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The Broad Institute, Inc. Report on Federal Awards in Accordance with the Uniform Guidance for the Year Ended June 30, 2019 EIN # 26-3428781

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The Broad Institute, Inc. Report on Federal Awards in Accordance with the Uniform Guidance for the Year Ended June 30, 2019 EIN # 26-3428781 The Broad Institute, Inc. Report on Federal Awards in Accordance with the Uniform Guidance For the Year Ended June 30, 2019 EIN # 26-3428781 The Broad Institute, Inc. Index Year Ended June 30, 2019 Page(s) Part I - Consolidated Financial Statements and Schedule of Expenditures of Federal Awards Report of Independent Auditors ............................................................................................................... 1–2 Consolidated Financial Statements and Footnotes ............................................................................... 3–22 Schedule of Expenditures of Federal Awards ...................................................................................... 23–29 Note to Schedule of Expenditures of Federal Awards ............................................................................... 30 Part II - Reports on Internal Control and Compliance Report of Independent Auditors 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 ........................................................ 31–32 Report of Independent Auditors on Compliance With Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance in Accordance With the Uniform Guidance ...................................................................... 33–34 Part III - Findings and Questioned Costs Schedule of Findings and Questioned Costs ............................................................................................. 35 Summary Schedule of Prior Audit Findings ............................................................................................... 36 Part I - Consolidated Financial Statements and Schedule of Expenditures of Federal Awards Report of Independent Auditors To the Board of Directors of The Broad Institute, Inc. Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of The Broad Institute, Inc. and its subsidiaries (the “Institute”), which comprise the consolidated statements of financial position as of June 30, 2019 and 2018, and the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the 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 the 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 our 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, we consider internal control relevant to the Institute'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 Institute'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. 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 The Broad Institute, Inc. and its subsidiaries 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. PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617) 530 5000, F: (617) 530 5001, www.pwc.com/us Emphasis of Matter As discussed in Note 2 to the consolidated financial statements, the Institute changed the manner in which it presents net assets and reports certain aspects of its financial statements as a not-for-profit entity in 2019. Our opinion is not modified with respect to this matter. Other Matters Other Information Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The accompanying schedule of expenditures of federal awards for the year ended June 30, 2019 is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and is not a required part of the consolidated financial statements. As described in Note 1 to the schedule of expenditures of federal awards, the accompanying schedule of expenditures of federal awards was prepared on the cash basis, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. The information is the responsibility of management and 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 audit 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 schedule of expenditures of federal awards is fairly stated, in all material respects, on the basis of accounting described in Note 1, in relation to the consolidated financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 30, 2019 on our consideration of the Institute’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 for the year ended June 30, 2019. The purpose of that report is solely 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 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 Institute’s internal control over financial reporting and compliance. Boston, Massachusetts October 30, 2019 2 The Broad Institute, Inc. Consolidated Statements of Financial Position June 30, 2019 and 2018 (in thousands of dollars) 2019 2018 Assets Cash and cash equivalents$ 249,540 $ 235,812 Agency cash (Note 2) 6,429 5,283 Accounts receivable, net 85,930 72,225 Materials and supplies inventory (Note 2) 18,011 10,553 Prepaid expenses and other assets, net 25,370 22,194 Deposits with trustee (Note 2) 646 772 Pledges receivable, net (Note 3) 186,982 246,168 Beneficial interest in trust (Note 2) 26,526 12,381 Investments (Note 5) 555,138 514,803 Property, plant and equipment, net (Note 7) 418,697 430,978 Total assets$ 1,573,269 $ 1,551,169 Liabilities Accounts payable$ 12,179 $ 11,283 Accrued expenses and other liabilities 122,312 135,438 Agency funds payable (Note 2) 6,429 5,283 Advance payments (Note 2) 48,827 52,908 Capital lease obligation (Note 7) 99,852 100,390 Debt, net (Note 8) 297,291 312,500 Total liabilities 586,890 617,802 Commitments and contingencies (Note 11) Net assets Without donor restrictions 217,123 170,950 With donor restrictions 769,256 762,417 Total net assets 986,379 933,367 Total liabilities and net assets$ 1,573,269 $ 1,551,169 The accompanying notes are an integral part of these consolidated financial statements. 3 The Broad Institute, Inc. Consolidated Statements of Activities Years Ended June 30, 2019 and 2018 2019 2018 Without Donor With Donor Without Donor With Donor (in thousands of dollars) Restrictions Restrictions Total Restrictions Restrictions Total Operating activities Revenues
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