RONALD McDONALD HOUSE CHARITIES OF WESTERN …

[Pages:19]RONALD McDONALD HOUSE CHARITIES OF WESTERN WASHINGTON & ALASKA

FINANCIAL STATEMENTS With Independent Auditor's Report

YEARS ENDED DECEMBER 31, 2017 AND 2016

RONALD McDONALD HOUSE CHARITIES OF WESTERN WASHINGTON & ALASKA

FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2017 AND 2016

TABLE OF CONTENTS

INDEPENDENT AUDITOR'S REPORT

STATEMENTS OF FINANCIAL POSITION December 31, 2017 and 2016

STATEMENTS OF UNRESTRICTED ACTIVITY Years ended December 31, 2017 and 2016

STATEMENTS OF CHANGES IN NET ASSETS Years ended December 31, 2017 and 2016

STATEMENTS OF FUNCTIONAL EXPENSES Years ended December 31, 2017 and 2016

STATEMENTS OF CASH FLOWS Years ended December 31, 2017 and 2016

NOTES TO FINANCIAL STATEMENTS

2 4 5 6 7 8 9 - 18

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INDEPENDENT AUDITOR'S REPORT

June 20, 2018

Board of Directors Ronald McDonald House Charities of Western Washington & Alaska Seattle, Washington

We have audited the accompanying financial statements of Ronald McDonald House Charities of Western Washington & Alaska (a nonprofit corporation), which comprise the statements of financial position as of December 31, 2017 and 2016, and the related statements of unrestricted activity, changes in net assets, 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. 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 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.

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200 First Avenue West, Suite 200 ? Seattle, WA 98119 ? 206.628.8990 ? fax 206.628.0432 ?

Opinion In our opinion, the financial statements referred to in the first paragraph of this letter present fairly, in all material respects, the financial position of Ronald McDonald House Charities of Western Washington & Alaska as of December 31, 2017 and 2016, 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. Jacobson Jarvis & Co, PLLC

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RONALD McDONALD HOUSE CHARITIES OF WESTERN WASHINGTON & ALASKA

STATEMENTS OF FINANCIAL POSITION

DECEMBER 31, 2017 AND 2016

Current Assets Cash and cash equivalents Investments Promises to give Other receivables Prepaids

ASSETS

2017

2016

$ 3,546,877 13,025,779 370,521 87,846 24,809

Total Current Assets 17,055,832

$ 2,050,557 10,907,959 527,015 90,081 42,408 13,618,020

Investments - long-term Promises to Give - long-term Property and Equipment, net

3,643,852 4,000

10,723,726

3,573,511 8,000

11,080,769

$ 31,427,410 $ 28,280,300

LIABILITIES AND NET ASSETS

Current Liabilities Accounts payable and accrued expenses Unearned revenue Capital lease obligation, current

$ 275,851 $ 222,394

18,478

-

1,657

1,573

Total Current Liabilities Capital Lease Obligation, less current portion above

Total Liabilities

295,986 4,863

300,849

223,967 6,520

230,487

Net Assets Unrestricted Invested in property and equipment Board designated Total Unrestricted Net Assets

Temporarily restricted Permanently restricted

Total Net Assets

7,767,781 19,669,773 27,437,554

3,212,757 476,250

31,126,561

8,124,824 16,168,021 24,292,845

3,280,718 476,250

28,049,813

$ 31,427,410 $ 28,280,300

See notes to financial statements.

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RONALD McDONALD HOUSE CHARITIES OF WESTERN WASHINGTON & ALASKA

STATEMENTS OF UNRESTRICTED ACTIVITY

YEARS ENDED DECEMBER 31, 2017 AND 2016

Unrestricted Public Support and Revenue Unrestricted public support Special events less direct cost of benefits provided to participants Special events, net Annual giving Planned giving McDonald's support In-kind contributions

2017

2016

$ 573,983 $ 555,420 (116,831) (110,361)

457,152

445,059

1,734,845 1,242,847

677,255

66,502

1,002,772

728,969

107,657

71,333

Total Unrestricted Public Support Revenues, Gains and Losses

Room receipts Interest and dividends, net Realized and unrealized gains on investments Other revenue

3,979,681

571,213 353,886 1,761,870

1,700

2,554,710

596,398 342,151 688,422

1,691

Total Revenues, Gains and Losses 2,688,669 1,628,662

Total Unrestricted Public Support and Revenue 6,668,350 4,183,372

Net Assets Released from Restrictions Satisfaction of purpose restrictions

724,456 1,374,618

Total Unrestricted Public Support, Revenue, and Other Support 7,392,806 5,557,990

Expenses Program services Management and general Fundraising Remittance to Global

3,261,476 247,670 623,131 115,820

3,389,464 240,446 583,236 113,538

Total Expenses and Remittance to Global 4,248,097 4,326,684

Change in Unrestricted Net Assets $ 3,144,709 $ 1,231,306

See notes to financial statements.

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RONALD McDONALD HOUSE CHARITIES OF WESTERN WASHINGTON & ALASKA

STATEMENTS OF CHANGES IN NET ASSETS

YEARS ENDED DECEMBER 31, 2017 AND 2016

Public Support, Revenue and Other Support Unrestricted public support and revenue

Unrestricted

2017 Temporarily Permanently Restricted Restricted

Total

$ 6,668,350

$ 6,668,350

Restricted public support Annual giving Special events McDonald's support Interest and dividends, net Realized and unrealized losses on investments

$ 182,995 $ 395,743 8,773 68,984

-

182,995

395,743

-

8,773

68,984

Net Assets Released from Restrictions

724,456 (724,456)

-

Total Public Support, Revenue and Other Support 7,392,806

(67,961)

-

7,324,845

Total Expenses and Remittance to Global

(4,248,097)

(4,248,097)

Change in Net Assets 3,144,709

(67,961)

-

3,076,748

Net Assets - beginning of year

24,292,845 3,280,718 476,250 28,049,813

Net Assets - end of year

$ 27,437,554 $ 3,212,757 $ 476,250 $ 31,126,561

Unrestricted

2016 Temporarily Permanently Restricted Restricted

Total

$ 4,183,372

$ 4,183,372

$ 974,740 $

-

974,740

382,875

382,875

195,386

195,386

9,539

9,539

33,654

33,654

1,374,618 (1,374,618)

-

5,557,990 (4,326,684)

221,576

-

5,779,566

(4,326,684)

1,231,306 23,061,539

221,576 3,059,142

476,250

1,452,882 26,596,931

$ 24,292,845 $ 3,280,718 $ 476,250 $ 28,049,813

See notes to financial statements.

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RONALD McDONALD HOUSE CHARITIES OF WESTERN WASHINGTON & ALASKA

STATEMENTS OF FUNCTIONAL EXPENSES

YEARS ENDED DECEMBER 31, 2017 AND 2016

Salaries and wages Payroll taxes Employee benefits

Program Services $ 1,035,942

94,294 190,385

2017

Management

and

General Fundraising

$ 164,350 $ 305,499

12,515

23,264

25,269

46,971

Total $ 1,505,791

130,073 262,625

Total Salaries and Related Expenses 1,320,621 202,134 375,734 1,898,489

Occupancy Depreciation Alaska House support Administrative and operating Special events expenses Armored car expenses Insurance In-kind expense Professional services Miscellaneous

875,248 537,793 407,811 41,505

51,538 17,859 9,101

8,316

10,384

6,117 19,337 1,382

8,316

46,537 93,711 70,942

26,748

1,143

875,248 554,425 407,811

98,426 93,711 70,942 57,655 44,607 19,337 11,626

Total Expenses $ 3,261,476 $ 247,670 $ 623,131 4,132,277

Remittance to Global

115,820

Total Expenses and Remittance to Global

$ 4,248,097

Program Services $ 997,434

86,480 166,287

2016

Management

and

General Fundraising

$ 152,062 $ 280,228

12,957

23,879

24,915

45,915

Total $ 1,429,724

123,316 237,117

1,250,201 189,934 350,022 1,790,157

893,953 552,492 542,549 44,665

51,874 46,271 7,459

8,544

16,564

5,764 19,080 560

403 8,544

41,519 98,881 61,837

20,880

1,150

894,356 569,580 542,549 102,748 98,881 61,837 57,638 67,151 19,080

9,169

$ 3,389,464 $ 240,446 $ 583,236 4,213,146

113,538

$ 4,326,684

See notes to financial statements.

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