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Audited Financial Statements for Fiscal Year

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Audited Financial Statements for Fiscal Year WASHINGTON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Audited Consolidated Financial Statements and Supplementary Information May 31, 2019 and 2018 WASHINGTON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS Audited Consolidated Financial Statements and Supplementary Information May 31, 2019 and 2018 INDEPENDENT AUDITOR'S REPORT ........................................................................... 1-2 AUDITED CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statements of Financial Position ................................................................. 3-4 Consolidated Statements of Activities ..................................................................................5 Consolidated Statements of Functional Expenses ............................................................ 6-7 Consolidated Statements of Cash Flows ........................................................................... 8-9 Notes to Consolidated Financial Statements ................................................................. 10-21 SUPPLEMENTARY INFORMATION Consolidating Schedule of Financial Position .............................................................. 22-23 Consolidating Schedule of Activities ..................................................................................24 Independent Auditor's Report Board of Directors and Trustees Washington Society of Certified Public Accountants, Washington CPA Foundation and Washington CPA/PAC Bellevue, Washington Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Washington Society of Certified Public Accountants (the "WSCPA"), Washington CPA Foundation (the "Foundation") and Washington CPA/PAC (the "PAC") (collectively, the "Society"), which comprise the consolidated statements of financial position as of May 31, 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 financial statements. Management's Responsibility for the 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 financial statements that are free from material misstatement, whether due to fraud or error. Auditor's 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. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of 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 Society'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 Society'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. Board of Directors and Trustees Page 2 Washington Society of Certified Public Accountants, Washington CPA Foundation and Washington CPA/PAC Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Washington Society of Certified Public Accountants and related entities as of May 31, 2019 and 2018, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Effect of Adopting New Accounting Standard As discussed in Note 2, the Society adopted the Financial Accounting Standards Board's Accounting Standards Update 2016‐14, Presentation of Financial Statements of Not‐for‐profit Entities as of and for the years ended May 31, 2019 and 2018. Our opinion is not modified with respect to this matter. Other Matter Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating schedules of financial position as of May 31, 2019 and activities for the year ended May 31, 2019 on pages 22 through 24 are presented for purposes of additional analysis and are 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 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 information is fairly stated in all material respects in relation to the consolidated financial statements as a whole. JOHNSON, STONE & PAGANO, P.S. September 20, 2019 AUDITED CONSOLIDATED FINANCIAL STATEMENTS WASHINGTON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION May 31, 2019 and 2018 2019 2018 ASSETS CURRENT ASSETS Cash and cash equivalents $ 720,395 $ 832,052 Investments 5,347,273 5,797,227 Accounts receivable 61,897 55,899 Prepaid expenses 221,110 184,496 Total Current Assets 6,350,675 6,869,674 NONCURRENT ASSETS Endowment investments 1,874,032 1,853,291 Property and equipment, net 853,133 843,171 Total Noncurrent Assets 2,727,165 2,696,462 OTHER ASSETS Investments held under agency contract 2,943,109 3,151,284 TOTAL ASSETS $ 12,020,949 $ 12,717,420 The accompanying notes are an integral part of these consolidated financial statements. -3- WASHINGTON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Continued) May 31, 2019 and 2018 2019 2018 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable and accrued expenses $ 535,287 $ 608,845 Deferred revenue - continuing professional education programs 415,247 420,107 Deferred revenue - membership dues 1,340,843 1,533,506 Deferred revenue - other 1,524 1,900 Total Current Liabilities 2,292,901 2,564,358 OTHER LIABILITIES Obligation under agency contract 2,943,109 3,151,284 Total Liabilities 5,236,010 5,715,642 NET ASSETS Without donor restrictions - the WSCPA 4,287,952 4,438,093 Without donor restrictions - the Foundation 547,940 561,356 Total Net Assets without Donor Restrictions 4,835,892 4,999,449 With donor restrictions 1,949,047 2,002,329 Total Net Assets 6,784,939 7,001,778 TOTAL LIABILITIES AND NET ASSETS $ 12,020,949 $ 12,717,420 The accompanying notes are an integral part of these consolidated financial statements. -4- WASHINGTON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS CONSOLIDATED STATEMENTS OF ACTIVITIES Years Ended May 31, 2019 and 2018 2019 2018 Without With Without With Donor Donor Donor Donor Restrictions Restrictions Total Restrictions Restrictions Total REVENUES Education programs $ 2,091,764 $ 2,091,764 $ 2,368,911 $ 2,368,911 Membership dues 1,842,810 1,842,810 1,900,882 1,900,882 Peer review fees 187,407 187,407 203,225 203,225 Interest and dividend income, net of related expenses (2019 $27,521; 2018 $27,417) 86,325 $ 35,358 121,683 74,908 $ 32,582 107,490 Networking events 8,015 8,015 44,800 44,800 Advertising 21,434 21,434 22,242 22,242 Contributions 53,274 72,810 126,084 30,227 101,339 131,566 Other 135,596 135,596 141,718 141,718 Net assets released from restrictions 171,424 (171,424) 101,485 (101,485) Total Revenue 4,598,049 (63,256) 4,534,793 4,888,398 32,436 4,920,834 EXPENSES Program services Education programs 2,039,287 2,039,287 2,257,841 2,257,841 Member services programs 990,344 990,344 1,014,898 1,014,898 Peer review expenses 266,565 266,565 268,681 268,681 Advocacy 453,276 453,276 339,198 339,198 Total Program Expenses 3,749,472 3,749,472 3,880,618 3,880,618 General and administrative 847,083 847,083 771,173 771,173 Foundation 181,931 181,931 157,643 157,643 Total Expenses 4,778,486 4,778,486 4,809,434 4,809,434 Change in Net Assets Before Gain on Investments (180,437) (63,256) (243,693) 78,964 32,436 111,400 Gain on investments 16,880 9,974 26,854 321,398 103,018 424,416 CHANGE IN NET ASSETS (163,557) (53,282) (216,839) 400,362 135,454 535,816 Net Assets at Beginning of Year 4,999,449 2,002,329 7,001,778 4,599,087 1,866,875 6,465,962
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