Economic Development Commission of Mid-Florida, Incorporated d.b.a. Orlando Economic Development Commission

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1 Economic Development Commission of Mid-Florida, Incorporated Consolidated Financial Statements Years Ended September 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 International Limited, a UK company limited by guarantee.

2 Consolidated Financial Statements Years Ended September 30, 2015 and 2014

3 Contents Independent Auditor s Report 3-4 Consolidated Financial Statements Consolidated Statements of Financial Position 6 Consolidated Statements of Activities 7 Consolidated Statements of Cash Flows 8 Consolidated Statements of Functional Expenses 9 Notes to Consolidated Financial Statements

4 Tel: Fax: South Orange Ave., Suite 800 Orlando, FL Independent Auditor s Report To the Board of Directors Economic Development Commission of Mid-Florida, Incorporated We have audited the accompanying consolidated financial statements of the Economic Development Commission of Mid-Florida, Incorporated d.b.a. Orlando Economic Development Commission and the EDC Foundation for Education, Inc. (collectively, the Commission ), which comprise the consolidated statements of financial position as of September 30, 2015, and the related consolidated statements of activities, cash flows and functional expenses for the year 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. Auditor s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit 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 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 auditor s 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. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 3

5 Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Commission as of September 30, 2015, and the changes in their net assets and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matter The 2014 financial statements of Economic Development Commission of Mid-Florida, Incorporated and the EDC Foundation for Education, Inc. were audited by Cross, Fernandez & Riley, LLP. ( C/F/R ) whose partners and professional staff joined BDO USA, LLP as of August 1, 2015, and has subsequently ceased operations. C/F/R s report dated December 15, 2014, expressed an unmodified opinion on those statements. BDO USA, LLP December 18,

6 Consolidated Financial Statements

7 Consolidated Statements of Financial Position September 30, Assets: Cash and cash equivalents $ 1,803,102 $ 1,908,749 Certificates of deposit 1,135,428 1,126,467 Prepaid expenses and other assets (Note 5) 190, ,647 Property and equipment, net (Note 3) 93, ,682 Liabilities and Net Assets: $ 3,222,418 $ 3,555,545 Liabilities: Accounts payable $ 98,910 $ 89,049 Accrued payroll and related expenses (Note 5) 545, ,826 Deferred revenue 229, ,046 Deferred compensation liability (Note 5) 100, ,769 Deferred rent liability 102, ,147 Total liabilities 1,076,898 1,518,837 Commitments and Contingencies (Note 6) Net assets: Unrestricted 2,083,133 1,880,045 Temporarily restricted (Note 4) 62, ,663 Total net assets 2,145,520 2,036,708 $ 3,222,418 $ 3,555,545 See accompanying notes to consolidated financial statements. 6

8 Consolidated Statements of Activities Year ended September 30, Unrestricted Temporarily Temporarily Restricted Total Unrestricted Restricted Total Support and revenue: Contributions $2,952,208 $ 50,000 $3,002,208 $ 2,463,125 $ 125,000 $ 2,588,125 Local government grants 2,937,577 2,937,577 1,703,024 1,703,024 Event sponsorships 505, , , ,695 Branding sponsorships 240, , , ,023 Contributed services (Note 2) 1,395,517 1,395, , ,008 Administrative fees 213, , , ,000 Other income 99,678 99,678 67,330 67,330 Interest income 8,962 8,962 6,535 6,535 Net assets released from restriction (Note 4) 144,276 (144,276) Total support and revenue 8,498,074 (94,276) 8,403,798 5,703, ,000 5,828,740 Expenses: Program 6,611,903 6,611,903 3,821,071 3,821,071 Fundraising 1,039,354 1,039,354 1,180,820 1,180,820 General and administrative 643, , , ,574 Total expenses 8,294,986 8,294,986 5,629,465 5,629,465 Change in net assets 203,088 (94,276) 108,812 74, , ,275 Net assets, beginning of year 1,880, ,663 2,036,708 1,805,770 31,663 1,837,433 Net assets, end of year $2,083,133 $ 62,387 $2,145,520 $ 1,880,045 $ 156,663 $ 2,036,708 See accompanying notes to consolidated financial statements. 7

9 Consolidated Statements of Cash Flows Year ended September 30, Cash flows from operating activities: Change in net assets $ 108,812 $ 199,275 Adjustments to reconcile change in net assets to net cash (used for) provided by operating activities: Depreciation and amortization 60,021 66,920 Gain on disposal of equipment (45) Amortization of deferred rent liability (71,458) (61,599) Cash provided by (used for): Prepaid expenses and other assets 193,561 (196,518) Accounts payable 9,861 42,987 Accrued payroll and related expenses 42,329 43,690 Deferred compensation liability (14,428) 33,841 Deferred revenue (408,243) 387,151 Net cash (used for) provided by operating activities (79,545) 515,702 Cash flows from investing activities: Purchases of equipment (17,141) (14,024) Purchases of certificates of deposit (8,961) (106,537) Net cash used for investing activities (26,102) (120,561) Net (decrease) increase in cash and cash equivalents (105,647) 395,141 Cash and cash equivalents, beginning of year 1,908,749 1,513,608 Cash and cash equivalents, end of year $ 1,803,102 $ 1,908,749 See accompanying notes to consolidated financial statements. 8

10 Consolidated Statements of Functional Expenses General and General and Year ended September 30, Program Fundraising Administrative Totals Program Fundraising Administrative Totals Salaries and benefits $ 2,639,292 $ 423,010 $ 419,650 $ 3,481,952 $ 2,319,991 $ 394,552 $ 399,478 $ 3,114,021 Events 497, , , ,475 Advertising, branding and promotion 2,788,505 2,788, , ,741 Rent and utilities 369,306 65,172 65, , ,073 67,072 67, ,216 Prospect handling 227,233 15, , ,038 10, ,904 Business intelligence 143, ,209 98,000 98,000 Audit, legal and bank fees 86,243 86,243 90,690 90,690 Professional development 127,357 20,461 24, ,163 51,076 2,995 15,908 69,979 Sales missions 93,667 93,667 50,158 50,158 Trade shows and sponsorships 75,912 75,912 38,098 38,098 Community activities 84,242 6,050 2,045 92,337 24,114 4,714 1,726 30,554 Consulting services 15,000 15,000 3,960 25,782 29,742 Supplies 18,817 3,321 3,321 25,459 19,360 3,417 3,417 26,194 Board activities 20,124 20,124 14,773 14,773 Total expense before depreciation and amortization 6,567,540 1,031, ,900 8,234,965 3,771,609 1,172, ,845 5,562,545 Depreciation and amortization expense 44,363 7,829 7,829 60,021 49,462 8,729 8,729 66,920 Total expenses $ 6,611,903 $ 1,039,354 $ 643,729 $ 8,294,986 $ 3,821,071 $ 1,180,820 $ 627,574 $ 5,629,465 See accompanying notes to consolidated financial statements. 9

11 Notes to Consolidated Financial Statements 1. Nature of Organization The Economic Development Commission of Mid-Florida, Incorporated, d.b.a. Orlando Economic Development Commission (the EDC ), is a not-for-profit, private/public partnership that serves Orange, Seminole, Lake and Osceola Counties and the City of Orlando. The EDC markets the Orlando region worldwide as a top location for business in order to create and sustain a prosperous and diverse business community that provides job opportunities and upward mobility for the region s citizens. To meet this goal, the EDC provides key services and support, which range from relocation and expansion expertise to long-term planning with its community partners. In October 2000, the EDC Foundation for Education, Inc. (the Foundation ) was established as a separate 501(c)(3) organization. Contributions to the Foundation are to be used for educational purposes that will benefit the community. 2. Summary of Significant Accounting Policies Principles of Consolidation The EDC and the Foundation (collectively the Commission ) have common members of their Boards of Directors and utilize the same management and employees. They were organized to achieve common goals. Therefore, the financial statements are presented on a consolidated basis. All significant intercompany accounts and transactions have been eliminated in consolidation. Liquidity Assets are presented in the accompanying statements of financial position according to their nearness of conversion to cash and liabilities according to the nearness of their maturity and resulting use of cash. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 those estimates. Cash and Cash Equivalents The Commission considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Concentration of Credit Risks Financial instruments which potentially subject the Commission to concentration of credit risk consist principally of cash and cash equivalents and certificates of deposit. Cash, cash equivalents and certificates of deposit are maintained at highly rated financial institutions and, at times, balances may exceed federally insured limits. The Commission has never experienced any losses related to these balances. 10

12 Notes to Consolidated Financial Statements The Commission receives a substantial amount of its support from local governments and corporations. Government grants revenue was 35% and 29% of total support and revenue for the years ended September 30, 2015 and 2014, respectively. Revenue from 18 and 16 private sector investors represents 16% and 23% of total support and revenue for the years ended September 30, 2015 and 2014, respectively. A significant reduction in the level of this support, if this were to occur, may have an adverse effect on the Commission s programs and activities. Property and Equipment Property and equipment is stated at cost. Donated equipment is stated at estimated fair market value at the date of donation. Depreciation and amortization is computed utilizing the straightline method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvements or the lease term. Impairment of Long-Lived Assets The Commission reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Deferred Revenue Deferred revenue consists of sponsorships received for programs and events that relate to and/or will take place during subsequent fiscal years. Deferred Rent Liability Deferred rent liability represents provisions for future rent increases, rent-free periods and leasehold improvement and furniture incentives provided by the landlord. The difference between rent expense and leasehold improvement and furniture incentives recorded and the amount paid is recorded as deferred rent liability in the accompanying statement of financial position. The deferred rent liability is amortized as a reduction of rent expense on a straight-line basis over the life of the lease. Contributions Contributions are from private sector investors and are recorded as unrestricted support upon receipt. Contributions received that are restricted for future periods or for specific purposes, if any, are recorded as temporarily restricted support and are released from restriction when the time restriction ends or purpose restriction is accomplished. If a restriction is fulfilled in the same time period in which the contribution is received, the Commission reports the support as unrestricted. Conditional contributions to give are not recognized until they become unconditional, that is when the conditions on which they depend are substantially met. 11

13 Notes to Consolidated Financial Statements Sponsorships Sponsorships received from investors and contracts with government agencies are exchange transactions in which each party receives and sacrifices commensurate value. Funds from exchange transactions are not considered contributions and, as such, are deemed to be earned and reported as revenue when such funds have been expended towards the designated purpose. Event sponsorships are recognized as revenue when the event takes place. Branding sponsorships are recognized as revenue as related expenses are incurred. Contributed Services Contributed services are recognized and recorded at fair value only to the extent they create or enhance nonfinancial assets or require specialized skills, are provided by individuals possessing these skills and would typically need to be purchased if not provided by donations. During 2015 and 2014, $1,384,591 and $254,386, respectively, of advertising and promotion and $10,926 and $31,622, respectively, of legal services meeting these criteria were received by the Commission and recorded as contributed services in the accompanying statements of activities. Administrative Fees The Commission acts on behalf of the Orange County and Seminole County Industrial Development Authorities to administer activities for industrial revenue bond issues. For this service, the Commission receives application and bond issuance fees, which are reflected as administrative fees revenue in the statement of activities. Revenues from such services in any one year are contingent upon the number of applications and bond issuances. Application fees are nonrefundable and are recognized when received. Issuance fees are recognized at the closing of a bond issue. Advertising Costs Advertising costs are expensed as incurred. Total advertising costs are recorded as advertising and promotion and included in program expenses in the accompanying statements of functional expenses. Advertising expenses were approximately $2,339,980 and $424,880 for the years ended September 30, 2015 and 2014, respectively. Functional Allocation of Expenses Salaries and related payroll expenses are allocated among functional categories based on the estimated proportion of time spent for each function. All other expenses are distributed based on management s estimate of the relative functional activity. 12

14 Notes to Consolidated Financial Statements Income Taxes The EDC is a not-for-profit corporation as described in Section 501(c)(6) of the Internal Revenue Code (the IRC ) and is exempt from federal and state income taxes pursuant to Section 501(a) of the IRC and Chapter of Florida Statutes. The Foundation is exempt from income taxes under Section 501(c)(3) of the IRC and from state taxes under similar provisions of the Florida Income Tax Code. The Commission identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more-likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the statement of financial position. The Commission has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Commission would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Commission s tax years subject to examination by the Internal Revenue Service generally remain open for three years from the date of filing. Fair Value of Financial Instruments The Commission reports its financial assets and liabilities using a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Valuation based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Valuation based on observable quoted prices for similar assets and liabilities in active markets. Level 3 Valuation based on inputs that are unobservable and are supported by little or no market activity, therefore requiring management s best estimate of what market participants would use as fair value. A financial instrument s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximate their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalents, certificates of deposit, accounts payable, and accrued payroll and related expenses. The Commission s Level 1 financial instrument consists of the deferred compensation liability discussed in Note 5 and is valued on a daily basis in an active market. The Commission has no Level 2 or 3 financial assets or liabilities. 13

15 Notes to Consolidated Financial Statements Subsequent Events The Commission has evaluated events and transactions occurring subsequent to September 30, 2015, as of December 18, 2015, which is the date the financial statements were available to be issued. Subsequent events occurring after December 18, 2015, have not been evaluated by management. No material events have occurred since September 30, 2015, that require recognition or disclosure in the financial statements. Reclassifications Certain items have been reclassified in the 2014 financial statements to conform to the 2015 presentation. 3. Property and Equipment Property and equipment is summarized as follows: September 30, Life Leasehold improvements yrs. $ 251,387 $ 251,387 Computer software and equipment 2-10 yrs. 538, ,569 Furniture and fixtures 5-10 yrs. 176, , , ,870 Less: accumulated depreciation and amortization (873,187) (852,188) 4. Temporarily Restricted Net Assets $ 93,803 $ 136,682 Temporarily restricted net assets at September 30, 2015 and 2014, of $62,387 and $156,663, respectively, represent grants received by the Foundation for educational purposes. During fiscal year 2015, net assets of $144,276 were released from restriction as expenses were incurred for their restricted purpose. 5. Employee Benefit Plans and Accrued Payroll and Related Expenses The Commission maintains a trustee, noncontributory 401(k) retirement plan ( 401(k) Plan ) covering all employees who meet the minimum age and length of service requirements of the 401(k) Plan. The 401(k) Plan calls for a 3% nondiscretionary safe harbor contribution to all eligible employees, a 6% nondiscretionary matching contribution and a 3% discretionary contribution, which is subject to Board of Director approval. Effective September 1, 2011, the Commission adopted the Executive 457(f) Retirement Plan ( 457(f) Plan ) for its President and Chief Executive Officer. The 457(f) Plan calls for a 10% nondiscretionary contribution based on the annual salary of the President and Chief Executive Officer at the end of each fiscal year. Currently, the assets held in the 457(f) Plan belong to the Commission and are reflected as an asset and liability of the Commission in the statements of

16 Notes to Consolidated Financial Statements financial position. The amount of restricted assets held for the plan at September 30, 2015 and 2014, was $100,341 and $114,769, respectively, and is included in prepaid expenses and other assets on the statements of financial position. The Commission will continue to record the assets (and the related liability) in the 457(f) Plan as such until the vesting date, at which point the assets in the 457(f) Plan will revert to the President and Chief Executive Officer. The 457(f) Plan deferred compensation liability vests as follows: Years ending September 30, Amount 2016 $ 65, ,000 Total $ 100,341 Contributions to the 401(k) and 457(f) Plans for the years ended September 30, 2015 and 2014, were approximately $230,000 and $169,000, respectively. Accrued payroll and related expenses consist of: September 30, Accrued salaries $ 32,969 $ 20,761 Accrued vacation 121, ,926 Accrued bonuses 281, ,629 Accrued contributions to employee benefit plans 109, , Commitments and Contingencies Operating Leases $ 545,155 $ 502,826 On November 30, 1999, the Commission entered into a ten-year noncancelable lease for office space. On December 3, 2009, the Commission exercised an option to renew its office lease for seven years beginning January 1, 2010 and ending December 31, The Commission also has various noncancelable office equipment leases with various expiration dates through Future minimum lease payments are approximated as follows: Years ending September 30, Amount 2016 $ 375, , ,000 Total $ 487,000 Total rental expense related to these leases was approximately $351,000 and $345,000 for the years ended September 30, 2015 and 2014, respectively, and is included in rent and utilities in the statement of functional expenses. 15

17 Notes to Consolidated Financial Statements Legal The Commission is subject to claims and legal proceedings which arise in the ordinary course of business. Management believes that losses resulting from these matters, if any, would not have a material adverse effect on the financial position or results of operations of the Commission. The remainder of this page intentionally left blank. 16

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