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Preservation Virginia Preservation Virginia Consolidated Financial Statements June 30, 2017 and 2016 4401 Dominion Boulevard Glen Allen, Virginia 23060 Tel: 804.747.0000 www.keitercpa.com PRESERVATION VIRGINIA Table of Contents Page Report of Independent Accountants 1 Consolidated Financial Statements: Consolidated Statements of Financial Position 3 Consolidated Statements of Activities 5 Consolidated Statements of Cash Flows 9 Notes to Consolidated Financial Statements 11 Supplemental Information: Statements of Financial Position for the Revolving Fund 30 Statements of Activities for the Revolving Fund 31 Consolidating Statement of Activities 32 REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Trustees of Preservation Virginia Richmond, Virginia Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Preservation Virginia and Subsidiaries (collectively, the “Organization”), which comprise the consolidated statements of financial position as of June 30, 2017 and 2016, and the related consolidated statements of activities 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; 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. 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 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 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. Certified Public Accountants & Consultants 4401 Dominion Boulevard Glen Allen, VA 23060 T:804.747.0000 F:804.747.3632 www.keitercpa.com Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Preservation Virginia and Subsidiaries as of June 30, 2017, and 2016, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States. Supplemental Information Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The supplemental information as detailed in the Table of Contents is presented for purposes of additional analysis and is 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 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, 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. In our opinion, the information is fairly stated in all material respects in relation to the consolidated financial statements as a whole. November 14, 2017 Glen Allen, Virginia PRESERVATION VIRGINIA Consolidated Statements of Financial Position June 30, 2017 and 2016 Assets 2017 2016 Current assets: Cash and cash equivalents $ 998,933 $ 936,257 Contributions receivable (Note 2) 189,250 15,000 Other receivables, net 189,146 131,550 Museum shop inventory, net 592,115 562,859 Prepaid expenses and other assets 27,700 14,777 Revolving fund held in trust for the Commonwealth of Virginia 747,087 736,327 Total current assets 2,744,231 2,396,770 Investments (Note 3) 11,564,211 11,159,916 Property and equipment: Property and equipment, net of accumulated depreciation (Note 5) 6,558,106 6,447,000 Historic properties 3,393,635 3,393,635 Property and equipment, net 9,951,741 9,840,635 Contributions receivable, long-term (Note 2) 110,150 30,000 Total assets$ 24,370,333 $ 23,427,321 See accompanying notes to consolidated financial statements. 3 PRESERVATION VIRGINIA Consolidated Statements of Financial Position, Continued June 30, 2017 and 2016 Liabilities and Net Assets 2017 2016 Current liabilities: Loan payable (Note 6)$ 74,558 $ 72,255 Accounts payable 308,458 211,567 Accrued expenses 106,958 89,253 Annuity liabilities on split-interest agreements (Note 10) 26,750 18,100 Liability under revolving fund held in trust for the Commonwealth of Virginia 747,054 730,809 Total current liabilities 1,263,778 1,121,984 Annuity liabilities on split-interest agreements, long-term (Note 10) 75,396 87,208 Loan payable, long-term (Note 6) 345,164 445,705 Total liabilities 1,684,338 1,654,897 Net assets: Unrestricted: Board designated 215,610 109,460 Undesignated 13,744,241 13,318,105 Total unrestricted 13,959,851 13,427,565 Temporarily restricted (Note 7) 6,333,315 5,953,530 Permanently restricted (Note 8) 2,392,829 2,391,329 Total net assets 22,685,995 21,772,424 Total liabilities and net assets $ 24,370,333 $ 23,427,321 See accompanying notes to consolidated financial statements. 4 PRESERVATION VIRGINIA Consolidated Statements of Activities Year Ended June 30, 2017 with Comparative Totals for 2016 Temporarily Permanently 2017 2016 Unrestricted Restricted Restricted Total Total Revenues, gains (losses), and other support: Admissions$ 1,227,031 $ - $ - $ 1,227,031 $ 1,236,482 Museum shop sales, shown net of cost of sales of $456,270 506,837 - - 506,837 524,504 Contributions 649,009 1,500,072 1,500 2,150,581 1,518,157 Grants and appropriations - 346,068 - 346,068 100,000 Property rentals 41,285 - - 41,285 65,375 Change in value of split-interest agreements (Note 10) (3,288) - - (3,288) (12,638) Interest and dividends 212,895 72,842 - 285,737 289,274 Unrealized gain (loss) on investments, net 333,682 212,809 - 546,491 (273,434) Realized gain on investments, net 272,874 - - 272,874 59,432 Earned income 236,783 - - 236,783 184,814 Loss on sale of historic properties - - - - (29,938) Miscellaneous 1,689 - - 1,689 8,351 Total revenues, gains (losses), and other support 3,478,797 2,131,791 1,500 5,612,088 3,670,379 Net assets released from restriction 1,752,006 (1,752,006) - - - See accompanying notes to consolidated financial statements. 5 PRESERVATION VIRGINIA Consolidated Statements of Activities, Continued Year Ended June 30, 2017 with Comparative Totals for 2016 Temporarily Permanently 2017 2016 Unrestricted Restricted Restricted Total Total Expenses: Program services: Historic Jamestowne$ 2,318,333 $ - $ - $ 2,318,333 $ 2,155,081 Programs 561,562 - - 561,562 541,095 Other properties 967,206 - - 967,206 918,329 Total program services 3,847,101 - - 3,847,101 3,614,505 Support services: Administration 368,820 - - 368,820 322,417 Fundraising 482,596 - - 482,596 312,209 Total support services 851,416 - - 851,416 634,626 Total expenses 4,698,517 - - 4,698,517 4,249,131 Change in net assets 532,286 379,785 1,500 913,571 (578,752) Net assets, beginning of year 13,427,565 5,953,530 2,391,329 21,772,424 22,351,176 Net assets, end of year$ 13,959,851 $ 6,333,315 $ 2,392,829 $ 22,685,995 $ 21,772,424 See accompanying notes to consolidated financial statements. 6 PRESERVATION VIRGINIA Consolidated Statement of Activities Year Ended June 30, 2016 Temporarily Permanently Unrestricted Restricted Restricted Total Revenues, gains (losses), and other support: Admissions$ 1,236,482 $ - $ - $ 1,236,482 Museum shop sales, shown net of cost of sales of $475,813 524,504 - - 524,504 Contributions 500,484 737,173 280,500 1,518,157 Grants and appropriations - 100,000 - 100,000 Property rentals 65,375 - - 65,375 Change in value of split-interest agreements (Note 10) (12,638) - - (12,638) Interest and dividends 212,029 77,245 - 289,274 Unrealized loss on investments, net (228,736) (44,698) - (273,434) Realized gain on investments,
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