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Settlement Music School of Philadelphia Settlement Music School of Philadelphia Consolidated Financial Statements Years Ended June 30, 2018 and 2017 SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONTENTS INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Consolidated Statements of Financial Position 2 Consolidated Statements of Activities 3 Consolidated Statements of Functional Expenses 5 Consolidated Statements of Cash Flows 7 Notes to Consolidated Financial Statements 8 INDEPENDENT AUDITOR'S REPORT Central Board Settlement Music School of Philadelphia We have audited the accompanying consolidated financial statements of Settlement Music School of Philadelphia (a nonprofit organization), which comprise the consolidated statements of financial position as of June 30, 2018 and 2017, 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 Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with U.S. generally accepted accounting principles; 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 audits. We conducted our audits in accordance with U.S. generally accepted auditing standards. 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. 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 Settlement Music School of Philadelphia as of June 30, 2018 and 2017, and the changes in its net assets and its cash flows for the years then ended in accordance with U.S. generally accepted accounting principles. Philadelphia, Pennsylvania February 6, 2019 SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONSOLIDATED STATEMENTS OF FINANCIAL POSITION June 30, 2018 and 2017 2018 2017 ASSETS CURRENT ASSETS Cash $ 2,720,841 $ 2,779,093 Accounts receivable 117,497 57,861 Contributions receivable Grants receivable 115,000 1,626,000 Pledges and bequests receivable, net of allowance for doubtful accounts of $25,000 in 2018 and 2017 374,155 207,320 Prepaid expenses 119,553 122,723 Total current assets 3,447,046 4,792,997 PROPERTY AND EQUIPMENT, NET 17,173,338 17,654,865 INVESTMENTS 7,830,174 7,572,383 NONCURRENT ASSETS Life insurance policies 300,000 300,000 Benefical interest in charitable remainder unitrust 649,098 629,640 Pledges and bequests receivable, due beyond one year 1,650,773 1,238,207 Total noncurrent assets 2,599,871 2,167,847 $ 31,050,429 $ 32,188,092 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable and accrued expenses$ 228,293 $ 172,795 Agency obligations 535,100 448,613 Deposits and advance payments 440,657 387,210 Current portion of term loans 150,184 136,233 Total current liabilities 1,354,234 1,144,851 NONCURRENT LIABILITIES Agency obligations, net of current portion 578,650 1,113,750 Term loans, net of current portion 4,942,319 5,317,036 Total noncurrent liabilities 5,520,969 6,430,786 Total liabilities 6,875,203 7,575,637 NET ASSETS Unrestricted 13,650,134 14,068,478 Temporarily restricted 3,572,766 4,072,512 Permanently restricted 6,952,326 6,471,465 Total net assets 24,175,226 24,612,455 Total liabilities and net assets $ 31,050,429 $ 32,188,092 See accompanying notes -2- SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONSOLIDATED STATEMENT OF ACTIVITIES Year ended June 30, 2018 with comparative totals for 2017 Temporarily Permanently Totals Unrestricted Restricted Restricted 2018 2017 OPERATING Public support, revenues and gains Public support Contributions, bequests and grants $ 748,958 2,059,519 $ - $ 2,808,477 $ 4,300,684 Special event 346,840 - - 346,840 384,936 Net assets released from restrictions 2,578,723 (2,578,723) - - - Total public support 3,674,521 (519,204) - 3,155,317 4,685,620 Revenues and gains Tuition and registration fees 4,481,397 - - 4,481,397 4,516,394 Endowment spending policy distribution 325,000 - - 325,000 325,000 Rental and miscellaneous income 149,313 - - 149,313 212,662 Total revenues and gains 4,955,710 - - 4,955,710 5,054,056 Total public support, revenues and gains 8,630,231 (519,204) - 8,111,027 9,739,676 Expenses Program services Instruction and student activities 5,288,056 - - 5,288,056 5,194,907 Non-Core programs 1,833,073 - - 1,833,073 1,678,588 Total program services 7,121,129 - - 7,121,129 6,873,495 Supporting services Management and general 1,355,926 - - 1,355,926 1,177,392 Fundraising 606,848 - - 606,848 551,413 Total supporting services 1,962,774 - - 1,962,774 1,728,805 Total expenses 9,083,903 - - 9,083,903 8,602,300 Change in net assets from operating activities (453,672) (519,204) - (972,876) 1,137,376 NONOPERATING Contributions - - 245,159 245,159 8,695 Loss on uncollectible contributions receivable (2,950) - - (2,950) (9,790) Investment income 99,545 - 499,435 598,980 932,132 Endowment spending policy distribution (61,267) - (263,733) (325,000) (325,000) Change in value of split-interest agreements - 19,458 - 19,458 18,594 Change in net assets from nonoperating activities 35,328 19,458 480,861 535,647 624,631 CHANGE IN NET ASSETS (418,344) (499,746) 480,861 (437,229) 1,762,007 NET ASSETS Beginning of year 14,068,478 4,072,512 6,471,465 24,612,455 22,850,448 End of year $ 13,650,134 $ 3,572,766 $ 6,952,326 $ 24,175,226 $ 24,612,455 See accompanying notes -3- SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONSOLIDATED STATEMENT OF ACTIVITIES Year ended June 30, 2017 Temporarily Permanently Unrestricted Restricted Restricted Total OPERATING Public support, revenues and gains Public support Contributions, bequests and grants$ 1,453,893 $ 2,846,791 $ - $ 4,300,684 Special event 384,936 - - 384,936 Net assets released from restrictions 1,986,329 (1,986,329) - - Total public support 3,825,158 860,462 - 4,685,620 Revenues and gains Tuition and registration fees 4,516,394 - - 4,516,394 Endowment spending policy distribution 325,000 - - 325,000 Rental and miscellaneous income 212,662 - - 212,662 Total revenues and gains 5,054,056 - - 5,054,056 Total public support, revenues and gains 8,879,214 860,462 - 9,739,676 Expenses Program services Instruction and student activities 5,194,907 - - 5,194,907 Non-Core programs 1,678,588 - - 1,678,588 Total program services 6,873,495 - - 6,873,495 Supporting services Management and general 1,177,392 - - 1,177,392 Fundraising 551,413 - - 551,413 Total supporting services 1,728,805 - - 1,728,805 Total expenses 8,602,300 - - 8,602,300 Change in net assets from operating activities 276,914 860,462 - 1,137,376 NONOPERATING Contributions - - 8,695 8,695 Loss on uncollectible contributions receivable - (9,491) (299) (9,790) Investment income 189,542 - 742,590 932,132 Endowment spending policy distribution (67,005) - (257,995) (325,000) Change in value of split-interest agreements - 18,594 - 18,594 Change in net assets from nonoperating activities 122,537 9,103 492,991 624,631 CHANGE IN NET ASSETS 399,451 869,565 492,991 1,762,007 NET ASSETS Beginning of year 13,669,027 3,202,947 5,978,474 22,850,448 End of year $ 14,068,478 $ 4,072,512 $ 6,471,465 $ 24,612,455 See accompanying notes -4- SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES Year ended June 30, 2018 Mary Louise Willow Management Curtis Germantown Northeast Grove Wynnfield Camden Non-Core and Branch Branch Branch Branch Branch Branch Programs Total General Fundraising Total Salaries, wages and related expenses Faculty Salaries and wages$ 675,562 $ 313,043 $ 421,198 $ 382,002 $ 311,831 $ 55,296 $ 909,761 $ 3,068,693 $ - $ - $ 3,068,693 Benefits and payroll taxes 96,547 40,763 48,485 58,832 35,577 6,701 155,653 442,558 - - 442,558 772,109 353,806 469,683 440,834 347,408 61,997 1,065,414 3,511,251 - - 3,511,251 Staff Salaries and wages 303,658 202,219 261,743 231,154 181,275 82,185 358,753 1,620,987 750,802 370,014 2,741,803 Benefits and payroll taxes 40,470 27,105 31,297 32,889 25,874 9,803 32,054 199,492 94,233 48,070 341,795 344,128 229,324 293,040 264,043
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