Reviewed Financial Statements

Reviewed Financial Statements

Year Ended December 31, 2012

(With Comparative Totals for 2011)

First Descents

Reviewed Financial Statements

Year Ended December 31, 2012 (With Comparative Totals for 2011)

First Descents

Contents

Independent Accountants' Review Report Statement of Financial Position Statement of Activities Statement of Functional Expenses Statement of Cash Flows Summary of Significant Accounting Policies Notes to Financial Statements

1 2 3 4 5 6 ? 10 11 ? 13

Independent Accountants' Review Report

First Descents Denver, Colorado

We have reviewed the accompanying statement of financial position of First Descents (a nonprofit corporation) as of December 31, 2012, and the related statements of activities, functional expenses and cash flows for the year then ended. A review includes primarily applying analytical procedures to management's financial data and making inquiries of organization 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. The prior year summarized comparative information has been derived from First Descents' 2011 financial statements and, in our report dated May 23, 2012, we expressed that we were unaware of any material modifications that should be made to those statements.

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.

Our responsibility is to conduct the reviews in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that the results of our procedures provide a reasonable basis for our report. 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 accounting principles generally accepted in the United States.

May 17, 2013

First Descents

Statement of Financial Position

December 31, Assets

Cash and cash equivalents Grants receivable Contributions receivable Prepaid expenses Inventory Property and equipment, net Other assets

Total assets

2012

2011

$ 483,326 88,000 41,190 98,220 4,071 91,373 5,195

$ 811,375

$ 464,953 -

54,396 51,142

4,510 105,391

16,323

$ 696,715

Liabilities and Net Assets

Accounts payable and accrued expenses Payable to related party

$ 115,073 $ 28,340

-

39,394

Total liabilities

115,073

67,734

Commitments and contingencies

Net Assets Unrestricted Temporarily restricted

646,302 50,000

478,981 150,000

Total net assets

696,302

628,981

Total liabilities and net assets

$ 811,375 $ 696,715

See accompanying summary of accounting policies, notes to financial statements, and independent accountants' review report.

2

First Descents

Statement of Activities

Year Ended December 31,

Support, revenue and gains

Team FD, net Net store income (loss) Net event income General contributions Grants Other income Net assets released from restriction

Total support, revenue and gains

2012 Temporarily Unrestricted Restricted

Total

2011 Total

$ 665,508 $

- $ 665,508

3,638

-

3,638

338,573

-

338,573

332,972

-

332,972

515,546

50,000

565,546

543

-

543

150,000

(150,000)

-

2,006,780

(100,000) 1,906,780

$ 618,627 (342)

276,636 293,092 472,206

345 -

1,660,564

Expenses

Program services Administrative General donor development

Total expenses

1,587,807 107,829 245,186

1,940,822

- 1,587,807

-

107,829

-

245,186

- 1,940,822

1,020,041 113,912 167,590

1,301,543

Change in net assets before other expenses

Other income (expenses)

65,958 101,363

(100,000) -

(34,042) 101,363

359,021 (48,332)

Change in net assets

167,321

(100,000)

67,321

310,689

Net assets, beginning of period

478,981

150,000

628,981

318,292

Net assets, end of period

$ 646,302 $ 50,000 $ 696,302 $ 628,981

See accompanying summary of accounting policies, notes to financial statements, and independent accountants' review report.

3

First Descents

Statement of Functional Expenses

Year Ended December 31,

2012 Supporting Services Fundraising

2011

Description of Expenses

Salaries and wages Payroll taxes and benefits Accounting, legal, and consulting fees Alumni outreach Bank and merchant fees Conferences and meetings Contract staff Cost of direct benefit to donors Cost of goods sold Depreciation Dues and subscriptions Event entries Events Insurance IT/web development Marketing Participant recruiting Payroll processing expenses Postage and shipping Program equipment and vehicle rentals Program facilities rent Program meals Program supplies Public relations Rent, utilities, and supplies Travel and meals

Total

Programs Team FD Development Administrative Total

Total

$ 378,175 $ 68,553 25,297 9,450

376,460 -

18,158 -

6,913 9,317 29,662 46,858 1,109 4,649 78,282 195,514 92,325 31,556 19,088 26,231 170,210

47,982 $ 6,172 -

48,905 -

77,634 -

5,342 -

6,041 -

3,948 384

144,947 $ 18,522 4,543 139 19,909

378,100 8,919 6,504 -

660,835 -

1,084 4,127

508 886

6,666 18,260 19,091

52,489 $ 623,593 $ 418,122

9,825

103,072

60,667

18,396

18,396

9,761

-

25,297

25

827

54,275

45,736

-

9,589

16,135

5,870

402,239

303,503

-

378,100

250,942

-

8,919

2,841

636

25,298

6,168

1,348

1,348

806

-

77,634

44,214

-

660,835

273,343

4,306

11,219

4,841

-

10,401

27,927

-

39,131

71,468

-

46,858

69,123

340

1,957

2,031

-

11,576

8,702

-

78,282

59,701

-

195,514

95,172

-

92,325

57,875

-

31,556

19,554

-

25,754

26,500

8,318

56,757

20,599

5,474

195,159

121,027

1,587,807

196,408 1,293,040

107,829 3,185,084

2,016,783

Less expenses netted against revenue: Other Team FD costs Events Cost of direct benefit to donors Direct store expense

Total Expenses

-

$ 1,587,807 $

118,774 -

77,634 -

- $

660,835 378,100

8,919

245,186 $

-

118,774

-

660,835

-

455,734

-

8,919

107,829 $ 1,940,822

143,900 273,343 295,156

2,841

$ 1,301,543

Functional expenses as percentage of total expense

81%

0%

13%

6%

100%

See accompanying summary of accounting policies, notes to financial statements, and independent accountants' review report.

4

First Descents

Statement of Cash Flows

Year Ended December 31, Cash flows from operating activities

Change in net assets Adjustments to reconcile change in net assets

to cash flows from operating activities: Depreciation (Increase) decrease in operating assets: Grants and contributions receivable Prepaid expenses Inventory Other assets Increase (decrease) in liabilities: Accounts payable and accrued expenses

Net cash flows from operating activities

2012

2011

$ 67,321 $ 310,689

25,298

(74,794) (47,078)

439 11,128

86,733

69,047

6,168

(54,396) (37,385) 17,013 17,062

21,452

280,603

Cash flows from investing activities Purchase of property and equipment Proceeds from sale of property and equipment

Net cash flows from investing activities

(16,029) 4,749

(11,280)

(99,183) -

(99,183)

Cash flows from financing activities (Repayments to) borrowed from related party

(39,394)

39,394

Net change in cash and cash equivalents

18,373

220,814

Cash and cash equivalents, beginning of year

464,953

244,139

Cash and cash equivalents, end of year

$ 483,326 $ 464,953

See accompanying summary of accounting policies, notes to financial statements, and independent accountants' review report.

5

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