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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