2015 Annual Audited Financial Statement
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U.S.- Ukraine Foundation Financial Statements for Year Ended August 31, 2015 U.S.- Ukraine Foundation, Inc. Audited Financial Statements for Year Ended August 31. 2015 Table of Contents 1. Independent Auditor's Report on Basic Financial Statements 2. Balance Sheet 3. Statement of Financial Position 4. Statement of Cash Flows 5. Statement of Unrestricted Revenues, Expenses and Changes in Unrestricted Net Assets 6. Statement of Changes in Net Assets 7. Statement of Activities 8. Statement of Functional Expenses 9. Schedule of Federal Financial Assistance 10. Schedule of Financial Assistance 11. Fund Accountability Statement- Open World Civic Hosting Project #OWLC-1402 12. Fund Accountability Statement- Open World Civic Hosting Project #OWLC-1502 13. Fund Accountability Statement - Petrach Project 14. Fund Accountability Statement- Healthcare and Humanitarian Aid Program. 15. Fund Accountability Statement - Information Services Program 16. Fund Accountability Statement- Education Program 17. Fund Accountability Statement- Public Policy Program 18. Fund Accountability Statement- Kovaluk Scholarship Fund 19. Fund Accountability Statement - Maryniuk Scholarship Fund 20. Fund Accountability Statement- Economic Development Program 21. Fund Accountability Statement - Zapytiv Community Development Fund 22. Fund Accountability Statement - Sutaruk Scholarship Fund 23. Schedule of Expenses, Indirect Costs and Donated Services 24. Schedule of Findings and Questioned Costs 25. Status of Prior Year Findings 26. Notes to Financial Statements Andrew A. Charchalis, CPA Tania V. Charchalis, MBA Charchalis & Company, P.A. Certified Public Accountants and Consultants 2065 York Road Telephone: 410-252-3488 Timonium, MD 21093 Facsimile: 410-252-3424 www.charchalisco.com Board of Directors U.S.-Ukraine Foundation, Inc. We have audited the accompanying balance sheet of the U.S.-Ukraine Foundation, Inc. at August 31, 2015 and the related statement of activities and cash flows for the years then ended. These financial statements are the responsibility of the company's management. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the U.S.-Ukraine Foundation, Inc. as of August 31, 2015, and the results of its operations for the period then ended in conformity with accounting principles generally accepted in the United States. Charchalis & Compan Timonium, Maryland July 6, 2016 1 - U.S.-UKRAINE FOUNDATION BALANCE SHEET AT AUGUST 31. 2015 TEMPORARILY PERMANENTLY UNRESTRICTED RESTRICTED RESTRICTED TOTAL ASSETS: CURRENT ASSETS: CASH-GENERAL ACCOUNT 5,901 29,656 3,044 38,601 CASH &INVESTMENTS . 170,598 17o!598 PREPAID EXPENSES 1.600 1,600 ACCOUNT RECEIVABLE 26,727 40,867 67,594 TOTAL ASSETS ~$ 34,228 29,656 "$ 214,509 278,393 LIABILITIES AND NET ASSETS: CURRENT LIABILITIES: DEFERRED REVENUE: 3500 $ 3,500 - OPEN WORLD 29,656 - 29,656 SHORT-TERM LOAN + ACCOUNT PAYAB 114,652 114,652 PAYROLL TAXES PAYABLE 2,818 - - 2^818 TOTAL CURRENT LIABILITIES "$ 120,970 29,656 ""$ ^ 150,626 NET ASSETS: (86,742) - 214,509 127,767 TOTALLIABILITIES AND " NET ASSETS _$ 34,228 $ 29,656 $ 214,509 $ 278,393 SEE NOTES TO FINANCIAL STATEMENTS -2- U.S.-UKRAINE FOUNDATION, INC. STATEMENT OF FINANCIAL POSITION FOR YEAR ENDED AUGUST 31. 2015 ASSETS: CURRENT ASSETS: CASH-GENERAL $ 38,601 CASH AND INVESTMENTS $ 170,598 PREPAID EXPENSES $ 1,600 ACCOUNTS RECEIVABLE $ 67,594 TOTAL CURRENT ASSETS 278,393 TOTAL ASSETS $ 278,393 LIABILITIES AND NET ASSETS: DEFERRED REVENUE: $ 3,500 OPEN WORLD $ 29,656 ACCTS PAYABLE SHORT-TERM LOAN $ 114.652 PAYROLL TAXES PAYABLE $ 2,818 TOTAL LIABILITIES 150,626 NET ASSETS: UNRESTRICTED (86,742) TEMPORARILY RESTRICTED - PERMANENTLY RESTRICTED 214,509 TOTAL NET ASSETS 127,767 TOTAL LIABILITIES AND NET ASSETS $ 278,393 SEE NOTES TO FINANCIAL STATEMENTS -3- U.S.-UKRAINE FOUNDATION, INC. STATEMENT OF CASH FLOWS TEMPORARILY PERMANENTLY UNRESTRICTED RESTRICTED RESTRICTED TOTAL SURPLUS/(DEFICIT) FROM OPERATIONS $ 32.233 $ - $ (3,044) $ 29,189 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: INCREASE IN DEFERRED GRANT REVENUE 3,500 11,334 14,834 DECREASE IN PAYROLL TAX PAYABLE (969) (969) DECREASE IN ACCOUNTS PAYABLE (1.529) (1.529) INCREASE IN SHORT TERM LOAN (1.600) (1.600) (INCREASE)/DECREASE IN RECEIVABLES (15,393) (11.334) 9,032 (17,695) INCREASE IN CASH 16,242 - 5,988 22,230 BEGINNING CASH 39,520 _ 147,449 186,969 ENDING CASH 08/31/14 $ 55,762 $ - $ 153,437 $ 209,199 SEE NOTES TO FINANCIAL STATEMENTS -4- U.S.-UKRAINE FOUNDATION, INC. STATEMENT OF UNRESTRICTED REVENUES, EXPENSES, AND CHANGES IN UNRESTRICTED NET ASSETS FOR YEAR ENDED AUGUST 31. 2015 UNRESTRICTED REVENUE: FUND RAISING CONTRIBUTIONS $ 693,397 PROGRAM SERVICE 51.027 IN KIND CONTRIBUTIONS 109,900 SPECIAL EVENTS 640 NON PROGRAM REVENUE 250 TOTAL UNRESTRICTED REVENUE 855,214 NET ASSETS RELEASED FROM RESTRICTIONS: TOTAL UNRESTRICTED REVENUE 855,214 EXPENSES: GENERAL EXPENSES 822.981 TOTAL UNRESTRICTED EXPENSES 822,981 INCREASE IN UNRESTRICTED NET ASSETS $ 32,233 SEE NOTES TO FINANCIAL STATEMENTS -5- U.S.-UKRAINE FOUNDATION, INC. STATEWIENT OF CHANGES IN NET ASSETS TEMPORARILY PERMANENTLY REVENUE/OTHER SUPPORT: UNRESTRICTED RESTRICTED RESTRICTED TOTAL UNRESTRICTED REVENUE $ 855,214 $ 179,465 $ 53,356 $ 1,088,035 NET ASSETS RELEASED FROM RESTRICTIONS: . _ TOTAL REVENUE 855,214 179,465 53,356 1,088,035 EXPENSES 822,981 179,465 56,400 1,058,846 29,189 INCREASE (DECREASE) IN NET ASSETS 32,233 - (3.044) NET ASSETS 08/31/14 (118,975) - 217,553 98,578 NET ASSETS 08/31/15 $ (86,742) $ $ 214,509 $ 127.767 SEE NOTES TO FINANCIAL STATEMENTS -6- U.S.-UKRAINE FOUNDATION, INC. STATEMENT OF ACTIVITIES - •» —- • TEMPORARILY PERMANENTLY REVENUE/OTHER SUPPORT: UNRESTRICTED RESTRICTED RESTRICTED TOTAL CONTRIBUTIONS $ 693,397 $ $ 300 3; 693,697 OPEN WORLD - 78,096 - 78,096 UKR 2020 - - - _ SUTARUKFUND - - 51,240 51,240 KOVALUK SCHOLARSHIP - - - _ ZAPYTIV DEVELOPMENT PROJ - - - _ PROGRAM SERVICE 51,027 - - 51,027 NON-PROGRAM REVENUE 260 - - 250 SPECIAL EVENTS 640 - - 640 INTEREST/DIVIDENDS - - 353 353 IN KIND CONTRIBUTIONS 109,900 101,369 - 211.269 UNREALIZED GAIN ON INVESTMENT - - 1,463 1,463 NET ASSETS RELEASED FROM RESTRICTIONS: SATISFACTION OF PROGRAM RESTRICTIONS: - - - - TOTAL REVENUE $ 855,214 $ 179,465 $ 53,356 5: 1,088,035 EXPENSES: INSURANCE $ 1,782 . 1,782 ACCOUNTING FEES 9,185 - - 9,185 RENT 24,711 - - 24,711 EMPLOYEE BENEFITS 6,452 - - 6,452 GRANTS/ALLOCATIONS 516,346 52,765 54,965 624,076 FEES-PROFESSIONAL & CONTRACTS 4.850 - _ 4,850 TRAVEL/PARKING 7,161 3,280 _ 10,441 OFFICE EXPENSES 29,879 - 1,435 31,314 INFORMATIONAL TECHNOLOGY 1,074 - - 1,074 CONFERENCES 6,685 5,700 - 12,385 SALARIES-US 84,807 16.351 - 101,158 PAYROLL TAX 8,418 - - 8,418 INTEREST 11,731 - . 11,731 DONATED SERVICES 109,900 101,369 - 211,269 TOTAL EXPENSES $ 822,981 $ 179,465 $ 56,400 $i 1,058,846 CHANGE IN NET ASSETS 32,233 - (3,044) 29,189 NET ASSETS 08/31/2014 $ (118,975) $ $ 217,553 $ 98,578 NET ASSETS 08/31/2015 $ (86,742) $ - $ 214,509 $ 127,767 SEE NOTES TO FINANCIAL STATEMENTS -7- U.S.-UKRAINE FOUNDATION, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR YEAR ENDED AUGUST 31, 2015 INSURANCE 1,782 ACCOUNTING FEES 9,185 RENT 24,711 EMPLOYEE BENEFITS 6,452 GRANTS/ALLOCATIONS 624,076 FEES-PROFESSIONAL & CONTRACTS 4,850 TRAVEL/PARKING 10,441 OFFICE EXPENSES 31,314 INFORMATIONAL TECHNOLOGY 1,074 CONFERENCES 12,385 SALARIES-US 101,158 PAYROLL TAX 8,418 INTEREST 11,731 DONATED SERVICES 211,269 TOTAL EXPENSES 1,058,846 SEE NOTES TO FINANCIAL STATEMENTS -8- U.S.-UKRAINE FOUNDATION, INC. SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE FOR PERIOD ENDING 8/31/15 UNITED STATES TOTAL ACCRUED CASH ACCRUED INFORMATION GRANT PROJECT GRANT GRANT REVENUE RECEIVED REVENUE GRANT REVENL SYSIEM NUMBER PERIOD AWARD £EEI£MEEEJL2Q14 RECOGNIZED EXPENDITURES OPEN WORLD LOG OWLC-1402 01/1/14- 95,750 18,322 8,888 27,210 27,210 12/31/2014 OPEN WORLD LOC OWLC-1502 1/1/15- 115,000 80,543 50,886 50,886 $ 29,657 12/31/2015 SEE NOTES TO FINANCIAL STATEMENTS -9- U.S.-UKRAINE FOUNDATION, INC. SCHEDULE OF FINANCIAL ASSISTANCE FOR PERIOD ENDING 8/31/15 TOTAL ACCRUED CASH ACCRUED GRANT PROJECT GRANT GRANT REVENUE RECEIVED REVENUE GRANT REVENUE NUMBER PERIOD AWARD SEPTEMBER 1.2014 9/1/14-8/31/15 RECOGNIZED EXPENDITURES AUGUST 31.2015 HEALTH CARE AND HUMANITARIAN AID PROGRAM 97,758 500,199 597,957 517,032 80,925 ECONOMIC DEVELOPMENT PROGRAM (99,709) 50 (99,659) 2,400 (102,059) PETRACH FUND PROJECT 321,786 909 322,695 322,695 ZAPYTIV COMMUNITY DEVELOPMENT FUND 29,844 113 29,957 29,957 PUBLIC POLICY PROGRAM (173,148) 330 (172,818) 31,107 (203,925) EDUCATION PROGRAM 6,035 10,352 16,387 5,804 10,583 KOVALUK SCHOLARSHIP FUND 112,660 1,427 114,087 114,087 MARYNIUK SCHOLARSHIP FUND 93,889 2,503 96,392 3,795 92,597 SUTARUK SCHOLARSHIP FUND 53,800 50,839 104,639 52,275 52,364 INFORMATIONAL SERVICES AND DEVELOPMENT 67,248 181,662 248,910 104,889 144,021 SEE NOTES TO FINANCIAL STATEMENTS -10- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT OPEN WORLD CIVIC HOSTING PROJECT AWARD # OWLC-1402 FOR YEAR ENDED AUGUST 31.