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. 2015
QUESTIONED COSTS REFERENCE BUDGET ACTUAL INELIGIBLE UNSUPPORTED NOTES REVENUE: $ 95,750 $27,210
PROGRAM EXPENDITURES: SALARIES AND BENEFITS 13,000 DIRECTPROGRAM EXPENSES (TRAVEL) 51,952 16,015 OFFICE 5,198 1,595 GRANTS 25,600 9,600 TOTAL EXPENDITURES $95,750 27,210 ALLOCATED INDIRECT COSTS ^ DEFICIT $
SEE NOTES TO FINANCIAL STATEMENTS -11- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT OPEN WORLD CIVIC HOSTING PROJECT AWARD #0WLC-1502 FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE BUDGET ACTUAL INELIGIBLE UNSUPPORTED NOTES REVENUE: $ 115,000 $50,886 15
PROGRAM EXPENDITURES: SALARIES AND BENEFITS 16.260 16,351 DIRECT PROGRAM EXPENSES (TRAVEL) 64,940 20,707 OFFICE 5,000 228 GRANTS 28,800 13,600 TOTAL EXPENDITURES $115,000 50,886 ALLOCATED INDIRECT COSTS 28,154 DEFICIT $ $ (28,154)
SEE NOTES TO FINANCIAL STATEMENTS -12- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT PETRACH COMMUNITY DEVELOPMENT FUND FOR STARIJ DOBROTVIR FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE REVENUE ACTUAL INELIGIBLE UNSUPPORTED NOTE DONATIONS $ - 8 INTEREST/DIVIDENDS 153 UNREALIZED GAIN/LOSS ON INVESTMENT 756 TOTAL REVENUE $ 909
EXPENDITURES
SURPLUS $ 909
SEE NOTES TO FINANCIAL STATEMENTS -13- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT HEALTH CARE & HUMANITARIAN AID PROGRAM FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE ACTUAL INELIGIBLE UNSUPPORTED NOTE
REVENUE: GENERAL CONTRIBUTIONS $ 500,199
EXPENSES: GRANTS 507,752 BANK FEES 975 CONFERENCES & MEETINGS 33 OFFICE: SHIPPING 7,839 OFFICE: PRINTING 400 TRAVEL 33 TOTAL EXPENSES 517,032
DEFICIT $ (16,833)
SEE NOTES TO FINANCIAL STATEMENTS -14- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT INFORMATION SERVICES FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE BUDGET ACTUAL INELIGIBLE UNSUPPORTED NOTES REVENUE: 7.19.21 DONATIONS $ 181,412 ADVERTISING 250 TOTAL REVENUE $ 181.662
PUBLIC AFFAIRS/ EXPENDITURES: BANK FEES CONFERENCES & MEETINGS 4.256 GOVT RELATIONS/LOBBYING POSTAGE 29 PRINTING 789 SALARIES 36.227 SUPPLIES TELEPHONE TRAVEL 1.210 SUB-TOTAL PUBLIC AFFAIRS/EXPENDITURES 42.5Tr
TOTAL EXPENDITURES 42.511 ALLOCATED INDIRECT COSTS 62.378 SURPLUS $ 76.773
SEE NOTES TO FINANCIAL STATEMENTS -15- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT EDUCATION PROGRAM FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE BUDGET ACTUAL INELIGIBLE UNSUPPORTED NOTES CONTRIBUTIONS: EDUCATION PROGRAM DONATIONS 10,352 SUMMER WORK TRAVEL FEES TOTAL REVENUE 10,352
PROGRAM EXPENDITURES: MARANIUK SCHOLARSHIP EXPENSES GRANTS/ALLOCATIONS 3,795 POSTAGE & HANDLING SUB-TOTAL 3,795 SUTARUK SCHOLARSHIP EXPENSES GRANTS/ALLOCATIONS 50,840 OFFICE: POSTAGE 1,435 UKRAINE MEETINGS SHIPPING/HANDLING SUB-TOTAL 52,275
OTHER EXPENSES BANK FEES 50 CONF/MEETING 514 OFFICE: POSTAGE 60 PROFESSINAL SERVICES 5,180 SUB-TOTAL 5,804
GRANTS/ALLOCATIONS: - UKRAINE MATH AWARD PROGRAM PROFESSIONAL SERVICES TRAVEL SUB-TOTAL
TOTAL EXPENDITURES 61,874 ALLOCATED INDIRECT COSTS
(LESS AVAILABLE SUTARUK RESTRICTED FUNDS) (52,275) (LESS AVAILABLE MARYNIUK RESTRICTED FUNDS) (3,795) DEFICIT 4,548
SEE NOTES TO FINANCIAL STATEMENTS -16- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT PUBLIC POLICY PROGRAM FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE BUDGET ACTUAL INELIGIBLE UNSUPPORTED NOTES REVENUE: "'''•2° CONTRIBUTIONS $ 330
PROGRAM EXPENDITURES: FEES 150 SALARY 8,400 SUPPLIES 500 GRANTS/ALLOCATIONS: PYLYP ORLYK INSTITUTE 7,593 TOTAL PROGRAM EXPENDITURES 16,643
ALLOCATED INDIRECT COSTS 14,464
DEFICIT $ (30,777)
SEE NOTES TO FINANCIAL STATEMENTS -17- U.S.-UKRAINE FOUNDATION, INC.
FUND ACCOUNTABILITY STATEMENT
KOVALUK SCHOLARSHIP FUND
FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE
REVENUE ACTUAL INELIGIBLE UNSUPPORTED NOTE
DONATIONS 300 10
INTEREST/DIVIDENDS 463
GAIN/LOSS ON INVESTMENT 664
TOTAL 1,427
EXPENDITURES
GRANTS/ALLOCATIONS
SHIPPING/HANDLING
TOTAL
SURPLUS 1,427
SEE NOTES TO FINANCIAL STATEMENTS -18- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT MARYNIUK SCHOLARSHIP FUND FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE BUDGET ACTUAL INELIGIBLE UNSUPPORTED NOTE REVENUE: INCOME $ 2,619 UNREALIZED LOSS ON INVESTMENT (116)
ADMIN FEE - TOTAL REVENUE 2.503
EXPENDITURES SCHOLARSHIPS 3,795 TOTAL EXPENDITURES 3,795
DEFICIT $ (1,292)
SEE NOTES TO FINANCIAL STATEMENTS -19- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT ECONOMIC DEVELOPMENT PROGRAM FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE BUDGET ACTUAL INELIGIBLE UNSUPPORTED NOTES REVENUE: 12 DONATIONS 50
EXPENDITURES CONF & MEETINGS 1,400 GRANTS & ALLOCATIONS 1,000 TOTAL EXPENDITURES 2,400
ALLOCATED INDIRECT COSTS DEFICIT $ (2,350)
SEE NOTES TO FINANCIAL STATEMENTS -20- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT ZAPYTIV COMMUNITY DEVELOPMENT FUND FOR YEAR ENDED AUGUST 31, 2015
QUESTIONED COSTS REFERENCE NOTE REVENUE ACTUAL INELIGIBLE UNSUPPORTED 13 DONATIONS INTEREST/DIVIDENDS 17 GAIN/LOSS ON INVESTMENT 96 TOTAL REVENUE 113
EXPENDITURES
SURPLUS 113
SEE NOTES TO FINANCIAL STATEMENTS -21- U.S.-UKRAINE FOUNDATION, INC. FUND ACCOUNTABILITY STATEMENT SUTARUK SCHOLARSHIP FUND FOR YEAR ENDED AUGUST 31. 2015
QUESTIONED COSTS REFERENCE REVENUE ACTUAL INELIGIBLE UNSUPPORTED NOTE DONATIONS 51,240 14 INTEREST/DIVIDENDS 15 GAIN/LOSS ON INVESTMENT 84 ADMIN FEE (500) TOTAL REVENUE 50.839
EXPENDITURES SCHOLARSHIPS 50,840 MEETINGS SHIPPING/HANDLING 1,435 TOTAL EXPENDITURES 52,275
DEFICIT $ (1,436)
SEE NOTES TO FINANCIAL STATEMENTS -22- U.S.-UKRAINE FOUNDATION STATEMENT OF EXPENSES, INDIRECT COSTS AND DONATED SERVICES FOR YEAR ENDED AUGUST 31. 2015
HUMAN PUBLIC INFO OPEN TOTAL MGMT MGMT FUND- PROGRAM ECONO EDUC AID POLICY SVCS WORLD COSTS ScGENL 8cGENL RAISING SERVICES DEVEL PROG PROJ UNALLOW ALLOW TOTAL PROG
- ACCOUNTING FEES 9,185 9,185 - ADVERTISING 0 1,400 514 33 4,256 5,700 CONFERENCES 8c MEETINGS 12,385 367 115 11,903 EMPLOYEE BENEFITS 6,452 6,452 4,850 4.850 FEES FOR SERVICES 4,850 FEES-UKR TAXES ON SVCS 0 1,000 54.965 507.752 7,593 52,766 GRANTS/ALLOCATIONS 624,076 624,076 INFORMATIONAL TECHNO 1,074 1,074 1,782 INSUR- GEN'LLIAB 1,782 INTEREST 11,731 11,731 LEGAL FEES 01 OCCUPANCY/RENT 24,711 285 24,426 7,194 11,893 12,227 1.545 9.214 650 818 OFFICE EXPENSES 31,314 PAYROLL TAXES - UKRAINE 01 PAYROLLTAXES - U.S. 8,4181 8,418 SALARY/'v^/AGES-UKRAINE 01 8,400 36,227 16,351 60,978 - SAURYAVAGES-US 101,158\ 40,180 5,918 4,523 33 1,210 3,280 TRAVEL 10.441
$78,097 $104,996 $12,008 718,557 $2,400 $61,874 $517,032 $16,643 $42,511 TOTAL $847,577 $12,016
ECONO EDUC HUMAN PUBLIC INFO OW 1 Allocation of Indirect Costs TOTAL $0 $0 $14,464 $62,378 $28,154 Af 17? 1fnn Direct Salariesl $104,996 (was159.83% lastyear)
INFO OPEN MGMT FUND- PROGRAM ECONO EDUC HUMAN PUBLIC pnirULlUTirv O YUO WORLD TOTAL Sc GENL RAISING TOTAL 1Donated Services/ $8,500 $52,755 $101,369 1In-Kind Contributions $211,269 $16,100 $11,250 $183,919 $ $3,500 $17,795
SEE NOTES TO FINANCIAL STATEMENTS -23- U.S.- Ukraine Foundation, Inc. Independent Auditor's Schedule of Findings and Questioned Costs for the Year Ended August 31. 2015
Section I- Summary of Auditors Results
Financial Statements
Type of auditors report issued: Unquali fled
Internal Control over financial reporting: Material weakness(es) identified? yes X no Significant deficiency(ies) identified that are not considered to be material weaknesses yes X none Noncompllance material to financial statements noted? yes X no
Federal Awards
Internal control over major programs: Material weakness(es) identified? yes no Significant deficiency(ies) identified that are not considered to be material weaknesses yes X none Type of auditors report issued on compliance For major programs: Unqualified Any audit findings disclosed that are required to be reported in accordance with section 510(a) 0MB Circular A-133? yes _X no
Section II - Financial Statement Findings
None
Corrective Action Plan None Recommended
SEE NOTES TO FINANCIAL STATEMENTS -24- U.S.-UKRAINE FOUNDATION
STATUS OF PRIOR-YEAR FINDINGS
FOR YEAR ENDED AUGUST 31, 2015
Status ofPrior-Year Audit Last Year'sFindings Status of Findings This Year Disposition Findings* l.NONE l.NONE l.N/A l.N/A 2. 2. 2, 2. 3. 3. 3. 3. 4. 4. 4. 4. 5. 5. 5. 5. 6. 6. 6. 6.
SEE NOTES TO FINANCIAL STATEMENTS -25- U.S.-Ukraine Foundation, Inc. Notes to Financial Statements For Year Ended August 31. 2015
1. The U.S. - Ukraine Foundation, Inc. was formed under the VirginiaNon-stock Corporate Act and is registered as an organization exempt from tax under the Internal Revenue Code Section 501 (c) (3) and operates on a fiscal year ending August 31.
2. The U.S. - Ukraine Foundation is an independent, non-commercial, non-sectarian organization. The purpose of the U.S. - Ukraine Foundation is to promote democratic values in Ukraine, providing humanitarian, ecological, medical, scientific and cultural assistance to Ukraine as well as advancing an understanding of Ukraine in the U.S.
3. The U.S.- Ukraine Foundation was not formed for pecuniary or financial gain, and in no part of its assets, income, or profit is distributable to, or inures to the benefit of, its directors or officers.
4. Funds collected or obtained by the U.S. - Ukraine Foundation through membership fees, annual dues, private foundations, fund-raisers, and other charitable eventsshall be used to promote the objectives of the organization. The U.S.-Ukraine Foundation held the annual board of directors meetingon August 26, 2015.
5. Maryniuk Scholarship Fund - The Foundation is administering a scholarship fund for the benefit of students in Zheldets, Ukraine (Lviv Oblast). The fund's end-of-year value was $ 92,597.
6. Health Care and HumanitarianAid Program- U.S.-UkraineFoundation's Program to improve health care in Ukraine as well as provide humanitarian aid.
7. Informational Services- The Foundation informsthe general public about its activities in the U.S. and Ukraine, the mutual objectives of both nations, and areas for assistance. Support is for the Foundation's e-newsletter. Update, and meetings with the public.
8. Petrach Community Development Fund for Starij Dobrotvir - The William Petrach Charitable Trust awarded the Foundation funds to support on-going community needs in Starij Dobrotvir, Ukraine. The fund's year end value was $322,695.
9. Education Program - This program educates the public regarding Ukraine and the U.S. and provides assistance to institutions and individuals in expanding educational opportunities relating to public policy, economic development, health care, leadership and democratic values. Cashgrantswereawarded during the year.
10. Melania Denys Kovaluk Scholarship Fund - The Foundation and the Canada Ukraine Foundation (CUF) are administering a scholarship fund for the benefit of students in the village of Zabolotivci (Lviv Oblast). The fund totaled $114,087 at year end.
11. Public Policy Program - Grantassistance was provided to the Pylyp Orlyk Institute for Democracy, a public policy informational resource center in Kyiv.
12. Economic Development Program- The program includes expenses for the Foundation's business informational service on its website (Market of Ukraine), promoting travel to Ukraine, andothereconomic development efforts.
13. Zapytiv Community Development Fund - A fund, established with initial gifts from the Family of Mychailo and Irena Boyko, to benefit the citizens of Zapytiv (Lviv oblast). A library/resource center has been constructed. The fund's year-end value was $29,957.
14. Sutaruk Scholarship Fund - The Foundation established the Sutaruk Scholarship Fundfor the benefitof students in Dubno(Rivneoblast), Netishyn and Slavuta(Khmelnytskyj oblast). The fund's end-of-yearvalue was $52,364.
15. 2015 Ukraine Civic Hosting Program #OWLC-1502 - The Open World Leadership Center of the Library of Congress awarded the Foundation a $115,000 grant to host60 Ukrainian officials in the communities of Birmingham, AL, Chicago, IK, Cincinnati, OH, Kansas City, MO, Louisville, KY, Modesto/Sacramento, CA, Omaha, NE, Rochester/lrondequoit, NY, Santa Fe, NM. and Springfield, IL.
16. 2014 Ukraine Civic Hosting Program #OWLC-1402 - The Open World Leadership Center of the Library of Congress awarded the Foundation a $95,750 grant to host 60 Ukrainian leaders in the cities of Arlington, VA, Birmingham, AL, Kansas City, MO, Longview, TX. Modesto/Sacramento, CA, Omaha, NE, Philadelphia, PA, and Springfield, IL. 17. In-Kind Contributions/Services were provided as follows:
Humanitarian Aid $ 17.795 Info Services $ 52,755 Open World Projects $ 101,369 Education $ 3,500 Public Policy Program $ 8,500 Management and General $ 16,100 Fund Raising $ 11,250 Total $ 211,269
18. The Foundation had unrelated business income of $250 comprising of public relations and advertising fees. The Foundation has appropriately submitted its annual Federal Form 990 and a Federal Form 990-T, disclosing this income.
19. The Foundation did not incur any lobbying expenses during the year. This amount was also reflected in the organization's Federal Form 990.
20. The Foundationprovided grant support of $7,593 to the Pylyp Orlyk Institute for Democracy(POID). In addition, the Foundation provided POID with free rental space in its Kyiv office calculated on a square meter basis at a cost of $285. This amount has reduced the organization's allowable management overhead costs for Federal Indirect Cost calculations and is reflected on the Statement of Expenses, Indirect Costs and Donated Services.
21. The Foundation was found eligible for inclusion in the 2015 Combined Federal Campaign (CFC) Charity List by the U.S. Oftlce of Personnel Management. The Foundation's CFC code is 53914.