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.
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 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.
3
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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