2007 Audit Report

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• Publié par: Chowyong
• Nombre de lectures: 12
• Langue: English

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YOUNG MEN'S CHRISTIAN ASSOCIATION
BUFFALO NIAGARA
(d/b/a YMCA BUFFALO NIAGARA)
Financial Report
December 31, 2007 CONTENTS
INDEPENDENT AUDITORS' REPORT ON THE
I FINANCIAL STATEMENTS
2 of financial position Statements
3 of activities Statement
4 — 5 Statements of cash flows
6 Statement of functional expenses
7 15 financial statements Notes to LLP Dopkins
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
INDEPENDENT AUDITORS' REPORT
Board of Trustees To the
of Directors and the
Men's Christian Association Buffalo Niagara Young
YMCA Buffalo Niagara) (d/b/a
Buffalo, New York
the Young Men's Christian audited the accompanying statements of financial position of We have
December 31, 2007 and 2006, the Buffalo Niagara (d/b/a YMCA Buffalo Niagara) as of Association
ended and the statements of activities and functional statements of cash flows for the years then related
financial are the responsibility of the the year ended December 31, 2007. These expenses for
opinion on these financial statements management. Our responsibility is to express an Organization's
information has been derived from the audits. The 2006 summarized comparative based on our
report dated April 2, 2007, we expressed an 2006 financial statements and, in our
statements. opinion on those financial unqualified
in the United States of accordance with auditing standards generally accepted We conducted our audits in
reasonable assurance about standards require that we plan and perform the audit to obtain America. Those
An audit includes examining, on a test financial statements are free of material misstatement. whether the
and disclosures in the financial statements. An audit also includes evidence supporting the amounts basis,
well significant estimates made by management, as as the accounting principles used and assessing
statement presentation. We believe that our audits provide a reasonable the overall financial evaluating
opinion. basis for our
fairly,' in all material statements of financial position referred to above present our opinion, the In
2007 and 2006, its of the YMCA Buffalo Niagara as of December 31, respects, the financial position
and its cash flows for the years ended net assets for the year ended December 31, 2007, changes in
with accounting principles generally accepted in the United December 31, 2007 and 2006 in conformity
States of America.
CERTIFIED ACCOUNTANTS PUBLIC
April 28, 2008
634-0001 International Drive, Buffalo, New York 1422 1-5794 • [phone] • Toll Free (888) 200
634-8987 • www.dopkins.com • EmaH [e-mail] Fax (7 1 6)
Member American nstitute of Public Accountants, Division for CPA Firms YMCA BUFFALO NIAGARA
STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
ASSETS 2007 2006
Current Assets
341,366 283,554 Cash and cash equivalents $ $
20,080 21,176 Restricted cash
Accounts receivable, trade, less allowance for doubtful
779,980 615,873 accounts of $47,000 in 2007 and $38,000 in 2006
14,168 15,276 Interest receivable
97,267 108,665 Prepaid expenses
1,252,861 1,044,544 Total current assets
Other Assets
7,809,547 7,628,326 Investments
Bond issuance costs, net of accumulated amortization
215,763 243,053 of$159,191 in 2007 and $131,901 in 2006
5,057 5,057 Other
8,030,367 7,876,436
11,611,336 12,211,492 Property and Equipment, net
$ 20,894,564 21,132,472 Total assets $
LIABILITIES AND NET ASSETS
Current Liabilities
$ 485,380 495,050 maturities of long-term debt $
474,815 487,542 Accounts payable, trade
331,781 291,047 Accrued expenses
revenue 1,214,856 1,134,841 Deferred
current liabilities 2,506,832 2,408,480 Total
Debt, maturities 4,238,236 4,723,614 Long-Term less current
253,688 208,175 Interest Rate Swap
6,998,756 7,340,269 Total liabilities
Net Assets
10,368,080 9,927,277 Unrestricted
2,748,049 3,202,875 Temporarily restricted 779,679 662,051 Permanently
net 13,895,808 13,792,203 Total assets
and net assets $ 20,894,564 $ 21,132,472 Total liabilities
- 2 - See Notes to Financial Statements. YMCA BUFFALO NIAGARA
STATEMENT OF ACTIVITIES
Year Ended December 31, 2007
With Summarized Comparative Information for 2006
2007
Temporarily Permanently 2006
Restricted Total Total Unrestricted Restricted
Operating revenue:
Program service fees 4,628,153 $ $ - $ 4,628,153 $ 4,333,160 $
- 5,105,046 4,795,961 Membership fees 5,105,046
406,752 - 406,752 371,023 Fees and grants from governmental agencies
public 329,243 - 329,243 278,451 Sales to
- 243,077 307,242 Rental income 243,077
43,934 75,185 Miscellaneous 43,934
revenue 10,756,205 10,756,205 10,161,022 Total operating
Operating expenses:
Program services:
- 10,120,661 9,933,988 Branch and camp operations 10,120,661 -
Support services:
- 1,412,886 1,332,083 Management and general 1,412,886 -
draising 394,253 - - 394,253 326,902 Fun
- 1,807,139 1,658,985 Total support services 1,807,139 -
11,927,800 - - 11,927,800 11,592,973 Total operating expenses
(1,171,595) - - (1,171,595) (1,431,951) Operating
Non-operating revenue (expense):
117,628 202,478 219,788 Contributions 79,644 5,206
Humboldt (256,726) - - (256,726) - Contribution of net assets of facility
- 331,966 313,721 Special events 331,966 -
473,476 - - 473,476 406,232 Campaign - Strong Kids
169,515 165,099 - - 165,099 United Way
117,628 916,293 1,109,256 Total non-operating revenue 793,459 5,206
released from Net assets restrictions:
program restrictions 460,032 (460,032) - - - Satisfaction of - - - Total net assets released from restrictions
(454,826) 117,628 (255,302) (322,695) Change in net assets before investment activity 81,896
Investment activity:
404,420 - - 404,420 819,018 income
27,466 in value of interest rate swap liability - - (45,513) Change fair
- 358,907 846,484 358,907 -
103,605 523,789 Change net assets 440,803 (454,826) in
13,792,203 13,268,414 beginning of year 9,927,277 3,202,875 662,051 Net assets,
779,679 13,895,808 13,792,203 assets, end of year $ 10,368,080 S 2,748,049 5 $ $ Net
Notes to Financial Statements. - 3 - See YMCA BUFFALO NIAGARA
STATEMENTS OF CASH FLOWS
Years December 2007 Ended 31, and 2006
2007 2006
Flows From Operating Activities Cash
Change in net assets $ 103,605 $ 523,789
Adjustments change In assets to reconcile net
to net cash provided by operating activities:
Depreciation 830,150 822,269
Amortization 27,290 27,290
Realized gain on sale of investments (575,613) (242,259)
Gain sale of and equipment - (6,725) on property
Unrealized investment (gain) loss 394,884 (396,754)
Provision for doubtful accounts receivable 11,720 31,857
(2,076) (35,203) Contributions of marketable securities
Change in fair value of interest rate swap liability 45,513 (27,466)
Contribution of net assets of Humboldt facility 256,726 -
Change in assets and liabilities:
decrease in: (Increase)
Accounts receivable (1 85,972) (44,903)
1,108 (1,398) Interest
Prepaid expenses 11,398 226,136
Increase (decrease) in:
Accounts payable 5,241 (149,029)
40,734 (15,808) Accrued expenses
80,015 140,518 Deferred revenue
1,044,723 852,314 Net cash provided by operating activities
Cash Flows From Investing Activities
Purchases of property and equipment (504,688) (538,097)
- 6,725 Proceeds from sale of property and equipment from sale of investments 7,352,823 4,453,279
(7,351,239) (4,363,848) Purchase of investments
cash 1,096 (5,580) Net (increase) decrease in restricted
cash in investing activities (502,008) (447,521) Net used
Cash Flows From Financing Activities
capital campaign pledges 10,145 11,355 Restricted cash received from
- 19,143 Proceeds from long-term borrowings
(495,048) (474,756) Principal payments on long-term borrowings
financing (484,903) (444,258) Net cash used in activities
and equivalents 57,812 (39,465) Increase (decrease) in cash cash
and cash equivalents: Cash
283,554 323,019 Beginning
S 341,366 283,554 Ending $
Financial - 4 - See Notes to Statements. YMCA BUFFALO NIAGARA
STATEMENTS OF FLOWS (Continued) CASH
December 2006 Years Ended 31, 2007 and
2007 2006
Supplemental Disclosures of Cash Flow Information
237,432 271,015 Cash paid for interest S S
Supplemental Schedule Non-Cash Investing and Financing Activities of
Fixed asset purchases included in accounts payable S 27,320 S 45,287
Capital lease obligations incurred for use of equipment S - S 57,786
See Notes to Financial Statements, - 5 - YMCA BUFFALO NIAGARA
STATEMENT OF FUNCTIONAL EXPENSES
Year Ended December 31, 2007
With Summarized Comparative Information for 2006
PROGRAM SERVICES SERVICES TOTAL SUPPORT
Other
Health School Age Preschool Youth Community 2007 2006 Management Fund 2007 2006
Aquatics Enhancement Child Care Camping Develonment Programming Total 2007 2006 Services Total and General Raising Total Total
Salaries 521,925 1,329,232 1,188,641 1,091,037 475,304 383,796 68.668 S 5,058,603 4,765,270 636,252 5,832,604 5,468,900 S S $ S $ $ $ $ $ S 137,749 $.. 774,001 S 703,630 S $
Employee 68.168 benefits 38,352 124,615 87,563 26,946 21,951 10,