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Noble Street Charter School NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED JUNE 30, 2017 AND 2016 NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE YEARS ENDED JUNE 30, 2017 AND 2016 CONTENTS Page Independent auditors’ report 1-2 Consolidated financial statements: Statements of financial position 3-4 Statements of activities 5-6 Statements of functional expenses 7-8 Statements of cash flows 9-10 Notes to financial statements 11-38 Supplementary information: Schedule of expenditures of federal awards 39 Notes to schedule of expenditures of federal awards 40 Independent Auditors’ 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 41-42 Independent Auditors’ Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by the Uniform Guidance 43-45 Single audit schedules: Schedule of findings and questioned costs 46-47 Schedule of prior year findings and questioned costs 48 Independent Accountants’ Report on Compliance with Requirements of Applicable Laws and Regulations Prescribed by Administering Agency 49-50 NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE YEARS ENDED JUNE 30, 2017 AND 2016 CONTENTS (CONTINUED) Page Summary of findings 51 Schedule of current year findings 52 Schedule of prior year findings 53 Supplemental financial schedules: Consolidating statements of financial position 54-57 Consolidating statements of activities 58-61 Consolidating statements of functional expenses 62-65 Statements of functional expenses: Noble Network Support Team (NNST) 66 Noble Street College Prep 67 Rauner College Prep 68 Pritzker College Prep 69 Rowe Clark College Prep 70 Golder College Prep 71 Gary Comer College Prep 72 UIC College Prep 73 Muchin College Prep 74 Chicago Bulls College Prep 75 Johnson College Prep 76 Hansberry College Prep 77 DRW College Prep 78 Baker College Prep 79 Butler College Prep 80 ITW David Speer Academy 81 The Noble Academy 82 Mansueto High School 83 Noble Day Care 84 Noble Network Education Foundation 85 Statements of Activities – Summer of a Lifetime, A Noble Network Program 86 Independent Auditors’ Report Board of Directors Noble Network of Charter Schools Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Noble Network of Charter Schools, Subsidiaries and Affiliate (collectively referred to as the School), which comprise the consolidated statements of financial position as of June 30, 2017 and 2016, and the related consolidated statements of activities, 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 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 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. 1 NBC Tower - Suite 1500 | 455 N. Cityfront Plaza Dr. | Chicago, IL 60611-5313 | P: 312.670.7444 | F: 312.670.8301 | www.orba.com Independent Affiliate of BKR International We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Noble Network of Charter Schools, Subsidiaries and Affiliate 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 of America. Other Matters Other Information Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The supplemental financial schedules on pages 54 through 86 are presented for the purpose of additional analysis and are not a required part of the consolidated financial statements. The accompanying schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis and is also 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 of America. In our opinion, the information is fairly stated, in all material respects, in relation to the consolidated 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 October 17, 2017, on our consideration of the School’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 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 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 the School’s internal control over financial reporting and compliance. October 17, 2017 2 NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION June 30, 2017 2016 ASSETS Current assets: Cash $ 51,647,306 $ 54,939,695 Accounts receivable 9,289,351 8,844,245 Contributions receivable 7,613,673 11,546,418 Prepaid expenses 1,996,940 1,997,208 Cash - restricted by NMTC 10,399,174 Cash and investments - restricted by bond indenture 12,403,186 11,771,600 Investments - restricted for lease security deposit 361,332 Leverage loan notes receivable - NMTC 9,187,788 Total current assets 102,898,750 89,099,166 Property and equipment, net 108,491,523 89,975,438 Other assets: Contributions receivable, net of current portion 1,010,000 581,000 Cash - restricted by NMTC 2,604,562 Cash and investments - restricted by bond indenture net of current portion 11,174,245 Investments - restricted for student scholarships 2,589,641 2,616,057 Investments - restricted for lease security deposit 360,268 Leverage loan notes receivable - NMTC, net of current portion 24,878,829 14,808,362 Deposits 800,076 800,076 Total other assets 29,278,546 32,944,570 Total assets $ 240,668,819 $ 212,019,174 See notes to consolidated financial statements. 3 NOBLE NETWORK OF CHARTER SCHOOLS, SUBSIDIARIES AND AFFILIATE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED) June 30, 2017 2016 LIABILITIES AND NET ASSETS Current liabilities: Accounts payable and accrued expenses $ 15,770,403 $ 10,739,890 Bonds payable, net, current portion 11,819,140 10,310,390 Notes payable, net, current portion 15,730,424 1,287,615 Deferred lease incentive, current
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