RIVERSIDE COVENANT CHURCH, INC. Reviewed Financial ...

RIVERSIDE COVENANT CHURCH, INC.

Reviewed Financial Statements June 30, 2016

RIVERSIDE COVENANT CHURCH, INC. JUNE 30, 2016

TABLE OF CONTENTS

Independent Accountants' Review Report

1

Statement of Financial Position ? Modified Cash Basis

2

Statement of Activity ? Modified Cash Basis

3

Notes to Financial Statements

4

Schedule of Expenses ? Modified Cash Basis

8

PHERSON ASSOCIATES

CERTIFIED PUBLIC ACCOUNTANTS

410 South 18th Street Lafayette, IN 47905-1239

765-742-1056 Fax 765-742-6681

` info@

American Institute of CPAs Indiana CPA Society

Travis V. Pherson, CPA Donald G. Ruth, CPA Steven R. Koerner, CPA

Independent Accountants' Review Report

To the Leadership Team Riverside Covenant Church, Inc. West Lafayette, IN 47906

We have reviewed the accompanying statement of financial position ? modified cash basis of Riverside Covenant Church, Inc. as of June 30, 2016, and the related statement of activity ? modified cash basis for the year then ended. A review includes primarily applying analytical procedures to management's financial data and making inquiries of the organization's management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

Management Responsibility Management is responsible for the preparation and fair presentation of these financial statements in accordance with the modified cash basis of accounting; this includes determining that the modified cash basis of accounting is an acceptable basis for the preparation of the financial statements in the circumstances. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement whether due to fraud or error.

Accountants' Responsibility Our responsibility is to conduct the review in accordance with Statements on Standards for Accounting and Review Services issued by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with the cash basis of accounting. We believe that the results of our procedures provide a reasonable basis for our conclusion.

Accountants' Conclusion Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the modified cash basis of accounting.

Basis of Accounting We draw attention to Note 1 of the financial statements, which describes the basis of accounting. The financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our conclusion is not modified with respect to this matter.

Supplementary Information The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. The information is the representation of management. We have reviewed the information and, based on our review, we are not aware of any material modifications that should be made to the information in order for it to be in accordance with the modified cash basis if accounting. We have not audited the information and, accordingly, do not express an opinion on such information.

Pherson & Associates, P.C. CPAs Pherson & Associates, P.C. CPAs September 19, 2016

Riverside Covenant Church, Inc. STATEMENTS OF FINANCIAL POSITION - MODIFIED CASH BASIS

June 30, 2016

Current Assets: Cash Cash in Savings

2016

$

66,514

226,994

Total Current Assets

293,508

Property and Equipment: Land Building & improvements

507,740 595,350

Total Property and Equipment

1,103,090

Total Assets

$

1,396,598

Current Liabilities: Payroll Liabilities Security Deposit Current Portion Of Debt

$

2,994

300

37,041

Total Current Liablities

40,335

Long-Term Liabilities Note Payable - NCP Church Building Note Payable - NCP House Note Payable - NCP Land Less: Current Portion of Debt

170,048 193,577 409,164 (37,041)

Total Current Liabilities

735,748

Total Liabilites

776,083

Net Assets: Unrestricted Unrestricted - Board Designated Temporarily Restricted

504,616 66,301 49,698

Total Net Assets

620,615

Total Liabilities and Net Assets

$

1,396,698

See Accountants' Review Report and Accompanying Notes 2

RIVERSIDE COVENANT CHURCH, INC. STATEMENT OF ACTIVITY - MODIFIED CASH BASIS

For the Year Ended June 30, 2016

Contribtuions Rental Income - Apartment Rental Income - Farm Building & Vehicle Use Program Income Miscellaneous Income Interest Income

Total Revenues

Net assets released in satisfaction of program restrictions

Total Support and Revenues

General Office & Administrative General Property General Minsitry General Community Staff Compensation & Benefits Interest Rental

Total Expenses

Increase (Decrease) in Net Assets

Net Assets, Beginning of Year

Net Assets, End of Year

2016

Temporarily

Unrestricted Restricted

$ 551,514 $

63,771 $

9,000

2,320

1,485

14,742

199

1,328

580,588

63,771

Totals 615,285

9,000 2,320 1,485 14,742

199 1,328

644,359

51,199

631,787

6,483 50,320 167,732 9,385 202,240 32,690 4,028

472,878

158,909

412,008

$ 570,917 $

(51,199) 12,572

- 12,572 37,126 49,698 $

0

644,359

6,483 50,320 167,732 9,385 202,240 32,690 4,028

472,878

171,481

449,134

620,615

See Accountants' Review Report and Accompanying Notes 3

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