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Settlement Music School of Philadelphia Settlement Music School of Philadelphia Consolidated Financial Statements Years Ended June 30, 2017 and 2016 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, 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 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 financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the 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 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 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, 2017 and 2016, 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 January 15, 2018 SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONSOLIDATED STATEMENTS OF FINANCIAL POSITION June 30, 2017 and 2016 2017 2016 ASSETS CURRENT ASSETS Cash $ 2,779,093 $ 1,470,759 Accounts receivable 57,861 34,712 Contributions receivable Grants receivable 1,626,000 410,000 Pledges and bequests receivable, net of allowance for doubtful accounts of $25,000 in 2017 and $50,000 in 2016 207,320 1,016,507 Prepaid expenses 122,723 78,430 Total current assets 4,792,997 3,010,408 PROPERTY AND EQUIPMENT, NET 17,654,865 18,011,647 INVESTMENTS 7,572,383 6,854,875 NONCURRENT ASSETS Life insurance policies 300,000 300,000 Benefical interest in charitable remainder unitrust 629,640 611,046 Pledges and bequests receivable, due beyond one year 1,238,207 948,269 Total noncurrent assets 2,167,847 1,859,315 $ 32,188,092 $ 29,736,245 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Line of credit $ - $ 125,000 Accounts payable and accrued expenses 172,795 608,151 Agency obligations 448,613 - Deposits and advance payments 387,210 408,106 Current portion of term loans 136,233 132,856 Total current liabilities 1,144,851 1,274,113 NONCURRENT LIABILITIES Agency obligations, net of current portion 1,113,750 - Term loans, net of current portion 5,317,036 5,611,684 Total noncurrent liabilities 6,430,786 5,611,684 Total liabilities 7,575,637 6,885,797 NET ASSETS Unrestricted 14,068,478 13,669,027 Temporarily restricted 4,072,512 3,202,947 Permanently restricted 6,471,465 5,978,474 Total net assets 24,612,455 22,850,448 Total liabilities and net assets $ 32,188,092 $ 29,736,245 See accompanying notes -2- SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONSOLIDATED STATEMENT OF ACTIVITIES Year ended June 30, 2017 with comparative totals for 2016 Temporarily Permanently Totals Unrestricted Restricted Restricted 2017 2016 OPERATING Public support, revenues and gains Public support Contributions, bequests and grants $ 1,453,893 2,846,791 $ -$ 4,300,684 $ 5,011,071 Special event 384,936 - - 384,936 363,204 Net assets released from restrictions 1,986,329 (1,986,329) - - - Total public support 3,825,158 860,462 - 4,685,620 5,374,275 Revenues and gains Tuition and registration fees 4,516,394 - - 4,516,394 4,580,110 Endowment spending policy distribution 325,000 - - 325,000 335,000 Rental and miscellaneous income 212,662 - - 212,662 205,818 Total revenues and gains 5,054,056 - - 5,054,056 5,120,928 Total public support, revenues and gains 8,879,214 860,462 - 9,739,676 10,495,203 Expenses Program services Instruction and student activities 5,194,907 - - 5,194,907 5,290,638 Non-Core programs 1,678,588 - - 1,678,588 1,669,395 Total program services 6,873,495 - - 6,873,495 6,960,033 Supporting services Management and general 1,177,392 - - 1,177,392 1,250,372 Fundraising 551,413 - - 551,413 557,268 Total supporting services 1,728,805 - - 1,728,805 1,807,640 Total expenses 8,602,300 - - 8,602,300 8,767,673 Change in net assets from operating activities 276,914 860,462 - 1,137,376 1,727,530 NONOPERATING Contributions - - 8,695 8,695 191,707 Loss on uncollectible contributions receivable - (9,491) (299) (9,790) (28,025) Loss on sale of assets held for sale - - - - (27,650) Investment income (loss) 189,542 - 742,590 932,132 (27,727) Endowment spending policy distribution (67,005) - (257,995) (325,000) (335,000) Change in value of split-interest agreements - 18,594 - 18,594 18,046 Change in net assets from nonoperating activities 122,537 9,103 492,991 624,631 (208,649) CHANGE IN NET ASSETS 399,451 869,565 492,991 1,762,007 1,518,881 NET ASSETS Beginning of year 13,669,027 3,202,947 5,978,474 22,850,448 21,331,567 End of year $ 14,068,478 $ 4,072,512 $ 6,471,465 $ 24,612,455 $ 22,850,448 See accompanying notes -3- SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONSOLIDATED STATEMENT OF ACTIVITIES Year ended June 30, 2016 Temporarily Permanently Unrestricted Restricted Restricted Total OPERATING Public support, revenues and gains Public support Contributions, bequests and grants$ 1,840,153 $ 3,170,918 $ - $ 5,011,071 Special event 363,204 - - 363,204 Net assets released from restrictions 2,313,402 (2,313,402) - - Total public support 4,516,759 857,516 - 5,374,275 Revenues and gains Tuition and registration fees 4,580,110 - - 4,580,110 Endowment spending policy distribution 335,000 - - 335,000 Rental and miscellaneous income 205,818 - - 205,818 Total revenues and gains 5,120,928 - - 5,120,928 Total public support, revenues and gains 9,637,687 857,516 - 10,495,203 Expenses Program services Instruction and student activities 5,290,638 - - 5,290,638 Non-Core programs 1,669,395 - - 1,669,395 Total program services 6,960,033 - - 6,960,033 Supporting services Management and general 1,250,372 - - 1,250,372 Fundraising 557,268 - - 557,268 Total supporting services 1,807,640 - - 1,807,640 Total expenses 8,767,673 - - 8,767,673 Change in net assets from operating activities 870,014 857,516 - 1,727,530 NONOPERATING Contributions - - 191,707 191,707 Loss on uncollectible contributions receivable - (3,025) (25,000) (28,025) Loss on sale of assets held for sale (27,650) - - (27,650) Investment loss (5,911) - (21,816) (27,727) Endowment spending policy distribution (83,851) - (251,149) (335,000) Change in value of split-interest agreements - 18,046 - 18,046 Change in net assets from nonoperating activities (117,412) 15,021 (106,258) (208,649) CHANGE IN NET ASSETS 752,602 872,537 (106,258) 1,518,881 NET ASSETS Beginning of year 12,916,425 2,330,410 6,084,732 21,331,567 End of year $ 13,669,027 $ 3,202,947 $ 5,978,474 $ 22,850,448 See accompanying notes -4- SETTLEMENT MUSIC SCHOOL OF PHILADELPHIA CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES Year ended June 30, 2017 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$ 666,954 $ 315,444 $ 435,380 $ 363,554 $ 312,902 $ 51,278 $ 851,640 $ 2,997,152 $ - $ - $ 2,997,152 Benefits and payroll taxes 83,224 36,210 47,727 53,683 32,011 6,089 132,836 391,780 - - 391,780 750,178 351,654 483,107 417,237 344,913 57,367 984,476 3,388,932 - - 3,388,932 Staff Salaries and wages 279,164 197,884 258,326 163,051 252,504 80,011 309,283 1,540,223 706,067 301,203 2,547,493 Benefits and payroll taxes 45,202
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