FY14 Fiscal Year End Closing Report July 17, 2014

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1 FY14 Fiscal Year End Closing Report July 17, 2014 This document includes all summary ledgers and explanatory notes for understanding the financial position of University Unitarian Church as of June 30, 2014, based on all financial activities of the church between July 1, 2013 and June 30, The report begins with the statement of the financial position of the church (also known as the balance sheet), reflecting the assets of the church in comparison to the sum of its liabilities and net assets (also known as principal). The notes following this statement detail the distribution of assets among various banks, investments, and fixed assets. The liabilities as of June 30, 2014, are explained, as well as the segmentation of net assets into unrestricted and restricted segments. Following the statement of financial position, the statement of activities reflects the restricted and unrestricted revenues and expenses of the church during the fiscal year. Notes following this statement clarify what detailed revenues and expenses are contained in the summarizing figures in the statement. This will afford a clear understanding of how those activities compared to planned activities (budget) for the fiscal year. Finally, the statement of cash flows provides an explanation for the change in cash and cash equivalents held by the church as of June 30, 2014 in comparison to those held on June 30, Notes related to the activities that changed cash balances during the fiscal year follow the statement of cash flows. For comparison, this report should be reviewed alongside the FY13 Fiscal Year End Closing Report, for the fiscal year ending June 30, Copies of the FY13 report are available from the church office th Avenue NE Seattle, WA (206) (877)

2 STATEMENT OF FINANCIAL POSITION Assets Current Assets Cash and Cash Equivalents 480,277 Investments 1,301,475 Total Current Assets 1,781,752 Property and Equipment, Net 1,210,338 Total Assets 2,992,090 Liabilities and Net Assets Current Liabilities Accounts Payable 36,229 Accrued Expenses 3,142 Current portion of Note Payable 2,811 Total Current Liabilities 42,183 Note Payable, less current portion 3,412 Total Liabilities 45,595 Net Assets 2,537,552 Temporarily Restricted 408,944 Total Net Assets 2,946,495 Total Liabilities and Net Assets 2,992,090 Notes Cash and Cash Equivalents represent funds held in bank accounts such as checking, savings, and money markets. Such accounts are currently held at Pacific Continental Bank (Seattle), Washington Federal Savings (Seattle), Merrill Lynch (New York), and Bank of Montreal (Seattle). As of June 30, 2014, the church held $55 in petty cash on site, and $820 in refundable deposits. Investments included in current assets are held in two separate portfolio accounts managed by the Seattle branch of the Bank of Montreal. Balances on June 30, 2014, are as follows: Raible Capital Investment Account $74,753 Knatvold Legacy Investment Account $1,226,722 Investments that in previous years were included in the Knatvold Trust were transferred to the newly named Knatvold Legacy Fund in December 2013, after the personal trustees of the Knatvold Trust dissolved the trust and gifted the balance of its assets ($422,874) to the church. (The Board of Trustees of the church changed the name of the Endowment investment account to the Knatvold Legacy investment account and assigned the total gift from the Knatvold Trust to the Knatvold Legacy Fund.) Investments that in previous years were included in the Fleagle Remainder Trust were transferred to the Knatvold Legacy Fund in November At closing, the total value of that transfer ($51,929) went to the Fleagle Endowed Lectureship, a new temporarily restricted net asset of the Knatvold Legacy Fund. page 2

3 The net value of Property and Equipment of $1,210,338 represents the value of fixed assets held by the church after accumulated depreciation as of June 30, Under Liabilities and Net Assets, UUC held $3,142 in Accrued Expenses (payable invoices) for goods and services received through June 30, For Accounts Payable, UUC held $8,868 in sales tax payable (art and bookstore sales), undistributed Living Justice contributions, and refundable fees held for rentals. The remainder of current liabilities represent June 2014 payroll tax and benefit payables. After adjustments, the total Net Assets of $2,537,552 can be divided into three segments: Operating $160,028 Capital $1,043,515 Knatvold Legacy $1,334,009 The Operating unrestricted net assets (also known as Operating Reserves) reflect all unrestricted operating cash, plus the cash value of expenses made on behalf of the Capital Fund in prior fiscal years. The Capital net assets reflect the value of fixed assets, the BMO Capital investment account, and the BMO Capital Checking account. Finally, the Knatvold Legacy net assets represent the balance of the BMO Knatvold Legacy investment account, plus the cash value of bequests that were used to pay off the church s outstanding capital loan in FY13.* *The value of cash the Capital Fund owes to Knatvold Legacy net assets ($159,778) and Operating Reserves ($83,594) is still included in Knatvold Legacy and Operating net assets, even though there are no corresponding assets in the Knatvold Legacy investment account or Operating bank accounts. In FY15, proceeds from the sale of the DeWolfe House will allow the Capital fund to return this loaned cash to the Knatvold Legacy investment account and Operating bank accounts. Temporarily restricted net assets are those monies held by the church for the specific purposes or timing dictated by donors when restricted gifts were given. Both the Operating Fund and the KnatvoldLegacy Fund currently hold temporarily restricted net assets. The total of temporarily restricted Operating funds held by the church are $357,015, divided as follows: Oak Creek Foundation Grant $2,725 Seeds of Hope Fund $107,389 Youth Abroad Fund $52,160 Proud Fund $9,000 Music Program Fund $5,659 Living Justice Grant Program $14,162 Social Justice Program Fund $77,651 Partner Church Fund $6,450 Memorial Garden Fund $1,322 Pre-Paid Pledges $66,937 Pre-Paid Pledges 2yr $487 Youth Social Action Fund $3,884 Sharing Fund $8,083 Partner Church Scholarship Fund $1,105 page 3

4 The total of temporarily restricted Knatvold Legacy funds held by the church are $51,929, and assigned entirely to the Fleagle Endowed Lectureship. STATEMENT OF ACTIVITIES Temporarily Restricted Total Revenues and Support Contributions 794,457 64, ,881 Bequests 354, ,259 Rental Revenue 116, ,731 Special Events 25, , ,970 Program Revenue 54,165 10,179 64,345 Investment Gain 152, ,432 Other Revenue 82,636 82,636 Net Assets Released from Restriction 81,405 (81,405) - Total Revenues and Support 1,661, ,114 1,786,252 Expenses Program Services 868,642 66, ,635 Management and General 365, ,714 Fundraising 27,859 27,859 Release of Fleagle Payable (49,079) (49,079) Restriction of Fleagle Lectureship 51,929 (51,929) - Total Expenses 1,265,065 15,064 1,280,129 Change in Net Assets 396, , ,123 Net Assets (June 30, 2013) 2,141, ,894 2,440,372 Net Assets (June 30, 2014) 2,537, ,944 2,946,495 Notes The Statement of Activities above reflects the consolidated activities of the church s Operating, Capital, and Knatvold Legacy segments of activities. For the purpose of comparison to previous years and external audits, expenses are expressed in the standard categories of programming, administration (management), and fundraising activities. To match the internal view of church activities, the notes included in this section break out the figures shown in the consolidated statement (above) into the separate Operating, Capital, and Knatvold Legacy segments of activities. The change in each segment when added together equal the total change in net assets shown in the consolidated statement. Operating Activities Operating Activities, shown in the following table alongside budgeted revenue and expense figures, reflect the programming and administration activities of the church for the year ended June 30, The budgeted figures reflect the budget approved by the congregation on June 9, page 4

5 page 5 Budget Temporarily Restricted Revenues and Support Contributions 794, ,000 64,424 Rental Revenue 113, ,739 Special Events 25,055 50, ,915 Program Revenue 54,165 48,050 10,179 Other Revenue Bank Interest 982 Other 82,636 1,700 Net Assets Released 81, ,884 (81,405) Total Revenues and Support 1,152,133 1,134, ,114 Expenses Salaries 625, ,794 Benefits 193, ,527 General Operating Expenses Tax, License, and Insurance 23,447 22,832 Financing Expenses 1,468 - Association Dues 32,275 46,150 Office Expenses 30,312 27,600 Building Maintenance Expenses 72,403 72,445 Business Expenses 12,680 51,500 Special Fundraising Expenses 27,859 - Other Expenses Bank Fees 8,712 6,700 Other 74,708 - Program Allocations 66,993 Worship & Care 3,836 9,800 Music Program 21,882 18,900 Religious Education 29,326 31,725 Social Justice 10,951 16,700 Membership 8,954 2,700 Total Expenses 1,177,161 1,134,373 66,993 Change in Operating Net Assets (25,028) - 58,121 Under Revenue and Support, Contributions used for Operating expenses included $699,487 in pledged gifts and $94,969 in other contributions. The original revenue budget for Special Events anticipated $35,000 net income related to the 100 th Anniversary in November This income was waived by the Board of Trustees in favor of an appeal for the new temporarily restricted Seeds of Hope fund (which received $131,915 in restricted gifts). In January 2014, the Board was informed that pledges of gifts to date had fallen significantly short of budgeted goals for pledges. Considering these facts, the Board moved to hold a Supplemental Appeal for unrestricted gifts to the Operating Fund in January and February Gifts to the appeal came as both increases to pledges and as one-time gifts. Regular plate collections and miscellaneous gifts account for the balance of actual Contributions. Rental Revenue assigned to Operating (95%) was $113,434. Tuition, fees, and other collections for Program Revenue brought $54,156. Other Revenue included bank interest ($982) and

6 unbudgeted Operating income such as art and bookstore sales, ministers discretionary gifts, retreat fees ($82,636) Note that most unbudgeted Operating income is balanced by unbudgeted Operating expenses (e.g. retreat costs, bookstore inventory, ministers discretionary expenses). Net Assets Released reflect the support of temporarily restricted net assets for current year unrestricted expenses that satisfied the purposes or time restrictions of the restricted funds. The detail of net assets that provided support for Operating expenses is the following:* Pre-Paid Pledges 55,656 Social Justice Program Fund (60% of expenses) 24,494 Sharing Fund Scholarships and Support 1,254 *The original budgeted value of net asset support for unrestricted operating activities included $28,000 from the Oak Creek Foundation grant. During the fiscal year, real expenses for the fundraising consultant paid through the grant were recorded as restricted grant expenses, not unrestricted business expenses, and therefore were excluded from the actual net assets released. The total restricted grant expenses were $25,275. The net of all operating activities for the fiscal year resulted in a $25,028 reduction in Operating Reserves. In the spring of 2014, after the Supplemental Appeal was completed and the final unrestricted contributions to the church for the fiscal year were re-calculated, the Board of Trustees was informed that the church would have an approximately $61,000 reduction in operating reserves, if expenses held to budget. In an effort to offset some of that draw on reserves, the following Board-approved measures were taken: Allow an additional 40% of support for Social Justice Program costs to be offset by funds from the temporarily restricted Social Justice Program Fund ($16,329) Waive the second half of annual UUA dues expenses ($13,875) Support legal expenses for the DeWolfe property sale and Knatvold Trust resolution with transfers from Capital and Knatvold Legacy principal, respectively ($8,268) Capital Activities For Capital Activities, the following table shows revenue and expenses and the change in net assets due to activities for the fiscal year. Revenues Rental Revenue to Capital 3,297 Investment Gains 7,707 Total Revenues 11,004 Temporarily Restricted Expenses Improvements 3,723 Depreciation 57,977 Investment Fees 1,118 DeWolfe Legal Fees 3,300 Total Expenses 66,118 Change in Capital Net Assets (55,114) page 6

7 Per Board policy, 5% of rental income from the three houses on 35 th AVE that the church owns was recorded as Rental Revenue. Improvements reflect the expenses for securing the vacated DeWolfe house on Capitol Hill. For the fiscal year, Investment Gains for the Capital investment account held at the Bank of Montreal are as follows: Market Change Income Capital Investment Account 6,401 1,306 Knatvold Legacy Activities The following table shows Knatvold Legacy Activities for the fiscal year. Revenues Bequests 354,259 Investment Gains 143,743 Total Revenues 498,002 Temporarily Restricted Expenses Investment Fees 13,968 Knatvold Trust Legal Fees 4,968 Release of Fleagle Payable (49,079) Restriction of Fleagle Lectureship 51,929 (51,929) Total Expenses 21,786 (51,929) Change in Knatvold Legacy Net Assets 476,216 51,929 Bequests from three estates were received into UUC s Knatvold Legacy Fund this year: a beneficiary IRA from the estate of Ray Nelson ($50,873); a gift ($200,000) and a beneficiary life insurance policy ($13,006) from the estate of Katherine Keene; and an initial distribution ($50,000) and a beneficiary IRA ($40,111) from the estate of Louise Larson. An additional gift of $269 was given by an active member of the church. For the fiscal year, Investment Gains for the Knatvold Legacy investment account held at the Bank of Montreal are as follows. (Note that market change and income related to other accounts held by the church Knatvold Trust, Fleagle CRUT, and Nelson IRA are consolidated in the closing because all accounts were consolidated mid-year into the Knatvold Legacy investment account. Market Change Income Knatvold Legacy 79,235 10,776 Knatvold Trust 44,228 5,391 Fleagle CRUT 2, Nelson IRA page 7

8 STATEMENT OF CASH FLOWS Cash Flows from Operating Activities Change in Net Assets 506,123 Adjustments to reconcile change in net assets to net cash flows from operating activities Depreciation 57,977 Realized and Unrealized Loss on Investments (133,309) Change in Operating Assets and Liabilities Accounts Payable 5,154 Accrued Expenses (4,126) Net Cash Flows from Operating Activities 431,819 Cash Flows from Investing Activities Net Sales of Investments (362,617) Purchases of Property and Equipment (17,437) Net Cash Flows from Investing Activities (380,054) Cash Flows from Financing Activities Repayment of Note Payable (2,316) Net Change in Cash and Cash Equivalents 49,450 Cash and Cash Equivalent (June 30, 2013) 430,827 Cash and Cash Equivalents (June 30, 2014) 480,277 Notes In July 2013, UUC entered a three-year lease with Great America Leasing Company for a new PBX phone system installed in the church office. Principal and interest payments are $316 per month. Interest incurred and paid during the fiscal year totaled $1,468. The current (due June 30, 2015) and non-current (due after June 30, 2015) portions of the note payable are $2,811 and $3,412, respectively. page 8

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