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Greyston Foundation, Inc. and Subsidiaries

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Greyston Foundation, Inc. and Subsidiaries Consolidated Financial Statements December 31, 2019 and 2018 Independent Auditors’ Report Board of Directors Greyston Foundation, Inc. We have audited the accompanying consolidated financial statements of Greyston Foundation, Inc. and Subsidiaries (the “Foundation”), which comprise the consolidated statement of financial position as of December 31, 2019, and the related consolidated statements of activities and change in net assets, functional expenses and cash flows for the year 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 audit. We conducted our audit 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 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 auditors’ 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PKF O’CONNOR DAVIES, LLP 500 Mamaroneck Avenue, Harrison, NY 10528 I Tel: 914.381.8900 I Fax: 914.381.8910 I www.pkfod.com PKF O’Connor Davies, LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Board of Directors Greyston Foundation, Inc. Page 2 Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Greyston Foundation, Inc. and Subsidiaries as of December 31, 2019, and the consolidated changes in their net assets and cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matter The consolidated financial statements of the Foundation, as of and for the year ended December 31, 2018, were audited by other auditors whose report, dated July 1, 2019, expressed an unmodified opinion on those statements. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating schedules of financial position and activities and change in net assets (deficit) on pages 23-26 are presented for purposes of additional analysis and are not a required part of the consolidated financial statements. Such consolidating 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 2019 information is fairly stated in all material respects in relation to the consolidated financial statements as a whole. The December 31, 2018 supplemental schedules on pages 24 and 26 was subjected to the auditing procedures applied in the 2018 audit of the basic consolidated financial statements by other auditors, whose report on such information stated that it was fairly stated in all material respects in relation to the consolidated financial statements as a whole. May, 22 2020 Greyston Foundation, Inc. and Subsidiaries Consolidated Statements of Financial Position December 31, 2019 2018 ASSETS Cash$ 3,041,788 $ 1,838,065 Receivables, net 1,757,347 2,072,846 Note receivable 31,450 31,450 Inventories 2,121,921 1,996,142 Prepaid expenses and other assets 38,557 1,011,212 Prepaid taxes - 1,665 Property and equipment, net 10,978,717 10,674,595 Tenants' security deposits 26,691 22,155 Security deposits 37,665 50,539 $ 18,034,136 $ 17,698,669 LIABILITIES AND NET ASSETS Liabilities Accounts payable and accrued expenses$ 1,901,756 $ 2,186,145 Accrued compensation 180,199 130,306 Tenants' security deposits payable 26,691 22,155 Deferred interest 4,100 - Mortgages payable, net 3,595,923 2,889,282 Deferred income taxes 565,816 533,226 Total Liabilities 6,274,485 5,761,114 Net Assets Without donor restrictions 11,759,651 11,937,555 $ 18,034,136 $ 17,698,669 See notes to consolidated financial statements 3 Greyston Foundation, Inc. and Subsidiaries Consolidated Statements of Activities and Change in Net Assets Year Ended December 31, 2019 2018 REVENUES Sales - for-profit operations$ 22,117,780 $ 20,018,287 Service fees 46,502 40,522 Pharmacy program revenue 23,312 161,515 Management fees - 80,052 Rental, net of vacancy losses 263,070 321,324 Contributions 2,496,175 3,904,276 Special events, net of direct expenses of $62,694 and $57,292 153,402 212,443 Total Revenues 25,100,241 24,738,419 EXPENSES Cost of sales - for-profit operations 16,016,279 14,966,982 Selling and administrative - for-profit operations 3,831,621 3,860,283 Expenses - For-Profit Operations 19,847,900 18,827,265 Program services 3,114,398 2,575,141 Management and general 1,200,235 1,334,424 Fundraising 564,673 719,168 Expenses - Not-For-Profit Operations 4,879,306 4,628,733 Total Expenses 24,727,206 23,455,998 Change in Net Assets Before Other Income (Expenses) 373,035 1,282,421 OTHER INCOME (EXPENSES) Loss on disposal of property and equipment (94,306) - Interest expense (182,373) (102,289) Other expense (25,910) - Interest - debt amortization cost - (5,364) Interest and other revenue 3,233 21,586 Income tax provision - for-profit operations (251,583) (90,063) Total Other Income (Expenses) (550,939) (176,130) Change in Net Assets (177,904) 1,106,291 NET ASSETS Beginning of year 11,937,555 10,831,264 End of year$ 11,759,651 $ 11,937,555 See notes to consolidated financial statements 4 Greyston Foundation, Inc. and Subsidiaries Consolidated Statement of Functional Expenses Year Ended December 31, 2019 Management Program and Services General Fundraising Total Salaries and wages$ 1,309,378 $ 702,417 $ 423,706 $ 2,435,501 Payroll taxes 118,476 83,010 43,934 245,420 Fringe benefits 136,423 32,111 33,448 201,982 1,564,277 817,538 501,088 2,882,903 Client activities 411,017 - - 411,017 Occupancy 319,649 229,335 - 548,984 Contractual services 116,984 34,100 15,870 166,954 Interest 153,323 10,032 - 163,355 Repairs and maintenance 111,171 8,849 - 120,020 Depreciation 74,260 21,906 - 96,166 Special events - - 62,694 62,694 Insurance 26,780 6,713 - 33,493 Consumable supplies 33,571 39,934 - 73,505 Telephone 33,528 - - 33,528 Bad debts 31,794 13,206 - 45,000 Equipment rental 182,062 - - 182,062 Other 55,982 18,622 47,715 122,319 Total Expenses 3,114,398 1,200,235 627,367 4,942,000 Special events - - (62,694) (62,694) Total Expenses Before Special Events$ 3,114,398 $ 1,200,235 $ 564,673 $ 4,879,306 See notes to consolidated financial statements 5 Greyston Foundation, Inc. and Subsidiaries Consolidated Statement of Functional Expenses Year Ended December 31, 2018 Management Program and Services General Fundraising Total Salaries and wages$ 1,042,058 $ 839,483 $ 529,595 $ 2,411,136 Payroll taxes 71,658 42,616 29,085 143,359 Fringe benefits 172,282 73,669 46,361 292,312 1,285,998 955,768 605,041 2,846,807 Client activities 412,389 - - 412,389 Occupancy 217,198 5,185 - 222,383 Contractual services 191,499 121,561 36,160 349,220 Interest 35,730 - - 35,730 Repairs and maintenance 54,649 2,916 - 57,565 Depreciation 165,336 - - 165,336 Special events - - 57,292 57,292 Insurance 63,478 10,614 - 74,092 Consumable supplies 70,853 74,687 50,241 195,781 Telephone 21,222 15,757 695 37,674 Bad debts 7,510 1 2 7,513 Professional fees 1,000 83,538 - 84,538 Equipment rental 19,252 23,567 - 42,819 Other 29,027 40,830 27,029 96,886 Total Expenses 2,575,141 1,334,424 776,460 4,686,025 Special events - - (57,292) (57,292) Total Expenses Before Special Events$ 2,575,141 $ 1,334,424 $ 719,168 $ 4,628,733 See notes to consolidated financial statements 6 Greyston Foundation, Inc.
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