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Lafayette Habitat For Humanity, Inc. ... Lafayette Habitat for Humanity, Inc. Lafayette, Louisiana 183 South Beadle Rd. Lafayette, LA 70508 Phone (337) 232^141 Fax (337) 232-8660 113

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  • LAFAYETTE HABITAT FOR HUMANITY, INC.

    Financial Report

    Year Ended June 30, 2016

  • CONTENTS

    Page

    INDEPENDENT AUDITORS' REPORT 1-2

    FINANCIAL STATEMENTS

    Statement of fmmicial position 4

    Statement of activities 5

    Statement of cash flows 6

    Notes to financial statements 7-15

    SUPPLEMENTARY INFORMATION

    Statement of functional expenses 17-18

    INTERNAL CONTROL, COMPLIANCE AND OTHER MATTERS

    Independent Auditors' Report on Internal Control Over Financial Reporting And On Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 20-21

    Summary schedule of current and prior year audit findings and management's corrective action plan 22

  • C, Burton Kolder, CPA* Russell F. Champagne, CPA* Victor R. SIffven, CPA* Gerald A Thibodeaux, Jr., CPA* Robert S. Carter, CPA* Arthur R. hCxon, CPA* Brad E. Kolder, CPA JD* Stephen J. Anderson, CPA* Penny Angelle Scruggins, CPA Christine C. Doucet, CPA WandaF. Arcement CPA CVA Bryan K. Joubert CPA MatdiewE. Margaglio, CPA

    KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS

    OFFICES

    Casey L. Ardoin, CPA Abert R. Leger, CPAPFS.CS A* Marshall W, Guidry, CPA Stephen R Moore, Jr.. CPAPFS,CFP*,ChFC** James R Roy, CPA Robert J. M^ CPA Aan M. Taylor, CPA Kelly M. Doucet, CPA Mandy B. Self, (^A Paul L. Ddoambre, Jr., CPA JaneR Kebett CPA DeidreL. Stock, CPA Karen V. Fontenot, CPA TabbyALeMay.CPA

    * AProfesslonal Acconntiiig Coipoiation

    INDEPENDENT AUDITORS' REPORT

    To the Board of Directors of Lafayette Habitat for Humanity, Inc. Lafayette, Louisiana

    183 South Beadle Rd. Lafayette, LA 70508 Phone (337) 232^141 Fax (337) 232-8660

    113 EastBridge SL Breaux Bridge, LA 70517 Phone (337) 332-4020 Fax (337) 332-2867

    1234 David Dr. Ste203 Morgan City, LA 70380 Phone (985) 384-2020 Fax (985) 384-3020

    434 East Mdn Street Ville Platte, LA 70586 Phone (SS'O 363-2792 Fax (337) 363-3049

    332 West Sixth Avenue Oberlin, LA 70655 Phone (337) 639-4737 Fax (337) 639-4568

    450 East Main Street New Iberia, LA 70560 Phone (337) 367-9204

    Fax (337) 367-9208

    200 South Main Street Abbeville, LA 70510

    Phone (337) 893-7944 Fax (337) 893-7946

    1013 Main Stred Franklin. LA 70538

    Phone (337) 828-0272 Fax (337) 828-0290

    133 EastWaddilSt. MarksviUeLA7I351

    Phone (318) 253-9252 Fax (318) 253-8681

    1428 Metro Drive Aexandria, LA 71301 Phone (318) 442-4421

    Fax (318) 442-9833

    WEBSITE WWW.KCSRCPAS.COM

    Retired: Conrad O. Chapman, CPA* 2006

    Report on the Financial Statements

    We have audited the accompanying financial statements of Lafayette Habitat for Humanity, Inc. (a nonprofit organization), which comprise the statement of financial position as of June 30, 2016, and the related statements of activities 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 intemal control relevant to die preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

    Auditors' Responsibility

    Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits 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 from material misstatement.

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosmes in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the fmancial statements, whether due to fraud or error, hi making those risk assessments, the auditor considers intemal 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 die effectiveness of the entity's intemal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used mid 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.

    Member of: AMERICAN mSTmiTB OF CERTIFIED PUBLIC ACCOUNTANTS

    Member of: SOdETY OF L0UISIAN4

    CERTIFIED PUBLIC ACCOUNTANTS

  • Opinion

    In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lafayette Habitat for Humanity, Inc. as of June 30, 2016 and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

    Emphasis of Matter

    As discussed in Note 12 to the financial statements, the Organization had a prior period adjustment. Our opinion is not modified with respect to this matter.

    Other Matters

    Other Information

    Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule of functional expenses on pages 17 and 18 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived fi"om and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the 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 financial statements as a whole.

    Other Reporting Required by Government Auditing Standards

    In accordance with Government Auditing Standards, we have also issued our report dated September 29, 2016, on our consideration of Lafayette Habitat for Humanity, Inc's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Lafayette Habitat for Humanity, Inc's internal control over financial reporting and compliance.

    KOLOER, CHAMPAGNE, SLAVEN& COMPANY, LLC Certified Public Accountants

    Lafayette, Louisiana September 29,2016

  • FINANCIAL STATEMENTS

  • LAFAYETTE HABITAT FOR HUMANITY, INC.

    Statements of Financial Position June 30,2016

    ASSETS Current assets:

    Cash and cash equivalents- Unrestricted $ 31,594 Reserved for escrow deposits 40,865

    Accounts receivable 21,818 Pledges receivable, net 44,909 Mortgage notes receivable, net 78,044 Inventories 457,399 Prepaid expenses 21,394 Other current assets 11,543

    Total current ^sets 707,566

    Property and equipment, net of accumulated depreciation 662,103

    Other assets: Pledges receivable, net 69,347 Mortgage notes receivable, net 1,372,413

    Total other assete 1,441,760

    Total assets $ 2,811,429

    LIABILITIES AND NET ASSETS Current liabilities:

    Accounts payable $ 63,405 Accrued payroll and related liabilities 17,962 Other current liabilities 2,239 Escrow payable 13,916 Line of credit 230,776 Current maturities of long-term debt 15,538

    Total current liabilities 343,836

    Noncurrent liabilities: Long-term debt, less current portion 257,205

    Total liabilities 601,041

    Net assets: Unrestricted 1,945,350 Temporarily restricted 265,038

    Total net assets 2,210,388

    Total liabilities and net assets $ 2,811,429

    See notes to financial statemente.

  • LAFAYETTE HABITAT FOR HUMANITY, INC.

    Statement of Activities Year Ended June 30,2016

    Support, revenues, and reclassifications: Public support -

    Contributions and grants Services and materials

    Total public support Sales to homeowners Amortization of discount on mortgage loans Gain on sale of mortgages Restore Other income

    Net assets released from restrictions

    Total support, reve

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