Health and safety services International relief and development services
Total program services
Supporting services: Fund raising Management and general
Total supporting services
Total operating expenses
Change in net assets from operations
Nonoperating investment gains(losses) (Note 4) Pension-related changes other than net periodic benefit cost (Note 10)
Unrestricted
Temporarily Restricted
Permanently Restricted
Totals 2017
2016
$ 170,415 $ 252,254 $
10,401
45,054
70,010
25,132
54,745
13,185
1,712,031 133,517 74,578 2,231 93,380 418,935
37,727 (418,935)
2,740,243
(45,583)
47 19,482 -
-
19,529
$ 422,716 55,455
114,624 67,930
1,712,031 133,517 74,578 39,958 93,380 -
2,714,189
$ 378,436 65,860 96,824 61,353
1,746,336 132,606 74,119 85,341 19,263 -
2,660,138
69,335 1,831,520
25,367 372,139 139,303
99,760
2,537,424
189,623 119,736
309,359
2,846,783
(106,540)
20,604 260,603
-
-
-
-
-
(45,583)
51,573 -
-
-
-
-
-
19,529
10,064 -
69,335 1,831,520
25,367 372,139 139,303
99,760
2,537,424
189,623 119,736
309,359
2,846,783
(132,594)
82,241 260,603
65,231 1,736,307
33,164 332,740 148,310 119,709
2,435,461
169,676 116,402
286,078
2,721,539
(61,401)
(146,385) (400,351)
Change in net assets Net assets, beginning of year Net assets, end of year See accompanying notes to the consolidated financial statements.
174,667 (424,452) $ (249,785) $
5,990 602,314 608,304 $
29,593 807,811 837,404
210,250 985,673 $ 1,195,923
(608,137) 1,593,810 $ 985,673
4
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