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BRC FY18 Audited Financial Statements.Pdf Bowery Residents’ Committee, Inc. and Affiliated Organizations Combined Financial Statements and Supplementary Information Year Ended June 30, 2018 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO International Limited, a UK company limited by guarantee. Bowery Residents’ Committee, Inc. and Affiliated Organizations Combined Financial Statements and Supplementary Information Year Ended June 30, 2018 Bowery Residents’ Committee, Inc. and Affiliated Organizations Contents Independent Auditor’s Report 3-4 Combined Financial Statements Statement of Financial Position as of June 30, 2018 5 Statement of Activities for the Year Ended June 30, 2018 6 Statement of Changes in Net Assets (Deficit) for the Year Ended June 30, 2018 7 Statement of Functional Expenses for the Year Ended June 30, 2018 8 Statement of Cash Flows for the Year Ended June 30, 2018 9 Notes to Combined Financial Statements 10-24 Supplementary Information Combining Schedule of Financial Position as of June 30, 2018 26 Combining Schedule of Activities for the Year Ended June 30, 2018 27 2 Tel: +212 885-8000 100 Park Avenue Fax: +212 697-1299 New York, NY 10017 www.bdo.com Independent Auditor’s Report The Board of Directors Bowery Residents’ Committee, Inc. and Affiliated Organizations New York, New York We have audited the accompanying combined financial statements of Bowery Residents’ Committee, Inc. and Affiliated Organizations (collectively, the Organization), which comprise the combined statement of financial position as of June 30, 2018, and the related combined statements of activities, changes in net assets (deficit), functional expenses and cash flows for the year then ended, and the related notes to the combined financial statements. Management’s Responsibility for the Combined Financial Statements Management is responsible for the preparation and fair presentation of these combined 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 the combined 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 combined 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 combined financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the combined 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 combined 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 combined financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 3 Opinion In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of the Organization as of June 30, 2018, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matter Our audit of the combined financial statements was conducted for the purpose of forming an opinion on those statements as a whole. The supplementary information presented in the following section of this report is presented for purposes of additional analysis and is not a required part of the combined 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 combined financial statements. The information has been subjected to the auditing procedures applied in the audit of the combined financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements or to the combined 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 combined financial statements as a whole. Report on Summarized Comparative Information We have audited the Organizations’ 2017 combined financial statements and our report, dated December 12, 2017, expressed an unmodified opinion on those audited combined financial statements. In our 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 combined financial statements from which it has been derived. February 22, 2019 4 Bowery Residents’ Committee, Inc. and Affiliated Organizations Combined Statement of Financial Position (with comparative totals for 2017) June 30, 2018 2017 Assets Current Cash and cash equivalents $ 5,829,765 $ 5,667,910 Investments, at fair value (Note 4) 53,560 41,372 Accounts receivable, net (Note 5) 15,548,887 5,250,745 Pledges receivable (Note 6) 1,493,667 255,740 Prepaid expenses and other assets 1,366,826 1,858,260 Total Current Assets 24,292,705 13,074,027 Assets Limited to Use (Note 7) 2,760,080 3,136,303 Fixed Assets, Net (Note 8) 98,984,051 82,966,361 Total Assets $ 126,036,836 $ 99,176,691 Liabilities and Net Assets Current Liabilities Accounts payable and accrued expenses $ 7,136,939 $ 7,050,109 Accrued compensation and related taxes 2,230,451 2,488,883 Accrued interest payable 2,674,914 2,363,580 Deferred revenue (Note 12) 10,085,492 4,671,090 Line of credit (Note 9) 5,000,000 3,000,000 Current portion of loans payable (Note 10) 424,738 12,719,339 Total Current Liabilities 27,552,534 32,293,001 Deferred Rent (Note 11) 6,455,055 7,421,680 Deferred Revenue, net of current portion (Note 12) 3,806,028 4,001,209 Loans Payable, net of current portion (Note 10) 74,481,068 46,905,470 Total Liabilities 112,294,685 90,621,360 Commitments and Contingencies (Note 9, 10, 11, 12 and 13) Net Assets (Notes 14 and 15) Unrestricted 5,990,915 2,683,263 Temporarily restricted 3,264,251 908,488 Noncontrolling interest 4,486,985 4,963,580 Total Net Assets 13,742,151 8,555,331 Total Liabilities and Net Assets $ 126,036,836 $ 99,176,691 See accompanying notes to combined financial statements. 5 Bowery Residents’ Committee, Inc. and Affiliated Organizations Combined Statement of Activities (with comparative totals for 2017) Year ended June 30, Temporarily Combined Totals Unrestricted Restricted 2018 2017 Revenues Government and other grants $ 67,665,109 $ - $ 67,665,109 $ 62,405,090 Medicaid 6,132,981 - 6,132,981 6,044,625 Program service fees 3,353,008 - 3,353,008 3,736,400 Rental income 3,490,674 - 3,490,674 3,091,715 Contributions 1,156,356 3,482,512 4,638,868 2,415,802 Development fees 1,279,823 - 1,279,823 - Other 1,319,916 - 1,319,916 484,901 Net assets released from restrictions (Note 14) 1,126,749 (1,126,749) - - Total Revenues Before Special Events 85,524,616 2,355,763 87,880,379 78,178,533 Special events revenue 648,479 - 648,479 959,010 Less: cost of direct benefit to donors (215,394) - (215,394) (261,538) Net Revenue from Special Events 433,085 - 433,085 697,472 Total Revenues 85,957,701 2,355,763 88,313,464 78,876,005 Expenses Program services: Gateway Services 20,682,034 - 20,682,034 19,672,071 Homeless Services 29,359,738 - 29,359,738 25,171,702 Housing Services 9,802,145 - 9,802,145 9,561,994 Treatment Service 12,754,329 - 12,754,329 12,664,950 Total Program Services 72,598,246 - 72,598,246 67,070,717 Supporting services: Management and general 6,903,986 - 6,903,986 7,031,167 Fundraising 722,840 - 722,840 348,293 Total Supporting Services 7,626,826 - 7,626,826 7,379,460 Affiliated organizations’ expenses 2,901,572 - 2,901,572 2,990,632 Total Expenses 83,126,644 - 83,126,644 77,440,809 Change in Net Assets 2,831,057 2,355,763 5,186,820 1,435,196 Net Assets, beginning of year 7,646,843 908,488 8,555,331 7,120,135 Net Assets, end of year $ 10,477,900 $ 3,264,251 $ 13,742,151 $ 8,555,331 See accompanying notes to combined financial statements. 6 Bowery Residents’ Committee, Inc. and Affiliated Organizations Combined Statement of Changes in Net Assets (Deficit) Year ended June 30, 2018 Controlling Interests Bowery Affiliated Bowery Residents’ Organizations Residents’ Committee, Inc.
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