Lamp Community Audited Financials FY 13-14
Total Page:16
File Type:pdf, Size:1020Kb
LAMP, INC. dba LAMP COMMUNITY FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 LAMP, INC. dba LAMP COMMUNITY FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2014 CONTENTS Page Independent Auditor’s Report ........................................................................ 1 Statement of Financial Position ...................................................................... 3 Statement of Activities ..................................................................................... 4 Statement of Functional Expenses .................................................................. 5 Statement of Cash Flows ................................................................................. 6 Notes to Financial Statements ........................................................................ 7 Supplementary Information .......................................................................... 17 Schedule of Expenditures of Federal and Nonfederal Awards .............................................................................. 18 10990 Wilshire Boulevard 310.873.1600 T 16th Floor 310.873.6600 F Los Angeles, CA 90024 www.greenhassonjanks.com INDEPENDENT AUDITOR’S REPORT To the Board of Directors LAMP, Inc. dba Lamp Community Report on the Financial Statements We have audited the accompanying financial statements of LAMP, Inc. dba Lamp Community (a nonprofit organization) (Lamp), which comprise the statement of financial position as of June 30, 2014, and the related statements of activities, functional expenses and cash flows for the year 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 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 financial statements based on our audit. 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 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. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lamp as of June 30, 2014, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. An independent member of HLB International, a worldwide network of accounting firms and business advisors. To the Board of Directors LAMP, Inc. dba Lamp Community Other Matters - Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying Schedule of Expenditures of Federal and Nonfederal Awards, as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Nonprofit Organizations, is presented for purposes of additional analysis and is not a required part of the 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 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. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 30, 2015, on our consideration of Lamp’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. 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 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 Lamp’s internal control over financial reporting and compliance. Green Hasson & Janks LLP March 30, 2015 Los Angeles, California -2- LAMP, INC. dba LAMP COMMUNITY STATEMENT OF FINANCIAL POSITION June 30, 2014 ASSETS Cash and Cash Equivalents$ 369,631 Restricted Cash - Held for Members 166,263 Accounts and Other Receivables (Net) 1,007,662 Contributions and Pledges Receivable 70,000 Prepaid Expenses and Other Assets 113,377 Property and Equipment (Net) 5,653,619 TOTAL ASSETS $ 7,380,552 LIABILITIES AND NET ASSETS LIABILITIES: Accounts Payable $ 574,832 Accrued Liabilities 168,652 Funds Held on Behalf of Members 166,263 Refundable Advances 189,725 Line of Credit 376,607 Notes Payable 1,250,000 TOTAL LIABILITIES 2,726,079 NET ASSETS: Unrestricted - Undesignated 4,584,473 Temporarily Restricted 70,000 TOTAL NET ASSETS 4,654,473 TOTAL LIABILITIES AND NET ASSETS $ 7,380,552 The Accompanying Notes are an Integral Part of These Financial Statements -3- LAMP, INC. dba LAMP COMMUNITY STATEMENT OF ACTIVITIES Year Ended June 30, 2014 Temporarily Unrestricted Restricted Total REVENUE AND SUPPORT: Contracts and Grants$ 5,757,766 $ - $ 5,757,766 Contributions 746,225 662,500 1,408,725 Apartment Rental Income 130,745 - 130,745 Other Income 84,378 - 84,378 Special Events 71,521 - 71,521 In-Kind Contributions 66,185 - 66,185 Business Revenue 62,348 - 62,348 Releases from Purpose Restrictions 726,250 (726,250) - TOTAL REVENUE AND SUPPORT 7,645,418 (63,750) 7,581,668 EXPENSES: Program Services 5,941,133 - 5,941,133 Fundraising 302,605 - 302,605 Management and General 1,105,148 - 1,105,148 TOTAL EXPENSES 7,348,886 - 7,348,886 CHANGE IN NET ASSETS 296,532 (63,750) 232,782 Net Assets - Beginning of Year 4,287,941 133,750 4,421,691 NET ASSETS - END OF YEAR $ 4,584,473 $ 70,000 $ 4,654,473 The Accompanying Notes are an Integral Part of These Financial Statements -4- LAMP, INC. dba LAMP COMMUNITY STATEMENT OF FUNCTIONAL EXPENSES Year Ended June 30, 2014 Support Services Program Management Services Fundraising and General Total Salaries and Member Stipends$ 2,784,216 $ 159,696 $ 752,044 $ 3,695,956 Payroll Taxes and Employee Benefits 793,264 18,233 104,761 916,258 TOTAL PERSONNEL COSTS 3,577,480 177,929 856,805 4,612,214 Equipment, Furniture and Fixtures 349,665 24,371 2,395 376,431 Professional Fees and Outside Services 209,366 44,764 45,302 299,432 Depreciation 240,762 10,992 29,315 281,069 Security 264,067 - - 264,067 Member-Related Expenses 174,689 285 2 174,976 Utilities 164,014 1,090 5,383 170,487 Reimbursable Leasehold Improvements 160,229 - - 160,229 Repairs and Maintenance 157,528 141 1,386 159,055 Food and Kitchen Supplies 151,233 94 136 151,463 Transportation 86,026 2,633 19,801 108,460 Computer Maintenance 81,373 885 16,351 98,609 Rent 84,000 - - 84,000 Telephone and Internet 53,377 4,218 19,704 77,299 Program and Office Supplies 50,022 18,603 8,438 77,063 Staff Training and Development 28,686 3,196 28,785 60,667 Insurance 35,377 221 12,339 47,937 Dues and Subscriptions 36,210 1,810 6,529 44,549 Bad Debt Expense 12,038 - 16,584 28,622 Bank and Credit Card Fees 40 1,382 25,559 26,981 Miscellaneous 4,088 8,967 7,610 20,665 Taxes and Licenses 11,074 25 1,171 12,270 Recruitment 7,199 999 1,553 9,751 Shower and Laundry Supplies 2,590 - - 2,590 TOTAL FUNCTIONAL EXPENSES $ 5,941,133 $ 302,605 $ 1,105,148 $ 7,348,886 81% 4% 15% 100% The Accompanying Notes are an Integral Part of These Financial Statements