FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT …

FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT

CERTIFIED PUBLIC ACCOUNTANTS

JOSEPH'S HOUSE, INC. (A NON-PROFIT ORGANIZATION)

September 30, 2013 and 2012

CONTENTS

Page

Report of Independent

Certified Public Accountants

1

Financial Statements:

Statements of Financial Position

3

Statement of Activities ? For the year ended

September 30, 2013

5

Statement of Activities ? For the year ended

September 30, 2012

6

Statements of Functional Expenses

7

Statements of Cash Flows

9

Notes to Financial Statements

10

Farmer & First, P.C.

CERTIFIED PUBLIC ACCOUNTANTS

"Grow Your Business With Us"

INDEPENDENT AUDITORS REPORT

February 1, 2014

To the Board of Directors of:

Joseph's House, Inc. Washington, D.C.

Report on the Financial Statements We have audited the accompanying financial statements of Joseph's House. Inc.(a non-profit organization) which comprise the statements of financial position as of September 30, 2013 and 2012 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 the 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.

Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted out audits in accordance with auditing standards generally accepted in the United States of America. These standards require that we plan and perform the audits 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 presentation 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.

Six State Street, Warren, RI 02885 (401) 247-1040 Phone ? (401) 247-1049 Fax

-1-

9031 Ottawa Place, Silver Spring, MD 20910 (877) 266-9942 Toll Free ?

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 Joseph's House, Inc. as of September 30, 2013 and 2012 and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Warren, Rhode Island

-2-

Joseph's House, Inc. (A Non-Profit Organization) STATEMENTS OF FINANCIAL POSITION September 30,

ASSETS

CURRENT ASSETS: Cash and cash equivalents Accounts receivable Grants receivable and promises to give Prepaid expenses Total current assets

2013

$ 81,957 $ 3,997 85,189 26,193

197,336

2012

57,466 1,200 163,947 25,426 248,039

PROPERTY AND EQUIPMENT: Buildings and improvements Automobile Furniture and fixtures Office equipment Donated equipment Household and medical equipment Total property and equipment Less: accumulated depreciation Property and equipment, net

OTHER ASSETS Cash Surrender Value

1,168,211 48,002 44,357 35,689 500 30,842

1,327,601 715,616

611,985

1,160,011 23,730 40,562 34,701 500 30,842

1,290,346 676,027

614,319

3,561

3,482

TOTAL

$ 812,882 $ 865,840

The accompanying notes are an integral part of these statements. -3-

Joseph's House, Inc. (A Non-Profit Organization) STATEMENTS OF FINANCIAL POSITION (continued)

September 30,

CURRENT LIABILITIES:

Accounts payable and employee withholdings Accrued expenses Capital lease obligation - current portion Line of credit Deferred support Total current liabilities

2013

$ 14,982 $ 44,883 775 60,640

LONG-TERM LIABILITIES Capital lease obligation

1,769

NET ASSETS: Unrestricted Operating Board designated - contingency

Temporarily restricted Total net assets

712,836 10,577 723,413

27,060 750,473

2012

14,730 46,100

775 94,676 156,281

2,705

685,027 10,577 695,604 11,250 706,854

TOTAL

$ 812,882 $ 865,840

The accompanying notes are an integral part of these statements. -4-

Joseph's House, Inc. (A Non-Profit Organization) STATEMENT OF ACTIVITIES

For the Year Ended September 30, 2013

SUPPORT & REVENUE: Grants and Contributions Government grants Foundation, non-profit and corporate grants Individual and religious organizations

Total grants and contributions Program service revenue Interest income Increase in cash surrender value Miscellaneous income Net assets releases from restrictions

Temporarily Unrestricted Restricted

$ 429,181 $

299,000 440,679 1,168,860

1,055 8 80

3,010 14,190

-$

30,000 -

30,000 -

(14,190)

Total unrestricted support and reclassifications

1,187,203

15,810

EXPENSES: Program services Joseph House, Inc Management and general Fundraising

Net expenses

966,272

-

114,073

-

79,049

-

1,159,394

-

Change in net assets

27,809

15,810

Net assets, October 1, 2012

695,604

11,250

Net assets, September 30, 2013

$ 723,413 $ 27,060 $

Total

429,181

329,000 440,679 1,198,860

1,055 8 80

3,010 -

1,203,013

966,272 114,073 79,049 1,159,394 43,619 706,854 750,473

The accompanying notes are an integral part of these statements. -5-

Joseph's House, Inc. (A Non-Profit Organization) STATEMENT OF ACTIVITIES

For the Year Ended September 30, 2012

SUPPORT & REVENUE: Grants and Contributions Government grants Foundation, non-profit and corporate grants Individual and religious organizations

Total grants and contributions Program service revenue Interest income Increase in cash surrender value Miscellaneous income Net assets releases from restrictions

Temporarily Unrestricted Restricted

Total

$ 443,271 $

-$

205,242 318,234

966,747 2,590 4 230 147 11,250

15,000 -

15,000 -

(11,250)

443,271

220,242 318,234 981,747

2,590 4

230 147 -

Total unrestricted support and reclassifications

980,968

3,750

984,718

EXPENSES: Program services Joseph House, Inc Management and general Fundraising

Net expenses

921,302 124,580 93,426

1,139,308

-

921,302

-

124,580

-

93,426

-

1,139,308

Change in net assets Net assets, October 1, 2011

(158,340) 853,944

3,750 7,500

(154,590) 861,444

Net assets, September 30, 2012

$ 695,604 $ 11,250 $

706,854

The accompanying notes are an integral part of these statements. -6-

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