LUTHERAN FOUNDATION OF THE SOUTHWEST. Financial Statements as of and for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "LUTHERAN FOUNDATION OF THE SOUTHWEST. Financial Statements as of and for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report"

Transcription

1 LUTHERAN FOUNDATION OF THE SOUTHWEST Financial Statements as of and for the Years Ended December 31, 2014 and 2013 and Independent Auditors Report

2 MAXWELL LOCKE & RITTER L L P Accountants and Consultants An Affiliate of CPAmerica International tel (512) fax (512) Austin: 401 Congress Avenue, Suite 1100 Austin, TX Round Rock: 303 East Main Street Round Rock, TX INDEPENDENT AUDITORS REPORT To the Board of Trustees of Lutheran Foundation of the Southwest: We have audited the accompanying financial statements of Lutheran Foundation of the Southwest (a nonprofit organization) (the Foundation ), which comprise the statements of financial position as of December 31, 2014 and 2013, and the related statements of activities 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 auditors 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. Affiliated Company ML& R WEALTH MANAGEMENT L L C A Registered Investment Advisor This firm is not a CPA firm

3 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Foundation as of December 31, 2014 and 2013, 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. Austin, Texas June 9, 2015

4 LUTHERAN FOUNDATION OF THE SOUTHWEST STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2014 AND ASSETS: Cash $ 414,191 $ 320,182 Accounts receivable 6,270 7,463 Prepaid insurance 10,612 10,116 Investments 52,557,378 52,270,543 Property, furniture and equipment 743, ,470 Total assets $ 53,731,628 $ 53,367,774 LIABILITIES: Accounts payable $ 8,455 $ 5,803 Trusts and managed assets 18,144,102 19,295,777 Endowments held for others 26,291,162 26,037,593 Total liabilities 44,443,719 45,339,173 NET ASSETS: Unrestricted 3,741,293 2,387,688 Temporarily restricted 273, ,769 Permanently restricted 5,272,944 5,269,144 Total net assets 9,287,909 8,028,601 TOTAL $ 53,731,628 $ 53,367,774 See notes to financial statements. 3

5 LUTHERAN FOUNDATION OF THE SOUTHWEST STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2014 Temporarily Permanently Unrestricted Restricted Restricted Total REVENUES, GAINS AND OTHER SUPPORT: Contribution revenue $ 1,019,547-3,800 1,023,347 Management fees 683, ,488 Investment income, net of related expenses 240, ,066 Other revenues 54, ,983 Net unrealized and realized (loss) gain on investments (223,313) 173,285 - (50,028) Net assets released from restrictions 271,382 (271,382) - - Total revenues, gains and other support 2,046,153 (98,097) 3,800 1,951,856 EXPENSES: Program services - development 451, ,895 Support services - management and general 240, ,653 Total expenses 692, ,548 CHANGE IN NET ASSETS 1,353,605 (98,097) 3,800 1,259,308 NET ASSETS, beginning of year 2,387, ,769 5,269,144 8,028,601 NET ASSETS, end of year $ 3,741, ,672 5,272,944 9,287,909 See notes to financial statements. 4

6 LUTHERAN FOUNDATION OF THE SOUTHWEST STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2013 Temporarily Permanently Unrestricted Restricted Restricted Total REVENUES, GAINS AND OTHER SUPPORT: Contribution revenue $ 88,310-23, ,605 Management fees 467, ,301 Investment income, net of related expenses 197, ,912 Other revenues 19, ,340 Net unrealized and realized gain on investments $ 187, , ,371 Net assets released from restrictions 250,709 (250,709) - - Total revenues, gains and other support 1,210, ,414 23,295 1,356,529 EXPENSES: Program services - development 346, ,910 Support services - management and general 313, ,050 Total expenses 659, ,960 CHANGE IN NET ASSETS 550, ,414 23, ,569 NET ASSETS, beginning of year 1,836, ,355 5,245,849 7,332,032 NET ASSETS, end of year $ 2,387, ,769 5,269,144 8,028,601 See notes to financial statements. 5

7 LUTHERAN FOUNDATION OF THE SOUTHWEST STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2014 AND CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets $ 1,259,308 $ 696,569 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation 16,293 16,293 Net unrealized and realized loss (gain) on investments 50,028 (560,371) Contributions restricted for long-term investment (3,800) (23,295) Changes in operating assets and liabilities: Accounts receivable 1,193 (1,193) Prepaid insurance (496) 1,108 Investments held for others 774,620 (3,504,655) Accounts payable 2,652 (575) Trusts and managed assets (1,151,675) 804,782 Endowments held for others 253,569 2,668,248 Net cash provided by operating activities 1,201,692 96,911 CASH FLOWS FROM INVESTING ACTIVITIES- Net purchases of investments (1,111,483) (84,740) CASH FLOWS FROM FINANCING ACTIVITIES- Contributions restricted for long-term investment 3,800 23,295 NET CHANGE IN CASH 94,009 35,466 CASH, beginning of year 320, ,716 CASH, end of year $ 414,191 $ 320,182 See notes to financial statements. 6

8 LUTHERAN FOUNDATION OF THE SOUTHWEST NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2014 AND ORGANIZATION The Lutheran Foundation of the Southwest (the Foundation ) is a Texas nonprofit corporation organized to encourage public support for the following sponsoring organizations (the Sponsors ): Southwestern Texas Synod, ELCA Texas Lutheran University Lutheran Sunset Ministries Northern Texas-Northern Louisiana Mission Area, ELCA ELCA Foundation, ELCA Texas-Louisiana Gulf Coast Synod, ELCA Lutheran Social Services of the South, Inc. Cross Trails Ministry The Foundation offers no-cost, no-obligation estate planning for Lutherans residing in Texas and encourages Lutherans to establish planned or deferred gifts to benefit donors families and heirs, the ministries of its sponsoring agencies, and other designated charitable recipients. The Foundation is exempt from federal income taxes, except with respect to any unrelated business income, under Section 501(c)(3) of the Internal Revenue Code. The Foundation has been determined not to be a private foundation. The December 31, 2011 and subsequent tax years remain subject to examination by the Internal Revenue Service. 2. SUMMARY O F SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America ( U.S. GAAP ) as defined by the Financial Accounting Standards Board Accounting Standards Codification. Under the accrual basis of accounting, revenue is recognized when earned regardless of when collected, and expenses are recognized when the obligation is incurred regardless of when paid. Net assets, revenues, and expenses are classified based on the existence or absence of donor-imposed restrictions. Accordingly, net assets of the Foundation and changes therein are classified and reported as follows: Unrestricted Net Assets - These types of net assets are not subject to donor-imposed stipulations. Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulation or by law. 7

9 Temporarily Restricted Net Assets - These types of net assets are subject to donor imposed stipulations, which limit their use by the Foundation to a specific purpose and/or the passage of time. When a restriction is satisfied or expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statements of activities as net assets released from restrictions. Permanently Restricted Net Assets - These types of net assets are subject to donorimposed stipulations, which require them to be maintained permanently by the Foundation. Donor-imposed restrictions limiting the use of these assets or economic benefits can neither expire with the passage of time nor be removed by the Foundation s meeting of certain requirements. The Foundation classifies as permanently restricted net assets, all trusts in which the donor has granted the Board of Trustees ( the Board ) with variance power regarding beneficiaries selection. Furthermore, split-interest agreements having any charitable component that must be maintained in perpetuity as designated by the donor, are also classified as permanently restricted net assets. Use of Estimates - The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Accounts Receivable - Accounts receivable are recorded at the amount the Foundation expects to collect on outstanding balances. The Foundation has not recorded an allowance for uncollectible receivables at December 31, 2014 or 2013 because management estimates all balances to be collectible. At December 31, 2014 and 2013, all balances were due within a year. Investments - Investments in marketable securities with readily determinable fair values and all investments in debt securities are valued at their fair values in the statements of financial position. Any changes in fair value are reported in the statement of activities as unrealized gains or losses. Fair Value Measurements - The Foundation measures and discloses fair value measurements in accordance with the authoritative literature. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value accounting requires characterization of the inputs used to measure fair value into a three-level fair value hierarchy as follows: Level 1 - Inputs based on quoted market prices in active markets for identical assets or liabilities. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 - Observable inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent from the entity. Level 3 - Unobservable inputs that reflect the Foundation s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available. 8

10 There are three general valuation techniques that may be used to measure fair value: 1) market approach - uses prices generated by market transactions involving identical or comparable assets or liabilities, 2) cost approach - uses the amount that currently would be required to replace the service capacity of an asset (replacement cost), and 3) income approach - uses valuation techniques to convert future amounts to present amounts based on current market expectations. Property, Furniture and Equipment - Building, furniture and equipment are recorded at cost. Land which was donated for the construction of the office building was recorded at fair value as determined by an independent appraisal at the time of donation. Maintenance and repairs are charged to expense as incurred, while all additions or betterments over $10,000 that have a benefit over more than one year are capitalized. The Foundation provides for depreciation on the straightline method over the estimated useful lives of the assets as follows: Building Furniture Equipment 40 years 10 years 4 years The Foundation reviews assets for impairment at least annually. The Foundation has determined that there was no impairment loss during the year ended December 31, 2014 or Trusts and Managed Assets - The Foundation accepts cash and other financial assets from organizations and individuals and agrees to use those assets on behalf of or transfer those assets, the return on investment of those assets, or both, to specified beneficiaries. The Foundation records the fair value of the assets received and an offsetting liability for the same amount at the time the assets are received. Subsequent valuations of trust liabilities are determined annually based on the fair value of the trust assets. Charitable Remainder Trusts - The Foundation accepts cash and other financial assets from donors who establish trusts, from which specified distributions are made either from principal or earnings to one or more beneficiaries over a specified term or for life. At the time the gift is received, the Foundation records the trust assets at their fair value and a liability for the present value of any expected future cash distributions to the beneficiaries. The Foundation determines the present value of the future payments due to the beneficiaries based on assumptions about the projected rate of return on the investments in the trusts, the discount rate for the obligation, and the expected mortality of the individual on which termination of the agreement depends, if the agreement is life dependent. Significant increases or decreases in these inputs in isolation would result in a significantly lower or higher fair value measurement. The Foundation is named as co-beneficiary of certain charitable remainder trusts under its management. Upon gift receipt, the Foundation records the excess of the fair value of the assets and the estimated liability, as temporarily restricted contribution revenue. If the donor has permanently restricted the Foundation s use of its interest in the assets, contribution revenue will be classified as permanently restricted. If the Foundation has been given the immediate right to use its interest in the assets without restrictions, the contribution revenue is recognized as an increase in unrestricted net assets. On an annual basis, the Foundation revalues the liability due to the donors designated beneficiaries. Any changes resulting from the revaluation of this liability is recorded as actuarial gain or loss on the statement of activities. The discount rates used in determining fair value at December 31, 2014 and 2013 ranged from 2.0% to 1.2% and were set to equal the expected Applicable Federal Rate issued by the Internal Revenue Service ( IRS ). 9

11 Charitable remainder trusts are included as a component of trust and managed assets on the statements of financial position. Charitable Gift Annuities - Donors contribute assets in exchange for the right to receive a fixed dollar annual return for their benefit or for the benefit of third parties. Upon receipt of each such gift, the Foundation calculates the present value of the periodic payments due to the beneficiaries and classifies this amount as annuities payable. The Foundation determines the present value of the future periodic payments on an actuarial basis based on the annuitant s life expectancy. The discount rates used in determining fair value at December 31, 2014 and 2013 ranged from 2.0% to 1.2% and were set to equal the expected Applicable Federal Rate issued by the IRS. Significant increases or decreases in these inputs in isolation would result in a significantly lower or higher fair value measurement. Any income earned on charitable gift annuity investments is also credited to charitable gift annuities payable. The Foundation is named as co-beneficiary of certain charitable gift annuities under its management. Upon gift receipt, the Foundation records the excess of the fair value of the assets and the estimated liability, as temporarily restricted contribution revenue. If the donor has permanently restricted the Foundation s use of its interest in the assets, contribution revenue will be classified as permanently restricted. If the Foundation has been given the immediate right to use its interest in the assets without restrictions, the contribution revenue is recognized as an increase in unrestricted net assets. On an annual basis, the Foundation revalues the carrying value of the charitable gift annuities. Any changes resulting from the revaluation of this liability is recorded as actuarial gain or loss on the statement of activities. The Foundation is required by the State of Texas to maintain a reserve of at least $100,000 to make payments if the assets are depleted. This reserve is held in unrestricted net assets. Charitable gift annuities are included as a component of trust and managed assets on the statements of financial position. Endowments Held For Others - The Foundation accepts cash and other financial assets as a trustee of various endowment agreements. The Foundation records the fair value of the assets received at the time of receipt and an offsetting liability for the same amount. Subsequent valuations of the endowment liabilities are determined annually based on the fair value of the endowment assets. The portion of the endowment agreements for which the Foundation has no variance power is also included in this liability. Contributions - Contributions received are recorded as unrestricted, temporarily restricted or permanently restricted support, depending on the existence and/or nature of any donor restrictions. Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized. All other donor-restricted support is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Conditional promises to give are recognized only when the conditions on which they depend are substantially met and the promises become unconditional. Donated marketable securities and other noncash donations are recorded as contributions at their estimated fair values at the date of donation. 10

12 Management Fees - The Foundation charges both trust and managed assets and endowments held for others funds a fee for recovery of administrative expenses incurred by the Foundation. The fee is generally computed as 0.5% to 1% per annum of the fair value of fund assets and is collected quarterly. Recently Issued Accounting Pronouncements - In May 2014, the FASB issued Accounting Standards Update ( ASU ) No , Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and most industry-specific guidance included in the ASC. The standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The standard is effective for fiscal years beginning after December 15, 2017, and is to be applied retrospectively, with early application permitted for fiscal years beginning after December 15, The Foundation is in the process of evaluating the impact the new standard will have on its financial statements. In August 2014, the FASB issued ASU No , Presentation of Financial Statements - Going Concern, which provides guidance about management s responsibility to evaluate on an annual basis whether there is substantial doubt about an entity s ability to continue as a going concern within one year after the date that the financial statements are available to be issued and to provide certain related footnote disclosures. The standard is effective for fiscal years ending after December 15, 2016, and due to the change in requirements for reporting, presentation and disclosure of future evaluations of the entity s ability to continue as a going concern may be different than under current standards. Reclassifications - Certain amounts in the prior year have been reclassified to conform to the presentation adopted in the current year. There was no impact on net assets. 3. CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Foundation to credit risk consist of cash and investments. The Foundation places its cash with a limited number of high quality financial institutions and may exceed the amount of insurance provided on such deposits. Management believes no significant risk exists with respect to cash. Investments are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the near-term could materially affect the amounts reported in the statements of financial position. 4. RELATED PARTY TRANSACTIONS Each Sponsor has a representative chosen by its respective Board who serves on the Foundation s Board of Trustees. The Foundation Board also appoints additional at-large trustees. Foundation Board members made personal contributions to the Foundation to support its operations and to the Permanent Operating Endowment Fund ( POEF ). During 2014, Board members personal contributions to the Foundation s operations and to the POEF were $3,800. During 2013, Board members personal contributions to the Foundation s operations and to the POEF were $4,

13 5. INVESTMENTS The Foundation records investments in debt and equity securities at their fair values with the related gains and losses included in the statements of activities. The income investment fund and the equity investment fund are unitized funds. Participations are purchased in $1 units. Income from the investments is allocated to participants based on the number of units held at the end of each calendar quarter. Additions to and withdrawals from the funds are made at the end of each quarter in accordance with donors restrictions. Investments are reported at fair value at December 31, 2014 as follows: Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Fair Value Measurements Using: Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Multi-asset fund $ 36,185,063 $ 36,185,063 $ - $ - Tax-exempt bonds 2,599,059 2,599, Taxable bond funds 2,368,692 2,368, Common stock 2,088,584 2,088, Certificates of deposit 1,819,350 1,819, Mutual funds 1,747,285 1,747, Taxable money market accounts 1,640,140 1,640, Real estate 1,547, ,547,679 Mission loan and development certificates 749, ,823 - Mortgage loans receivable 668, ,865 - Restricted cash 617, , U.S. government and agencies 346, , Insurance 133, ,993 - Private company stock 34, ,850 Limited partnership 10, ,207 Total Investments $ 52,557,378 $ 49,411,961 $ 1,552,681 $ 1,592,736 All Level 1, Level 2 and Level 3 investments have been valued using a market approach. Investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows: Balance, December 31, 2013 $ 1,749,328 Total net realized and unrealized losses (156,592) Balance, December 31, 2014 $ 1,592,736 12

14 Investments are reported at fair value at December 31, 2013 as follows: Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Fair Value Measurements Using: Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Multi-asset fund $ 35,241,420 $ 35,241,420 $ - $ - Tax-exempt bonds 2,715,231 2,715, Taxable bond funds 2,659,674 2,659, Certificates of deposit 2,522,000 2,522, Common stock 2,008,987 2,008, Mutual funds 1,726,479 1,726, Real estate 1,704, ,704,271 Restricted cash 784, , Taxable money market accounts 755, , Mission loan and development certificates 746, ,593 - Mortgage loans receivable 697, ,618 - U.S. government and agencies 539, , Insurance 124, ,352 - Private company stock 34, ,850 Limited partnership 10, ,207 Total Investments $ 52,270,543 $ 48,952,652 $ 1,568,563 $ 1,749,328 All Level 1, Level 2 and Level 3 investments have been valued using a market approach. Investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows: Balance, December 31, 2012 $ 1,937,117 Additions 34,850 Total net realized and unrealized losses (222,639) Balance, December 31, 2013 $ 1,749,328 Cash, certificates of deposit, marketable investments, including publicly traded investments such as stock, bonds, mutual funds, bond funds, equity funds, exchange traded funds, U.S. governmental securities and agencies, mortgage receivable and mortgage-backed and asset-backed securities are classified within Level 1 of the fair market value hierarchy because they are valued using quoted market prices, broker dealer quotations or other alternative pricing sources with reasonable levels of price transparency. 13

15 Mission loan and development certificates, mortgage loans and cash value of life insurance policies are designated as Level 2 instruments since valuations are obtained from readily-available pricing sources for comparable instruments. Mission loan and development certificates and mortgage loans are valued based upon anticipated collectability which approximates fair value. The cash value of life insurance policies was reflected in the financial statements at fair value based on the cash value reflected on the policy statements at December 31, 2014 and Real estate, private company stock, mineral interests and the investment in the limited partnership are classified within Level 3 since observable inputs are minimal. Real estate and mineral interests carrying values are determined by taking into account appraised value, tax authorities valuations, annual income and the changes in these amounts over time. Real estate and mineral interests are not routinely re-appraised; thus, valuations are based upon the advice of real estate professionals and local conditions. Private company stock is carried at $25.00 per share. The limited partnership is reflected in the financial statements at fair value based on the audited financial statements of the limited partnership. Significant increases or decreases in either of these inputs in isolation would result in a significantly lower or higher fair value measurement. 6. TRUSTS AND MANAGED ASSETS The following summarizes the operating activity of the trusts and managed assets for the years ended December 31: Trusts and managed assets, beginning of year $ 19,295,777 $ 18,490,995 Additions 3,694,709 1,610,031 Investment income 370, ,289 Net realized gain on investments 397, ,992 Net unrealized gain on investments ,050 Disbursements to/for: Individual beneficiaries (2,556,619) (1,988,028) Sponsoring organizations (1,175,312) (45,068) Endowments held for others (1,506,037) (127,825) Management fees (376,748) (172,659) Trusts and managed assets, end of year $ 18,144,102 $ 19,295,777 14

16 7. SPLIT-INTEREST AGREEMENTS The Foundation is listed as a co-beneficiary for certain agreements under its management. These agreements contain provisions for the distribution of assets to remaindermen other than the Foundation. As of December 31, 2014, the assets and liabilities for these split-interest agreements were $1,654,682 and $1,531,057, respectively. As of December 31, 2013, the assets and liabilities for these split-interest agreements were $1,925,915 and $1,751,290, respectively. The following is a rollforward of the liabilities under split-interest agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year December 31: Balance, beginning of year $ 1,751,290 $ 1,783,774 Investment income 16,955 23,902 Net realized gain on investments 50,535 84,308 Net unrealized gain (loss) on investments (23,140) 30,059 Disbursements to beneficiaries (147,334) (153,289) Management fees (11,079) (39,737) Actuarial adjustment (106,170) 22,273 Balance, end of year $ 1,531,057 $ 1,751, ENDOWMENTS The Board has interpreted the Texas Uniform Prudent Management of Institutional Funds Act ( TUPMIFA ) as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. Permanently restricted net assets are classified at the original value of gifts donated to the permanent endowment, plus the original value of subsequent gifts to the permanent endowment. Also included are accumulations to the permanent endowment if directed by the donor gift instrument. The Foundation classifies the remaining portion of the donor restricted endowment fund as temporarily restricted net assets until those funds are appropriated for expenditure by the organization in a manner consistent with the standard of prudence prescribed by TUPMIFA. The investment policy adopted by the Board of the Foundation details the objectives, risk management, investment selection and monitoring procedures. The Foundation s investment philosophy is to exercise ordinary business care and prudence in its investment of Foundation assets considering the long and short-term needs of the Foundation in carrying out its charitable purposes, its present and anticipated financial requirements, expected total return on its investments, price level trends, and general economic conditions. The Foundation recognizes that the uncertainty of future events, volatility of investment assets, and the potential loss in purchasing power are present to some degree with all types of investments. While high levels of risk are to be avoided, the assumption of a moderate level of risk is warranted and encouraged in order to allow the opportunity to achieve satisfactory results consistent with the objectives and investment philosophy of the Foundation. 15

17 As of December 31, 2014, the Foundation had approximately 164 separate endowments under its management. Certain of these endowments earn income directly for the Foundation and are included in the POEF of the Foundation. The income earned on all other endowments was either paid to Sponsors and other nonprofit organizations or added to the corpus of the respective endowment in accordance with the donors restrictions. The spending policy of the POEF endowment is 5% of the fair market value of the fund on the first day of the fiscal year. The spending policy for all other endowments is 4% of the fair market value on the first day of the fiscal year. The aggregate amount of the deficiencies for all donor-restricted endowment funds for which the fair value of the assets at reporting date is less than the level required by donor stipulation was $406,233 and $299,857 at December 31, 2014 and 2013, respectively. Changes in Endowment net assets were the following for the year ended December 31, 2014: Temporarily Restricted Permanently Restricted Unrestricted Total Endowment net assets, beginning of year $ 196, ,729 5,231,746 5,682,216 Net unrealized and realized gain on investments - 173, ,285 Contributions - - 3,800 3,800 Appropriations for expenditures - (271,382) - (271,382) Endowment net assets, end of year $ 196, ,632 5,235,546 5,587,919 Changes in Endowment net assets were the following for the year ended December 31, 2013: Temporarily Restricted Permanently Restricted Unrestricted Total Endowment net assets, beginning of year $ 108, ,312 5,208,451 5,448,194 Net unrealized and realized gain on investments - 373, ,126 Contributions 88,310-23, ,605 Appropriations for expenditures - (250,709) - (250,709) Endowment net assets, end of year $ 196, ,729 5,231,746 5,682,216 16

18 9. TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted amounts are those not available for use by the Foundation until commitments regarding their use have been fulfilled or lifetime beneficiary interests have ceased and were composed of the following at December 31: Time restricted $ 118,040 $ 118,040 Purpose restricted 155, ,729 Total temporarily restricted net assets $ 273,672 $ 371, PERMANENTLY RESTRICTED NET ASSETS Permanently restricted amounts are those restricted by donors in perpetuity as endowments and other trusts funds that will or have become endowments upon termination of the trust and were composed of the following at December 31: Endowment funds $ 5,235,546 $ 5,231,746 Other trust funds 37,398 37,398 Total permanently restricted net assets $ 5,272,944 $ 5,269, PENSION PLAN The Foundation participates in a pension plan covering various church institutions. The plan is a defined contribution plan covering employees of institutions affiliated with the Evangelical Lutheran Church in America. Employees qualify for the pension plan from the first day of employment as long as they are scheduled to work at least twenty hours per week for six months per year. Contributions paid to the plan by the Foundation totaled approximately $31,000 and $35,000 for the years ended December 31, 2014 and 2013, respectively. 12. SUBSEQUENT EVENTS The Foundation has evaluated subsequent events through June 9, 2015 (the date the financial statements were available to be issued), and no events have occurred from the statement of financial position date through that date that would impact the financial statements. 17

FIRST UNITED METHODIST CHURCH OF FORT WORTH

FIRST UNITED METHODIST CHURCH OF FORT WORTH FIRST UNITED METHODIST CHURCH OF FORT WORTH Fort Worth, Texas Consolidated Financial Statements Years Ended December 31, 2012 and 2011 Consolidated Financial Statements Years Ended December 31, 2012 and

More information

THE UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION. Consolidated Financial Statements. June 30, 2011 and 2010

THE UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION. Consolidated Financial Statements. June 30, 2011 and 2010 Consolidated Financial Statements (With Independent Auditors Report Thereon) KPMG LLP Suite 1100 One Jackson Place 188 East Capitol Street Jackson, MS 39201-2127 Independent Auditors' Report The Board

More information

WILLIAM SANSUM DIABETES CENTER

WILLIAM SANSUM DIABETES CENTER WILLIAM SANSUM DIABETES CENTER FINANCIAL STATEMENTS DECEMBER 31, 2014 WILLIAM SANSUM DIABETES CENTER TABLE OF CONTENTS December 31, 2014 Independent Auditor's Report.. 1-2 Statement of Financial Position......3

More information

Orange County s United Way

Orange County s United Way Financial Statements Years Ended June 30, 2015 and 2014 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO

More information

AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION

AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION West Virginia University Foundation, Incorporated With Reports of Independent Auditors WEST VIRGINIA UNIVERSITY FOUNDATION, INCORPORATED Audited

More information

ALAMO COLLEGES FOUNDATION, INC. (A Texas nonprofit Foundation) AUDITED FINANCIAL STATEMENTS. Year Ended December 31, 2012

ALAMO COLLEGES FOUNDATION, INC. (A Texas nonprofit Foundation) AUDITED FINANCIAL STATEMENTS. Year Ended December 31, 2012 R. D. Harrison, CPA Certified Public Accountant Member American Institute of Certified Public Accountants Registered with the Public Company Accounting Oversight Board ALAMO COLLEGES FOUNDATION, INC. AUDITED

More information

United Cerebral Palsy, Inc. Financial Report September 30, 2013

United Cerebral Palsy, Inc. Financial Report September 30, 2013 Financial Report September 30, 2013 Contents Independent Auditor s Report 1 2 Financial Statements Statement Of Financial Position 3 Statement Of Activities 4 Statement Of Functional Expenses 5 Statement

More information

Financial Statements and Report of Independent Certified Public Accountants

Financial Statements and Report of Independent Certified Public Accountants Financial Statements and Report of Independent Certified Public Accountants United States Olympic and Paralympic Foundation Contents Page Report of Independent Certified Public Accountants 2 Statements

More information

MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS

MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS MULTNOMAH BIBLE COLLEGE AND SEMINARY INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS JUNE 30, 2007 AND 2006 CONTENTS PAGE INDEPENDENT AUDITOR S REPORT 1 FINANCIAL STATEMENTS Statements of financial

More information

MAKE-A-WISH FOUNDATION OF MASSACHUSETTS AND RHODE ISLAND, INC. Financial Statements. August 31, 2014. (With Independent Auditors Report Thereon)

MAKE-A-WISH FOUNDATION OF MASSACHUSETTS AND RHODE ISLAND, INC. Financial Statements. August 31, 2014. (With Independent Auditors Report Thereon) MAKE-A-WISH FOUNDATION OF MASSACHUSETTS Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Statement of Financial Position 3 Statement

More information

TEXAS TRIBUNE, INC. Financial Statements as of and for the Years Ended December 31, 2013 and 2012 and Independent Auditors Report

TEXAS TRIBUNE, INC. Financial Statements as of and for the Years Ended December 31, 2013 and 2012 and Independent Auditors Report TEXAS TRIBUNE, INC. Financial Statements as of and for the Years Ended December 31, 2013 and 2012 and Independent Auditors Report TEXAS TRIBUNE, INC. TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 Page

More information

UNIVERSITY OF DENVER (COLORADO SEMINARY) Financial Statements and OMB A-133 Single Audit Reports. June 30, 2015 and 2014

UNIVERSITY OF DENVER (COLORADO SEMINARY) Financial Statements and OMB A-133 Single Audit Reports. June 30, 2015 and 2014 Financial Statements and OMB A-133 Single Audit Reports June 30, 2015 and 2014 (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Financial Statements Statement

More information

JAMES A. MICHENER ART MUSEUM

JAMES A. MICHENER ART MUSEUM FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2010 CONTENTS INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Activities 3 Statement of Functional Expenses

More information

Boston College Financial Statements May 31, 2007 and 2006

Boston College Financial Statements May 31, 2007 and 2006 Financial Statements Index Page(s) Report of Independent Auditors... 1 Financial Statements Statement of Financial Position... 2 Statement of Activities... 3 Statement of Cash Flows... 4...5-15 PricewaterhouseCoopers

More information

Financial Statements. Saint Joseph s College. June 30, 2014 and 2013

Financial Statements. Saint Joseph s College. June 30, 2014 and 2013 Financial Statements Saint Joseph s College June 30, 2014 and 2013 Financial Statements Table of Contents Financial Statements: Independent Auditors Report 1-2 Statements of Financial Position 3 Statements

More information

WASHINGTON ANIMAL RESCUE LEAGUE

WASHINGTON ANIMAL RESCUE LEAGUE WWW.MCB-CPA.COM FINANCIAL STATEMENTS TABLE OF CONTENTS Page Independent Auditors Report 1 Financial Statements: Statements of Financial Position 2 Statements of Activities and Changes in Net Assets 3-4

More information

The Children's Museum of Memphis, Inc. Financial Statements June 30, 2015 and 2014

The Children's Museum of Memphis, Inc. Financial Statements June 30, 2015 and 2014 The Children's Museum of Memphis, Inc. Financial Statements June 30, 2015 and 2014 Table of Contents June 30, 2015 and 2014 Page Independent Auditor s Report... 3 Financial Statements Statements of Financial

More information

CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS KANSAS WESLEYAN UNIVERSITY. June 30, 2013

CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS KANSAS WESLEYAN UNIVERSITY. June 30, 2013 CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS KANSAS WESLEYAN UNIVERSITY Contents Page REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1 CONSOLIDATED FINANCIAL

More information

CORO SOUTHERN CALIFORNIA, INC. (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS JUNE 30, 2015

CORO SOUTHERN CALIFORNIA, INC. (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS JUNE 30, 2015 FINANCIAL STATEMENTS CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1-2 STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS 4 STATEMENT OF FUNCTIONAL EXPENSES 5 STATEMENT OF

More information

THE OPEN HEARTH ASSOCIATION, INC. Report on Audit of Financial Statements. December 31, 2011

THE OPEN HEARTH ASSOCIATION, INC. Report on Audit of Financial Statements. December 31, 2011 Report on Audit of Financial Statements December 31, 2011 CONTENTS Independent Auditors Report 1-2 Statements of Financial Position December 31, 2011 and 2010 3 Statements of Activities for the Years Ended

More information

The Campanile Foundation

The Campanile Foundation Financial Statements and Supplementary Information as Required by the California State University and Report of Independent Certified Public Accountants The Campanile Foundation June 30, 2015 Contents

More information

Jewish Community Foundation of San Diego. Consolidated Financial Statements and Supplemental Information

Jewish Community Foundation of San Diego. Consolidated Financial Statements and Supplemental Information Jewish Community Foundation of San Diego Consolidated Financial Statements and Supplemental Information Years Ended June 30, 2015 and 2014 Consolidated Financial Statements and Supplemental Information

More information

CLEARWATER CHRISTIAN COLLEGE PRIVATE SCHOOL, INC.

CLEARWATER CHRISTIAN COLLEGE PRIVATE SCHOOL, INC. CLEARWATER CHRISTIAN COLLEGE PRIVATE SCHOOL, INC. Financial Statements For the Years Ended June 30, 2014 and 2013 (With Independent Auditors Report Thereon) CLEARWATER CHRISTIAN COLLEGE PRIVATE SCHOOL,

More information

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013

National Safety Council. Consolidated Financial Report June 30, 2014 and 2013 Consolidated Financial Report June 30, 2014 and 2013 Contents Independent Auditor s Report 1 2 Financial Statements Consolidated statements of financial position 3 Consolidated statements of activities

More information

Trinity College Consolidated Financial Statements June 30, 2013 and 2012

Trinity College Consolidated Financial Statements June 30, 2013 and 2012 Consolidated Financial Statements Index Page(s) Independent Auditor s Report...1 Consolidated Financial Statements Statements of Financial Position...2 Statements of Activities...3 4 Statements of Cash

More information

Financial Statements Together with Report of Independent Certified Public Accountants FJC. March 31, 2015 and 2014

Financial Statements Together with Report of Independent Certified Public Accountants FJC. March 31, 2015 and 2014 Financial Statements Together with Report of Independent Certified Public Accountants FJC TABLE OF CONTENTS Page Report of Independent Certified Public Accountants 1-2 Financial Statements Statements of

More information

Cincinnati Public Radio, Inc. and Subsidiary

Cincinnati Public Radio, Inc. and Subsidiary Cincinnati Public Radio, Inc. and Subsidiary Consolidated Financial Statements with Accompanying Information June 30, 2013, with Summarized Comparative Totals for June 30, 2012, and Independent Auditors

More information

THE BROTHER S BROTHER FOUNDATION Pittsburgh, Pennsylvania. Financial Statements For the years ended December 31, 2015 and 2014

THE BROTHER S BROTHER FOUNDATION Pittsburgh, Pennsylvania. Financial Statements For the years ended December 31, 2015 and 2014 Pittsburgh, Pennsylvania Financial Statements For the years ended December 31, 2015 and 2014 and Independent Auditors Report Thereon www.schneiderdowns.com C O N T E N T S INDEPENDENT AUDITORS REPORT 1

More information

BUCKNELL UNIVERSITY. Consolidated Financial Statements. June 30, 2015 (with comparative information as of June 30, 2014)

BUCKNELL UNIVERSITY. Consolidated Financial Statements. June 30, 2015 (with comparative information as of June 30, 2014) Consolidated Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Consolidated Statement of Financial Position, 3 Consolidated Statement

More information

OREGON STATE UNIVERSITY FOUNDATION. Consolidated Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)

OREGON STATE UNIVERSITY FOUNDATION. Consolidated Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon) Consolidated Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 Consolidated Financial Statements: Consolidated Statements of Financial

More information

The San Diego Foundation

The San Diego Foundation Consolidated Financial Statements Contents Independent Auditors Report 3-4 Financial Statements Consolidated Statements of Financial Position 5 Consolidated Statements of Activities 6-7 Consolidated Statements

More information

American Cancer Society, Inc. and Affiliated Entities

American Cancer Society, Inc. and Affiliated Entities American Cancer Society, Inc. and Affiliated Entities Combined Financial Statements As of and for the Year Ended August 31, 2010 with summarized financial information for the Year Ended August 31, 2009

More information

MONTCLAIR STATE UNIVERSITY FOUNDATION, INC. JUNE 30, 2012 AND 2011 INDEPENDENT AUDITOR S REPORT

MONTCLAIR STATE UNIVERSITY FOUNDATION, INC. JUNE 30, 2012 AND 2011 INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 AND INDEPENDENT AUDITOR S REPORT FINANCIAL STATEMENTS JUNE 30, 2012 AND 2011 TABLE OF CONTENTS Pages Independent Auditor s Report 3 Financial Statements: Statements

More information

COLORADO WOMEN'S EMPLOYMENT AND EDUCATION, INC. DBA CENTER FOR WORK EDUCATION AND EMPLOYMENT, INC.

COLORADO WOMEN'S EMPLOYMENT AND EDUCATION, INC. DBA CENTER FOR WORK EDUCATION AND EMPLOYMENT, INC. Financial Statements and Independent Auditors' Report June 30, 2014 and 2013 Table of Contents Page Independent Auditors' Report...1 Financial Statements Statements of Financial Position...3 Statements

More information

COLBY COLLEGE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2015 and 2014

COLBY COLLEGE CONSOLIDATED FINANCIAL STATEMENTS June 30, 2015 and 2014 CONSOLIDATED FINANCIAL STATEMENTS June 30, 2015 and 2014 Colby College Consolidated Financial Statements Table of Contents Consolidated Financial Statements: Independent Auditors Report 1 2 Consolidated

More information

Galapagos Conservancy. Financial Report March 31, 2013

Galapagos Conservancy. Financial Report March 31, 2013 Financial Report March 31, 2013 Contents Independent Auditor s Report 1 Financial Statements Balance Sheet 2 Statement Of Activities 3 Statement Of Functional Expenses 4 Statement Of Cash Flows 5 Notes

More information

MEDICAL MINISTRY USA dba MEDICAL MINISTRY INTERNATIONAL

MEDICAL MINISTRY USA dba MEDICAL MINISTRY INTERNATIONAL Financial Statements Together with Independent Auditors Report For the Year Ended SWALM & ASSOCIATES, P.C. Certified Public Accountants FINANCIAL STATEMENTS Table of Contents Page Independent Auditors

More information

Financial Statements and Supplemental Information. Home Repair Services of Kent County, Inc. (A Non-Profit Organization)

Financial Statements and Supplemental Information. Home Repair Services of Kent County, Inc. (A Non-Profit Organization) Financial Statements and Supplemental Information Home Repair Services of Kent County, Inc. Years Ended June 30, 2011 and 2010 with Report of Independent Auditors Financial Statements and Supplemental

More information

SOS CHILDREN S VILLAGES USA, INC.

SOS CHILDREN S VILLAGES USA, INC. FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS DECEMBER 31, 2014 AND 2013 TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1-2 Page FINANCIAL STATEMENTS

More information

FOCUS ON THE FAMILY and CITIZENLINK

FOCUS ON THE FAMILY and CITIZENLINK CONSOLIDATED FINANCIAL STATEMENTS With Independent Auditors' Report Table of Contents Independent Auditors' Report 1 Consolidated Financial Statements Consolidated Statements of Financial Position 3 Consolidated

More information

Washington University Consolidated Financial Statements June 30, 2015 and 2014

Washington University Consolidated Financial Statements June 30, 2015 and 2014 Consolidated Financial Statements June 30, 2015 and 2014 Index June 30, 2015 and 2014 Page(s) Independent Auditor s Report... 1 Consolidated Financial Statements Statements of Financial Position... 2 Statements

More information

THE ASPEN EDUCATION FOUNDATION FINANCIAL STATEMENTS. June 30, 2013

THE ASPEN EDUCATION FOUNDATION FINANCIAL STATEMENTS. June 30, 2013 FINANCIAL STATEMENTS June 30, 2013 FINANCIAL STATEMENTS June 30, 2013 TABLE OF CONTENTS ITEM PAGE NUMBER Independent Auditor s Report 1 Statement of Financial Position 2 Statement of Activities 3 Statement

More information

CARINGBRIDGE Eagan, Minnesota

CARINGBRIDGE Eagan, Minnesota Eagan, Minnesota FINANCIAL STATEMENTS Including Independent Auditors' Report As of and For the Years Ended December 31,2014 and 2013 TABLE OF CONTENTS Independent Auditors' Report Statements of Financial

More information

CONSOLIDATED FINANCIAL STATEMENTS. JUNE 30, 2013 and 2012 INDEPENDENT AUDITOR'S REPORTS

CONSOLIDATED FINANCIAL STATEMENTS. JUNE 30, 2013 and 2012 INDEPENDENT AUDITOR'S REPORTS CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2013 and 2012 WITH INDEPENDENT AUDITOR'S REPORTS CONTENTS Independent Auditor's Report... 1 Consolidated Statements of Financial Position as of June 30, 2013

More information

THE SOUTH FLORIDA CHURCH OF CHRIST, INC.

THE SOUTH FLORIDA CHURCH OF CHRIST, INC. THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS TABLE OF CONTENTS PAGES Independent Auditor s Report 1 Statement of Financial

More information

ST. MARY SEMINARY AND GRADUATE SCHOOL OF THEOLOGY (OUR LADY OF THE LAKE) FINANCIAL REPORT. JUNE 30, 2015 and 2014

ST. MARY SEMINARY AND GRADUATE SCHOOL OF THEOLOGY (OUR LADY OF THE LAKE) FINANCIAL REPORT. JUNE 30, 2015 and 2014 ST. MARY SEMINARY AND GRADUATE SCHOOL OF THEOLOGY FINANCIAL REPORT JUNE 30, 2015 and 2014 CONTENTS Page INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS 1 FINANCIAL STATEMENTS Statements of financial

More information

NATIONAL ENERGY EDUCATION DEVELOPMENT PROJECT, INC. Financial Statements and Supplemental Information

NATIONAL ENERGY EDUCATION DEVELOPMENT PROJECT, INC. Financial Statements and Supplemental Information NATIONAL ENERGY EDUCATION DEVELOPMENT PROJECT, INC. Financial Statements and Supplemental Information (With Summarized Financial Information for the Year Ended December 31, 2011) and Report Thereon TABLE

More information

Urology Care Foundation, Inc. Financial Report December 31, 2012

Urology Care Foundation, Inc. Financial Report December 31, 2012 Urology Care Foundation, Inc. Financial Report December 31, 2012 Contents Independent Auditor s Report On The Financial Statements 1 2 Financial Statements Statements Of Financial Position 3 Statements

More information

CENTRE COLLEGE OF KENTUCKY Danville, Kentucky. FINANCIAL STATEMENTS June 30, 2013 and 2012

CENTRE COLLEGE OF KENTUCKY Danville, Kentucky. FINANCIAL STATEMENTS June 30, 2013 and 2012 Danville, Kentucky FINANCIAL STATEMENTS Danville, Kentucky FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION... 3 STATEMENTS OF ACTIVITIES...

More information

UNIVERSITY OF ALASKA FOUNDATION. Financial Statements. June 30, 2009 and 2008. (With Independent Auditor s Report Thereon)

UNIVERSITY OF ALASKA FOUNDATION. Financial Statements. June 30, 2009 and 2008. (With Independent Auditor s Report Thereon) Financial Statements (With Independent Auditor s Report Thereon) TABLE OF CONTENTS Page Statements of Financial Position 1 Statements of Activities 2 Statements of Cash Flows 4 Notes to Financial Statements

More information

CREIGHTON UNIVERSITY. Consolidated Financial Statements. June 30, 2015 and 2014. (With Independent Auditors Report Thereon)

CREIGHTON UNIVERSITY. Consolidated Financial Statements. June 30, 2015 and 2014. (With Independent Auditors Report Thereon) Consolidated Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Consolidated Statements of Financial Position 3 Consolidated Statements

More information

ST. MARTIN'S EPISCOPAL CHURCH

ST. MARTIN'S EPISCOPAL CHURCH ST. MARTIN'S EPISCOPAL CHURCH FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT FOR THE YEARS ENDED DECEMBER 31,2010 (AUDITED) AND DECEMB:ER 31, 2009 (REVIEWED) CONTENTS Page INDEPENDENT AUDITORS'

More information

SOS CHILDREN S VILLAGES USA, INC.

SOS CHILDREN S VILLAGES USA, INC. FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS DECEMBER 31, 2015 AND 2014 TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1-2 Page FINANCIAL STATEMENTS

More information

NEW YORK PUBLIC RADIO. Financial Statements and Supplemental Schedule. June 30, 2015 and 2014

NEW YORK PUBLIC RADIO. Financial Statements and Supplemental Schedule. June 30, 2015 and 2014 Financial Statements and Supplemental Schedule (With Independent Auditors Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154-0102 Independent Auditors Report The Board of Trustees New York Public

More information

Northwest University and Northwest University Foundation Consolidated Financial Statements For the Year Ended May 31, 2015

Northwest University and Northwest University Foundation Consolidated Financial Statements For the Year Ended May 31, 2015 Northwest University and Northwest University Foundation Consolidated Financial Statements Table of Contents Independent Auditor s Report 1 2 Consolidated Financial Statements: Consolidated Statement of

More information

The Colleges of the Seneca Financial Statements May 31, 2007 and 2006

The Colleges of the Seneca Financial Statements May 31, 2007 and 2006 Financial Statements PricewaterhouseCoopers LLP 1100 Bausch & Lomb Place Rochester NY 14604-2705 Telephone (585) 232 4000 Facsimile (585) 454 6594 Report of Independent Auditors To the Board of Trustees

More information

Financial Statements. August 31, 2013 and 2012. (With Independent Auditors Report Thereon)

Financial Statements. August 31, 2013 and 2012. (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Statements of Financial Position 2 Statement of Activities Year ended August 31, 2013

More information

THE MOODY BIBLE INSTITUTE OF CHICAGO. FINANCIAL STATEMENTS June 30, 2012 and 2011

THE MOODY BIBLE INSTITUTE OF CHICAGO. FINANCIAL STATEMENTS June 30, 2012 and 2011 THE MOODY BIBLE INSTITUTE OF CHICAGO FINANCIAL STATEMENTS A Crowe Horwath. Crowe Horwath LLP Independent Member Crowe Horwath International INDEPENDENT AUDITORS' REPORT The Board of Trustees The Moody

More information

OHIO WESLEYAN UNIVERSITY AND SUBSIDIARIES CONSOLIDATED FINANCIAL REPORT. JUNE 30, 2015 and 2014

OHIO WESLEYAN UNIVERSITY AND SUBSIDIARIES CONSOLIDATED FINANCIAL REPORT. JUNE 30, 2015 and 2014 OHIO WESLEYAN UNIVERSITY AND SUBSIDIARIES CONSOLIDATED FINANCIAL REPORT JUNE 30, 2015 and 2014 CONTENTS INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS 1-2 FINANCIAL STATEMENTS Consolidated statements

More information

Independent Auditor s Report

Independent Auditor s Report Independent Auditor s Report To the Members of the Board of Directors National Insurance Producer Registry Kansas City, Missouri Report on the Financial Statements We have audited the accompanying financial

More information

San Diego Museum of Art

San Diego Museum of Art San Diego Museum of Art Financial Statements and Supplemental Information Financial Statements and Supplemental Information Table of Contents Page Independent Auditors' Report 1 Financial Statements: Statements

More information

University of Florida Foundation, Inc. Financial and Compliance Report June 30, 2015

University of Florida Foundation, Inc. Financial and Compliance Report June 30, 2015 University of Florida Foundation, Inc. Financial and Compliance Report Contents Independent Auditor s Report on the Financial Statements 1 2 Financial Statements Statement of Financial Position 3 Statement

More information

ATLANTA COMMUNITY FOOD BANK, INC.

ATLANTA COMMUNITY FOOD BANK, INC. FINANCIAL STATEMENTS FOR THE YEAR ENDED TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS Statements of Financial Position 3 Statement of Activities 5 Statement of Functional Expenses

More information

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT SPECIAL OPERATIONS WARRIOR FOUNDATION. December 31, 2014 and 2013

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT SPECIAL OPERATIONS WARRIOR FOUNDATION. December 31, 2014 and 2013 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT SPECIAL OPERATIONS WARRIOR FOUNDATION TABLE OF CONTENTS Independent Auditors Report 3-4 Financial Statements Statements of Financial Position 5 Statements

More information

MOZILLA FOUNDATION DECEMBER 31, 2014 AND 2013 INDEPENDENT AUDITORS REPORT CONSOLIDATED FINANCIAL STATEMENTS AND SUBSIDIARY AND

MOZILLA FOUNDATION DECEMBER 31, 2014 AND 2013 INDEPENDENT AUDITORS REPORT CONSOLIDATED FINANCIAL STATEMENTS AND SUBSIDIARY AND MOZILLA FOUNDATION AND SUBSIDIARY DECEMBER 31, 2014 AND 2013 INDEPENDENT AUDITORS REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Independent Auditors Report and Consolidated Financial Statements Independent

More information

MARATHON KIDS, INC. (A Nonprofit Corporation) INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS MAY 31, 2015 AND 2014

MARATHON KIDS, INC. (A Nonprofit Corporation) INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS MAY 31, 2015 AND 2014 INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS INDEX TO FINANCIAL STATEMENTS Independent Auditors Report 1 Statements of Financial Position

More information

NATIONAL COALITION FOR CANCER SURVIVORSHIP, INC. D/B/A CANCER SURVIVORS COALITION FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT

NATIONAL COALITION FOR CANCER SURVIVORSHIP, INC. D/B/A CANCER SURVIVORS COALITION FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT WWW.MCB-CPA.COM FINANCIAL STATEMENTS TABLE OF CONTENTS Page Independent Auditors Report 1 Financial Statements: Statements of Financial Position 2

More information

Vassar College Financial Statements June 30, 2013 and 2012

Vassar College Financial Statements June 30, 2013 and 2012 Financial Statements Index Page(s) Independent Auditor s Report...1 Financial Statements Statements of Financial Position...2 Statements of Activities...3-4 Statements of Cash Flows...5...6 27 To the Board

More information

CONFERENCE TREASURER NORTH GEORGIA CONFERENCE, UNITED METHODIST CHURCH. Audited Financial Statements. For The Years Ended December 31, 2012 and 2011

CONFERENCE TREASURER NORTH GEORGIA CONFERENCE, UNITED METHODIST CHURCH. Audited Financial Statements. For The Years Ended December 31, 2012 and 2011 NORTH GEORGIA CONFERENCE, UNITED METHODIST CHURCH Audited Financial Statements For The Years Ended December 31, 2012 and 2011 GDN GrossDukeNelson & Co, PC Certified Public Accountants & Consultants Member

More information

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014 FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 5 STATEMENTS OF CASH FLOWS

More information

BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014

BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014 BENEVOLENT HEALTHCARE FOUNDATION DBA PROJECT C.U.R.E. FINANCIAL STATEMENTS MAY 31, 2014 C O N T E N T S Independent Auditors Report 2-3 Statements of Financial Position 4 Statements of Activities 5 Statements

More information

OHIO CHRISTIAN UNIVERSITY FINANCIAL STATEMENTS. JUNE 30, 2012 (With Summarized Financial Information For the Year Ended June 30, 2011)

OHIO CHRISTIAN UNIVERSITY FINANCIAL STATEMENTS. JUNE 30, 2012 (With Summarized Financial Information For the Year Ended June 30, 2011) FINANCIAL STATEMENTS JUNE 30, 2012 (With Summarized Financial Information For the Year Ended June 30, 2011) TABLE OF CONTENTS Financial Page Independent Auditor's Report... 1 Financial Statements: Statement

More information

Queens University of Charlotte

Queens University of Charlotte Financial Statements and Supplementary Information Year Ended June 30, 2013 (with comparative financial information for the year ended June 30, 2012) The report accompanying these financial statements

More information

SANTA BARBARA FOUNDATION AND AFFILIATES COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2013

SANTA BARBARA FOUNDATION AND AFFILIATES COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2013 SANTA BARBARA FOUNDATION AND AFFILIATES COMBINED AND CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2013 DECEMBER 31, 2013 TABLE OF CONTENTS Page Independent Auditor's Report 1 2 Financial Statements:

More information

Consolidated Financial Statements December 31, 2013 and 2012 Trinity Lutheran Church and Foundation

Consolidated Financial Statements December 31, 2013 and 2012 Trinity Lutheran Church and Foundation Consolidated Financial Statements Trinity Lutheran Church and Foundation www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Consolidated Financial Statements Financial Position... 3

More information

Bryn Mawr College Financial Statements May 31, 2011 and 2010

Bryn Mawr College Financial Statements May 31, 2011 and 2010 Financial Statements and 2010 Index and 2010 Page(s) Report of Independent Auditors...1 Financial Statements Statements of Financial Position...2 Statements of Activities...3 4 Statements of Cash Flows...5

More information

FINANCIAL STATEMENTS. APRIL 30, 2012 and 2011 INDEPENDENT AUDITORS' REPORT

FINANCIAL STATEMENTS. APRIL 30, 2012 and 2011 INDEPENDENT AUDITORS' REPORT FINANCIAL STATEMENTS APRIL 30, 2012 and 2011 WITH INDEPENDENT AUDITORS' REPORT CONTENTS Independent Auditors' Report... 1 Consolidated Statements of Financial Position... 2 Consolidated Statements of Activities...

More information

CONSOLIDATED FINANCIAL STATEMENTS. APRIL 30, 2015 and 2014 INDEPENDENT AUDITOR'S REPORT

CONSOLIDATED FINANCIAL STATEMENTS. APRIL 30, 2015 and 2014 INDEPENDENT AUDITOR'S REPORT CONSOLIDATED FINANCIAL STATEMENTS APRIL 30, 2015 and 2014 WITH INDEPENDENT AUDITOR'S REPORT CONTENTS Independent Auditor's Report... 1 Consolidated Statements of Financial Position as of April 30, 2015

More information

MARTIN METHODIST COLLEGE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2011 AND 2010

MARTIN METHODIST COLLEGE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION JUNE 30, 2011 AND 2010 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION Table of Contents Page INDEPENDENT AUDITORS REPORT... 1 FINANCIAL STATEMENTS Statements of Financial Position... 2 5 Statements of Activities... 6 9 Statements

More information

DALLAS MISSION FOR LIFE d.b.a. DALLAS LIFE

DALLAS MISSION FOR LIFE d.b.a. DALLAS LIFE FINANCIAL STATEMENTS With Independent Auditors Report Table of Contents Independent Auditors Report 1 Financial Statements Statement of Financial Position 3 Statement of Activities 4 Statement of Cash

More information

ROSWELL UNITED METHODIST CHURCH, INC. FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT For the Years Ended December 31, 2014 and 2013

ROSWELL UNITED METHODIST CHURCH, INC. FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT For the Years Ended December 31, 2014 and 2013 FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT For the Years Ended December 31, 2014 and 2013 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Statements of Financial Position

More information

Sample Financial Statements from PPC Preparing Nonprofit Financial Statements

Sample Financial Statements from PPC Preparing Nonprofit Financial Statements (ACCOUNTANT S LETTERHEAD) INDEPENDENT ACCOUNTANT S REPORT (REVIEW) To the Board of Directors Habitat House, Inc. City, State We have reviewed the accompanying statements of financial position of Habitat

More information

Public Library of Science. Financial Statements

Public Library of Science. Financial Statements Public Library of Science Financial Statements TABLE OF CONTENTS Page No. Independent Auditor's Report 1-2 Statement of Financial Position 3 Statement of Activities 4 Statement of Functional Expenses 5

More information

NATIONAL LEADERSHIP ROUNDTABLE ON CHURCH MANAGEMENT

NATIONAL LEADERSHIP ROUNDTABLE ON CHURCH MANAGEMENT WWW.MCB-CPA.COM INDEX Page Independent Auditors Report 1 Financial Statements: Statement of Financial Position 2 Statement of Activities 3 Statement of Functional Expenses 4 Statement of Cash Flows 5 Notes

More information

The Academy of Natural Sciences of Philadelphia Financial Statements June 30, 2013 and 2012

The Academy of Natural Sciences of Philadelphia Financial Statements June 30, 2013 and 2012 The Academy of Natural Sciences of Philadelphia Financial Statements (A Pennsylvania not-for-profit corporation) Index Page(s) Independent Auditor s Report... 1 2 Financial Statements Statements of Financial

More information

SADDLEBACK COLLEGE FOUNDATION

SADDLEBACK COLLEGE FOUNDATION SADDLEBACK COLLEGE FOUNDATION AUDIT REPORT FOR THE YEAR ENDED TABLE OF CONTENTS FINANCIAL SECTION Independent Auditors╩╣ Report... 1 Financial Statements: Statement of Financial Position... 3 Statement

More information

Pensacola Habitat For Humanity, Inc. Pensacola, Florida. Audited Financial Statements. With Supplementary Information

Pensacola Habitat For Humanity, Inc. Pensacola, Florida. Audited Financial Statements. With Supplementary Information Pensacola, Florida Audited Financial Statements With Supplementary Information June 30, 2014 Pensacola, Florida Audited Financial Statements With Supplementary Information June 30, 2014 CONTENTS PAGE Independent

More information

TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 5 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 6

TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 5 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 6 FINANCIALS TABLE OF CONTENTS REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 5 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 6 STATEMENTS OF ACTIVITIES 7 STATEMENTS OF CASH FLOWS 8 NOTES TO

More information

NEW YORK PUBLIC RADIO. Financial Statements and Supplemental Schedule. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)

NEW YORK PUBLIC RADIO. Financial Statements and Supplemental Schedule. June 30, 2014 and 2013. (With Independent Auditors Report Thereon) Financial Statements and Supplemental Schedule (With Independent Auditors Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154-0102 Independent Auditors Report The Board of Trustees New York Public

More information

CREIGHTON UNIVERSITY. Consolidated Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon)

CREIGHTON UNIVERSITY. Consolidated Financial Statements. June 30, 2014 and 2013. (With Independent Auditors Report Thereon) Consolidated Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Consolidated Statements of Financial Position 3 Consolidated Statements

More information

SAMPLE AUDITOR S OPINION LETTER

SAMPLE AUDITOR S OPINION LETTER SAMPLE AUDITOR S OPINION LETTER INDEPENDENT AUDITORS REPORT To the Board of Directors XYZ Organization Washington, D.C. We have audited the accompanying statement of financial position of XYZ Organization

More information

LEHIGH UNIVERSITY. Consolidated Financial Statements. June 30, 2015 (with comparative financial information for June 30, 2014)

LEHIGH UNIVERSITY. Consolidated Financial Statements. June 30, 2015 (with comparative financial information for June 30, 2014) Consolidated Financial Statements (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Consolidated Statement of Financial Position, (with comparative financial information

More information

THE MOODY BIBLE INSTITUTE OF CHICAGO. FINANCIAL STATEMENTS June 30, 2013 and 2012

THE MOODY BIBLE INSTITUTE OF CHICAGO. FINANCIAL STATEMENTS June 30, 2013 and 2012 THE MOODY BIBLE INSTITUTE OF CHICAGO FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION... 3 STATEMENTS OF ACTIVITIES...

More information

FINANCIAL STATEMENTS TOGETHER WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS THE NEW YORK INSTITUTE FOR SPECIAL EDUCATION

FINANCIAL STATEMENTS TOGETHER WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS THE NEW YORK INSTITUTE FOR SPECIAL EDUCATION FINANCIAL STATEMENTS TOGETHER WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS THE NEW YORK INSTITUTE FOR SPECIAL EDUCATION C O N T E N T S Page Report of Independent Certified Public Accountants

More information

NATIONAL COMMUNITY INVESTMENT FUND AND AFFILIATE YEARS ENDED DECEMBER 31, 2013 AND 2012

NATIONAL COMMUNITY INVESTMENT FUND AND AFFILIATE YEARS ENDED DECEMBER 31, 2013 AND 2012 NATIONAL COMMUNITY INVESTMENT FUND YEARS ENDED DECEMBER 31, 2013 AND 2012 YEARS ENDED DECEMBER 31, 2013 AND 2012 CONTENTS Page Independent auditor s report 1-2 Consolidated financial statements: Statement

More information

Northeastern University Consolidated Financial Statements June 30, 2011 and 2010

Northeastern University Consolidated Financial Statements June 30, 2011 and 2010 Consolidated Financial Statements Index Page(s) Report of Independent Auditors... 1 Consolidated Financial Statements Consolidated Statements of Financial Position... 2 Consolidated Statement of Activities...

More information

DRAFT BENEDICT COLLEGE FINANCIAL STATEMENTS AND ACCOMPANYING INFORMATION. For the Years Ended June 30, 2012 and 2011. And

DRAFT BENEDICT COLLEGE FINANCIAL STATEMENTS AND ACCOMPANYING INFORMATION. For the Years Ended June 30, 2012 and 2011. And FINANCIAL STATEMENTS AND ACCOMPANYING INFORMATION For the Years Ended June 30, 2012 and 2011 And Report of Independent Auditors TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITORS... 1 FINANCIAL STATEMENTS

More information

ELife Church D.B.A. Experience Life Church. Financial Statements and Independent Auditor s Report. December 31, 2014 and 2013

ELife Church D.B.A. Experience Life Church. Financial Statements and Independent Auditor s Report. December 31, 2014 and 2013 Financial Statements and Independent Auditor s Report December 31, 2014 and 2013 Contents Page Independent Auditor s Report... 3 Financial Statements Statements of Financial Position... 4 Statements of

More information

Financial Statements September 30, 2014 and 2013 Utah Microenterprise Loan Fund

Financial Statements September 30, 2014 and 2013 Utah Microenterprise Loan Fund Financial Statements Utah Microenterprise Loan Fund www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Statements of Financial Position... 2 Statements of Activities...

More information

Consolidated Financial Statements. Grand Rapids, Michigan

Consolidated Financial Statements. Grand Rapids, Michigan Consolidated Financial Statements Grand Rapids, Michigan June 30, 2010 and 2009 CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 CONSOLIDATED FINANCIAL STATEMENTS

More information