Dystrophic Epidermolysis Bullosa Research Association of America, Inc. Financial Statements December 31, 2017 and December 31, 2016 Studley - White, P.C. ACCOUNTING – TAX – AUDITING – CONSULTING One Ives Street, Suite 201, P.O. Box 399, Danbury, CT 06813-0399 Tele (203)748-6517 Fax (203)792-0296
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One Ives Street, Suite 201, P.O. Box 399, Danbury, CT 06813-0399 Tele (203)748-6517 Fax (203)792-0296
DYSTROPHIC EPIDERMOLYSIS BULLOSA
RESEARCH ASSOCIATION OF AMERICA, INC.
Financial Statements
December 31, 2017
Table of Contents
Page
Independent Auditor's Report 1 - 2
Financial Statements:
Statements of Financial Position at December 31, 2017 and 2016 .................................. 3
Statements of Activities for the Years Ended December 31, 2017 and 2016 ................... 4
Statements of Cash Flows for the Years Ended December 31, 2017 and 2016 .............. 5
Statement of Functional Expenses for the Years Ended December 31, 2017 and 2016 .......................................................................................................................... 6 - 7
Notes to Financial Statements ................................................................................... 8 - 13
INDEPENDENT AUDITOR’S REPORT To The Board of Directors Dystrophic Epidermolysis Bullosa Research Association of America, Inc.
We have audited the accompanying financial statements of Dystrophic Epidermolysis Bullosa Research Association of America, Inc. (D.E.B.R.A.) (a nonprofit organization), which comprise the statement of financial positions as of December 31, 2017 and 2016, and the related statements of activities, functional expenses and cash flows for the years then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these 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 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 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 financial statements are free of 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 judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or errors. 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.
One Ives Street, Suite 201, P.O. Box 399, Danbury, CT 06813-0399 Tele (203)748-6517 Fax (203)792-0296 www.StudleyWhiteCPA.com
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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, financial statements referred to above present fairly, in all material
respects the financial position of Dystrophic Epidermolysis Bullosa Research Association of America, Inc. as of December 31, 2017 and December 31, 2016, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Studley-White, P.C.
The accompanying notes are an integral part of these financial statements. Page 3
DYSTROPHIC EPIDERMOLYSIS BULLOSA
RESEARCH ASSOCIATION OF AMERICA, INC.
Statements of Financial Position
December 31,
2017 2016
Assets
Cash and cash equivalents 1,251,711$ 1,262,190$
Investments 742,540 623,055
Accounts receivable 72,681 19,641
Inventory medical supplies 756,107 836,631
Prepaid expenses 49,098 86,368
Equipment, net 2,371 7,354
Total Assets 2,874,508$ 2,835,239$
Liabilities and Net Assets
Liabilities:
Accounts payable 9,483$ 59,379$
Accrued expenses 64,134 -
Agency funds held for others 91,906 42,988
Total Liabilities 165,523 102,367
Net Assets:
Unrestricted - net assets 1,857,982 1,808,864
Temporarily Restricted Net Assets 851,003 924,008
Total Net Assets 2,708,985 2,732,872
Total Liabilities and Net Assets 2,874,508$ 2,835,239$
The accompanying notes are an integral part of these financial statements. Page 4
DYSTROPHIC EPIDERMOLYSIS BULLOSA
RESEARCH ASSOCIATION OF AMERICA, INC.
Statements of Activities
For the Years Ended December 31,
2017 2016
Unrestricted Net Assets
Revenues and Other Support:
Special events - revenue 987,870$ 1,078,645$
- expenses (282,595) (229,875)
- net 705,275 848,770
Contributions and grants 656,801 606,178
In-kind revenue 1,015,581 967,437
Investment income (losses) 106,135 (41,876)
Other 1,700 8,942
Total Unrestricted Revenues and Other Support 2,485,492 2,389,451
Net Assets Released from Restrictions 78,727 29,943
Total Revenues and Other Support 2,564,219 2,419,394
Expenses
Program Services
Public and professional education 264,502 315,704
Patient and family services 1,880,300 1,668,498
Advocacy 39,674 47,354
Research 132,250 157,854
Total Program Services 2,316,726 2,189,410
Support Services
Management and general 66,126 78,925
Fund raising 132,249 172,289
Total Support Services 198,375 251,214
Total Expenses 2,515,101 2,440,624
Increase on Unrestricted Net Assets 49,118 (21,230)
Temporarily Restricted Net Assets:
Contributions 5,722 143,766
Net assets released from restrictions (78,727) (29,943)
Increase in temporarily restricted net assets (73,005) 113,823
Increase in Net Assets (23,887) 92,593
Net Assets, January 1, 2,732,872 2,640,279
Net Assets, December 31, 2,708,985$ 2,732,872$
The accompanying notes are an integral part of these financial statements. Page 5
DYSTROPHIC EPIDERMOLYSIS BULLOSA
RESEARCH ASSOCIATION OF AMERICA, INC.
Statements of Cash Flows
For the Years Ended December 31,
2017 2016
Cash Flows from Operating Activities:
Increase in net assets (23,887)$ 92,593$
Adjustments to reconcile increase in net assets
to net cash provided by operating activities:
Add: Depreciation 4,983 6,213
Net realized and unrealized ( gain) loss on investments (105,581) 42,519
Less: Donated Inventory 85,440 (158,603)
(39,045) (17,278)
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable (53,040) 137,576
Prepaid expense 32,270 (68,643)
(20,770) 68,933
Increase (decrease) in:
Accounts payable and accrued expenses 14,238 21,544
Agency funds held for others 48,918 (12,495)
63,156 9,049
Net cash provided by operating activities 3,341 60,704
Cash Flows from Investing Activities:
Sale (purchase) of investments (13,820) -
Net cash provided by investing activities (13,820) -
Net increase in cash (10,479) 60,704
Cash at beginning of year 1,262,190 1,201,486
Cash at end of year 1,251,711$ 1,262,190$
The accompanying notes are an integral part of these financial statements. Page 6
DYSTROPHIC EPIDERMOLYSIS BULLOSA
RESEARCH ASSOCIATION OF AMERICA, INC.
Statement of Functional Expenses
For the Year Ended December 31, 2017
Public and Patient and Management
Professional Family and Fund Total
Education Services Advocacy Research Total General Raising Total Expenses