VOLUNTEERS OF AMERICA MINNESOTA AND WISCONSIN CONSOLIDATED FINANCIAL ...

VOLUNTEERS OF AMERICA MINNESOTA AND WISCONSIN

CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED JUNE 30, 2020 AND 2019

VOLUNTEERS OF AMERICA MINNESOTA AND WISCONSIN

TABLE OF CONTENTS

YEARS ENDED JUNE 30, 2020 AND 2019

INDEPENDENT AUDITORS¡¯ REPORT

1

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

3

CONSOLIDATED STATEMENTS OF ACTIVITIES

4

CONSOLIDATED STATEMENTS OF FUNCTIONAL EXPENSES

6

CONSOLIDATED STATEMENTS OF CASH FLOWS

8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

CONSOLIDATING SUPPLEMENTARY INFORMATION

CONSOLIDATING BALANCE SHEET

28

CONSOLIDATING STATEMENT OF ACTIVITIES

30

INDEPENDENT AUDITORS¡¯ REPORT

Board of Directors

Volunteers of America Minnesota and Wisconsin

Minneapolis, Minnesota

Report on the Financial Statements

We have audited the accompanying consolidated financial statements of Volunteers of America

Minnesota and Wisconsin which comprise the consolidated balance sheets as of June 30, 2020 and

2019, and the related consolidated statements of activities, functional expenses, and cash flows 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 of

America; this includes the design, implementation, and maintenance of internal control relevant to the

preparation and fair presentation of consolidated 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 consolidated 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 audits 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 the auditors¡¯ 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinion.

(1)

Board of Directors

Volunteers of America Minnesota and Wisconsin

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material

respects, the financial position of Volunteers of America Minnesota and Wisconsin as of June 30, 2020

and 2019, 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 of America.

Report on Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the consolidated financial

statements as a whole. The supplementary consolidating information is presented for purposes of

additional analysis and is not a required part of the consolidated financial statements. Such information

is the responsibility of management and was derived from and relates directly to the underlying

accounting and other records used to prepare the consolidated financial statements. The information

has been subjected to the auditing procedures applied in the audits of the consolidated financial

statements and certain additional procedures, including comparing and reconciling such information

directly to the underlying accounting and other records used to prepare the consolidated financial

statements or to the consolidated financial statements themselves, and other additional procedures in

accordance with auditing standards generally accepted in the United States of America. In our opinion,

the information is fairly stated in all material respects in relation to the consolidated financial statements

as a whole.

CliftonLarsonAllen LLP

Minneapolis, Minnesota

November 10, 2020

(2)

VOLUNTEERS OF AMERICA MINNESOTA AND WISCONSIN

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2020 AND 2019

2020

2019

ASSETS

CURRENT ASSETS

Cash and Cash Equivalents

Accounts Receivable, Net

Pledges Receivable

Prepaid Expenses and Other Current Assets

Residents' Funds and Deposits

Total Current Assets

$

PROPERTY AND EQUIPMENT, Net

$

2,013,203

7,217,753

170,543

405,733

114,789

9,922,021

14,902,141

15,389,324

402,327

28,574

544,067

974,968

394,241

30,817

501,903

926,961

$ 23,857,120

$ 26,238,306

$

$

OTHER ASSETS

Escrow Funds

Funds Held by Foundation

Assets Under Bond and Indenture Agreements

Total Other Assets

Total Assets

1,736,228

5,620,801

115,117

423,849

84,016

7,980,011

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES

Current Maturities of Long-Term Debt

Current Maturities of Capital Lease Obligations

Line of Credit

Accounts Payable

Accrued Interest

Accrued Payroll and Payroll Taxes

Deferred Revenue

Refundable Advances

Residents' Funds and Deposits

Other Current Liabilities

Total Current Liabilities

LONG-TERM LIABILITIES

Capital Lease Obligations

Deferred Loan Agreements

Accrued Payroll Taxes

Long-Term Debt, Less Current Maturities

Total Long-Term Liabilities

Total Liabilities

NET ASSETS

Without Donor Restrictions

Without Donor Restrictions, Noncontrolling Interest

Total Net Assets Without Donor Restrictions

With Donor Restrictions

Total Net Assets

Total Liabilities and Net Assets

See accompanying Notes to Consolidated Financial Statements.

(3)

273,555

65,649

679,887

625,031

69,491

1,572,046

164,890

2,859

103,473

317,378

3,874,259

276,827

51,209

34,557

1,035,081

60,228

2,397,290

197,256

2,859

101,224

329,901

4,486,432

202,999

1,722,937

465,814

9,109,828

11,501,578

206,998

1,741,507

8,741,272

10,689,777

15,375,837

15,176,209

6,715,670

1,369,736

8,085,406

9,165,366

1,462,071

10,627,437

395,877

8,481,283

434,660

11,062,097

$ 23,857,120

$ 26,238,306

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