Audited Financial Statements - United Food Bank

UNITED FOOD BANK

FINANCIAL STATEMENTS AND SINGLE AUDIT COMPLIANCE REPORT

YEARS ENDED JUNE 30, 2019 AND 2018

UNITED FOOD BANK TABLE OF CONTENTS

YEARS ENDED JUNE 30, 2019 AND 2018

INDEPENDENT AUDITORS' REPORT

1

FINANCIAL STATEMENTS

STATEMENTS OF FINANCIAL POSITION

3

STATEMENTS OF ACTIVITIES

4

STATEMENTS OF FUNCTIONAL EXPENSES

6

STATEMENTS OF CASH FLOWS

8

NOTES TO FINANCIAL STATEMENTS

9

INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER

FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER

MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS

PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING

STANDARDS

21

INDEPENDENT AUDITORS' REPORT ON COMPLIANCE FOR EACH

MAJOR FEDERAL PROGRAM AND REPORT ON INTERNAL CONTROL

OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE

23

SUPPLEMENTARY INFORMATION

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

26

NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

27

SCHEDULE OF FINDINGS AND QUESTIONED COSTS

28

CORRECTIVE ACTION PLAN

32

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS

34

INDEPENDENT AUDITORS' REPORT

Board of Directors United Food Bank Mesa, Arizona

Report on the Financial Statements We have audited the accompanying financial statements of United Food Bank which comprise the statements of financial position as of June 30, 2019 and 2018, and the related statements of activities, functional expenses, and cash flows for the years 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 audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller of the United States. 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 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.

(1)

Board of Directors United Food Bank

Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of United Food Bank as of June 30, 2019 and 2018, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters Other Information ? Schedule of Expenditures of Federal Awards Our audit was conducted for the purpose of forming opinions on the financial statements as a whole. The schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated, October 28, 2019, on our consideration of United Food Bank's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the result of that testing, and not to provide an opinion on the effectiveness of the United Food Bank's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering United Food Bank's internal control over financial reporting and compliance.

a

CliftonLarsonAllen LLP

Phoenix, Arizona October 28, 2019

(2)

UNITED FOOD BANK STATEMENTS OF FINANCIAL POSITION

JUNE 30, 2019 AND 2018

ASSETS

CURRENT ASSETS Cash and Cash Equivalents Contracts Receivable Prepaids and Deposits Inventories Total Current Assets

INVESTMENTS RESTRICTED FOR LONG-TERM PURPOSES

PROPERTY AND EQUIPMENT Less: Accumulated Depreciation Net Property and Equipment

Total Assets

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES Accounts Payable Accrued Expenses Accrued Interest Payable Current Portion of Bonds Payable Total Current Liabilities

LONG-TERM LIABILITIES IDA Interest Rate Swap Liability Bonds Payable, Net Current Portion Total Current Liabilities

Total Liabilities

NET ASSETS Without Donor Restrictions: Undesignated Designated for Special Projects Designated for Endowment Total Net Assets Without Donor Restrictions With Donor Restrictions Total Net Assets

Total Liabilities and Net Assets

2019

2018

$ 231,775 408,067 5,925

1,359,498 2,005,265

1,687,715

6,181,613 (2,207,231) 3,974,382

$ 7,667,362

$ 369,555 116,678 7,385 972,060

1,465,678

1,685,440

5,504,667 (2,048,789) 3,455,878

$ 6,606,996

$

391,025

$

97,173

116,432

175,494

7,360

8,192

83,898

79,035

598,715

359,894

114,565 1,938,374 2,052,939

2,651,654

86,785 2,022,272 2,109,057

2,468,951

3,004,135 94,336

1,001,330 4,099,801

915,907 5,015,708

$ 7,667,362

2,186,938 94,336

1,168,279 3,449,553

688,492 4,138,045

$ 6,606,996

See accompanying Notes to Financial Statements. (3)

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