Accrual Basis Wednesday, April 6, 2022 10:41 AM GMT-07:00 1/1 Surfing for Hope Foundation
Balance Sheet
As of December 31, 2020
TOTAL
ASSETS
Current Assets
Bank Accounts
PURE STOKE CAMP FUND (3851)13,929.79
SURFING FOR HOPE (7839)58,884.82
Total Bank Accounts $72,814.61
Other Current Assets
Uncategorized Asset 0.00
Total Other Current Assets $0.00
Total Current Assets $72,814.61
TOTAL ASSETS $72,814.61
LIABILITIES AND EQUITY
Total Liabilities
Equity
Opening Balance Equity 0.00
Owner's Investment 0.00
Retained Earnings 65,190.64
Net Income 7,623.97
Total Equity $72,814.61
TOTAL LIABILITIES AND EQUITY $72,814.61
Accrual Basis Wednesday, April 6, 2022 10:43 AM GMT-07:00 1/1 Surfing for Hope Foundation
Profit and Loss
January - December 2020
TOTAL
Income
Event Income 18,236.00
General Donation 3,100.00
Sales 720.00
sponsorship 30,600.00
Uncategorized Income 14,100.00
Total Income $66,756.00
GROSS PROFIT $66,756.00
Expenses
Advertising & Marketing 1,231.58
Andy Salary 18,000.00
Bank Charges & Fees 393.44
Charitable Contribution 13,660.76
Event expense -1,157.04
PURE STOKE CAMP expense 14,179.47
Stu - Surf Lessons 3,806.00
Total Event expense 16,828.43
Insurance 878.69
Legal & Professional Services 4,440.00
Meals & Entertainment 317.57
Office Supplies & Software 2,718.68
Repairs & Maintenance 250.00
Taxes & Licenses 414.12
Total Expenses $59,133.27
NET OPERATING INCOME $7,622.73
Other Income
Interest 1.24
Total Other Income $1.24
NET OTHER INCOME $1.24
NET INCOME $7,623.97
Oct '21 - Mar '22
Net Income 1,174.97
Surfing For Hope
05/06/22 Profit and Loss Standard
October 2021 through March 2022
PO Box 14309
San Luis Obispo, CA 93406
Tel. 805-541-1234
[email protected]
unitedwayslo.org
BOARD OF DIRECTORS
Officers
Jeff Hamm
Chair
Jeff Brown
Treasurer/Secretary
Trish Avery Caldwell
Vice Chair,
Community Impact
Noah Clausen
Youth Board President
Cliff Stepp
Vice Chair, Marketing
Natasha Mercurio
Director at Large
Directors
Jennifer Cusack
Michael Hicks
Greg Gillett
Chief Executive Officer
Rick London
LIVE UNITED
Give. Advocate. Volunteer.
April 26, 2022
City of Pismo Beach
Attn: Julia Goodman
760 Mattie Road
Pismo Beach, CA 93449
[email protected]
RE: City of Pismo Beach - Outside Agency Funding Application for FY 2023
Per the City of Pismo Beach’s invitation, we are writing to formally request funding for 211SLO, which is managed by United Way of SLO County.
211 San Luis Obispo County is a free, 24-hour, multi-lingual and confidential service connecting local individuals and families to crucial information and services especially during times of crisis, like with the COVID-19 pandemic or the PG&E Public Safety Power Shutoff (PSPS) events. When someone dials 211, they reach knowledgeable, bilingual resource specialists with the tools to refer them to over 1,100 agencies and 2,400 active local health and human services programs. Resource Specialists help callers get the assistance they need, whether it’s updated COVID-19 information, vaccine appointments, housing support services, food support, connection to crisis counselors, or referrals for veteran’s programs. This service helps the Pismo Beach City Council meet its Fiscal Year 2023 Goal #2: Public Safety and Goal #4: Community Character and Quality of Life for Residents and helps to meets the City’s Vision of “Providing a safe place” for its residents and visitors.
In FY 2021, 211 SLO County received 7,633 calls, received 54 text messages and sent 815 referrals for resources via text messaging; and our online database, available to the public at 211slo.org, was visited by over 4,806 unique IP addresses. This is as many requests for referrals received in the prior COVID year, resulting in increased costs to provide quality service continuity. Overall, in 2020-2021, 211 SLO County provided 12,493 requests for referrals to critical health and human service resources in SLO County, an 8% increase over the previous year.
Approximately 28% of callers from known South County zip codes call 211. In 2020-2021, callers from the City of Pismo Beach requested referrals to vital services such as COVID-19 information, homeless shelters, housing, in home supportive services, mental health assistance, legal aid, food support, utility assistance, transportation and more.
One caller stated, "I’ve called 211 a few times before and what a valuable community resource. I am grateful I found out about it.” We find this same sentiment echoed across the majority of all users.
P.O. Box 14309
San Luis Obispo, CA 93406
Tel. 805-541-1234
Fax 805-543-5317
[email protected]
unitedwayslo.org
BOARD OF DIRECTORS
Officers
Jeff Hamm
Chair
Jeff Brown
Treasurer/Secretary
Trish Avery Caldwell
Vice Chair,
Community Impact
Noah Clausen
Youth Board President
Cliff Stepp
Vice Chair, Marketing
Natasha Mercurio
Director at Large
Directors
Jennifer Cusack
Michael Hicks
Greg Gillett
Chief Executive Officer
Rick London
LIVE UNITED
Give. Advocate. Volunteer.
United Way of San Luis Obispo County has shifted our focus since the start of the pandemic to supporting local nonprofits who provide direct relief to those most vulnerable and impacted by the pandemic. In May 2020 began the work of foregrounding our work in Equity, Diversity, and Inclusion. We launched a new initiative aimed at bringing Equity, Diversity and Inclusion information and resources to our community and fighting structural inequality wherever we find it. Also, we have had to pivot in another way by, restructuring our in-person programs to fit within a virtual environment. This, of course, has presented us with a new set of challenges. In spite of the many challenges that continue, we remain committed to advancing our mission of safeguarding the future of our community by fighting for the health, financial stability and education of every person in SLO County.
We are grateful for this opportunity and respectfully request an increased grant award of $10,000 from the City of Pismo Beach for 211 SLO County for FY 2022- 2023. These funds will enable us to meet the on-going increased use of 211 and the increased cost of staffing due to the rise in minimum wage over the past few years. We sincerely appreciate your past and future support. Please let me know if you have any questions or would like additional information.
Sincerely,
Rick London
Chief Executive Officer
UNITED WAY of
SAN LUIS OBISPO COUNTY
INDEPENDENT AUDITOR’S REPORT
AND
FINANCIAL STATEMENTS
For the Year Ended
June 30, 2021
UNITED WAY OF SAN LUIS OBISPO COUNTY
Independent Auditor’s Report and Financial Statements
For the Year Ended June 30, 2021
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITOR’S REPORT ................................................................................ 2
FINANCIAL STATEMENTS
Statements of Financial Position ......................................................................................... 3
Statements of Activities ........................................................................................................ 4
Statements of Changes in Net Assets ................................................................................. 5
Statements of Functional Expenses .................................................................................... 6
Statements of Cash Flows ................................................................................................... 7
NOTES TO THE FINANCIAL STATEMENTS .............................................................. 8 – 16
Independent Auditor's Report
To the Board of Directors and Management
United Way of San Luis Obispo County
San Luis Obispo, California
I have audited the accompanying financial statements of United Way of San Luis Obispo County (a non-profit organization) which comprise the statement of financial position as of June 30, 2021, and the related statements of activities, changes in net assets, functional expenses, and cash flows for the year 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
My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I 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 judgment, including the assessment of risks of material misstatement of the financial statement, 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, I 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.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Opinion
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of United Way of San Luis Obispo County as of June 30, 2021, and the changes in its net assets and its cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America.
CROSBY COMPANY
Certified Public Accountant
San Luis Obispo, California
August 31, 2021
C ROSBY C OMPANY, CERTIFIED PUBLIC ACCOUNTANT
1457 MARSH STREET, SUITE 100 - SAN LUIS OBISPO, CA 93401 PHONE: (805)543-6100 FAX: (805)858-9505
2021 2020
ASSETS
Unrestricted Restricted Total Total
Current assets:
Cash and cash equivalents 499,608$ 18,769$ 518,377$ 424,011$ Accounts receivable 4,882 4,882 16,269 Pledges receivable, net of allowance for uncollectible
pledges of $20,784 and $9,208, respectively.63,366 63,366 62,792 Investments 159,605 159,605 132,591
Prepaid expenses 6,530 6,530 8,066
Other Assets 5,233 5,233 3,295
Total current assets 675,858 82,135 757,993 647,024 Equipment:
Equipment and software, net of accumulated depreciation of $20,397 and $18,502, respectively.2,761 2,761 4,656 Total assets 678,619$ 82,135$ 760,754$ 651,680$
LIABILITIES AND NET ASSETS
Current liabilities:
Accounts payable 65,565$ -$ 65,565$ 64,117$ Accrued vacation payable 17,291 17,291 12,770 Due to designated agencies payable 12,853 12,853 6,585 Deferred revenue 132,568 132,568 128,407
Total current liabilities 215,424 12,853 228,277 211,879 Other liabilities:
Funds due to others 68,632 68,632 55,313 Total liabilities 215,424 81,485 296,909 267,192 Net assets:
Unrestricted
Appropriated - emergency reserves 200,000 200,000 200,000 Appropriated - Community Foundation 98,137 98,137 82,673 Appropriated - Imagination Library 24,832 24,832 28,740 Unappropriated (deficit)140,226 140,226 67,738 Temporarily restricted - - 4,687
Permanently restricted 650 650 650
Total net assets 463,195 650 463,845 384,488 Total liabilities and net assets 678,619$ 82,135$ 760,754$ 651,680$ The accompanying notes are an integral part of the financial statements - 3 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Statements of Financial Position
June 30, 2021
(With comparative totals for June 30, 2020)
2020
Temporarily
Support and revenue:Unrestricted Restricted Total Total Campaign results applicable to current period
Contributions received-current period 950,464$ 950,464$ 825,635$ Contributions received-prior periods (released
from restriction)72,000 (72,000)
Allowance for uncollectible pledges-prior periods
(released from restriction)(9,208) 9,208
Campaign results received for next allocation period 84,150 84,150 72,000 Less allowance for uncollectible pledges
(current period)(20,784) (20,784) (9,208) Donations - disaster relief 623,200
Net assets released from restrictions 5,261 (5,261) Gross campaign results 1,018,517 (4,687) 1,013,830 1,511,627 Campaign adjustments applicable to current period
Less designated contributions (764,733) (764,733) (1,204,492) Net campaign revenue 253,784 (4,687) 249,097 307,135 Other revenue
Interest income 1,842 1,842 3,045
Grant and special event income 168,521 168,521 197,737 Grant - Paycheck Protection Program 96,500 96,500 56,500 Donations - trusts 7,359 7,359 7,066 Donations - in-kind 94,043 94,043 33,849 Gain (loss) on investments 15,078 15,078 (58) Total other revenue 383,343 - 383,343 298,139 Total support and revenues 637,127 (4,687) 632,440 605,274 Allocations and functional expenses:
Funds allocated to agencies - - 75,000
Funds to designated agencies 764,733 764,733 1,204,492 Less designated distributions (764,733) (764,733) (1,204,492) Functional expenses
Program services 379,502 379,502 363,097
Management and general 58,739 58,739 72,143 Fundraising 114,842 114,842 117,362
Total expenses 553,083 - 553,083 627,602
Change in net assets:84,044$ (4,687)$ 79,357$ (22,328)$ 2021
UNITED WAY OF SAN LUIS OBISPO COUNTY
Statements of Activities
For the Year Ended June 30, 2021
(With comparative totals for June 30, 2020)
The accompanying notes are an integral part of the financial statements - 4 -
Temporarily Permanently
Unrestricted Restricted Restricted Total
Net assets - June 30, 2019:331,846$ 74,320$ 650$ 406,816$ Change in net assets 47,305 (69,633) (22,328) Net assets - June 30, 2020:379,151 4,687 650 384,488 Change in net assets 84,044 (4,687) 79,357 Net assets - June 30, 2021:463,195$ -$ 650$ 463,845$
UNITED WAY OF SAN LUIS OBISPO COUNTY
Statements of Changes in Net Assets
For the Year Ended June 30, 2021
(With comparative totals for June 30, 2020)
The accompanying notes are an integral part of the financial statements - 5 -
2021 2020
Program Management Fund-
Services & General Raising Total Total
Salaries and benefits:
Salaries 142,404$ 37,351$ 66,403$ 246,158$ 225,501$ Payroll tax 12,489 3,250 5,793 21,532 19,752 Workers' compensation insurance 578 381 548 1,507 890 Employee benefits 9,034 1,564 7,800 18,398 19,493 Total salaries and benefits 164,505 42,546 80,544 287,595 265,636 Services and supplies:
Special programs and contract services 142,630 142,630 166,121 Bank charges 1,854 1,854 2,055
Bookkeeping/audit services 5,750 5,750 5,500 Campaign materials 195 195 2,598
Dues and subscriptions 1,315 1,315 1,693 Field expense 954 954 1,024
Liability insurance 1,117 289 547 1,953 2,134 Office supplies 3,933 1,017 1,925 6,875 12,615 Pension - 1,228
Postage 833 215 407 1,455 2,584
Public information 23,360 15,573 38,933 23,475 Rent 11,310 2,925 5,537 19,772 23,638 Repairs, maintenance and technical support 9,401 2,431 4,604 16,436 18,094 Telephone 4,678 1,210 2,290 8,178 5,147 Training and meeting expense 857 222 420 1,499 3,466 United Way Worldwide 15,794 15,794 13,305 Total services and supplies 213,913 15,913 33,767 263,593 284,677 Total expenses before depreciation 378,418 58,459 114,311 551,188 550,313 Depreciation 1,084 280 531 1,895 2,289 Total functional expenses 379,502$ 58,739$ 114,842$ 553,083$ 552,602$
UNITED WAY OF SAN LUIS OBISPO COUNTY
Statements of Functional Expenses
For the Year Ended June 30, 2021
(With comparative totals for June 30, 2020)
The accompanying notes are an integral part of the financial statements - 6 -
2021 2020
Total Total
Cash flows from operating activities:
Change in net assets 79,357$ (22,328)$
Adjustments to reconcile change in net assets to net cash provided (used) by operating activities:
Depreciation 1,895 2,289
Increase (decrease) in allowance for uncollectible pledges 11,576 (5,708) (Gain) loss on investments (15,078) 58
Change in certain operating assets and liabilities:
(Increase) decrease in accounts receivable 11,387 (12,860) (Increase) decrease in pledges receivable (12,150) 22,513 (Increase) decrease in prepaid expenses 1,536 5,158 (Increase) decrease in other assets (1,938) (1,068) Increase (decrease) in accounts payable 1,448 14,496 Increase (decrease) in accrued vacation payable 4,521 2,296 Increase (decrease) in due to designated agencies payable 6,268 (1,568) Increase (decrease) in deferred revenue 4,161 70,127 Increase (decrease) in funds due to others 13,319 (24,057) Net cash flows provided (used) by operating activities 106,302 49,348 Cash flows from investing activities:
Investment (increase) decrease (11,936) 104,012
Net cash flows provided (used) by investing activities (11,936) 104,012 Net change in cash and cash equivalents:94,366 153,369 Cash and cash equivalents at beginning of period:424,011 270,642 Cash and cash equivalents at end of period:518,377$ 424,011$ Supplemental information:
No cash was paid for interest or taxes for the years ended June 30, 2021 and 2020.
UNITED WAY OF SAN LUIS OBISPO COUNTY
Statements of Cash Flows
For the Year Ended June 30, 2021
(With comparative totals for June 30, 2020)
The accompanying notes are an integral part of the financial statements - 7 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 1: ORGANIZATION
United Way of San Luis Obispo County (UWSLOC) is an independent nonprofit public benefit corporation governed by a Board of local volunteers, affiliated by membership with United Way Worldwide but addressing local needs as determined by the local communities. By encouraging community members to give, advocate and volunteer, UWSLOC seeks to highlight critical health and human service issues and to focus support and contributions where the need is greatest in the community. Our mission is to improve lives by mobilizing the caring power of our community. Our vision is to build a stronger healthier, more compassionate community in San Luis Obispo County by focusing on three areas – education, income and health.
UWSLOC partners with local agencies, businesses, service organizations, governments, neighborhoods and individuals, drawing together diverse collaborations of stakeholders to work towards eliminating the root causes that perpetuate unacceptable social issues.
Continuous fundraising efforts, on behalf of the Community Impact Fund, provide grants annually to nonprofit programs based in San Luis Obispo County that align with three areas of impact. By concentrating on these initiatives and their objectives, UWSLOC and other local nonprofits are able to advance the common good by making long-lasting changes and increasing the quality of life for County residents.
UWSLOC remains committed to work towards and funding the establishment of programs that focus on prevention and to continue to be dedicated to providing a safety net for local agencies through emergency funding requests. All grant proposals and emergency funding requests are reviewed by community volunteers and approved by the UWSLOC Board of Directors. United Way also conducts its fundraising campaigns to support contributions to local, national and international nonprofit agencies on behalf of donors who wish to designate their gifts.
UWSLOC has been determined to be tax exempt pursuant to the provisions of the Internal Revenue Code 501(c)(3), and the California revenue and Taxation Code, Section 23701(d). The original agency was established in 1958 as Associated in Group Donors and was incorporated as United Way of San Luis Obispo County in 1988.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of UWSLOC have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) on the accrual basis of accounting and, accordingly, reflect all significant receivables, payables and other liabilities.
See Auditor's report
- 8 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Basis of Presentation
The financial statements are presented in accordance with the provisions of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958, Not- For-Profit Entities. Under ASC 958, the chapter is required to report information regarding its financial position and activities in three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.
Unrestricted net assets are net assets not subject to donor-imposed restrictions or law.
Temporarily restricted net assets are net assets subject to donor-imposed restrictions that can be fulfilled by actions of the Organization pursuant to those restrictions or that expire by the passage of time. Temporarily restricted resources whose restrictions are met in the same reporting periods are recorded as unrestricted.
Permanently restricted net assets are net assets subject to donor-imposed restrictions that the gift cannot be wholly expended on a current basis. Investment returns generated from these funds are available for general support of the Organization’s programs and operations unless otherwise stipulated by the donor.
Contributions
All contributions are considered to be available for unrestricted use unless specifically restricted by the donor. All pledges receivable and amounts received that are restricted for future periods or donor-restricted for specific purposes are reported as temporarily- restricted. Contributions received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily or permanently restricted support that increases those net asset classes. When a donor restriction expires, that is, when a stipulated time restriction ends or 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 period are reported as unrestricted support.
See Auditor's report
- 9 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fair Value Measurements
UWSLOC follows guidance issued by the FASB on fair value measurements, which establishes a framework for measuring fair value, clarifies the definition of fair value within that framework, and expands disclosures about the use of fair value measurements. This guidance applies whenever fair value is the applicable measurement. This guidance establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair values into Levels 1, 2, and 3.
Level 1 inputs consist of unadjusted quoted prices in active markets for identical instruments and have the highest priority. Level 2 inputs include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable. Level 3 inputs are unobservable and are given the lowest priority.
For purposes of financial reporting, UWSLOC has determined that the fair values of its financial instruments, which include cash equivalents, investments, accounts receivable and accounts payable, approximate the carrying values at June 30, 2021, based on their short maturities and/or the terms available to the Organization in financial markets.
Estimates
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles require management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents include cash held in checking and money market accounts, time deposits, certificates of deposit and all highly liquid investments with original maturities of three months or less.
See Auditor's report
- 10 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Investments
Investments in marketable securities with readily determinable fair values and all investments in debt securities are reported at their fair values in the statement of financial position. Unrealized gains and losses are included in the change in net assets.
Accounts Receivable
Management has determined that an allowance for doubtful accounts receivable would be zero based on the organization’s credit policies, prior collection experience, and the type of customers associated with United Way of San Luis Obispo County.
Pledges receivable are recorded for each donor as a current receivable, net of allowance for uncollectible pledges.
Equipment
Equipment is recorded at cost or at fair value at the date of donation in the case of donated assets. UWSLOC provides for depreciation of equipment by use of the straight- line method over the estimated useful lives as follows:
Furniture, fixtures and equipment
5 years
Contributions of long-lived assets, or of cash or other assets that must be used to acquire long-lived assets, are reported as increases in temporarily restricted net assets.
Restrictions are considered met, and an appropriate amount reclassified to unrestricted net assets, over the useful life of the long-lived assets as determined by the Organization’s depreciation policy.
Deferred Revenue
Program amounts collected prior to the fiscal year to which they apply are deferred and recognized over the periods to which they relate.
See Auditor's report
- 11 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Expense Allocation
The costs of providing various programs and other activities have been summarized on a functional basis in the Statement of Activities and the Statement of Functional Expenses.
Accordingly, certain costs have been allocated among the programs and supporting services benefited.
Tax Status
United Way of San Luis Obispo County is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. In addition, the Organization qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an Organization that is not a private foundation under Section 509(a)(2). The Organization is also exempt from state income taxes under Section 23701(d) of the Revenue and Taxation Code of the State of California.
The Organization has applied the provisions of the FASB’s ASC 740-10, Accounting for Uncertainty in Income Taxes. Under ASC 740-10, nonpublic enterprises, including nonprofit organizations, are required to record a tax liability when substantial uncertainties exist as to whether certain income is exempt from federal, state and local income tax. As of June 30, 2020, the Organization had no substantial uncertain income tax positions.
Concentrations of Credit and Market Risk
Financial instruments that potentially expose the Organization to concentrations of credit and market risk consist primarily of cash and cash equivalents. Cash and cash equivalents are maintained at high-quality financial institutions and accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. The Organization has not experienced any losses on its cash or cash equivalents.
Comparative Financial Information
The financial statements include certain prior-year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with U.S. GAAP. Accordingly, such information should be read in conjunction with the Organization’s financial statements for the year ended June 30, 2020, from which the summarized information was derived.
See Auditor's report
- 12 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 3: CASH AND CASH EQUIVALENTS
Cash and cash equivalents at June 30, 2021 consisted of the following accounts:
Cash on hand $ 100
Checking accounts:
Wells Fargo – Operating 134,284
Pacific Premier – Checking 59,096
Pacific Western Bank – Checking 168,140
Union Bank – Checking 25,264
Total checking accounts 386,784
Savings accounts:
Wells Fargo – Money Market 50,709
Bank of Sierra – Money Market 26,455
Bank of America – Money Market 54,329
Total savings accounts 131,493
Total cash and cash equivalents $ 518,377
NOTE 4: INVESTMENTS
Investments are reported at fair market value, which is based on quoted market prices at June 30, 2021. Investments consist of the following:
Types of investments
Current investments
Mutual funds $ 61,468
Investment pool with community foundation 98,137
Total investments $ 159,605
Securities are generally held in custodial investment accounts administered by certain financial institutions. The fair value of investments in securities traded on national security exchanges is valued at the closing price on the last business day of the year.
Realized gains or losses on the sale of marketable securities are calculated using the specific-identification method. Unrealized gains and losses represent the change in the fair market value of the individual investments for the year or since the acquisition date if acquired during the year.
See Auditor's report
- 13 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 5: EQUIPMENT
Summaries of fixed assets by major classifications are as follows:
Depreciation
Equipment Expense Totals
Balance at July 1, 2020 $ 23,158 $ 18,502 $ 4,656
Additions - 1,895
Deletions - -
Balance at June 30, 2021 $ 23,158 $ 20,397 $ 2,761
NOTE 6: VACATION PAYABLE
United Way of San Luis Obispo County has accrued a liability for vacation leave earned but not taken by staff employees in the amount of $12,291 for June 30, 2021. This accrual was calculated based on actual vacation days earned and applied to the individuals' hourly rate.
NOTE 7: LEASE COMMITMENTS
The Organization renewed the lease agreement starting on May 1, 2021 for the administration offices. Rent expense is now computed and payable on a month-to-month basis.
See Auditor's report
- 14 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 8: UNITED WAY WORLDWIDE
United Way Worldwide provides support services to United Way of San Luis Obispo County for a fee. These support services include legal advice, marketing, personnel, training, advertising and campaign materials. Less than 1.5% of the announced campaign total is spent on these services.
NOTE 9: DONATED MATERIALS AND SERVICES
The United Way of San Luis Obispo County receives numerous donations of time and services from members of the community and volunteers. The value of these donations is reflected in the accompanying financial statements when an objective basis is available to measure the value of such services. In kind donations of fixed assets and supplies used directly by the Organization are recorded and valued at their appraised values at the time of the receipt.
The total in-kind donations received for the year ended June 30, 2021 and 2020 were $94,043 and $33,849, respectively.
In addition, the United Way of San Luis Obispo County also received approximately $194,525 in public service announcement airtime from various contributors, for the year ended June 30, 2021. Approximately 18% of this airtime was used to promote the United Way’s mission and initiatives and was recorded as an in-kind donation.
Many contributions made to the United Way of San Luis Obispo County, are made with restrictions established by the donor. Generally, these restrictions specify the charitable `organization to receive the funds (a designated donation), or how the funds are to be disbursed. The donor is made aware that a specified percentage of the money pledged is to be used to increase resources available for Community Impact Fund.
NOTE 10: COVID-19 DISASTER RELIEF AND DONATIONS
During the ongoing COVID-19 pandemic, United Way of San Luis Obispo County received several disaster donations and an SBA PPP (Paycheck Protection Program) Loan/Grant for the disaster assistance. These unusual donations and grant are not subject to the United Way Worldwide dues and were a major, favorable influence on computing the functional expense percentages reported in Note 11.
See Auditor's report
- 15 -
UNITED WAY OF SAN LUIS OBISPO COUNTY
Notes to the Financial Statements
June 30, 2021
NOTE 11: FUNCTIONAL EXPENSES
United Way of San Luis Obispo County programs and services, as identified by the United Way Worldwide Services Identification System, include but are not limited to: Allocating and Agency Relations (including Donor Option services), Information and Referral Service, Public Education, and Promotion of Volunteerism (including recruitment and referral/placement). Related program and service support includes: comprehensive planning and development, research and information dissemination, policy planning, programs development, programs coordination, standard setting and monitoring, and material resources provision. Management determined, in the current year, that a portion of the finance department compensation should also be allocated to related program and service support.
Total management & general, and fund-raising functional expenses as a percent of total campaign results and other revenue for the years ended June 30, 2021 and 2020, are as follows:
2021 2020
Management and general 4.20% 3.99%
Fund-raising 8.22% 6.48%
Totals 12.42% 10.47%
NOTE 12: SUBSEQUENT EVENTS
United Way of San Luis Obispo County has evaluated events subsequent to June 30, 2021, to assess the need for potential recognition or disclosures in the financial statements. Such events were evaluated through August 31, 2021, the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no other subsequent events occurred that require recognition or additional disclosure in the financial statements.
United Way of San Luis Obispo County may be affected by the recent and ongoing outbreak of the coronavirus disease 2019 (COVID-19) which was declared a pandemic by the World Health Organization in March 2020. The ultimate disruption which may be caused by the outbreak is uncertain; however, it may result in a material adverse impact on the Organization’s financial position, operations and cash flows.
See Auditor's report
- 16 -