Grace Centers of Hope and Subsidiaries. Consolidated Financial Report October 31, 2013

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1 Consolidated Financial Report October 31, 2013

2 Contents Report Letter 1 Consolidated Financial Statements Balance Sheet 2 Statement of Activities and Changes in Net Assets 3 Statement of Functional Expenses 4-5 Statement of Cash Flows

3 To the Board of Directors Grace Centers of Hope and Subsidiaries Independent Auditor's Report We have audited the accompanying consolidated financial statements of Grace Centers of Hope and Subsidiaries (the "Center"), which comprise the consolidated balance sheet as of October 31, 2013 and 2012 and the related consolidated statements of activities and changes in net assets, functional expenses, and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management s Responsibility for the Consolidated 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 audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the 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. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Grace Centers of Hope and Subsidiaries as of October 31, 2013 and 2012 and the results of its changes in net assets and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America. March 12,

4 Consolidated Balance Sheet Assets October 31, 2013 October 31, 2012 Current Assets Cash $ 683,697 $ 547,032 Contributions receivable - 3,000 Investments (Note 8) 129,977 - Inventory 243, ,901 Prepaid expenses and other current assets 121,199 76,140 Total current assets 1,178, ,073 Property and Equipment - Net (Note 2) 2,235,381 2,295,896 Other Assets 13,860 - Total assets $ 3,427,738 $ 3,180,969 Liabilities and Net Assets Current Liabilities Trade accounts payable $ 213,679 $ 157,957 Current portion of long-term debt (Note 4) 108, ,226 Accrued liabilities and other 162, ,996 Total current liabilities 484, ,179 Long-term Debt - Net of current portion (Note 4) 278, ,857 Total liabilities 763, ,036 Net Assets Unrestricted: Undesignated 2,089,417 2,093,824 Board-designated (Notes 1 and 9) 330, ,000 Temporarily restricted (Note 5) 244, ,109 Total net assets 2,664,655 2,444,933 Total liabilities and net assets $ 3,427,738 $ 3,180,969 See. 2

5 Consolidated Statement of Activities and Changes in Net Assets Unrestricted Year Ended October Temporarily Temporarily Restricted Total Unrestricted Restricted Revenue and Support Donations and contributions $ 2,087,475 $ 430,971 $ 2,518,446 $ 2,145,352 $ 7,725 $ 2,153,077 Donations in-kind 234, , , ,817 Car donation income 18,075-18,075 39,900-39,900 Thrift store and salvage sales 2,698,972-2,698,972 2,607,043-2,607,043 Special event revenue: Gross revenue 383, , , ,033 Direct benefit expenses (168,470) - (168,470) (116,129) - (116,129) Interest 3,233-3,233 2,497-2,497 (Loss)/Gain on disposal of fixed assets (13,637) - (13,637) Rental Income 222, , , ,581 Other revenue 24,606-24,606 7,730-7,730 Total revenue and support 5,491, ,971 5,922,451 5,421,710 7,725 5,429,435 Net Assets Released from Restrictions 437,517 (437,517) - 54,408 (54,408) - Total revenue, support, and net assets released from restrictions 5,928,997 (6,546) 5,922,451 5,476,118 (46,683) 5,429,435 Expenses Program services: Homeless shelter 2,309,283-2,309,283 2,197,082-2,197,082 Thrift stores 2,128,760-2,128,760 1,991,043-1,991,043 Rental homes 202, , , ,445 Daycare facility 274, , , ,163 Total program services 4,915,085-4,915,085 4,656,733-4,656,733 Support services: Management and general 322, , , ,098 Fundraising 464, , , ,742 Total support services 787, , , ,840 Total expenses 5,702,729-5,702,729 5,524,573-5,524,573 Increase (Decrease) in Net Assets 226,268 (6,546) 219,722 (48,455) (46,683) (95,138) Net Assets - Beginning of year 2,193, ,109 2,444,933 2,242, ,792 2,540,071 Net Assets - End of year $ 2,420,092 $ 244,563 $ 2,664,655 $ 2,193,824 $ 251,109 $ 2,444,933 See. 3 Total

6 Consolidated Statement of Functional Expenses Year Ended October 31, 2013 Program Services Homeless Shelter Thrift Stores Rental Homes Daycare Facility Total Management and General Support Services Special Events - Direct Benefit to Fundraising Donors Total 2013 Total Compensation, benefits, and related taxes $ 1,321,875 $ 1,129,078 $ - $ 204,640 $ 2,655,593 $ 243,725 $ 188,809 $ - $ 432,534 $ 3,088,127 Rent - 441, , ,892 Advertising and contribution development 14,998 53, ,700 72, , , ,380 Food - Donated 158, , ,016 Legal and professional fees - 10,652 1,332 1,332 13,316 30, ,862 44,178 Utilities 150, ,666 84,411 18, ,467 5,640 5,640-11, ,747 Repair and maintenance 79, ,160 14,182 7, ,147 2,953 2,953-5, ,053 Support - Grace Gospel Fellowship 190, , ,028 Office supplies and expenses 3,666 43, ,841 50,505 24, ,285 75,790 Insurance 29,487 30,779 11,181 2,573 74, ,441 7,021 81,041 Housekeeping 21, , ,606 23,079 Postage ,118-11,081 12,045 Travel 21,625 7, ,594 1,839 1,528-3,367 32,961 Lease expense 21,233-12,900-34,133 3,915 3,033-6,948 41,081 Kitchen 12, ,188 14, ,877 Membership and dues 1, , ,596 Interest and fees 223 4,787 11,475 4,194 20, ,695 Property taxes ,784-10, ,784 Facilities expense ,485 62,485 62,485 Production expense ,427 67,427 67,427 Other services 97, , ,758 Miscellaneous 56,502 44,406 17,600 2, ,149 1,636 3,185 33,117 37, ,087 Depreciation 126,960 72,202 36,887 24, ,578 4,747 4,747-9, ,072 Total functional expenses $ 2,309,283 $ 2,128,760 $ 202,053 $ 274,989 $ 4,915,085 $ 322,851 $ 464,793 $ 168,470 $ 956,114 $ 5,871,199 See. 4

7 Consolidated Statement of Functional Expenses Year Ended October 31, 2012 Program Services Homeless Shelter Thrift Stores Rental Homes Daycare Facility Total Management and General Support Services Special Events - Direct Benefit to Fundraising Donors Total 2012 Total Compensation, benefits, and related taxes $ 1,224,530 $ 1,015,433 $ 38 $ 143,887 $ 2,383,888 $ 235,868 $ 211,874 $ - $ 447,742 $ 2,831,630 Rent - 410, , ,156 Advertising and contribution development 25,889 45,036 2,841 7,608 81, , , ,495 Food - Donated 145, , ,404 Legal and professional fees 15,500 10,872 1,251-27,623 30, ,150 57,773 Utilities 150, ,421 78,046 18, ,210 5,610 5,610-11, ,430 Repair and maintenance 108, ,028 13,762 3, ,321 3,769 3,768-7, ,858 Support - Grace Gospel Fellowship 190, , ,027 Office supplies and expenses 3,808 34, ,511 17, ,287 57,798 Insurance 27,087 29,665 10,075 2,374 69, ,594 5,022 74,223 Housekeeping 11, , ,869 Postage ,270-9,057 9,845 Travel 14,145 8, ,937 1,408 1,361-2,769 25,706 Lease expense 18,615-19,200-37,815 3,586 3,221-6,807 44,622 Kitchen 20, , ,513 Membership and dues 1, , ,691 Interest and fees 628 6,061 17,188 5,587 29, ,512 Property taxes ,894-23, ,894 Facilities expense ,921 50,921 50,921 Production expense ,162 39,162 39,162 Other services 96, , ,444 Miscellaneous 22,351 47,675 20,542 2,326 92,894 1,410 5,985 22,452 29, ,741 Depreciation 119,606 56,826 72,387 23, ,044 4,472 4,472-8, ,988 Total functional expenses $ 2,197,082 $ 1,991,043 $ 259,445 $ 209,163 $ 4,656,733 $ 306,098 $ 561,742 $ 116,129 $ 983,969 $ 5,640,702 See. 5

8 Consolidated Statement of Cash Flows October 31, 2013 Year Ended October 31, 2012 Cash Flows from Operating Activities Increase (decrease) in net assets $ 219,722 $ (95,138) Adjustments to reconcile increase (decrease) in net assets to net cash from operating activities: Depreciation 270, ,988 Loss (gain) on disposal of fixed assets 13,637 (886) Donations of property and equipment (42,465) (2,700) Contributions of property and equipment to others 17,000 - Changes in operating assets and liabilities which provided (used) cash: Inventory 15,277 (33,372) Prepaid expenses and other (58,919) (22,523) Contribution receivable 3,000 3,500 Accounts payable 55,722 75,428 Accrued liabilities and other 48,137 54,872 Net cash provided by operating activities 541, ,169 Cash Flows from Investing Activities Purchase of property and equipment (162,159) (168,774) Proceeds from sales of property and equipment - 4,950 Purchase of securities (129,977) - Net cash used in investing activities (292,136) (163,824) Cash Flows from Financing Activities Proceeds from debt - 161,519 Repayment of debt (112,382) (260,902) Net cash used in financing activities (112,382) (99,383) Net Increase (Decrease) in Cash 136,665 (3,038) Cash - Beginning of year 547, ,070 Cash - End of year $ 683,697 $ 547,032 Supplemental Cash Flow Information Cash paid for interest $ 20,456 $ 28,204 Purchase of capital assets through installment note 35,570 32,882 See. 6

9 Note 1 - Nature of Business and Significant Accounting Policies Nature of Organization - Grace Centers of Hope and Subsidiaries (the "Center") is a not-for-profit organization that receives its revenue principally from contributions, grants, and thrift store sales. The Center has been in operation since 1942 and is Oakland County's oldest and largest homeless shelter. The Center's ultimate goal is total rehabilitation by meeting all of the needs of the homeless, including food, clothing, shelter, educational courses, daycare, job training, and assistance in preparing resumes, substance abuse programs, medical care, and housing placement. The Center is a subsidiary of a related entity, Grace Gospel Fellowship Church (the "Church") (see Note 6). The Center includes the following single-member LLCs: Rescued Treasures of Sterling Heights, LLC (Rescued Treasures - Sterling Heights) - This entity operates a thrift store that sells donated clothing and other items to both subsidize Center operations and to provide employment to Center residents. Rescued Treasures of Waterford, LLC (Rescued Treasures - Waterford) - This entity operates a thrift store that sells donated clothing and other items to both subsidize Center operations and to provide employment to Center residents. Rescued Treasures Warren - Dequindre, LLC (Rescued Treasures - Dequindre) - This entity operates a thrift store that sells donated clothing and other items to both subsidize Center operations and to provide employment to Center residents. Rescued Treasures Warren - 8 Mile, LLC (Rescued Treasures - 8 Mile) - This entity operates a thrift store that sells donated clothing and other items to both subsidize Center operations and to provide employment to Center residents. The thrift store was closed in April Rescued Treasures of Oak Park, LLC (Rescued Treasures - Oak Park) - This entity operates a thrift store that sells donated clothing and other items to both subsidize Center operations and to provide employment to Center residents. This entity was formed in Rescued Homes, LLC (Rescued Homes) - This entity provides short-term rental housing to graduates of Center programs. Hands of Hope Childcare Center, LLC (Hands of Hope) - This entity operates a childcare center for residents of the Center. This entity was incorporated in

10 Note 1 - Nature of Business and Significant Accounting Policies (Continued) Significant accounting policies are as follows: Consolidation - The consolidated financial statements include the accounts of Grace Centers of Hope and its wholly owned subsidiaries, Rescued Treasures - Sterling Heights, Rescued Treasures - Waterford, Rescued Treasures - Dequindre, Rescued Treasures - 8 Mile, Rescued Treasures - Oak Park, Rescued Homes, and Hands of Hope. All significant intercompany transactions have been eliminated in consolidation. Concentration of Credit Risk Arising from Deposit Accounts - The Center maintains cash balances at several banks. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. The Center evaluates financial institutions with which it deposits funds; however, it is not practical to insure all cash deposits. Investments - Investment securities are classified based on the Center s intent with respect to holding securities. Investments in common stocks are carried at fair market value. Property and Equipment - Property and equipment are recorded at cost when purchased or at fair value at the date of donation and are being depreciated on a straight-line basis over their estimated useful lives. Costs of maintenance and repairs are charged to expense when incurred. The Center reports gifts of property, plant, and equipment as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Gifts of property, plant, and equipment with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire property, plant, and equipment are reported as restricted support. Absent explicit donor stipulations about how long the property, plant, and equipment must be maintained, the Center reports such gifts as unrestricted support. Donated Food and Services - The value of donated food and services has been estimated by the Center and recorded as in-kind revenue and expenses. Donated professional services offered at the Center's sites that are coordinated with the activities of other third-party health and welfare organizations are not reflected in the consolidated financial statements. Other Assets - Other long-term assets on the balance sheet represents a donated coin to the Center. The coin is recorded at cost. Contributions - Contributions of cash and other assets, including unconditional promises to give in the future, are reported as revenue when received, measured at fair value. Donor promises to give in the future are recorded at the present value of estimated future cash flows. 8

11 Note 1 - Nature of Business and Significant Accounting Policies (Continued) Contributions without donor-imposed restrictions and contributions with donorimposed time or purpose restrictions that are met in the same period as the gift are both reported as unrestricted support. Other restricted gifts are reported as restricted support and temporarily or permanently restricted net assets. Inventory - Inventory, which consists of contributed clothing and other items, is stated at the lower of cost or market by use of the first-in, first-out (FIFO) method of valuation. There is a significant amount of work involved in bringing contributed goods to salable value; therefore, the Center records inventory only for contributed goods brought to the point of sale. Contributed goods that have not reached their point of sale have not been included in inventory. Classification of Net Assets - Net assets of the Center are classified as unrestricted, temporarily restricted, or permanently restricted depending on the presence and characteristics of donor-imposed restrictions limiting the Center's ability to use or dispose of contributed assets or the economic benefits embodied in those assets. Board-designated net assets are unrestricted net assets designated by the board for reserves. This designation is based on board actions, which can be altered or revoked at a future time by the board. At, the board-designated net assets include a $100,000 emergency fund. At October 31, 2013 the board-designated net assets include an endowment fund of $230,675 (see Note 9). Donor-imposed restrictions that expire with the passage of time or can be removed by meeting certain requirements result in temporarily restricted net assets. Permanently restricted net assets result from donor-imposed restrictions that limit the use of net assets in perpetuity. Earnings, gains, and losses on restricted net assets are classified as unrestricted unless specifically restricted by the donor or by applicable state law. No permanently restricted net assets exist at October 31, 2013 or Functional Allocation of Expenses - The costs of providing program and support services have been reported on a functional basis in the consolidated statement of activities and changes in net assets. Indirect costs have been allocated between the various programs and support services based on estimates, as determined by management. Although the methods of allocation used are considered reasonable, other methods could be used that would produce a different amount. 9

12 Note 1 - Nature of Business and Significant Accounting Policies (Continued) 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 revenue, expenses, and other changes in net assets during the reporting period. Actual results could differ from those estimates. Income Tax Status - The Center is exempt from income tax under Internal Revenue Code Section 501(a) as an organization described in Internal Revenue Code Section 501(c)(3) and is classified as a public charity. Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken by the Center and recognize a tax liability if the Center has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS or other applicable taxing authorities. Management has analyzed the tax positions taken by the Center and has concluded that as of, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the consolidated financial statements. The Center is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes it is no longer subject to income tax examinations for years prior to Subsequent Events - The consolidated financial statements and related disclosures include evaluation of events up through and including March 12, 2014, which is the date the consolidated financial statements were available to be issued. 10

13 Note 2 - Property and Equipment Property and equipment consist of the following as of : Depreciable Life - Years Land $ 41,500 $ 41,500 - Buildings 2,460,077 2,419, Leasehold improvements 1,357,020 1,353, Machinery and equipment 215, ,447 3 Transportation equipment 349, , Furniture and fixtures 94,725 68,461 3 Total cost 4,518,486 4,320,017 Accumulated depreciation 2,283,105 2,024,121 Net property and equipment $ 2,235,381 $ 2,295,896 Depreciation expense was $270,072 and $280,988 for 2013 and 2012, respectively. Note 3 - Operating Leases The Center has noncancelable operating lease agreements for the thrift store facilities. The Waterford thrift store agreement requires monthly rent of $9,500 to $10,750 through July 31, The Sterling Heights thrift store and related warehouse require total monthly rent payments of $7,270, plus common area maintenance and taxes of $2,230 per month through June 30, For months subsequent to June 30, 2013, payments are made on a month-to-month basis. Subsequent to year end, the Center extended the lease agreement through December 31, The Dequindre thrift store requires monthly rent payments of $7,280 through June 30, The Oak Park thrift store and related warehouse require total monthly rent payments of $9,352 to $11,690 per month through October 31, The Center leased two properties which were owned by the CEO and operated by Rescued Homes through July Rental payments for the the year ended October 31, 2013 totaled $12,

14 Note 3 - Operating Leases (Continued) The following is a schedule of future minimum rental payments on these leases for the years ending October 31: 2014 $ 434, , , ,280 Total $ 1,021,069 Total rent expense on these leases for 2013 and 2012 was $454,792 and $429,356, respectively. Under the lease agreement for the Dequindre thrift store, the Center received a period of free rent for part of the space through December 31, Rental expense has been recognized on a straight-line basis over the term of the lease. As a result, $10,212 and $16,339 is included in accrued liabilities as of October 31, 2013 and 2012, respectively, which will be amortized over the remaining term of the lease. Under the lease agreement for the Oak Park thrift store, the Center received a period of free rent for part of the space through October 31, Rental expense has been recognized on a straight-line basis over the term of the lease. As a result, $60,576 and $61,396 is included in accrued liabilities as of, respectively, which will be amortized over the remaining term of the lease. Note 4 - Long-term Debt The following is a summary of long-term debt payable at : Mortgage loan, payable in monthly installments of $253, including interest at a fixed rate of 6.5 percent. The loan matured December 2013 and was paid off prior to year end. The loan is collateralized by a first mortgage lien on property owned by Rescued Homes, LLC $ - $ 2,859 Notes payable to a financial institution in monthly installments totaling $3,433, including interest at fixed rates varying from 3.0 to 11.2 percent, through November The notes are collateralized by transportation equipment 93,149 91,339 12

15 Note 4 - Long-term Debt (Continued) Mortgage loan, payable in monthly installments of $323, including interest at a fixed rate of 6.9 percent. The loan matures in July The loan is collateralized by a first mortgage lien on property owned by Rescued Homes, LLC $ 29,094 $ 30,875 Consolidated mortgage loan to Rescued Homes, LLC, payable in monthly installments of $3,016, including interest at a fixed rate of 4.5 percent. The loan matures in July The loan is collateralized by a first mortgage lien on property owned by Rescued Homes, LLC. The loan is guaranteed by Grace Centers of Hope and Rescued Treasures - Sterling Heights, LLC 121, ,897 Land contract, payable in monthly installments of $708, including interest at a fixed rate of 5.0 percent, through September ,490 23,003 Land contract, payable in monthly installments of $309, including interest at a fixed rate of 7.0 percent. The loan matures in November ,354 43,066 Land contract, payable in monthly installments of $3,315, including interest at a fixed rate of 4.0 percent. The loan matures in January , ,044 Total 387, ,083 Less current portion 108, ,226 Long-term portion $ 278,309 $ 354,857 The debt service requirements for the succeeding years are as follows: Years Ending October 31 Amount 2014 $ 108, , , , ,427 Total $ 387,271 13

16 Note 4 - Long-term Debt (Continued) Interest expense for the years ended was $20,456 and $28,204, respectively. The Center has an available line of credit of up to $200,000 guaranteed by Rescued Treasures - Sterling Heights and Rescued Treasures - Waterford. The line of credit bears interest equal to prime plus 2 percent and is collateralized by the assets of the Center. Interest payments are due monthly. The line of credit expires on May 31, No amounts were drawn during 2013 or Note 5 - Temporarily Restricted Net Assets Temporarily restricted net assets at are restricted for the following: Time restricted - Contributions receivable $ - $ 3,000 Contributions restricted for specific program use 124, ,109 Time restricted - Mission building 120, ,000 Total temporarily restricted net assets $ 244,563 $ 251,109 The mission building was donated to the Center in November 2008 by the federal government. The deed on the building includes a restriction that the building must continue in its current use for a 30-year period beginning in June 1989, which is when the Center first began using the building. The deed includes a clause that the building can be sold; however, the Center would be required to pay the federal government a prorated portion of the fair market value of the building based on the number of years remaining in that 30-year period. As of October 31, 2013, six years remain on the restriction. Note 6 - Related Party Transactions The chief executive officer (CEO) of the Center is the pastor and CEO of Grace Gospel Fellowship Church (the "Church") in Pontiac, Michigan. The Church uses a facility originally purchased by the Center as a women and children's center for church services. The Church does not pay rent for its usage. The Center reimburses the Church for expenses paid by the Church on behalf of the Center. During 2013 and 2012, the Center reimbursed the Church approximately $18,000 and $10,000, respectively. The Center owed the Church $845 and $0 for reimbursement for services at October 31, 2013 and 2012, respectively. 14

17 Note 6 - Related Party Transactions (Continued) Men of Grace, LLC, which is a subsidiary of the Church, raised funds of approximately $29,000 and $27,000 for the years ended, respectively, on behalf of the Center. The Men of Grace choir also performs outreach to educate the community on the Center's programs. The Center remitted to the Church a total of $190,028 and $190,027 for the years ended, respectively. These funds primarily supported Men of Grace, LLC; however, the funds were unrestricted support and therefore subject to the discretion of the Church. Rescued Homes purchased lawn care services from Gracefully Done, LLC, of which the Church is the sole member. Payments for these services totaled $0 and $352 for the years ended, respectively. During 2012, the Center entered into leases for two properties which are owned by the CEO. These properties are operated by Rescued Homes. Rental payments for the two properties combined were $12,900 and $19,200 for the years ended October 31, 2013 and 2012, respectively. During the year, a donor purchased both properties from the CEO and donated them to the Church. The Center subsequently purchased the two properties from the Church for a combined purchase price of $40,000. During 2012, the Center purchased additional property from the Church for a purchase price of $23,000. This property is operated by Rescued Homes. During the year the Center and the Church traded two home properties. The Center recognized a gift in kind at the appraised value of $15,000. The home is being operated by Rescued Homes. The Center recognized contribution expense for the home they contributed to the Church at the appraised value of $17,000. Note 7 - Retirement Plans As of January 1, 2010, the Center implemented a SIMPLE IRA plan for substantially all full-time employees. The plan included an employer match of up to 3 percent of wages through December 31, Effective January 1, 2011, the employer match contribution was reduced to 1 percent of wages. Effective January 1, 2013, the employer match contribution was increased to 3 percent of wages. For the years ended, the Center contributed $27,061 and $9,778, respectively, to the plan. 15

18 Note 8 - Fair Value Measurements Accounting standards require certain assets and liabilities be reported at fair value on the consolidated financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value. The following table presents information about the Center's assets measured at fair value on a recurring basis at October 31, 2013 and the valuation techniques used by the Center to determine those fair values. Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets that the Center has the ability to access. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset. In instances whereby inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Center s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset. Assets Measured at Fair Value on a Recurring Basis at October 31, 2013 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at October 31, 2013 Investments: Money market mutual funds $ 17,457 $ - $ - $ 17,457 Mutual funds - U.S. equity securities 112, ,520 Total assets $ 129,977 $ - $ - $ 129,977 16

19 Note 9 - Board-designated Endowment During 2013, the board of directors adopted a policy to designate all bequests received by the Center as board designated endowment funds. The endowment fund assets are invested in money market funds and equity investments and maintained in cash accounts. The expenditures of the funds are at the board of director's discretion. Net assets associated with these endowment funds, including funds designated by the board of directors to function as endowments, are reported as unrestricted net assets and the designation may be removed at the board's discretion. The board-designated endowment activity for the year ended October 31, 2013 is as follows: Endowment - Beginning of year $ - Bequests received 224,693 Investment income 5,982 Endowment - End of year $ 230,675 17

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