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Covenant House Florida, Inc. Financial Statements and Uniform Covenant House Florida, Inc. Financial Statements and Uniform Guidance Schedules Together With Independent Auditors’ Reports June 30, 2019 and 2018 Covenant House Florida, Inc. Financial Statements and Uniform Guidance Schedules Together With Independent Auditors’ Reports June 30, 2019 and 2018 TABLE OF CONTENTS Page Independent Auditors’ Report FINANCIAL STATEMENTS Statements of Financial Position 3 Statements of Activities 4 Statements of Functional Expenses 5-6 Statements of Cash Flows 7 Notes to Financial Statements 8-18 SUPPLEMENTARY INFORMATION Schedule of State Actual Expenses and Revenues 19-21 Schedule of Expenditures of Local Awards 22 Schedule of Expenditures of Federal Awards 23 Notes to Schedule of Expenditures of Federal Awards 24 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by the Uniform Guidance Schedule of Findings and Questioned Costs 29-30 Independent Auditors' Report Board of Directors Covenant House Florida, Inc. Report on the Financial Statements We have audited the accompanying financial statements of Covenant House Florida, Inc., (the “Organization”) which comprise the statements of financial position as of June 30, 2019 and 2018 and the related 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 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. Auditors' Responsibility Our responsibility is to express an opinion on these 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 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 auditors' 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. PKF O’CONNOR DAVIES, LLP 500 Mamaroneck Avenue, Harrison, NY 10528 I Tel: 914.381.8900 I Fax: 914.381.8910 I www.pkfod.com PKF O’Connor Davies, LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Board of Directors Covenant House Florida, Inc. Page 2 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Covenant House Florida, Inc. as of June 30, 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. Change in Accounting Principle As discussed in Note 2 to the financial statements, during the year ended June 30, 2019, the Organization adopted new accounting guidance resulting in a change in the manner in which it presents net assets and reports certain aspects of its financial statements. Our opinion is not modified with respect to this matter. Report on Supplementary Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying Schedule of State Actual Expenses and Revenues and the Schedule of Expenditures of Local Awards are required by the State of Florida and are presented for purposes of additional analysis and are not a required part of the financial statements. The Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations 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 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 audits 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 December 31, 2019, on our consideration of Covenant House Florida, Inc.’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 Covenant House Florida, Inc.’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 Covenant House Florida, Inc.’s internal control over financial reporting and compliance. December 31, 2019 Covenant House Florida, Inc. Statements of Financial Position June 30, 2019 2018 ASSETS Cash and cash equivalents$ 427,677 $ 264,709 Grants receivable 326,292 493,820 Pledges and other receivables 2,331,715 244,985 Promise of contributed use of building 1,035,120 1,552,680 Prepaid expenses and other assets 55,478 40,637 Due from Parent - 254,519 Property and equipment, net 1,437,151 1,465,689 $ 5,613,433 $ 4,317,039 LIABILITIES AND NET ASSETS Liabilities Accounts payable$ 60,941 $ 268,622 Accrued expenses 470,233 448,892 Capital leases 107,945 142,432 Due to Parent 19,880 - Total Liabilities 658,999 859,946 Net Assets Without donor restrictions Undesignated 695,641 370,170 Investment in property and equipment 1,329,206 1,323,257 Total Without Donor Restrictions 2,024,847 1,693,427 With donor restrictions 2,929,587 1,763,666 Total Net Assets 4,954,434 3,457,093 $ 5,613,433 $ 4,317,039 See notes to financial statements 3 Covenant House Florida, Inc. Statements of Activities Year Ended June 30, 2019 Year Ended June 30, 2018 Without Donor With Donor Without Donor With Donor Restrictions Restrictions Total Restrictions Restrictions Total SUPPORT AND REVENUE Contributions $ 2,627,054 $ 2,559,740 $ 5,186,794 $ 1,797,444 $ 308,210 $ 2,105,654 Contributed services and merchandise 167,760 - 167,760 183,190 - 183,190 Government grants 2,558,597 - 2,558,597 2,334,156 - 2,334,156 Branding dollars from Parent 2,167,440 - 2,167,440 2,334,440 - 2,334,440 Grants from Parent related to National Sleep Out Events 220,323 - 220,323 195,272 - 195,272 Special event revenue, net of direct benefits to donors of $113,535 and $103,542 321,561 - 321,561 321,413 - 321,413 Net assets released from restrictions 1,393,819 (1,393,819) - 618,380 (618,380) - Total Support and Revenue 9,456,554 1,165,921 10,622,475 7,784,295 (310,170) 7,474,125 INVESTMENT AND OTHER INCOME Interest and dividends 6,709 - 6,709 4,402 - 4,402 Other income 3,412 - 3,412 71,911 - 71,911 Gain from insurance claims - - - 76,876 - 76,876 Total Investment and Other Income 10,121 - 10,121 153,189 - 153,189 Total Support and Revenue and Investment and Other Income 9,466,675 1,165,921 10,632,596 7,937,484 (310,170) 7,627,314 EXPENSES Program services 7,275,102 - 7,275,102 7,318,117 - 7,318,117 Supporting Services Management and general 1,331,459 - 1,331,459 1,070,157 - 1,070,157 Fundraising 528,694 - 528,694 481,219 - 481,219 Total Expenses 9,135,255 - 9,135,255 8,869,493 - 8,869,493 Change in Net Assets 331,420 1,165,921 1,497,341 (932,009) (310,170) (1,242,179) NET ASSETS Beginning of year 1,693,427 1,763,666 3,457,093 2,625,436 2,073,836 4,699,272 End of year$ 2,024,847 $ 2,929,587 $ 4,954,434 $ 1,693,427 $ 1,763,666 $ 3,457,093 See notes to financial statements 4 Covenant House Florida, Inc.
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