Financial Report (Compiled) Silencels Violence December 31, 2016 Bourgeois Bennett ^^CERTIFIED PUBLIC ACCOUNTANTS | CONSULTANTS A LIMITED LIABILITY COMPANY
Financial Report
(Compiled)
Silencels Violence
December 31, 2016
Bourgeois Bennett ^^CERTIFIED PUBLIC ACCOUNTANTS | CONSULTANTS
A LIMITED LIABILITY COMPANY
Financial Report
(Compiled)
Silencels Violence
December 31, 2016
TABLE OF CONTENTS
SilencelsViolence New Orleans, Louisiana
December 31. 2016
Independent Auditor's Compilation Report
Page Number
1
Exhibits
A - Statement of Financial Position
B - Statement of Activities
C - Statement of Functional Expenses
D - Statement of Cash Flows
E - Notes to Financial Statements
2
3
4
5
6- 10
Supplementary Information
Schedule
1 - Schedule of Compensation, Benefits, and Other Payments to Agency Head or Chief Executive Officer 11
Special Report of Certified Public Accountants
Schedule of Findings and Responses 12
Report by Management
Management's Corrective Action Plan 13
Bourgeois Bennett ^^CERTIFIED PUBLIC ACCOUNTANTS | CONSULTANTS
A LIMITED LIABILITY COMPANY
INDEPENDENT AUDITOR'S COMPILATION REPORT
To the Board of Directors, SileneelsViolenee,
New Orleans, Louisiana.
Management is responsible for the aeeompanying financial statements of SileneelsViolenee (formerly known as New Orleans Bayou Steppers Social Aid & Pleasure Club Inc.) (a nonprofit organization) (the "Organization"), which comprise the statement of financial position as of December 31, 2016 and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements in accordance with accounting principle generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the accompanying financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.
Other Matters
Other Supplementary Information
The aeeompanying supplementary information, on page 11, is presented for purposes of additional analysis and is required by Louisiana Revised Statute 24:513 (A)(3), and is not a required part of the basic 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 basic financial statements. This information is the representation of management. This information was subject to our compilation engagement; however, we have not audited or reviewed the required supplementary information and, accordingly, do not express an opinion, a conclusion, nor provide any form of assurance on such information.
Certified Public Accountants.
New Orleans, Louisiana, June 9, 2017.
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P.O. Box 60600 . NEW ORLEANS, LA 70160-0600 504.831.4949 BOURGEOISBENNETT.COM
Exhibit A
STATEMENT OF FINANCIAL POSITION
SilencelsViolence New Orleans, Louisiana
December 31, 2016
See Independent Accountant's Compilation Report
Assets Cash $ 2,465
Liabilities Accounts payable and accrued liabilities Line of credit Loan from related party
29,544 14,365 14.824
Total liabilities 58.733
Net Assets (Accumulated Deficit) Unrestricted
Total liabilities and net assets
(56,268)
$ 2,465
See notes to financial statements.
Exhibit B
STATEMENT OF ACTIVITIES
Silencels Violence New Orleans, Louisiana
For the year ended December 31, 2016
See Independent Accountant's Compilation Report
Revenues and Support Government grants Private grants Contributions
Total revenues and support
Expenses Program services Supporting services:
Management and general
Total expenses
Change in Net Assets
Net Assets (Accumulated Deficit) Beginning of year
End of year
85,383 73,000 3.771
162.154
145,887
50,233
196,120
(33,966)
(22,302)
$ (56,268)
See notes to financial statements.
Exhibit C
STATEMENT OF FUNCTIONAL EXPENSES
SilencelsViolence New Orleans, Louisiana
For the year ended December 31, 2016
See Independent Accountant's Compilation Report
Salaries and benefits Payroll taxes Professional fees Rent Telephone and internet Direct client support Supplies Other expenses Interest expense Insurance Advocacy Bank fees Artist payments Utilities Food Postage Grants management Repairs and maintenance
Total expenses
Program Services
Management and General Totals
$ 94,642 $ 31,547 $ 126,189 23,224 7,741 30,965
7,014 2,338 9,352 6,075 2,025 8,100 3,646 1,216 4,862 3,054 15 3,069 1,869 623 2,492 1,688 563 2,251
- 2,214 2,214 1,627 543 2,170 1,159 - 1,159
- 1,015 1,015 650 - 650 445 149 594 383 68 451 277 93 370
59 58 117 75 25 100
$ 145,887 $ 50,233 $ 196,120
See notes to financial statements.
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Exhibit D
STATEMENT OF CASH FLOWS
SilencelsViolence New Orleans, Louisiana
For the year ended December 31, 2016
See Independent Accountant's Compilation Report
Cash Flows From Operating Activities Change in net assets Adjustments to reconcile change in net assets to
net cash used in operating activities: Increase in liabilities:
Accounts payable and accrued liabilities
$ (33,966)
4.453
Net cash used in operating activities
Cash Flows From Financing Activities Proceeds from line of credit, net of repayments Loan from related party Repayments on loan from related party
(29,513)
14,365 15,000
(176)
Net cash provided by financing activities 29.189
Net Decrease in Cash (324)
Cash Beginning of year
End of year
2.789
$ 2,465
Supplemental Information Cash paid during the year for interest $ 2,214
See notes to financial statements.
Exhibit E
NOTES TO FINANCIAL STATEMENTS
SilencelsViolence New Orleans, Louisiana
December 31. 2016
Note 1 - NATURE OF ACTIVITIES
SilencelsViolence (formerly known as New Orleans Bayou Steppers Social Aid & Pleasure Club Inc.) (a non-profit organization) (the "Organization") was established on November 19, 2003. The Organization is a social enterprise whose mission is to call upon both citizens and public officials to achieve a safe New Orleans across all communities.
The Organization provides direct victim services, creative youth engagement, and public advocacy, working with clients and partners from every sector to achieve safe, just, and thriving communities.
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Basis of Accounting
The financial statements of the Organization have been prepared in conformity with accounting principles generally accepted in the United States of America, which involves the application of accrual accounting; revenues and gains are recognized when earned and expenses and losses are recognized when incurred.
b. Basis of Presentation
The Organization reports information regarding financial position and activities according to three classes of net assets: unrestricted, temporarily restricted, and permanently restricted, based on donor stipulations and restrictions placed on contributions, if any. Accordingly, net assets of the Organization and changes therein are classified and reported as follows:
Unrestricted Net Assets - Net assets that are not subject to donor-imposed stipulations.
Exhibit E (Continued)
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Basis of Presentation (Continued)
Temporarily Restricted Net Assets - Net assets subject to donor-imposed stipulations that may or will be met either by actions of the Organization and/or the passage of time. The Organization did not have any temporarily restricted net assets as of December 31, 2016.
Permanently Restricted Net Assets - Net assets subject to donor-imposed stipulations that are maintained permanently by the Organization. Generally, the donors of these assets permit organizations to use all or part of the income earned on related investments for general or specific purposes. As of December 31, 2016, the Organization did not have any permanently restricted net assets.
c. Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
d. Cash and Cash Equivalents
For the purpose of the Statement of Cash Flows, the Organization considers all highly liquid debt instruments purchased with an initial maturity of three months or less to be cash equivalents. There were no cash equivalents as of December 31,2016.
e. Promises to Give
Unconditional promises to give are recognized when the donor makes a promise to give to the Organization that is, in substance, unconditional. Conditional promises to give are recognized when the conditions on which they depend are substantially met. There was $62,500 in conditional promises to give as of December 31, 2016 which is dependent on the Organization meeting reporting and other donor requirements that are due throughout the subsequent year.
Exhibit E (Continued)
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
f. Contributions and Revenue Recognition
Contributions are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence or nature of any donor restrictions. Support that is restricted by a donor is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restrictions. When a restriction expires (that is, when a stipulated time restriction ends or a purpose restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. Donor restricted contributions whose restrictions are met in the same reporting periods are reported as unrestricted support.
g. Donated Services of Volunteers
Donated services have not been reflected in the financial statements since no objective basis is available to measure the value of such services. A substantial number of volunteers donate significant amounts of their time in program and supporting services.
h. Allocated Expenses
The costs of providing the various programs and other activities are summarized in the Statement of Functional Expenses. Certain expenses have been allocated among the programs and supporting services based on management's estimates of the costs involved.
i. Income Taxes
The Organization has received a letter of determination from the Intemal Revenue Service advising that it qualifies as a non-profit corporation under Section 501 (c)(3) of the Intemal Revenue Code, and therefore, is not subject to income tax.
Accounting standards provide detailed guidance for financial statement recognition, measurement, and disclosures of uncertain tax positions recognized in an entity's financial statements. It requires an entity to recognize the financial statement impact of a tax position when it is more likely than not that the position will not be sustained upon examination. Tax years ended December 31, 2013 and later remain subject to examination by the taxing authorities. As of December 31, 2016, management of the Organization believes that it has no
Exhibit E (Continued)
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
i. Income Taxes (Continued)
uncertain tax positions that qualify for either recognition or disclosure in the financial statements.
j. Subsequent Events
Management evaluates events occurring subsequent to the date of financial statements in determining the accounting for and disclosure of transactions and events that effect the financial statements. Subsequent events have been evaluated through June 9, 2017, which is the date the financial statements were available to be issued.
Note 3- CONCENTRATION OF CREDIT RISK
The Organization maintains cash accounts in a local financial institution. The Federal Deposit Insurance Corporation insures accounts at the financial institution up to $250,000 as of December 31, 2016. As of December 31, 2016, the Organization did not have any funds that were not insured.
Note 4- LINE OF CREDIT
The Organization entered into an unsecured line of credit with a local financial institution on April 28, 2016 that provided borrowings up to $15,000. The line of credit matured on April 27, 2017 and was not renewed. The line of credit bore interest at a rate equal to the Wall Street Journal prime rate plus 4% (7.75% as of December 31, 2016). As of December 31, 2016, the outstanding balance on the line of credit totaled $14,365.
Notes- RISK MANAGEMENT
The Organization is exposed to various risks of loss from torts; theft of, damage to, and destruction of assets; business interruption; errors and omissions; and employee injuries. Commercial insurance coverage is purchased for claims arising from such matters. There were no settlement claims that exceeded this commercial coverage during the years ended December 31, 2016.
Exhibit E (Continued)
Note 6 - BOARD OF DIRECTORS' COMPENSATION
The Board of Directors is a voluntary board. Accordingly, no compensation was paid to any Board member for the year ended December 31,2016.
Note 7 - RELATED PARTY TRANSACTIONS
As of the year ended December 31, 2016, the Organization had unsecured loans from a board member totaling $14,824. The loan does not bear interest and the loan is due on demand.
Notes- CONCENTRATION
For the year ended December 31, 2016, the majority of the Organization's revenue was derived from one private grant totaling $62,500 (39% of total revenue) and one government grant totaling $85,383 (53% of total revenue).
Note 9 - SUBSEQUENT EVENTS
On May 30, 2017, the Organization entered into a note payable in the amount of $13,771 with a local financial institution to pay off the balance due on the line of credit. The note payable bears interest at a rate of 6.5% and requires monthly payments of $270. The note payable matures on May 30, 2022.
10
Schedule 1
SCHEDULE OF COMPENSATION, BENEFITS, AND OTHER PAYMENTS TO AGENCY HEAD OR CHIEF EXECUTIVE OFFICER
SilencelsVioIence New Orleans, Louisiana
For the year ended December 31, 2016
Agency Head Name: Tamara Jackson, Executive Director
Purpose Salary $ 43,846 Benefits - insurance 0 Benefits - retirement 0 Benefits - other 0 Car allowance 0 Vehicle provided by government 0 Per diem 0 Reimbursements 0 Travel 0 Registration fees 0 Conference travel 0 Continuing professional education fees 0 Housing 0 Unvouchered expenses 0 Special meals 0_
$ 43,846
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SCHEDULE OF FINDINGS AND RESPONSES
SilencelsViolence New Orleans, Louisiana
For the year ended December 31, 2016
Section I - Summary of Independent Accountant's Compilation Report
a) Financial Statements
A standard compilation report was issued.
Noncompliance material to financial statements noted? Yes X No
b) Federal Awards
The Organization did not expend Federal awards in excess of $750,000 during the year ended December 31.2016.
Section II - Internal Control Over Financial Reporting and Compliance and Other Matters Material to the Basic Financial Statements
Internal Control Over Financial Reporting
No financial reporting findings material to the basic financial statements were reported during the compilation of the financial statements for the year ended December 31, 2016.
Compliance and Other Matters
No financial reporting findings material to the basic financial statements were reported during the compilation of the financial statements for the year ended December 31, 2016.
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MANAGEMENT'S CORRECTIVE ACTION PLAN
SilencelsViolence New Orleans, Louisiana
For the year ended December 31, 2016
Section I - Internal Control Over Financial Reporting and Compliance and Other Matters Material to the Basic Financial Statements
Internal Control Over Financial Reporting
No financial reporting findings material to the basic financial statements were reported during the compilation of the financial statements for the year ended December 31,2016.
Compliance and Other Matters
No financial reporting findings material to the basic financial statements were reported during the compilation of the financial statements for the year ended December 31, 2016.
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