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Noble Network of Charter Schools, Subsidiaries and Affiliate

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Noble Network of Charter Schools, Subsidiaries and Affiliate NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED JUNE 30, 2019 AND 2018 NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE YEARS ENDED JUNE 30, 2019 AND 2018 CONTENTS Page Independent auditors’ report 1-3 Consolidated financial statements: Statements of financial position 4-5 Statements of activities 6-7 Statements of functional expenses 8 Statements of cash flows 9-11 Notes to financial statements 12-43 Supplemental financial schedules: Consolidating schedules of financial position 44-47 Consolidating schedules of activities 48-51 Schedules of activities – Summer of a Lifetime, A Noble Network Program 52 Schedule of PCTC tuition 53 Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 54-55 Independent Auditors’ Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by the Uniform Guidance 56-57 NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE YEARS ENDED JUNE 30, 2019 AND 2018 CONTENTS (CONTINUED) Page Single Audit schedules: Schedule of expenditures of federal awards 58 Notes to schedule of expenditures of federal awards 59 Schedule of findings and questioned costs 60 Schedule of prior year findings and questioned costs 61-62 Independent Accountants’ Report on Compliance with Requirements of Applicable Laws and Regulations Prescribed by Administering Agency 63-65 Schedule of current year findings 66 Schedule of prior year findings 67 Independent Auditors’ Report Board of Directors Noble Network of Charter Schools Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Noble Network of Charter Schools, Subsidiaries and Affiliate (collectively referred to as the School), which comprise the consolidated statements of financial position as of June 30, 2019 and 2018, and the related consolidated statements of activities, functional expenses, and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated 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 consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated 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 consolidated 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 consolidated financial statements. 1 NBC Tower, Suite 1500 | 455 N. Cityfront Plaza Drive | Chicago, IL 60611-5313 | O 312.670.7444 | F 312.670.8301 | ORBA.COM Independent Member of BKR International We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Noble Network of Charter Schools, Subsidiaries and Affiliate as of June 30, 2019 and 2018, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note 2 to the financial statements, the School has adopted the following guidance: ASU 2014-09, Revenue from Contracts with Customers (Topic 606), ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (Topic 958), ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, and ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. Our opinion is not modified with respect to these matters. Other Matters Other Information Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating information on pages 44 through 51 is presented for additional analysis of the consolidated financial statements rather than to present the financial position, changes in net assets, and cash flows of the individual companies, and it is not a required part of the consolidated financial statements. The supplemental financial schedules on pages 52 and 53 are presented for the purpose of additional analysis and are also not a required part of the consolidated financial statements. The accompanying schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis and is also not a required part of the consolidated financial statements. Such information is the responsibility of management and except for the portion marked “unaudited,” was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated financial statements. The information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the consolidated financial statements as a whole. The information marked “unaudited” on page 53 has not been subjected to the audit procedures applied in the audit of the consolidated financial statements and, accordingly, we do not express an opinion or provide any assurance on it. 2 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 25, 2019, on our consideration of the School’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the School’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School’s internal control over financial reporting and compliance. October 25, 2019 3 NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION June 30, 2019 2018 ASSETS Current assets: Cash $ 41,799,216 $ 32,091,376 Cash designated by Board 15,000,000 15,000,000 Investments 30,589,599 29,850,000 Accounts receivable 5,068,400 4,184,284 Contributions receivable 740,364 781,857 Prepaid expenses 2,494,490 2,660,725 Cash - restricted by NMTC 2,504,804 Cash equivalents - restricted by bond indenture 1,177,765 1,157,770 Total current assets 96,869,834 88,230,816 Property and equipment, net 106,132,703 108,200,133 Other assets: Contributions receivable, net of current portion 50,000 150,000 Investments - restricted for student scholarships 2,155,856 2,576,864 Leverage loan notes receivable - NMTC 24,918,422 24,918,422 Deposits 775,076 775,076 Total other assets 27,899,354 28,420,362 Total assets $ 230,901,891 $ 224,851,311 See notes to consolidated financial statements. 4 NOBLE NETWORK OF CHARTER
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