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Venice Family Clinic 2012 Audit Report

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Venice Family Clinic 2012 Audit Report VENICE FAMILY CLINIC (A NONPROFIT ORGANIZATION) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2012 AND SUPPLEMENTAL SCHEDULES REQUIRED BY OMB CIRCULAR A-133 AND THE STATE OF CALIFORNIA DEPARTMENT OF EDUCATION FOR THE YEAR ENDED JUNE 30, 2012 VENICE FAMILY CLINIC (A NONPROFIT ORGANIZATION) CONTENTS June 30, 2012 Page INDEPENDENT AUDITOR’S REPORT 1 -- 2 FINANCIAL STATEMENTS Consolidated Statement of Financial Position 3 Consolidated Statement of Activities 4 Consolidated Statement of Functional Expenses 5 Consolidated Statement of Cash Flows 6 Notes to the Consolidated Financial Statements 7 – 32 SUPPLEMENTAL INFORMATION – CONSOLIDATING SCHEDULES Consolidating Statement of Financial Position by Entity 33 Consolidating Statement of Activities by Entity 34 SUPPLEMENTAL INFORMATION – OMB CIRCULAR A-133 Independent Auditor’s 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 35 – 36 Independent Auditor’s Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and Internal Control Over Compliance in Accordance with OMB Circular A-133 37 – 38 Schedule of Expenditures of Federal and State Awards 39 – 40 Notes to Schedule of Expenditures of Federal and State Awards 41 Schedule of Findings and Questioned Costs 42 – 43 Schedule of Prior Year Audit Findings 44 VENICE FAMILY CLINIC (A NONPROFIT ORGANIZATION) CONTENTS June 30, 2012 Page SUPPLEMENTAL INFORMATION – CHILD DEVELOPMENT PROGRAM General Information 45 Combining Schedule of Administrative Costs 46 Combining Schedule of Expenditures by State Categories 47 Audited Final Attendance and Fiscal Report 48 – 50 Combining Statement of Activities 51 Schedule of Renovation and Repair Expenditures 52 Schedule of Equipment Expenditures 53 Notes to Schedules of Revenue and Expenditures and Final Attendance and Fiscal Report 54 Schedule of Findings and Questioned Costs 55 Schedule of Prior Year Findings 56 Control Deficiency Letter 57 – 58 INDEPENDENT AUDITOR’S REPORT To the Board of Directors Venice Family Clinic Venice, California We have audited the accompanying consolidated statement of financial position of Venice Family Clinic and affiliate (the “Clinic”) as of June 30, 2012, and the related consolidated statements of activities, functional expenses and cash flows for the year then ended. These consolidated financial statements are the responsibility of the Clinic’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. The prior year’s summarized comparative information has been derived from the Clinic’s 2011 financial statements and, in our report dated December 3, 2011, we expressed an unqualified opinion on those financial statements. We conducted our audit 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 financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Venice Family Clinic and affiliate as of June 30, 2012, and the changes in their net assets and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated December 7, 2012 on our consideration of the Clinic’s internal control over financial reporting and 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. To the Board of Directors Venice Family Clinic Page 2 Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements taken as a whole. The accompanying schedule of expenditures of federal and state awards is presented for purposes of additional analysis as required by US Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the 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 financial statements as a whole. Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating and other supplementary information is presented for purposes of additional analysis rather than to present the financial position, statement of activities and cash flows of the individual organizations and is not a required part of the consolidated financial statements. Such 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 consolidating and other supplemental 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 information is fairly stated in all material respects in relation to the consolidated financial statements as a whole. SingerLewak LLP Los Angeles, California December 7, 2012 VENICE FAMILY CLINIC (A NONPROFIT ORGANIZATION) CONSOLIDATED STATEMENT OF FINANCIAL POSITION June 30, 2012 (with Comparative Totals at June 30, 2011) ASSETS 2012 2011 Current assets Cash and cash equivalents$ 1,694,224 $ 1,627,699 Short-term investments 1,193,301 191,323 Accounts receivable, net of allowance for doubtful accounts of $343,379 and $835,745, respectively 2,549,300 2,467,161 Grants and contributions receivable – short-term, net of allowance for doubtful accounts of $25,000 and $25,000, respectively 3,560,895 3,521,144 Pharmaceutical inventories 800,707 1,206,369 Prepaid expenses and other assets 114,959 114,773 Total current assets 9,913,386 9,128,469 Long-term investments 3,891,030 5,416,875 Contributions receivable – long-term, net of discount 2,103,541 1,832,078 Beneficial interest in charitable remainder trusts 473,484 519,104 Property and equipment, net 6,481,308 6,846,347 Total assets $ 22,862,749 $ 23,742,873 LIABILITIES AND NET ASSETS Current liabilities Lines of credit$ 3,000,000 $ 1,000,000 Notes payable, current 203,093 144,717 Accounts payable and accrued expenses 228,231 861,609 Total current liabilities 3,431,324 2,006,326 Notes payable, net of current portion 554,733 487,954 Pledge liabilities - 557,646 Total liabilities 3,986,057 3,051,926 Commitments and contingencies (Note 13) Net assets Unrestricted 7,498,085 8,128,189 Temporarily restricted 6,104,550 8,338,701 Permanently restricted 5,274,057 4,224,057 Total net assets 18,876,692 20,690,947 Total liabilities and net assets $ 22,862,749 $ 23,742,873 The accompanying notes are an integral part of these consolidated financial statements. 3 VENICE FAMILY CLINIC (A NONPROFIT ORGANIZATION) CONSOLIDATED STATEMENT OF ACTIVITIES For the Year Ended June 30, 2012 (with Comparative Totals for the Year Ended June 30, 2011) Temporarily Permanently 2012 2011 Unrestricted Restricted Restricted Total Total Revenues, gains and other support Private and community support $ 5,148,261 $ 1,517,749 $ 1,050,000 $ 7,716,010 $ 9,332,050 Government support 5,180,344 - - 5,180,344 6,386,061 Third-party reimbursement for services, net of contractual allowances and discounts 9,416,713 - - 9,416,713 9,774,680 Provision for
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