Wfcr-Fmand New England Public Radio Foundation, Inc
Total Page:16
File Type:pdf, Size:1020Kb
COMBINED AUDITED FINANCIAL STATEMENTS WFCR-FMAND NEW ENGLAND PUBLIC RADIO FOUNDATION, INC. Amherst, Massachusetts JUNE 30, 2019 Boisselle, Morton & Wolkowicz, LLP Certified Public Accountants WFCR-FM AND NEW ENGLAND PUBLIC RADIO FOUNDATION, INC. Table of Contents Page Independent Auditors' Report 1-2 Combined Statement of Financial Position 3 Combined Statement of Activities 4 Combined Statement of Functional Expenses 5 Combined Statement of Cash Flows 6 Notes to the Combined Financial Statements 7-18 BorssELLE, MoRTON & WoLKowrcz, LLP CE R TIFIED PUBL I C ACCOU N TA NT S Independent Auditors' Report To the Board of Trustees University of Massachusetts Amherst, Massachusetts Report on the Financial Statements We have audited the accompanying combined financial statements of WFCR-FM and New England Public Radio Foundation, Inc. (the "Organization"), which comprise the combined statement of financial position as of June 30, 2019, and the related combined statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the combined financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these combined 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 combined 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 combined 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 combined 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. 48 B AY R OAD, PO Box 374, H ADLEY, MA 01035 • 413-587-0099 • FAX 413 -587-4099 • www.bma-cpas.com Board of Trustees University of Massachusetts Page 2 Opinion In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of WFCR-FM and New England Public Radio Foundation, Inc. as of June 30, 2019, and the changes in net assets and cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Report on Summarized Comparative Information We have previously audited WFCR-FM and New England Public Radio Foundation, Inc. 's June 30, 2018 combined financial statements, and we expressed an unmodified audit opinion on those audited combined financial statements in our report dated November 19, 2018. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2018, is consistent, in all material respects, with the audited combined financial statements from which it has been derived. Hadley, Massachusetts November 19, 2019 Bo!SSELLE, MORTON & WOLKOWICZ, LLP • CERTIFIED PuBLIC ACCOUNTANTS WFCR-FM AND NEW ENGLAND PUBLIC RADIO FOUNDATION, INC. Combined Statement of Financial Position June 30, 2019 (with comparative totals for June 30, 2018) Current assets Cash and cash equivalents $ 115,725 $ 226,532 Accounts receivable 650 700 Accounts receivable - underwriting, net 148,628 97,005 Pledges receivable, net - current portion 804,552 659,070 Investments 26,314 24,964 Prepaid expenses 1,705 1,705 Total current assets 1,097,574 1,009,976 Cash - restricted 196,3 75 227,301 Pledges receivable, net - less current portion 63,285 48,602 Investments, long-term 14,050 13,813 Note receivable 4,246,420 4,246,420 Property and equipment, net 6,575,525 6,917,236 Loan acquisition costs, net 146,287 152,061 Total assets $ 12,339,516 $ 12,615,409 Liabilities and Net Assets Current liabilities Accounts payable $ 216,565 $ 113,627 Accrued salaries and wages 55,146 47,266 Accrued compensated absences 199,988 200,470 Due to UMass 164,982 233,799 Current portion of notes payable 307,998 307,609 Total current liabilities 944,679 902,771 Long-term liabilities Accrued compensated absences 57,171 55,736 Notes payable 6,427,799 6,482,775 Total long-term liabilities 6,484,970 6,538,511 Net assets Without donor restrictions 4,441 ,5 56 4,806,798 With donor restrictions 468,311 367,329 Total net assets 4,909,867 5,174,127 Total liabilities and net assets $ 12,339,516 $ 12,615,409 The accompanying notes are an integral part of these combined financial statements. - 3 - WFCR-FM AND NEW ENGLAND PUBLIC RADIO FOUNDATION, INC. Combined Statement of Activities Year Ended June 30, 2019 (with comparative totals for the year ended June 30, 2018) 2019 Without Donor With Donor 2018 Restrictions Restrictions Total Total Support, revenue and gains Contributions, net $ 2,269,749 $ 562,300 $ 2,832,049 $ 2,849,412 Underwriting, net 1,674,522 1,674,522 1,669,941 Special events 43 ,845 43 ,845 46,502 Support from Amherst, Hampshire, Mount Holyoke and Smith Colleges 46,172 46,172 57,715 Services and facilities in-kind from UMass 684,078 684,078 721 ,164 Corporation for Public Broadcasting grant 317,758 317,758 311 ,526 Interest and dividend income 30,655 78 30,733 30,889 Net investment gains (losses) 1,810 1,810 2,554 Other income 20,597 20,597 14,274 In-kind revenue 314,138 314,138 305,986 Available for appropriation 493 (493) Net assets released from restrictions 462,713 (462,713) Total support, revenue and gains 5,864,720 100,982 5,965,702 6,009,963 Expenses Program services Programming 2,879,146 2,879,146 2,649,470 Operations 817,590 817,590 942,357 Program information 453,385 453,385 458,852 Total program services 4,150,121 4,150,121 4,050,679 Support services Fundraising and grant solicitation 1,384,764 1,384,764 1,337,432 General and administrative 695,077 695,077 691 ,614 Total support services 2,079,841 2,079,841 2,029,046 Total expenses 6,229,962 6,229,962 6,079,725 Change in net assets (365,242) 100,982 (264,260) (69,762) Net assets - beginning of year 4,806,798 367,329 5,174,127 5,243 ,889 Net assets - end of year $ 4,441 ,556 $ 468,311 $ 4,909,867 $ 5,174,127 The accompanying notes are an integral part of these combined financial statements. - 4 - WFCR-FM AND NEW ENGLAND PUBLIC RADIO FOUNDATION, INC. Combined Statement of Functional Expenses Year Ended June 30, 2019 (with comparative totals for the year ended June 30, 2018) 2019 Total Fundraising Total Program Program and Grant General & Support 2018 Programming Oeerations Information Services Solicitation Administrative Services Total Total Salaries, wages & benefits $ 1,333,657 $ 289,013 $ 181 ,089 $ 1,803,759 $ 374,683 $ 357,237 $ 731 ,920 $ 2,535,679 $ 2,483,727 Professional services 51 ,976 14,037 47,278 11 3,29 1 537,088 146,257 683,345 796,636 715,492 Program acquisitions 722,769 722,769 722,769 695,555 Services & facilities, in-kind 316,638 89,916 49,862 456,416 152,292 75 ,370 227,662 684,078 721 ,164 Depreciation 341 ,545 1,3 82 342,927 3,551 7,861 11 ,412 354,339 371 ,442 Service & supplies, in-kind 51 ,908 168,936 220,844 88 ,744 4,550 93 ,294 314,138 305,986 Other expenses 53,218 418 3,494 57,130 119,049 47,738 166,787 223 ,917 160,675 Occupancy 223 ,357 223,357 223 ,357 255,446 Interest 35, 183 35 ,183 40,204 40,204 75 ,387 76,339 Computer maintenance & license fees 69,802 69,802 69,802 39,322 Printing, publications & graphics 1,090 1,090 34,772 507 35 ,279 36,369 36,895 Program production costs 32,410 32,410 32,410 32,559 Postage & shipping 31,661 400 32,061 32,061 35,147 Membership dues 14,301 14,301 8,215 7,000 15,215 29,516 26,167 Telephone 20,067 254 20,321 1,105 1,107 2,212 22,533 25,901 Travel 6,858 2,128 8,986 4,737 2,597 7,334 16,320 9,015 Equipment 14,685 14,685 14,685 22,503 Premiums 12,271 12,271 12,271 20,987 Mailing services 12,078 12,078 12,078 14,271 Amortization 5,774 5,774 5,774 5,774 Rental & maintenance of equipment 4,422 4,422 4,422 10,093 Conferences & meetings 3,706 323 4,029 4,029 2,997 Office supplies 3,849 3,849 3,849 4,805 Full cost overhead 2,654 2,654 812 77 889 3,543 3,665 Advertising 3,798 Total expenses $ 2,879,146 $ 817,590 $ 453 ,385 $ 4,150,121 $ 1,384,764 $ 695,077 $ 2,079,841 $ 6,229,962 $ 6,079,725 The accompanying notes are an integral part of these financi al statements.