Financial Statements
Financial Statements
For the year ended December 31, 2017 (with comparative totals for the year ended December 31, 2016)
PARTNERS FOR DEVELOPMENT December 31, 2017
Contents
Page
Independent Auditors' Report ....................................................................................................... 1-2
Statement of Financial Position (with comparative totals for 2016) ............................................. 3-4
Statement of Activities (with comparative totals for 2016) ..............................................................5
Statement of Functional Expenses (with comparative totals for 2016).............................................6
Statement of Cash Flows (with comparative totals for 2016) ...........................................................7
Notes to Financial Statements ..................................................................................................... 8-20
40 Wall Street, 32nd F loor New York, NY 10005 T 212 785 0100 F 212 785 9168
Independent Auditors' Report
To the Board of Directors Partners for Development Silver Spring, Maryland
Report on the financial statements We have audited the accompanying financial statements of Partners for Development which comprise the statement of financial position as of December 31, 2017, and the related statements of activities, functional expenses, 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 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 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 the significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
1
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 Partners for Development 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. Prior period financial statements We have previously audited Partners for Development 2016 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated June 12, 2017. In our opinion, the summarized comparative information present 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 24, 2018
2
PARTNERS FOR DEVELOPMENT Statement of Financial Position As of December 31, 2017 (with comparative totals for December 31, 2016)
Assets Current assets Cash - United States Cash in foreign countries
Total cash and cash equivalents
Investments (Notes 3 and 4) Grants receivable ? current (Note 5) Micro-credit loan funds receivable ? current, net of loan loss
provision ? (Note 6) Pledges receivable Advances and employee receivables Prepaid expenses Total current assets
2017
2016
$ 506,173 $ 734,050
343,450
242,298
849,623
976,348
3,486,902 2,185,903
29,841 6,665,193
724,492 3,426 26,674 44,757
7,321,777
732,551 6,756 19,101 29,016
8,458,806
Furniture and equipment Furniture and equipment Less: accumulated depreciation Net, furniture and equipment
123,970 (30,432 ) 93,538
22,554 (19,209 )
3,345
Other assets Grants receivable ? long term (Note 5) Micro-credit loan funds receivable, ? long term (Note 6) Security deposit Total other assets
454,435 601,927 10,222 1,066,584
731,884 240,271
9,382 981,537
Total assets
$ 8,481,899 $ 9,443,688
The accompanying notes are an integral part of these financial statements. 3
PARTNERS FOR DEVELOPMENT Statement of Financial Position As of December 31, 2017 (with comparative totals for December 31, 2016)
Liabilities and Net Assets Current liabilities Accounts payable and accrued expenses Accrued employee benefits
Total liabilities
Net assets Unrestricted Temporarily restricted
Total liabilities and net assets
2017
2016
$
81,510 $ 190,172
146,777
107,459
228,287
297,631
745,981 7,507,631
599,118 8,546,939
$ 8,481,899 $ 9,443,688
The accompanying notes are an integral part of these financial statements. 4
PARTNERS FOR DEVELOPMENT Statement of Activities For the year ended December 31, 2017 (with comparative totals for the year ended December 31, 2016)
Support and revenue Support Grants - Notes 7 and 10 Contributions Interest, investment income and loan
administration fees (Notes 3 and 6) Recognized discount on grant Other
Unrestricted
Temporarily restricted
Totals 2017
2016
$ 744,069 $ 19,244
126,338 -
44,901
686,740 $ 1,430,809 $
-
19,244
103,819 18,048
-
230,157 18,048 44,901
393,129 37,572
160,226 154,270 43,332
Total support and revenue Net assets released from restrictions
934,552 1,897,789
808,607 (1,897,789 )
1,743,159 -
788,529 -
Total support and revenue
2,832,341
(1,089,182 )
1,743,159
788,529
Expenses Program services Benin Programs Nigeria Programs Cambodia Programs Other Programs
1,017,403 829,133 483,524 10,851
2,340,911
1,017,403 829,133 483,524 10,851
2,340,911
1,052,841 502,500 384,420 189,197
2,128,958
Supporting services Management and general
353,906
353,906
319,894
Total expenses
2,694,817
2,694,817
2,448,852
Change in net assets before other item
137,524
(1,089,182 )
(951,658 ) (1,660,323 )
Other item Monetization adjustment Foreign currency exchange gain/(loss)
9,339
49,874
59,213
(1,532,068 ) (399,097 )
Change in net assets Net assets, beginning of year
146,863 599,118
(1,039,308 ) 8,546,939
(892,445 ) (3,591,488 ) 9,146,057 12,737,545
Net assets, end of year
$ 745,981 $ 7,507,631 $ 8,253,612 $ 9,146,057
The accompanying notes are an integral part of these financial statements. 5
PARTNERS FOR DEVELOPMENT Statement of Functional Expenses For the year ended December 31, 2017 (with comparative totals for the year ended December 31, 2016)
Salaries Payroll taxes and benefits
Total personnel services Consulting fees Travel and program monitoring Vehicle and transportation Training expenses Project equipment, supplies and micro- credit
loan programs Office and housing equipment and furniture Equipment maintenance and rental Accounting and legal Depreciation Office supplies Insurance Publications and printing Temporary help Rent Utilities Communications Other Bad debt expense (recovery) Total expense before capitalization Capitalization Total expense, net of capitalization
Benin programs
Program services
Cambodia
Nigeria
Other
programs programs programs
Total programs
Supporting services
Management and general
Total
program and
supporting services
2017
2016
$ 350,821 $ 114,293 465,114 101,669 68,494 50,787 47,020
206,261 $ 191,443 $
33,508
94,412
239,769
285,855
-
25,706
21,701
69,100
2,651
92,518
146,667 109,454
5,088 $ 1,806 6,894 3,750
107 -
753,613 $ 244,019 997,632 131,125 159,402 145,956 303,141
108,196 $ 861,809 $ 862,134
57,032 301,051 312,564
165,228 1,162,860 1,174,698
35,404 166,529 307,777
36,943 196,345 174,885
- 145,956
57,599
950 304,091
30,063
210,420 7,211 5,290
11,500 3,316 6,510
11,668 15,098 18,249 26,834
6,166 7,019 11,508 (6,954 ) 1,066,919 (49,516 ) $ 1,017,403 $
12,080 149,759
-
18,876
5,655
13,345
500
12,333
-
6,162
3,117
9,722
4,055
15,748
-
3,813
1,509
16,075
24,000
36,055
8,938
3,137
5,062
11,577
7,820
1,798
-
-
483,524
881,033
-
(51,900 )
483,524 $ 829,133 $
100 10,851 10,851
372,259 26,087 24,290 24,333 9,478 19,349 31,471 18,911 35,833 86,889 18,241 23,758 21,126 (6,954 )
2,442,327 (101,416 ) $ 2,340,911 $
- 372,259 370,521
4,429
30,516
37,284
2,777
27,067
12,292
29,752
54,085
-
1,745
11,223
1,745
3,832
23,181
21,448
8,194
39,666
26,758
6,411
25,322
14,219
-
35,833
33,096
38,133 125,022 121,905
-
18,241
14,971
18,355
42,112
41,309
1,753
22,879
8,282
-
(6,954 )
-
353,906 2,796,233 $ 2,448,852
- (101,416 )
-
353,906 $ 2,694,817 $ 2,448,852
The accompanying notes are an integral part of these financial statements. 6
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