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  • THE HUMANE SOCIETY FOR SEATTLE/KING COUNTY

    FINANCIAL STATEMENTS

    With Independent Auditor's Report

    YEARS ENDED MARCH 31, 2019 AND 2018

  • INDEPENDENT AUDITOR'S REPORT 2

    STATEMENTS OF FINANCIAL POSITION

    March 31, 2019 and 2018 4

    STATEMENTS OF ACTIVITIES

    Years ended March 31, 2019 and 2018 5

    STATEMENTS OF FUNCTIONAL EXPENSES

    Year ended March 31, 2019 6

    Year ended March 31, 2018 7

    STATEMENTS OF CASH FLOWS

    Years ended March 31, 2019 and 2018 8 - 9

    NOTES TO FINANCIAL STATEMENTS 10 - 22

    THE HUMANE SOCIETY FOR SEATTLE/KING COUNTY

    FINANCIAL STATEMENTS

    YEARS ENDED MARCH 31, 2019 AND 2018

    TABLE OF CONTENTS

    1

  • INDEPENDENT AUDITOR'S REPORT

    September 17, 2019

    Board of Directors

    The Humane Society for Seattle/King County

    Bellevue, Washington

    We have audited the accompanying financial statements of The Humane Society for Seattle/King

    County, a nonprofit corporation, which comprise the statements of financial position as of March 31,

    2019 and 2018, and the related statements of activities, functional expenses and cash flows for the

    years then ended, and the related notes to the financial statements.

    Management's Responsibility for the Financial Statements

    Management is responsible for the preparation and fair presentation of these 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 financial statements that are free from material misstatement, whether due to

    fraud or error.

    Auditors' Responsibility

    Our responsibility is to express an opinion on these 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 audit to obtain reasonable assurance

    about whether the financial statements are free from material misstatement.

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in

    the financial statements. The procedures selected depend on the auditor's judgment, including the

    assessment of the risks of material misstatement of the 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 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 financial statements.

    We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

    our audit opinion.

    2 200 First Avenue West, Suite 200 • Seattle, WA 98119 • 206.628.8990 • fax 206.628.0432 • jjco.com

  • Opinion

    In our opinion, the financial statements referred to in the first paragraph of this letter present fairly, in

    all material respects, the financial position of The Humane Society for Seattle/King County as of

    March 31, 2019 and 2018, and the changes in its net assets and its cash flows for the years then ended

    in accordance with accounting principles generally accepted in the United States of America.

    Jacobson Jarvis & Co, PLLC

    3

  • 2019 2018

    Current Assets

    Cash and cash equivalents 2,695,401$ 2,544,696$

    Investments 10,064,430 9,079,314

    Promises to give 2,239,585 1,960,240

    Other receivables 209,255 321,635

    Prepaid expenses and other assets 263,537 213,362

    Inventory 226,731 95,887

    Total Current Assets 15,698,939 14,215,134

    Cash and Cash Equivalents, Capital Campaign - 217,398

    Promises to Give, Capital Campaign 37,758 1,921,380

    Beneficial Interest in Trust 5,642,246 5,497,598

    Endowment Investments 1,184,631 1,150,236

    Property and Equipment, net 27,014,100 26,856,772

    49,577,674$ 49,858,518$

    Current Liabilities

    Accounts payable and accrued expenses 684,494$ 1,104,500$

    Unearned revenue 300,120 251,305

    Total Current Liabilities 984,614 1,355,805

    Revolving Credit Note 2,200,000 3,200,000

    Total Liabilities 3,184,614 4,555,805

    Net Assets

    Without donor restrictions 11,402,253 10,614,158

    Without donor restrictions - property and equipment 27,014,100 26,856,772

    Total Net Assets Without Donor Restrictions 38,416,353 37,470,930

    With donor restrictions 7,976,707 7,831,783

    Total Net Assets 46,393,060 45,302,713

    49,577,674$ 49,858,518$

    LIABILITIES AND NET ASSETS

    THE HUMANE SOCIETY FOR SEATTLE/KING COUNTY

    STATEMENTS OF FINANCIAL POSITION

    MARCH 31, 2019 AND 2018

    ASSETS

    See notes to financial statements. 4

  • Without Donor With Donor Without Donor With Donor

    Restrictions Restrictions Total Restrictions Restrictions Total

    OPERATING:

    Public Support and Revenue

    Public Support

    Contributions 2,868,597$ 1,403,695$ 4,272,292$ 2,921,381$ 1,140,086$ 4,061,467$

    Bequests 1,839,197 - 1,839,197 2,023,131 - 2,023,131

    Special events 2,276,115 - 2,276,115 2,333,884 - 2,333,884

    In-kind donations 129,646 - 129,646 224,515 - 224,515

    Total Public Support 7,113,555 1,403,695 8,517,250 7,502,911 1,140,086 8,642,997

    Revenue

    Adoption fees 822,741 822,741 550,734 550,734

    Other program service fees 626,995 626,995 299,137 299,137

    Merchandise sales 6,083 6,083 33,234 33,234

    Total Revenue 1,455,819 1,455,819 883,105 883,105

    Net Assets Released from Purpose Restrictions 1,500,238 (1,500,238) - 16,369,642 (16,369,642) -

    Total Operating Public Support and Revenue 10,069,612 (96,543) 9,973,069 24,755,658 (15,229,556) 9,526,102

    Expenses

    Program services 7,905,309 7,905,309 6,454,498 6,454,498

    Management and general 656,068 656,068 543,814 543,814

    Fundraising 1,199,906 1,199,906 1,225,928 1,225,928

    Total Operating Expenses 9,761,283 9,761,283 8,224,240 8,224,240

    Operating Change in Net Assets 308,329 (96,543) 211,786 16,531,418 (15,229,556) 1,301,862

    NON-OPERATING:

    Investment income, gains and losses, net 359,411 34,395 393,806 580,780 114,001 694,781

    Change in value of trust - 424,470 424,470 - 1,055,618 1,055,618

    Gain on sale and disposal of property and equipment 115,224 115,224 3,100 3,100

    Capital campaign contributions - 34,860 34,860 - 1,155,135 1,155,135

    Capital campaign costs (89,799) (89,799) (165,983) (165,983)

    Net assets released - capital campaign 252,258 (252,258) - 11,855,139 (11,855,139) -

    Non-Operating Change in Net Assets 637,094 241,467 878,561 12,273,036 (9,530,385) 2,742,651

    Total Change in Net Assets 945,423 144,924 1,090,347 28,804,454 (24,759,941) 4,044,513

    Net Assets - beginning of year 37,470,930 7,831,783 45,302,713 8,666,476 32,591,724 41,258,200

    Net Assets - end of year 38,416,353$ 7,976,707$ 46,393,060$ 37,470,930$ 7,831,783$ 45,302,713$

    2018

    THE HUMANE SOCIETY FOR SEATTLE/KING COUNTY

    STATEMENTS OF ACTIVITIES

    YEARS ENDED MARCH 31, 2019 AND 2018

    2019

    See notes to financial statements. 5

  • Education

    Veterinarian Programs Total Management

    Adoption Clinic and Other Program and Capital

    Services Services Services Services General Fundraising Campaign Total

    Salaries 3,691,827$ 287,150$ 281,883$ 4,260,860$ 501,729$ 171,032$ -$ 4,933,621$

    Payroll taxes and benefits 732,810 51,932 33,913 818,655 70,941 30,100 2,253 921,949

    Total Payroll Expenses 4,424,637 339,082 315,796 5,079,515 572,670

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