2008 Audit

2008 Audit

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Financial Statements and Report of Independent Certified Public Accountants Make-A-Wish Foundation of Greater Pennsylvania and Southern West Virginia August 31, 2008 and 2007 TABLE OF CONTENTS Page Report of Independent Certified Public Accountants 2 Statements of Financial Position 3 Activities 4 – 5 Statements of Functional Expenses 6 – 7 Cash Flows 8 Notes to Financial Statements 9 - 17 2 Make-A-Wish Foundation of Greater Pennsylvania and Southern West Virginia STATEMENTS OF FINANCIAL POSITION August 31, 2008 and 2007 ASSETS 2008 2007 Cash and cash equivalents $ 554,872 $ 696,903 Investments 4,681,217 4,535,637 Unconditional promises to give 504,241 561,193 Due from National Organization 32,782 20,022 Product inventories 23,519 34,240 Prepaid expenses 179,974 147,697 Cash and cash equivalents restricted for long-term purposes 228,000 266,353 Office furniture and equipment, net 153,953 143,730 Total Assets $ 6,358,558 $ 6,405,775 LIABILITIES AND NET ASSETS Accounts payable $ 231,126 $ 248,535 Accrued expenses 154,802 140,579 Accrued pending wish costs 1,278,317 1,226,177 Deferred revenue 18,676 10,244 Total liabilities 1,682,921 1,625,535 ...

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Financial Statements and Report of Independent Certified Public Accountants  Make-A-Wish Foundation of Greater Pennsylvania and Southern West Virginia  August 31, 2008 and 2007
 
      
  TABLE OF CONTENTS     
 
  Report of Independent Certified Public Accountants  Statements of Financial Position  Statements of Activities  Statements of Functional Expenses  Statements of Cash Flows  Notes to Financial Statements
2 
Page  2  3  4 – 5  6 – 7  8  9 - 17   
     
     
 Make-A-Wish Foundation of Greater Pennsylvania and Southern West Virginia STATEMENTS OF FINANCIAL POSITION August 31, 2008 and 2007 ASSETS
Cash and cash equivalents Investments Unconditional promises to give Due from National Organization Product inventories Prepaid expenses Cash and cash equivalents restricted for  long-term purposes Office furniture and equipment, net  Total Assets
2008 $ 554,872  4,681,217  504,241  32,782  23,519  179,974  228,000  153,953 $ 6,358,558
$ 231,126  154,802  1,278,317  18,676  1,682,921                     -
LIABILITIES AND NET ASSETS Accounts payable Accrued expenses Accrued pending wish costs Deferred revenue  Total liabilities Commitments and contingencies Net assets:  Unrestricted 952,147  Temporarily restricted 1,544,189  Permanently restricted 2,179,301  Total net assets 4,675,637  Total Liabilities and Net Assets $ 6,358,558     The accompanying notes to financial statements are an integral part of this statement.  
4 
2007 $ 696,903  4,535,637  561,193  20,022  34,240  147,697  266,353  143,730 $ 6,405,775
$ 248,535  140,579  1,226,177  10,244  1,625,535 -                    
 1,017,405  1,590,442  2,172,393  4,780,240 $ 6,405,775
    Make-A-Wish Foundation of Greater Pennsylvania and Southern West Virginia STATEMENTS OF ACTIVITIES For the year ended August 31, 2008 (with comparative totals for 2007)  Temporarily Permanently TOTAL TOTAL Unrestricted Restricted Restricted 2008 2007 REVENUES AND OTHER SUPPORT:  Direct public support $ 1,222,853 $1,925,864 $ 11,480 $ 3,160,197 $ 2,915,601  Corporate gifts 372,916 136,327 - 509,243 469,252                                  Planned gifts 358,344 44,200 - 402,544 96,591  In-kind gifts 113,290 1,697,193 - 1,810,483 1,704,959                                                                        Grants  206,450 317,573 - 524,023 504,292  Internal special events 220,186 257,510 32,321 510,017 488,970                                             Less cost of direct benefit to donor (45,574) (93,253) - (138,827) (121,034)                                                               174,612 164,257 32,321 371,190 367,936  External special events 577,594  91,253 422,331 18,550 532,134                                                                                          Other income 9,480 - - 9,480 8,587  Net assets rel ased from restrictions e 4,730,245 (4,730,245) - - - Investm ent return, net 35,037 9,681 - 44,718 448,482  Total Revenues and                                                   Other Support  7,314,480 (12,819) 62,351 7,364,012 7,093,294 EXPENSES:  Program Services:  Wish granting and program related                                                                           support 6,466,514 - 6,466,514 5,868,826 -     Total Program Services                                                                           6,466,514 - - 6,466,514 5,868,826  Support Services:                                                                      Fund raising 722,822 722,822 730,413 - - Management and general 339,213 - - 339,213 353,834     Total Support Services  1,062,035 - - 1,062,035 1,084,247 Total Expenses                                                                                      7,528,549 - - 7,528,549 6,953,073  INCREASE (DECREASE) IN                             NET ASSETS  (214,069) (12,819) 62,351 (164,537) 140,221               Net assets, beginning of year 1,017,405 1,590,442 2,172,393 4,780,240 4,640,019 Transfer of Northeast Pennsylvania net assets (Note A) 59,934 - - 59,934 -                                                                                      Transfer of net assets 88,877 (33,434) (55,443) - -Net assets, end of year $ 952,147 $ 1,544,189 $ 2,179,301 $ 4,675,637 $ 4,780,240 The accompanying notes to financial statements are an integral part of this statement. 5  
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Net assets, end of year
 (536,437)  1,553,842                           -
 INCREASE (DECREASE) IN  NET ASSETS Net assets, beginning of year Transfer of net assets
 655,079  935,363                           -
$ 1,017,405
$ 2,172,393
$ 1,590,442
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 730,413  353,834
 1,084,247
 5,868,826
-                           -                           
 6,953,073
 5,868,826
 655,079
Unrestricted $ 1,120,500  336,939  96,591  201,979  118,742  259,079  (26,223)  232,856  92,371  8,587  4,151,635  56,436
Make-A-Wish Foundation of Greater Pennsylvania and Southern West Virginia STATEMENT OF ACTIVITIES For the year ended August 31, 2007 Temporarily Restricted $ 1,787,488  122,313 -                           1,502,980  385,550  229,891  (94,811)  135,080  481,257 -                           (4,151,635)  392,046
 
  
 140,221  4,640,019 -                          
$ 4,780,240
 21,579  2,150,814                            -
 Total Expenses
 Total Support Services
 Total Program Services  Support Services:  Fund raising  Management and general
 Total Revenues and  Other Support EXPENSES:  Program Services:  Wish granting and program related  support
REVENUES AND OTHER SUPPORT:  Direct public support  Corporate gifts  Planned gifts  In-kind gifts  Grants  Internal special events  Less cost of direct benefit to donor           External special events  Other income  Net assets released from restrictions  Investment return, net
 21,579
Permanently Restricted $ 7,613  10,000 -                                                      --                                                      -                           --                            3,966 -                           -                                                      -
 6,416,636
-                          
                          -
                          -
                          -
 5,868,826
 5,868,826
TOTAL 2007 $ 2,915,601  469,252  96,591  1,704,959  504,292  488,970  (121,034)  367,936  577,594  8,587 -                           448,482
 7,093,294
-                           
-                           
-                           
                           -
 1,084,247
 730,413  353,834
                          --                          
 6,953,073
  6  
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TOTAL 2008 $ 4,730,245       1,924,414          183,168            36,653            65,669            64,866            29,696          214,589            37,720            21,749            57,323            61,728            65,456            35,273 $ 7,528,549
Support Services Management Fund and raising general $ - $ -                         481,104 250,121      38,511 23,812       8,010 4,007      16,121 10,039      29,131 2,189      15,144 6,742      32,188 19,313        8,715 4,910       9,415 3,621      12,914 8,001                                          - -     55,496 3,385      16,073 3,073 $ $ 722,822 339,213
TOTAL 2007 $ 4,151,635      1,830,738         216,861           42,385           57,341           58,950           41,538         181,563           40,572           29,418           52,071         121,585           83,909           44,507 $ 6,953,073
 Make-A-Wish Foundation of Greater Pennsylvania and Southern West Virginia STATEMENTS OF FUNCTIONAL EXPENSES For the year ended August 31, 2008 (with comparative totals for 2007)
 . 
 
Program Services Wish granting and program related support $ 4,730,245  1,193,189  120,845  24,636  39,509  33,546  7,810  163,088  24,095  8,713  36,408  61,728  6,575  16,127 $ 6,466,514
Direct costs of wishes Salaries, payroll taxes, and benefits Rent and utilities Telephone Office supplies Postage and delivery Professional fees National assessment Repair and maintenance Meetings and conferences Depreciation and amortization Volunteer and outreach expenses Printing Miscellaneous 
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    Make-A-Wish Foundation of Greater Pennsylvania and Southern West Virginia STATEMENT OF FUNCTIONAL EXPENSES For the year ended August 31, 2007 Program Services Support Services Wish granting Management and program Fund and related support raising general $ 4,151,635 $ - $ - 1,115,640 462,539 252,559  142,662 45,528 28,671  27,638 9,456 5,291  32,675 15,729 8,937  25,515 30,712 2,723  16,021 15,738 9,779  137,988 27,234 16,341  25,597 9,357 5,618  11,437 13,891 4,090  32,474 11,925 7,672  121,585 - -                           7,098 69,534 7,277  20,861 18,770 4,876 $ 5,868,826 $ 730,413 $ 353,834
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TOTAL 2007 $ 4,151,635  1,830,738  216,861  42,385  57,341  58,950  41,538  181,563  40,572  29,418  52,071  121,585  83,909  44,507 $ 6,953,073
Direct costs of wishes Salaries, payroll taxes, and benefits Rent and utilities Telephone Office supplies Postage and delivery Professional fees National assessment Repair and maintenance Meetings and conferences Depreciation and amortization Volunteer and outreach expenses Printing Miscellaneous 
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