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2018 Audited Financial Statements

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2018 Audited Financial Statements Rising Ground, Inc. and Affiliate (Formerly Known as Leake and Watts Services, Inc.) Independent Auditor’s Report and Consolidated Financial Statements June 30, 2018 Rising Ground, Inc. and Affiliate (Formerly Known as Leake and Watts Services, Inc.) June 30, 2018 Contents Independent Auditor’s Report ............................................................................................. 1 Consolidated Financial Statements Statement of Financial Position .......................................................................................................... 3 Statement of Activities ....................................................................................................................... 5 Statement of Cash Flows .................................................................................................................... 7 Notes to Financial Statements ............................................................................................................ 9 Supplementary Information Consolidating Schedule of Financial Position .................................................................................. 32 Consolidating Schedule of Activities ............................................................................................... 34 Consolidated Schedule of Functional Expenses ............................................................................... 35 Independent Auditor’s Report Board of Directors Rising Ground, Inc. and Affiliate Yonkers, New York We have audited the accompanying consolidated financial statements of Rising Ground, Inc. and Affiliate (Rising Ground), which comprise the consolidated statement of financial position as of June 30, 2018, and the related consolidated statements of activities and cash flows for the year 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. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated 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 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 Rising Ground’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 Rising Ground’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. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Rising Ground, Inc. and Affiliate as of June 30, 2018, and the changes in their net assets and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Supplementary Information Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The supplementary information as of and for the year ended June 30, 2018, listed 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 audit 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 as of and for the year ended June 30, 2018, is fairly stated, in all material respects, in relation to the consolidated financial statements as a whole. Prior Year Audited by Other Auditors and Summarized Comparative Information The 2017 financial statements were audited by Loeb & Troper LLP, and their report thereon, dated November 28, 2017, expressed an unmodified opinion. The summarized comparative information presented herein as of and for the year ended June 30, 2017 is consistent, in all material respects, with the audited financial statements from which it has been derived. New York, New York December 28, 2018 2 Rising Ground, Inc. and Affiliate (Formerly Known as Leake and Watts Services, Inc.) Consolidated Statement of Financial Position June 30, 2018 (With Summarized Financial Information for June 30, 2017) 2018 2017 Assets Current Assets Cash and cash equivalents $ 2,921,344 $ 4,731,947 Investments 6,083,731 7,822,148 Investments - certificates of deposit 25,000 25,000 Accounts receivable (net of allowance of $110,000) 12,902,089 9,671,905 Other receivables 239,481 133,128 Prepaid expenses 1,396,859 838,719 Accrued investment interest receivable 29,771 31,768 Total current assets 23,598,275 23,254,615 Assets Limited as to Use Assets limited as to use - investments 557,844 821,326 Cash reserve for liabilities 1,600,000 - Total assets limited as to use 2,157,844 821,326 Other Assets Investments 2,361,096 2,361,096 Security deposits 150,427 105,727 Beneficial interest in perpetual trusts 1,657,216 1,593,169 Fixed assets - net 30,308,433 32,352,740 Total other assets 34,477,172 36,412,732 Total assets $ 60,233,291 $ 60,488,673 See Notes to Consolidated Financial Statements 3 Rising Ground, Inc. and Affiliate (Formerly Known as Leake and Watts Services, Inc.) Consolidated Statement of Financial Position June 30, 2018 (With Summarized Financial Information for June 30, 2017) 2018 2017 Liabilities and Net Assets Current Liabilities Accounts payable $ 2,895,139 $ 3,865,207 Accrued payroll and employee benefits 5,056,504 4,549,513 Accrued expenses and other liabilities 6,337,368 5,746,883 Advances from government agencies 975,074 2,117,721 Due to government agencies 1,673,794 - Accrued interest payable 36,944 39,844 Line of credit and notes payable 761,008 725,361 Capital leases payable 92,552 23,412 Bonds payable - net 1,686,000 1,649,000 Total current liabilities 19,514,383 18,716,941 Long-Term Liabilities Accrued payroll and employee benefits 361,067 414,220 Line of credit and notes payable 6,020,342 6,774,940 Capital leases payable 295,952 69,096 Due to government agencies 944,323 - Bonds payable - net 16,339,071 17,921,834 Total long-term liabilities 23,960,755 25,180,090 Total liabilities 43,475,138 43,897,031 Net Assets Unrestricted 12,487,483 12,462,821 Temporarily restricted 252,358 174,556 Permanently restricted 4,018,312 3,954,265 Total net assets 16,758,153 16,591,642 Total liabilities and net assets $ 60,233,291 $ 60,488,673 See Notes to Consolidated Financial Statements 4 Rising Ground, Inc. and Affiliate (Formerly Known as Leake and Watts Services, Inc.) Consolidated Statement of Activities Year Ended June 30, 2018 (With Summarized Financial Information for the Year Ended June 30, 2017) Temporarily Permanently Total Unrestricted Restricted Restricted 2018 2017 Operating Revenues Program revenue $ 95,772,179 $ - $ - $ 95,772,179 $ 88,929,622 In-kind contributions 373,180 - - 373,180 469,160 Program development grant 1,142,647 - - 1,142,647 - Total operating revenues 97,288,006 - - 97,288,006 89,398,782 Operating Expenses Program services Child Welfare 34,106,255 - - 34,106,255 30,663,517 Special Education 16,902,304 - - 16,902,304 16,539,994 Developmental Disabilities 13,611,618 - - 13,611,618 11,184,425 Juvenile Justice 13,116,313 - - 13,116,313 13,669,124 Early Childhood 11,743,598 - - 11,743,598 12,047,551 Total program services 89,480,088 - - 89,480,088 84,104,611 Supporting services Management and general 10,299,326 - - 10,299,326 9,002,971 Development 283,260 - - 283,260 282,065 Total supporting services 10,582,586 - - 10,582,586 9,285,036 Total operating expenses (includes interest expense of
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