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20181019 FY18 UWMC AFS.Docx CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS AND SINGLE AUDIT REPORTS UNITED WAY OF METROPOLITAN CHICAGO, INC. June 30, 2018 and 2017 C O N T E N T S Page REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 3 CONSOLIDATED FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 5 STATEMENTS OF ACTIVITIES 6 STATEMENTS OF CASH FLOWS 8 STATEMENTS OF FUNCTIONAL EXPENSES 9 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10 SUPPLEMENTARY INFORMATION 32 CONSOLIDATING STATEMENT OF FINANCIAL POSITION 33 CONSOLIDATING STATEMENT OF ACTIVITIES 34 SINGLE AUDIT REPORTS 35 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS REQUIRED BY GOVERNMENT AUDITING STANDARDS 36 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE 38 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 41 NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 42 SCHEDULE OF FINDINGS AND QUESTIONED COSTS 43 Grant Thornton LLP REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Grant Thornton Tower 171 N. Clark Street, Suite 200 Chicago, IL 60601-3370 T +1 312 856 0200 F +1 312 565 4719 Board of Directors grantthornton.com United Way of Metropolitan Chicago, Inc. Report on the financial statements We have audited the accompanying consolidated financial statements of United Way of Metropolitan Chicago, Inc. (the “Organization”), which comprise the consolidated statements of financial position as of June 30, 2018 and 2017, 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 consolidated 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 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 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 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 Organization’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 Organization’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. Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd 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 consolidated financial statements referred to above present fairly, in all material respects, the financial position of United Way of Metropolitan Chicago, Inc. as of June 30, 2018 and 2017, 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. Other matters Supplementary information Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidating statements of financial position and activities are presented for the purposes of additional analysis, rather than to present the financial position and changes in net assets of the individual organizations, and are not a required part of the consolidated financial statements. The schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis and is not a required part of the consolidated financial statements. Such supplementary 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 audits of the consolidated financial statements and certain additional procedures. These additional procedures included comparing and reconciling the 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 supplementary information is fairly stated, in all material respects, in relation to the consolidated 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 October 31, 2018, on our consideration of the Organization’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 solely 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 effectiveness of the Organization’s 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 the Organization’s internal control over financial reporting and compliance. Chicago, Illinois October 31, 2018 Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd United Way of Metropolitan Chicago, Inc. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (dollars in thousands) June 30 ASSETS 2018 2017 CURRENT ASSETS Cash and cash equivalents $8,238.3 $7,300.6 Pledges receivable, net 10,015.3 10,926.7 Beneficial interest in split-interest agreements 310.3 813.9 Other receivables and prepaid expenses 237.8 414.6 Total current assets 18,801.7 19,455.8 LONG-TERM PLEDGES RECEIVABLE, NET 753.6 24.5 BENEFICIAL INTEREST IN SPLIT-INTEREST AGREEMENT, LONG TERM 956.3 1,000.9 INVESTMENTS 6,774.6 5,903.4 PROPERTY AND EQUIPMENT, NET 1,535.7 1,832.5 TOTAL ASSETS $28,821.9 $28,217.1 LIABILITIES AND NET ASSETS LIABILITIES Current liabilities Accounts payable and accrued expenses $2,214.0 $1,714.8 Designation and pledge processing payables 3,370.9 2,036.0 Deferred rent 833.3 819.3 Refundable advance 250.0 - Loan payable 800.0 800.0 Total current liabilities 7,468.2 5,370.1 Non-current liabilities Other long-term liabilities 43.2 70.8 Loan payable 4,000.0 4,800.0 Deferred rent 1,659.0 1,849.5 Asset retirement obligation 228.4 222.8 Obligations for retirement benefits 1,151.5 1,244.8 Total non-current liabilities 7,082.1 8,187.9 Total liabilities 14,550.3 13,558.0 NET ASSETS Unrestricted (4,400.1) (4,109.9) Temporarily restricted 15,437.7 15,535.0 Permanently restricted 3,234.0 3,234.0 Total net assets 14,271.6 14,659.1 TOTAL LIABILITIES AND NET ASSETS $28,821.9 $28,217.1 The accompanying notes are an integral part of these statements. 5 United Way of Metropolitan Chicago, Inc. CONSOLIDATED STATEMENT OF ACTIVITIES (dollars in thousands) Year Ended June 30, 2018 Temporarily Permanently Unrestricted Restricted Restricted Total Operating Public support and other revenue Current year campaign $35,131.3 $10,511.3 $ - $45,642.6 Amounts designated to other organizations (18,855.0) - - (18,855.0) Provision for uncollectible pledges - (1,265.0) - (1,265.0) Net from current campaign 16,276.3 9,246.3 - 25,522.6 Contributions received for future campaigns - 979.0 - 979.0 Collections from, and adjustments to, prior years' campaigns (261.5) - - (261.5) Net assets released from time restrictions 10,926.6 (10,926.6) - - Net campaign revenue 26,941.4 (701.3) - 26,240.1 Other public support and revenue Grants and other contributions 2,716.3 434.3 - 3,150.6 Gifts in-kind and contributed services 3,388.4 - - 3,388.4 Net assets released from purpose restrictions 1,058.6 (1,058.6) - - Net assets restricted in consolidation (1,087.4) 1,087.4 - - Pledges and designations
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