December 16, 1999


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MUELLEr & Co., LLP

 Assurance 

Certified Public Accountants ~ Business Advisors

MUELLER Chicago & Elgin www.muellercpa.com 847.888.8600 Phone 847.888.0635 Fax

TRINITY ROSELLE FOUNDATION COMPILED FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2015

Roy W. Groesbeck 1707 N. Randall Road, Ste. 200 Elgin, Illinois 60123

CONTENTS PAGE Basic Financial Statements Independent Accountants’ Compilation Report ................................................

1

Statements of Financial Position ...................................................................

2

Statements of Activities ..............................................................................

3-4

Statements of Cash Flows ...........................................................................

5

Notes to Financial Statements ......................................................................

6-17

Supplementary Information Statements of Financial Position by Fund ....................................................... 18-19 Statements of Activities by Fund .................................................................. 20-21

1707 N. Randall Rd., Suite 200 ■ Elgin, Illinois 60123 847.888.8600 Fax: 847.888.0635 ■ www.muellercpa.com

INDEPENDENT ACCOUNTANTS’ COMPILATION REPORT Board of Directors Trinity Roselle Foundation Roselle, Illinois Report on the Financial Statements We have compiled the accompanying statement of financial position of Trinity Roselle Foundation as of June 30, 2015, and the related statements of activities and cash flows for the year then ended and the supplementary information on page 18 and 20. We have not audited or reviewed the accompanying financial statements and supplementary information and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. The June 30, 2014 financial statements and related supplementary information on pages 18 through 21 of Trinity Roselle Foundation were previously audited by us and we expressed an unqualified opinion on the financial statements and on the supplementary information in relation to the basic financial statements taken as a whole, in our report, dated November 12, 2014, but we have not performed any auditing procedures since that date.

Elgin, Illinois November 6, 2015 -1-

Certified Public Accountants ■ Business Advisors Offices in Elgin and Chicago

TRINITY ROSELLE FOUNDATION STATEMENTS OF FINANCIAL POSITION JUNE 30, 2015 AND 2014

ASSETS COMPILED 2015 Assets: Cash and cash equivalents Accounts receivable Investments Note receivable Cash surrender value of insurance policy Prepaid expenses Investment in real estate

AUDITED 2014

$

82,592 295 1,457,106 24,380 651 58,900

74,015 820 1,502,690 19,264 22,496 800 58,900

$

1,623,924

1,678,985

$

2,500

1,130 6,500

2,500

7,630

452,859 768,039

436,179 786,805

1,220,898

1,222,984

400,526

448,371

1,621,424

1,671,355

1,623,924

1,678,985

LIABILITIES AND NET ASSETS Liabilities: Accounts payable Accrued expenses

Net assets: Unrestricted: Undesignated Board designated

Temporarily restricted

$

See Independent Accountants' Compilation Report. The accompanying notes are an integral part of the financial statements. -2-

TRINITY ROSELLE FOUNDATION STATEMENT OF ACTIVITIES - COMPILED YEAR ENDED JUNE 30, 2015

UNRESTRICTED Revenues and other support: Contributions Investment income Change in cash surrender value of life insurance, net of $599 payment Release from restriction

$

Expenses: Program services Management and general

Change in net assets

1,552 51,602

$

60,578 51,602

(106,871)

1,884 -

161,909

(47,845)

114,064

127,188 36,807

-

127,188 36,807

163,995

-

163,995

(47,845)

(49,931)

1,222,984

448,371

1,671,355

1,220,898

400,526

1,621,424

See Independent Accountants' Compilation Report. The accompanying notes are an integral part of the financial statements. -3-

59,026 -

TOTAL

1,884 106,871

(2,086)

Net assets, beginning of year Net assets, end of year

TEMPORARILY RESTRICTED

TRINITY ROSELLE FOUNDATION STATEMENT OF ACTIVITIES - AUDITED YEAR ENDED JUNE 30, 2014

UNRESTRICTED Revenues and other support: Contributions Investment income Change in cash surrender value of life insurance, net of $740 payment Release from restriction

$

Expenses: Program services Management and general

Change in net assets

11,127 225,848

$

50,080 225,848

(91,120)

928 -

329,023

(52,167)

276,856

96,000 14,949

-

96,000 14,949

110,949

-

110,949

(52,167)

165,907

1,004,910

500,538

1,505,448

1,222,984

448,371

1,671,355

See Independent Accountants' Compilation Report. The accompanying notes are an integral part of the financial statements. -4-

38,953 -

TOTAL

928 91,120

218,074

Net assets, beginning of year Net assets, end of year

TEMPORARILY RESTRICTED

TRINITY ROSELLE FOUNDATION STATEMENTS OF CASH FLOWS YEARS ENDED JUNE 30, 2015 AND 2014

COMPILED 2015 Cash provided by (applied to) operating activities: Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities: Realized gain on investments Unrealized (gain) loss on investments Write off on note receivable Net increase in cash surrender value of life insurance policy Changes in: Accounts receivable Prepaid expenses Accounts payable Accrued expenses

$

(49,931)

165,907

(8,985) 48,295 18,493 (1,884)

(4,102) (130,457) (25)

525 149 (1,130) (4,000)

258 (800) 1,130 6,500

1,532 Cash provided by (applied to) investing activities: Payments received from note receivable Proceeds from the sales of investments Purchase of investments

771 97,000 (90,726)

Net increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year

$

See Independent Accountants' Compilation Report. The accompanying notes are an integral part of the financial statements. -5-

AUDITED 2014

38,411

1,303 91,000 (90,973)

7,045

1,330

8,577

39,741

74,015

34,274

82,592

74,015

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Trinity Roselle Foundation (Foundation) is a charitable foundation dedicated to expanding the Lord’s work among His people, primarily through financial contributions to Trinity Evangelical Lutheran Congregation of Roselle, Illinois. The Foundation seeks funds to support five main areas of outreach: 1) The School Endowment Fund - to provide grant funding to the school of Trinity Evangelical Lutheran Congregation of Roselle, Illinois. 2) Mission/Ministries - as these areas have been identified for focus by the local and national church. 3) Human Care - to assist in benevolence, disaster relief, and mercy for people in need. 4) Continuing Education - career, vocational skills development and redirection support. 5) Capital Improvements - building new facilities, upgrading existing facilities and equipment. Cash and Cash Equivalents For purposes of the statement of cash flows, the Foundation considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents. Investments Investments are recorded at fair market value. Fair market value is determined by using quoted market prices where available. Investment income or loss (including gains and losses on investments, interest and dividends) is included in the statement of activities as increases or decreases in unrestricted net assets unless specifically restricted by donor. Financial Statement 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.

-6-

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Support and Expenses Contributions received and unconditional promises to give are measured at their fair values and are reported as an increase in net assets. The Foundation reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets, or if they are restricted as support for future periods. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statements of activities as net assets released from restrictions. The Foundation reports gifts of goods and equipment as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Gifts of longlived assets 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 long-lived assets are reported as restricted support. Absent explicit donor stipulations about how long those long-lived assets must be maintained, the Foundation reports expirations of donor restrictions when the donated or acquired long-lived assets are placed in service. Expenses are recorded when incurred in accordance with the accrual basis of accounting. Unrestricted Net Assets Net assets that are not subject to donor-imposed stipulations, plus those resources for which temporary donor imposed stipulations have been satisfied, are included in unrestricted net assets. These assets are legally unrestricted board appropriated or designated amounts. Temporarily Restricted Net Assets Net assets whose use by the Foundation under donor-imposed stipulations that may or will be met, either by actions of the Foundation pursuant to those stipulations and/or that expire by the passage of time are included in temporarily restricted net assets. When a restriction 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 There were no permanently restricted net assets as of June 30, 2015 and 2014.

-7-

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Investment in Real Estate Investment in real estate is carried at cost and adjusted for any impairment in value (See Note 4). The Foundation is required to evaluate assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. If the cost of the real estate exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Subsequent Events Subsequent events have been evaluated through November 6, 2015, the date that the financial statements were available for issue. There were no material subsequent events identified. NOTE 2 - NOTE RECEIVABLE The Foundation entered into a note agreement with a former church employee in August 2012. The note bore interest of 1.5% and required monthly payments of $134. It was scheduled to mature September 2027. Effective June 30, 2015, the Board elected to forgive the loan and $18,493 was written off to bad debt expense. The balance at June 30, 2015 and June 30, 2014 was $0 and $19,264, respectively. NOTE 3 - INVESTMENTS Investments at June 30, 2015 and 2014 are comprised of the following:

Mutual funds

$

2015

2014

1,457,106

1,502,690

Investment income for the years ending June 30, 2015 and 2014 was comprised of the following: 2015 2014 Interest and dividends Realized gain Unrealized gain (loss)

$ ( $

-8-

90,912 8,985 48,295)

91,289 4,102 130,457

51,602

225,848

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 4 - INVESTMENT IN REAL ESTATE Investment in real estate includes a 20% interest in two residential properties. There is a stipulation in each agreement that if any party wishes to sell or if the property owners are no longer employed by Trinity Evangelical Lutheran Congregation UAC (Church), that the parties have the first right to purchase the interest of the other party. As of June 30, 2015 and 2014, impairment losses recognized to date were $15,100. NOTE 5 - FAIR MARKET VALUE MEASUREMENTS The Financial Accounting Standards Board has established a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure 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 under accounting principles generally accepted in the United States of America are described below: Level 1

Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Foundation has the ability to access.

Level 2

Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in inactive markets; • Inputs other than quoted prices that are observable for the asset or liability; • Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. -9-

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 5 - FAIR MARKET VALUE MEASUREMENTS, CONTINUED Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at June 30, 2015. Mutual funds - Based on the net asset value (NAV) of shares held by the Foundation at year end. Cash surrender value of life insurance - Based on the annual actuarial reports. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Foundation believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following tables sets forth by level, within the fair value hierarchy, the Foundation’s assets reported at fair value as of June 30, 2015 and 2014: Asset at Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total Mutual funds Cash surrender value of life insurance

$

$

1,457,106

-

-

1,457,106

-

-

24,380

24,380

1,457,106

-

24,380

1,481,486

Asset at Fair Value as of June 30, 2014 Level 1 Level 2 Level 3 Total Mutual funds Cash surrender value of life insurance

$

$

1,502,690

-

-

1,502,690

-

-

22,496

22,496

1,502,690

-

22,496

1,525,186

-10-

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 5 - FAIR MARKET VALUE MEASUREMENTS, CONTINUED Following is a reconciliation of changes in the investments which are classified as Level 3 in the fair value hierarchy. There were no transfers into or out of Level 3 during the year presented. Cash Surrender Value of Life Insurance Beginning balance, July 1, 2013 Policy liquidated Net change in value Ending balance, June 30, 2014 Net change in value

$

Ending balance, June 30, 2015

$

(

22,471 1,643) 1,668 22,496 1,884 24,380

NOTE 6 - TAX STATUS The Foundation had been determined to be exempt from income tax under Section 501(c)(3) of the Internal Revenue Code. However, the Foundation was notified by the Internal Revenue Service that its exempt status had been revoked effective November 15, 2011. The Foundation submitted a new application for recognition for exemption under Section 501(c)(3) with the Internal Revenue Service and was reinstated effective September 8, 2014. The Foundation has adopted accounting principles related to uncertain tax positions and has evaluated its tax positions taken for all open tax years. Currently, the 2011, 2012, and 2013 tax years are open and subject to examination by the Internal Revenue Service and the Illinois Department of Revenue; however, the Foundation is not currently under audit nor has the Foundation been contacted by any of these jurisdictions. Based on the evaluation of the Foundation’s tax positions, management believes all positions would be upheld under an examination; therefore, no provision for the effects of uncertain tax positions has been recorded for the years ended June 30, 2015 and 2014. NOTE 7 - RELATED PARTY TRANSACTIONS The Foundation receives substantial support from the members of Trinity Evangelical Lutheran Congregation UAC (Church) and supports the ministry of the Church through grant awards. The Church is not consolidated in these financial statements because it does not meet the criteria for consolidation. -11-

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 7 - RELATED PARTY TRANSACTIONS, CONTINUED Support given to the Church from the Foundation totaled $99,188 and $96,000 for the years ended June 30, 2015 and 2014, respectively. During the years ending June 30, 2015, and 2014, board members contributed $7,840 and $8,385 to the Foundation, respectively. The Church collects donations from church services that donors stipulate are for the Foundation. The church treats these donations as an agency fund and remits the collections on a quarterly basis. The balance receivable of these donations as of June 30, 2015 and 2014 were $295 and $820, respectively. NOTE 8 - BOARD DESIGNATED NET ASSETS The Board of Directors designated unrestricted net assets for the following purposes: 2015 Foundation discretionary grants School support and tuition Church support

$

$

2014

135,838 310,809 321,392

155,844 310,189 320,772

768,039

786,805

NOTE 9 - TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets contain donor-imposed restrictions that expire upon the passage of time or once specific actions are undertaken by the Foundation. At June 30, 2015 and 2014, temporarily restricted net assets are available for the following purposes: General school support and tuition Ministry support services Church support Charles & Audrey Prange Mueller Fund

-12-

2015

2014

$

348,660 11,312 15,554 25,000

421,869 1,312 190 25,000

$

400,526

448,371

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 10 - ENDOWMENT The Foundation’s endowments consist of three individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Directors to function as endowments. As required by accounting principles generally accepted in the United States of America, net assets associated with endowment funds, including funds designated by the Board of Directors to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The Board of Directors has interpreted the Illinois Uniform Prudent Management of Institutional Funds Act as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment fund absent explicit donor stipulations to the contrary. As a result of this interpretation, the Foundation classifies the original value of gifts donated to the permanent endowment, the original value of subsequent gifts to the permanent endowment, and accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund as permanently restricted net assets. The remaining portion of the donor-restricted endowment fund that is not classified as permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Foundation. In accordance with state law, the Foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1. 2. 3. 4. 5. 6. 7.

The duration and preservation of the fund The purposes of the Foundation and the donor-restricted endowment fund General economic conditions The possible effect of inflation and deflation The expected total return from income and the appreciation of investments Other resources of the Foundation The investment policies of the Foundation

-13-

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 10 - ENDOWMENT, CONTINUED Changes in endowment net assets for the year ended June 30, 2015:

Endowment net assets, June 30, 2014

Temporarily Unrestricted Restricted $

Donations Contributions Investment return: Interest and dividends Realized gain Unrealized (loss)

(

Appropriation for scholarships Appropriation for equipment Miscellaneous expenses

Endowment net assets, June 30, 2015

$

Permanently Restricted

Total

906,660

422,059

-

1,328,719

1,241

41,343

-

42,584

78,920 5,644 42,679)

-

- (

78,920 5,644 42,679)

41,885

-

-

41,885

(

- ( - ( 15,965)

80,150) 19,038) -

- ( - ( - (

80,150) 19,038) 15,965)

(

15,965)(

99,188)

- (

115,153)

933,821

364,214

-

1,298,035

Endowment net asset composition by type of fund as of year ended June 30, 2015:

Donor restricted endowment funds

Temporarily Unrestricted Restricted $

Board designated endowment funds $

Permanently Restricted

Total

-

364,214

-

364,214

933,821

-

-

933,821

933,821

364,214

-

1,298,035

$

364,214

Portion of perpetual endowment funds subject to purpose restrictions

-14-

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 10 - ENDOWMENT, CONTINUED Changes in endowment net assets for the year ended June 30, 2014:

Endowment net assets, June 30, 2013

$

Donations Contributions Investment return: Interest and dividends Realized gain Unrealized gain

Appropriation for scholarships Appropriation for equipment Miscellaneous expenses

Endowment net assets, June 30, 2014

$

Unrestricted

Temporarily Restricted

Permanently Restricted

702,086

499,326

-

1,201,412

10,216

13,733

-

23,949

78,329 3,566 112,555

-

-

78,329 3,566 112,555

194,450

-

-

194,450

Total

(

- ( - ( 92)

71,000) 20,000) -

- ( - ( - (

71,000) 20,000) 92)

(

92)(

91,000)

- (

91,092)

906,660

422,059

-

1,328,719

Endowment net asset composition by type of fund as of year ended June 30, 2014:

Donor restricted endowment funds

Unrestricted

Temporarily Restricted

Permanently Restricted

-

422,059

-

422,059

906,660

-

-

906,660

906,660

422,059

-

1,328,719

$

422,059

$

Board designated endowment funds $

Portion of perpetual endowment funds subject to purpose restrictions

-15-

Total

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 10 - ENDOWMENT, CONTINUED Funds with Deficiencies From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or state law requires the Foundation to retain as a fund of perpetual duration. There were no deficiencies as of June 30, 2015 and 2014. Return Objectives and Risk Parameters The Foundation has adopted investment and spending polices for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment. Endowment assets include those assets of donor-restricted funds that the Foundation must hold in perpetuity or for a donor-specified period as well as Boarddesignated funds. Under this policy as approved by the Board of Directors, the endowment assets are invested in a manner as defined by the following risk profiles of the institutions where the endowments are invested: School Endowment Fund Church Endowment Fund

Moderate risk Moderate risk

Strategies Employed for Achieving Objectives Diversification of assets will be employed to ensure that adverse results from one security or security class will not have an unduly detrimental effect on the entire portfolio. Diversification is interpreted to include diversification by type, by characteristic, and by number of investments as well as investment style. The following limits have been established for various asset classes: Asset Classes

Lower Limit

Upper Limit

50%

80%

Fixed income investments

0%

50%

Cash and cash equivalents

0%

15%

Equities

-16-

TRINITY ROSELLE FOUNDATION NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 10 - ENDOWMENT, CONTINUED Spending Policy and How Investment Objectives Relate to Spending Policy The Foundation has a policy of appropriating for distribution each year amounts as defined below that are consistent with the Foundation’s objectives of its endowments. Board Designated: School Endowment Fund The sole purpose of this fund is to provide grant funding for the school. The Foundation currently allocates 5% of this fund annually. Church Endowment Fund This fund will not distribute earnings until the corpus produces enough to finance programs or initiatives that provide meaningful ministry impact. At that time, the Board may distribute a minimum of 5% of the balance annually according to Board policy guidelines then in place. Donor Restricted: School Endowment Fund The sole purpose of this fund is to provide grant funding for the school. The Foundation currently allocates 5% of this fund annually. Church Endowment Fund This fund will not distribute earnings until the corpus produces enough to finance programs or initiatives that provide meaningful ministry impact. At that time, the Board may distribute a minimum of 5% of the balance annually according to Board policy guidelines then in place. Subsequent to year end, in order to protect the Trinity Roselle Foundation fund’s principal balance from depletion, a cap will be placed on the amount of annual gifting of each fund for the current calendar year at 5% on the funds balance at December 31 of the preceding year.

-17-

SUPPLEMENTARY

INFORMATION

TRINITY ROSELLE FOUNDATION STATEMENT OF FINANCIAL POSITION BY FUND - COMPILED JUNE 30, 2015

GENERAL FOUNDATION

SCHOOL ENDOWMENT FUND

SCHOOL TUITION FUND

CHURCH ENDOWMENT FUND

CHARLES & AUDREY PRANGE MUELLER FUND

OTHER DEDICATED FUNDS

17,291 186,877

5,937 195 594,399

13,717 100 287,953

9,335 387,877

25,000 -

11,312 -

82,592 295 1,457,106

204,168

600,531

301,770

397,212

25,000

11,312

1,539,993

-

-

-

-

-

-

24,380 130 22,600 36,300

130 -

130 -

261 -

-

-

24,380 651 22,600 36,300

83,410

130

130

261

-

-

83,931

$

287,578

600,661

301,900

397,473

25,000

11,312

1,623,924

$

500

500

500

1,000

-

-

2,500

500

500

500

1,000

-

-

2,500

287,078

600,161

301,400

396,473

25,000

11,312

1,621,424

287,578

600,661

301,900

397,473

25,000

11,312

1,623,924

TOTAL

ASSETS Current assets Itasca Bank Accounts receivable Vanguard - mutual fund

$

Total current assets Other assets Note receivable Cash surrender value insurance policies Prepaid expenses Investment in residence #507 Investment in residence #291 Total other assets Total assets

-

LIABILITIES AND NET ASSETS Liabilities Accrued expenses

Net assets Total liabilities and net assets

$

-18-

TRINITY ROSELLE FOUNDATION STATEMENT OF FINANCIAL POSITION BY FUND - AUDITED JUNE 30, 2014

GENERAL FOUNDATION

SCHOOL ENDOWMENT FUND

SCHOOL TUITION FUND

CHURCH CHARLES & AUDREY OTHER ENDOWMENT PRANGE MUELLER DEDICATED FUND FUND FUNDS

TOTAL

ASSETS Current assets Itasca Bank Accounts receivable Vanguard - mutual fund Due (to) from other funds

$

12,370 33 210,091 1,314

17,587 83 624,809 (328)

12,514 638 295,645 (329)

5,232 66 372,145 (657)

25,000 -

1,312 -

74,015 820 1,502,690 -

223,808

642,151

308,468

376,786

25,000

1,312

1,577,525

19,264

-

-

-

-

-

19,264

22,496 800 22,600 36,300

-

-

-

-

-

22,496 800 22,600 36,300

101,460

-

-

-

-

-

101,460

$

325,268

642,151

308,468

376,786

25,000

1,312

1,678,985

$

1,130 6,500

-

-

-

-

-

1,130 6,500

7,630

-

-

-

-

-

7,630

317,638

642,151

308,468

376,786

25,000

1,312

1,671,355

325,268

642,151

308,468

376,786

25,000

1,312

1,678,985

Total current assets Other assets Note receivable Cash surrender value insurance policies Prepaid expenses Investment in residence #507 Investment in residence #291 Total other assets Total assets LIABILITIES AND NET ASSETS Accounts payable Accrued expenses

Net assets Total liabilities and net assets

$

-19-

TRINITY ROSELLE FOUNDATION STATEMENT OF ACTIVITIES BY FUND - COMPILED FOR THE YEAR ENDING JUNE 30, 2015

Beginning balance, June 30, 2014

$

Contributions Contributions Investment income Interest income Dividends received Gain on sale of investments Unrealized gain on investments Increase in cash surrender value of life insurance, net

GENERAL FOUNDATION

SCHOOL ENDOWMENT FUND

317,638

642,151

308,468

376,786

25,000

1,312

1,671,355

7,994

9,457

17,143

15,984

-

10,000

60,578

17,897 1,374 (9,669)

24,079 (13,051)

-

-

186 11,806 3,342 (5,616)

SCHOOL TUITION FUND

36,944 4,269 (19,959)

CHURCH CHARLES & AUDREY ENDOWMENT PRANGE MUELLER FUND FUND

OTHER DEDICATED FUNDS

TOTAL

186 90,726 8,985 (48,295)

1,884

-

-

-

-

-

1,884

11,602

21,254

9,602

11,028

-

-

53,486

909 214 156 2,000 170 214 18,493

909 214 156 2,000 170 214 -

909 214 156 2,000 170 214 -

1,819 428 311 4,000 340 427 -

-

-

4,546 1,070 779 10,000 850 1,069 18,493

Total fund expenses

22,156

3,663

3,663

7,325

-

-

36,807

School grants School tuition grants Contributions to local ministries

28,000

69,038 -

30,150 -

-

-

-

69,038 30,150 28,000

Total fund distributions

28,000

69,038

30,150

-

-

-

127,188

(30,560)

(41,990)

19,687

-

10,000

396,473

25,000

11,312

Total investment income Fund expenses and distributions Professional fees Insurance expense Office supplies and expenses Gift planning contracts expense Regulatory filing and bank fees Promotional costs Bad debt expense

Change in funds Ending balance, June 30, 2015

$

287,078

(7,068)

600,161

301,400 -20-

(49,931) 1,621,424

TRINITY ROSELLE FOUNDATION STATEMENT OF ACTIVITIES BY FUND - AUDITED FOR THE YEAR ENDING JUNE 30, 2014 GENERAL FOUNDATION

SCHOOL ENDOWMENT FUND

302,824

607,338

276,987

317,087

-

1,212

1,505,448

2,344

5,080

12,915

4,641

25,000

100

50,080

316 12,644 537 17,902

37,986 1,784 54,963

17,946 831 25,881

22,396 951 31,711

-

-

316 90,972 4,103 130,457

928

-

-

-

-

-

928

32,327

94,733

44,658

55,058

-

-

226,776

12,500 330 933 15 1,079

-

92 -

-

-

-

12,500 330 1,025 15 1,079

14,857

-

92

-

-

-

14,949

School grants School tuition grants Contributions to local ministries

5,000

65,000 -

26,000 -

-

-

-

65,000 26,000 5,000

Total fund distributions

5,000

65,000

26,000

-

-

-

96,000

14,814

34,813

31,481

59,699

25,000

100

165,907

317,638

642,151

308,468

376,786

25,000

1,312

1,671,355

Beginning balance, June 30, 2013

$

Contributions Contributions Investment income Interest income Dividends received Gain on sale of investments Unrealized gain on investments Increase in cash surrender value of life insurance, net Total investment income Fund expenses and distributions Professional fees Insurance expense Office supplies and expenses Regulatory filing and bank fees Promotional costs Total fund expenses

Change in funds Ending balance, June 30, 2014

$

SCHOOL TUITION FUND

-21-

CHURCH ENDOWMENT FUND

CHARLES & AUDREY PRANGE MUELLER FUND

OTHER DEDICATED FUNDS

TOTAL