PANTHERA CORPORATION New York, New York
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PANTHERA CORPORATION New York, New York CONSOLIDATED FINANCIAL STATEMENTS Including Independent Auditors' Report As of and for the Years Ended December 31, 2014 and 2013 PANTHERA CORPORATION TABLE OF CONTENTS As of and for the Years Ended December 31, 2014 and 2013 Independent Auditors' Report 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position 3 Consolidated Statements of Activities and Changes in Net Assets 4 Consolidated Statement of Functional Expenses - 2014 5 Consolidated Statement of Functional Expenses - 2013 6 Consolidated Statements of Cash Flows 7 Notes to Consolidated Financial Statements 8 - 16 Baker Tilly Virchow Krause, LLP One Penn Plaza, Suite 3000 New York , N Y 10119 rel 212 697 6900 fax 212 490 1412 bakerrilly.com INDEPENDENT AUDITORS' REPORT Board of Directors Panthera Corporation New York, New York Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Panthera Corporation which comprise the consolidated statements of financial position as of December 31, 2014 and 2013, and the related consolidated statements of activities and changes in net assets, functional expenses, and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management's Responsibility for the Consolidated 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. Auditors' 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 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 auditors' 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 entity'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 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 consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Page 1 ~ anindepe,\a'cntmembefof BAKER TillY INTERNATIONAl An Affirmative Action Equal Opportunity Emplorer Board of Directors Panthera Corporation Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Panthera Corporation as of December 31 , 2014 and 2013, 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. New York, New York April 22, 2015 Page 2 CONSOLIDATED FINANCIAL STATEMENTS PANTHERA CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, 2014 and 2013 2014 2013 ASSETS CURRENT ASSETS Cash and cash equivalents $ 4,294,057 $ 6,733,176 Accounts receivable 110,651 151,083 Donations receivable 6,851,460 662,991 Marketable securities 31,373 - Other current assets 728,541 584,302 Total Current Assets 12,016,082 8,131,552 Long-Term Assets Long-term pledge, net 47,307,000 - Fixed assets, net 1,688,601 304,150 Other long-term assets 7,740 - Total Long-Term Assets 49,003,341 304,150 TOTAL ASSETS $ 61,019,423 $ 8,435,702 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable and accrued expenses $ 711,059 $ 253,097 Deferred rent liability 1,347 17,510 Deferred revenue 191,224 105,591 Total Current Liabilities 903,630 376,198 Total Liabilities 903,630 376,198 NET ASSETS Unrestricted 1,765,497 2,550,376 Temporarily restricted 58,350,296 5,509,128 Total Net Assets 60,115,793 8,059,504 TOTAL LIABILITIES AND NET ASSETS $ 61,019,423 $ 8,435,702 See notes to consolidated financial statements. Page 3 PANTHERA CORPORATION CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS For the Years Ended December 31, 2014 and 2013 2014 2013 CHANGES IN UNRESTRICTED NET ASSETS OPERATING REVENUE Contributions $ 4,834,850 $ 6,250,065 Grant income 643,281 51,624 Other 19,738 63,581 Net assets released from restrictions 8,013,704 2,285,694 Total Operating Revenue 13,511,573 8,650,964 EXPENSES Programs 11,529,843 6,544,028 Management and general 1,174,615 749,866 Fundraising 1,596,865 1,107,105 Total Expenses 14,301,323 8,400,999 Net Operating (Loss) Income (789,750) 249,965 NON-OPERATING (LOSS) INCOME Accumulated foreign currency translation adjustments 4,871 1,068 Net Non-Operating Gain 4,871 1,068 (Decrease) Increase in Unrestricted Net Assets (784,879) 251,033 CHANGES IN TEMPORARILY RESTRICTED NET ASSETS Contributions 60,854,872 3,084,227 Net assets released from restrictions (8,013,704) (2,285,694) Increase in Temporarily Restricted Net Assets 52,841,168 798,533 Increase in Net Assets 52,056,289 1,049,566 NET ASSETS, Beginning of Year 8,059,504 7,009,938 NET ASSETS, END OF YEAR $ 60,115,793 $ 8,059,504 See notes to consolidated financial statements. Page 4 PANTHERA CORPORATION CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES For the Year Ended December 31, 2014 Programs Support Services Total Management Total Snow Other Scholarships Special Program and Support Total Tigers Lions Leopards Jaguars Species and Awards Projects Communications Services General Fundraising Services Expenses Salaries and Contracted Staff $ 762,852 $ 286,493 $ 409,874 $ 838,645 $ 290,611 $ 25,203 $ - $ 271,055 $ 2,884,733 $ 462,033 $ 775,019 $ 1,237,052 $ 4,121,785 Benefits 89,074 20,146 80,751 230,824 49,227 8,633 - 51,936 530,591 127,765 121,397 249,162 779,753 Contracted Services 1,934,403 292,280 198,095 154,066 135,800 - 350,000 - 3,064,644 46,233 - 46,233 3,110,877 Awards - - - - - 1,500,103 - - 1,500,103 - - - 1,500,103 Field Supplies and Equipment 234,691 119,487 125,610 353,630 102,892 - - 1,048 937,358 5,516 4,483 9,999 947,357 Travel/Lodging/Meals 310,282 83,374 104,718 389,109 57,590 - - 25,579 970,652 42,222 105,027 147,249 1,117,901 Occupancy 56,384 12,400 30,245 80,634 24,447 10,690 - 44,435 259,235 95,683 71,731 167,414 426,649 Technology/Telephone 40,400 17,438 15,877 78,572 14,258 892 - 30,792 198,229 5,294 31,685 36,979 235,208 Office Supplies 3,729 2,601 2,796 50,483 3,519 - - 1,229 64,357 12,592 2,576 15,168 79,525 Professional Services 17,866 7,965 6,093 331,852 30,053 - - 427,584 821,413 222,666 360,651 583,317 1,404,730 Depreciation/Amortization 21,811 7,688 14,385 43,233 8,406 5,232 - 20,288 121,043 41,004 36,689 77,693 198,736 Conference/Meetings 3,929 1,182 147 6,425 284 - - - 11,967 - 201 201 12,168 Other 32,423 11,094 14,934 71,552 8,953 - - 26,562 165,518 113,607 87,406 201,013 366,531 TOTAL $ 3,507,844 $ 862,148 $ 1,003,525 $ 2,629,025 $ 726,040 $ 1,550,753 $ 350,000 $ 900,508 $ 11,529,843 $ 1,174,615 $ 1,596,865 $ 2,771,480 $ 14,301,323 See notes to consolidated financial statements. Page 5 PANTHERA CORPORATION CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES For the Year Ended December 31, 2013 Programs Support Services Total Management Total Snow Other Scholarships Special Program and Support Total Tigers Lions Leopards Jaguars Species and Awards Projects Communications Services General Fundraising Services Expenses Salaries and Contracted Staff $ 546,322 $ 226,226 $ 348,716 $ 732,150 $ 205,940 $ 40,403 $ 160,838 $ 219,303 $ 2,479,898 $ 252,091 $ 584,053 $ 836,144 $ 3,316,042 Benefits 45,912 - 41,724 121,047 21,825 - 31,612 66,768 328,888 149,262 54,917 204,179 533,067 Contracted Services 490,119 208,509 146,944 159,847 102,966 - 420,545 - 1,528,930 - - - 1,528,930 Awards - - - - - 276,890 - - 276,890 - - - 276,890 Field Supplies and Equipment 50,942 62,634 84,863 116,224 97,617 26,094 - 7,382 445,756 11,480 2,399 13,879 459,635 Travel/Lodging/Meals 83,825 50,609 40,409 171,745 22,856 - 8,480 23,261 401,185 27,384 62,873 90,257 491,442 Occupancy 14,258 7,370 7,282 65,219 16,279 6,784 50,877 51,227 219,296 91,578 94,970 186,548 405,844 Technology/Telephone 24,668 17,806 13,041 49,539 9,537 634 9,866 12,458 137,549 9,666 14,148 23,814 161,363 Office Supplies 177 1,081 1,462 37,082 1,657 - 5,651 1,166 48,276 14,894 2,797 17,691 65,967 Professional Services 1,054 16,363 5,971 69,060 24,161 - 8,095 59,394 184,098 76,263 178,595 254,858 438,956 Depreciation/Amortization 10,304 5,146 5,146 22,842 4,701 3,492 26,210 27,143 104,984 47,434 50,302 97,736 202,720 Conference/Meetings 385 2,955 - 560 1,725 - - - 5,625 - - - 5,625 Other 16,788 17,652 4,341 51,912 7,065 - 35 284,860 382,653 69,814 62,051 131,865 514,518 TOTAL $ 1,284,754 $ 616,351 $ 699,899 $ 1,597,227 $ 516,329 $ 354,297 $ 722,209 $ 752,962 $ 6,544,028 $ 749,866 $ 1,107,105 $ 1,856,971 $ 8,400,999 See notes to consolidated financial statements.