Financial Information & Service Center, Inc. d/b/a Consumer Credit ...

Financial Information & Service Center, Inc. d/b/a Consumer Credit Counseling Service of Northeastern Wisconsin

Menasha, Wisconsin

Consolidated Financial Statements

Years Ended December 31, 2017 and 2016

Financial Information & Service Center, Inc. d/b/a Consumer Credit Counseling Service of Northeastern Wisconsin

Consolidated Financial Statements

Years Ended December 31, 2017 and 2016

Table of Contents

Independent Auditor's Report............................................................................................................... 1

Consolidated Financial Statements

Consolidated Statements of Financial Position ....................................................................................... 3 Consolidated Statements of Activities..................................................................................................... 4 Consolidated Statements of Cash Flows ................................................................................................. 6 Consolidated Statements of Functional Expenses .................................................................................. 7 Notes to Consolidated Financial Statements............................................................................................ 9

Independent Auditor's Report

Board of Directors Financial Information & Service Center, Inc. d/b/a Consumer Credit Counseling Service of Northeastern Wisconsin Menasha, Wisconsin

Report on the Financial Statements

We have audited the accompanying consolidated financial statements of Financial Information & Service Center, Inc. d/b/a Consumer Credit Counseling Service of Northeastern Wisconsin (FISC) and Subsidiary which comprise the consolidated statements of financial position as of December 31, 2017 and 2016, and the related consolidated statements of activities, cash flows, and functional expenses for the years 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 accounting principles generally accepted in the United States; 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 consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. 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 auditor's 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 entity'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 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 consolidated financial statements.

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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 FISC and Subsidiary at December 31, 2017 and 2016, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States. Wipfli LLP April 19, 2018 Madison, Wisconsin

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Financial Information & Service Center, Inc. d/b/a Consumer Credit Counseling Service of Northeastern Wisconsin

Consolidated Statements of Financial Position

December 31, 2017 and 2016

Assets

Current assets: Cash Due from Goodwill Industries Restricted cash Accounts receivable

Total current assets

Property and equipment - Net

TOTAL ASSETS

Liabilities and Net Assets

Current liabilities: Funds managed for others

Total current liabilities

Net assets: Unrestricted Temporarily restricted

Total net assets

TOTAL LIABILITIES AND NET ASSETS

2017

2016

$

25,231 $

41,844

63,462

15,895

566,002

708,646

224,827

192,371

879,522

958,756

36,233

45,687

$ 915,755 $ 1,004,443

$ 565,086 $ 706,430

565,086

706,430

82,313 268,356

96,004 202,009

350,669

298,013

$ 915,755 $ 1,004,443

See accompanying notes to consolidated financial statements.

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Financial Information & Service Center, Inc. d/b/a Consumer Credit Counseling Service of Northeastern Wisconsin

Consolidated Statement of Activities

Year Ended December 31, 2017

Support and revenue: Contributions Fair share fees Counseling fees Payment Partner fees Miscellaneous income Net assets released from restrictions

Total support and revenue

Expenses: Program expenses: Financial Information & Service Center, Inc. Consumer Credit Counseling Service of Northeastern Wisconsin Money Management Education Associates

Total program expenses

Management and general

Total expenses

Change in net assets Net assets at beginning

Net assets at end

Temporarily Unrestricted Restricted

Total

$ 622,437 $ 265,322 $ 887,759

77,733

0

77,733

119,390

0

119,390

168,015

0

168,015

6,136

0

6,136

198,975 (198,975)

0

1,192,686

66,347 1,259,033

756,024

0

756,024

112,138 187,005

0

112,138

0

187,005

1,055,167

0 1,055,167

151,210

0

151,210

1,206,377

0 1,206,377

(13,691) 66,347 96,004 202,009

52,656 298,013

$ 82,313 $ 268,356 $ 350,669

See accompanying notes to consolidated financial statements.

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