Note 2: Summary of Significant Accounting Policies (Continued) option, (2) terminate the lease if the Company is reasonably certain not to exercise that option, and (3) extend, or not to terminate, the lease in which exercise of the option is controlled by the lessor.
The operating lease right -of -use assets also include any lease payments made and exclude lease incentives received or receivable. Lease expense is recognized on a straight-line basis over the expected lease term. Variable lease expenses are recorded when incurred. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Note 3: Liquidity and Availability
Financial assets available for general expenditures, that is, without donor or other restrictions limiting their use, within one year of the balance sheet date, comprise the following:
Cash and cash equivalents
Contributions and grants receivable
Interest receivable
Notes and accrued interest receivable, current portion
Less:
Cash and cash equivalents to support program net asset restrictions Cash and cash equivalents to support program commitments $ 2,569,728
42,325
23,476
2,984,421
(40,201)
(4,657,575)
$ 922,174
The Organization has an operating reserve policy and occasionally the Board designates a portion of any operating surplus to its operating and loan loss reserves. The Organization has established a board designated reserve of net assets of $325,000 for potential operating losses at December 31, 2022, which in management's opinion would be sufficient to cover any potential losses, including any losses on interest receivables, lower grant revenues than budgeted, and greater expenses than budgeted. In addition, the Organization has a board restriction on $850,000 of unrestricted net assets for future loan losses. See Note 2 and Note 9.
The current contributions and grants receivable balance of $42,325 consist of a contracts and grants with the County of San Luis Obispo. These balances as well as accounts receivable, interest receivable and notes and accrued interest receivable, current portion are expected to be collected in 2023.
The Organization has been awarded various state and local grants that will provide a total of $3,106,895 in revenue when the Organization funds the loans that have been identified under the terms of the grants. See Note 7. 15 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 3: Liquidity and Availability (Continued)
The Organization has seven lines of credit, see Note 5. At December 31, 2022, only $4,487,992 was outstanding on all lines of credit with a remaining borrowing capacity of $4,262,008. As part of its liquidity management, the Organization has a policy to structure its notes receivable so that maturities generally correspond with the maturity dates of its loans payable to ensure adequate cash to satisfy its financial obligations.
The Organization has investment policies which allow a portion of its cash to be invested for up to 24 months based on anticipated need or use. In practice, the majority of the Organization's cash has been placed in money market and savings accounts at banks and credit unions.
Note 4: Notes and Accrued Interest Receivable
At December 31, 2022, notes and accrued interest receivable consisted of the following:
Loan #5001, collateralized by deed of trust, with a fixed interest rate of 4.25%, payable in monthly installments of principal and interest at $1,575, with the final payment due July 2025. $ 46,166
Loan #5013, collateralized by deed of trust, with a fixed interest rate of 5.50%, payable in 179 monthly installments of principal and interest at $1,990, with one final payment estimated at $244,243 due July 2027. 283,115 Loan #5014, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, payable in one installment of principal and interest due December 2031. 280,880 Loan #5016, collateralized by deed of trust, with a simple fixed interest rate of
5.00%, payable in one installment of principal and interest due December 2023. 276,293 Loan #5020, collateralized by deed of trust, with a fixed interest rate of 5.50%, payable in 179 monthly installments of principal and interest at $852, with one final payment estimated at $104,700 due May 2029. 129,656 Loan #5023, collateralized by deed of trust, with a simple fixed interest rate of
4.50%, payable in one installment of principal and interest due June 2023. 559,416 Loan #5026, collateralized by deed of trust, with a simple fixed interest rate of
4.00% to be accrued, with annual payments of 50% of residual receipts beginning May 2017 and one final principal and interest payment due December 2036.
Loan #5027, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning June 2018 and a final principal and interest payment due June 2037.
16 263,550
462,155
San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 4: Notes and Accrued Interest Receivable (Continued) Loan #5028, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due June 2037. $ 595,060
Loan #5030, collateralized by deed of trust, with a simple fixed interest rate of
2.50%, payable in 115 monthly installments of principal and interest at $500, due May 2026.
Loan #5031, 1/3 participant in underlying $3,000,000 note issued by Coast National Bank, collateralized by deed of trust, with a fixed interest rate of
5.70%, payable in 119 monthly installments of principal and interest at $18,934, with on final payment estimated at $2,292,435 due April 2027.
Loan #5032, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due March 2034.
Loan #5035, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due May 2036.
Loan #5036, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due November 2036.
Loan #5037, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due March 2037.
18,930
622,743
229,526
520,399
145,496
377,670
Loan #5038, collateralized by deed of trust, with a fixed interest rate of 2.00%, payable in one installment of principal and interest due May 2023. 94,314 Loan #5040, collateralized by deed of trust, with a fixed interest rate of 2.00%, payable in monthly installments of principal and interest at $1,116 with the final payment due September 2048.
Loan #5041, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, accrued interest due at completion of construction, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due November 2038. 17 267,156
380,436
San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 4: Notes and Accrued Interest Receivable (Continued) Loan #5042, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, accrued interest due at completion of construction, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due November 2038. $ 244,677 Loan #5043, collateralized by deed of trust, with a fixed interest rate of 5.50%, interest payable monthly, with principal due November 2023. 1,600,000 Loan #5044, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due March 2039.
Loan #5045, collateralized by deed of trust, with a fixed interest rate of 5.50%, interest payable monthly, with principal due November 2023. 212,690
291,667
Loan #5046, collateralized by deed of trust, with a fixed interest rate of 3.00%, interest payable monthly, with principal due October 2024. 300,000 Loan #5047, collateralized by deed of trust, with a fixed interest rate of 5.00%, payable in monthly installments of principal and interest at $1,116 with the final payment due June 2037. 345,465
Loan #5048, collateralized by deed of trust, with a fixed interest rate of 4.95%, interest payable monthly, with principal due September 2025. 400,000 Loan #5049, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due December 2040.
Loan #5050, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with annual payments of 50% of residual receipts beginning 1-year following construction period and a final principal and interest payment due November 2040. 866,630
780,677
Loan #5051, collateralized by deed of trust, with a fixed interest rate of 4.25%, interest payable monthly, with principal due August 2026. 1,000,000 Loan #5052, collateralized by deed of trust, with a simple fixed interest rate of
4.00%, with interest deferred until conversion. After conversion, annual payment of 1% loan monitoring fee, then residual receipts beginning one year following construction period with final principal and interest payment due October 2041. 18 366,838
San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 4: Notes and Accrued Interest Receivable (Continued) Loan #5053, collateralized by deed of trust, with a simple fixed interest rate of 4.00%, with interest deferred until conversion. After conversion, annual payment of 1% loan monitoring fee, then residual receipts beginning one year following construction period with final principal and interest payment due November 2041.
Loan #5054, collateralized by deed of trust, with a fixed interest rate of 5.50%, with principal and interest due monthly, with final principal and interest payment due March 2042.
$ 729,307
558,398
Loan #5055, collateralized by deed of trust, with a fixed interest rate of 4.75%, with interest due monthly, with final principal and interest payment due September 2027. 1,000,000 Loan #5056, collateralized by deed of trust, with a fixed interest rate of 5.50%, with principal and interest due monthly, with final principal and interest payment due August 2039.
328,419
Loan #5057, collateralized by deed of trust, with a fixed interest rate of 4.25%, with interest due monthly, with final principal and interest payment due December 2025. 2,200,000 16,777,729
Less allowance (19,500)
16,758,229
Less current portion (2,984,421)
Notes and accrued interest receivable, net of current portion $ 13,773,808 At December 31, 2022, aggregate maturities of notes and accrued interest receivable were as follows:
For the Year Ending December 31,
2023 $ 2,984,421
2024 472,758
2025 2,773,533
2026 1,168,768
2027 1,604,827
Thereafter 7,773,422
Total $ 16,777,729
19 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 5: Lines of Credit
During the year ended December 31, 2022, the Organization maintained an unsecured line of credit agreement with Pacific Premier Bank. The line of credit limit allows for borrowings up to $3,000,000 with a maturity date of July 11, 2025. Interest accrues at a fixed rate of 3.25% per annum and is payable in annual installments beginning July 11, 2020. There was $1,000,000 outstanding on the line of credit as of December 31, 2022. The line of credit has a business debt coverage ratio covenant which was met as of December 31, 2022.
The Organization continued to maintain an unsecured line of credit agreement with Pacific Western Bank in 2022. The line of credit allows for borrowings up to $750,000 with a maturity date of July 15, 2024. Interest accrues at the fixed rate of 2.25% per annum and is payable in quarterly installments beginning June 1, 2019. There was $750,000 outstanding on the line of credit as of December 31, 2022.
The Organization continued to maintain an unsecured, revolving line of credit agreement with Premier Valley Bank/Founders Community Bank in 2022. The line of credit allows for borrowings up to $250,000 and has a maturity date of October 1, 2025. Interest accrues at the fixed rate of 3.25% per annum and is payable in monthly installments beginning November 1, 2020. There was no balance outstanding on the line of credit as of December 31, 2022.
The Organization continued to maintain an unsecured, revolving line of credit agreement with 1st Capital Bank in 2022. The line of credit allows for borrowings up to $3,000,000, subject to various loan covenants which were met as of December 31, 2022. The line of credit has a maturity date of October 19, 2025. Interest accrues at the fixed rate of
3.25% per annum and is payable in annual installments beginning October 19, 2020. There was $2,179,000 outstanding on the line of credit as of December 31, 2022.
The Organization continued to maintain an unsecured, revolving line of credit agreement with Mission Bank in 2022.
The line of credit allows for borrowings up to $500,000, subject to various loan covenants which were met as of December 31, 2022. This line of credit has a maturity date of August 5, 2025. Interest accrues at the fixed rate of
3.25% per annum and is payable in monthly installments beginning September 5, 2020. There was $308,992 outstanding on the line of credit as of December 31, 2022.
The Organization continued to maintain an unsecured, revolving line of credit agreement with American Riviera Bank in 2022. The line of credit allows for borrowings up to $250,000 and has a maturity date of May 15, 2026. Interest accrues at the fixed rate of 2.50% per annum and is payable in monthly installments beginning June 15, 2020. There was $250,000 outstanding on the line of credit as of December 31, 2022. 20 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 5: Lines of Credit (Continued)
The Organization entered into an unsecured, revolving line of credit agreement with Bank of the Sierra in 2022. The line of credit allows for borrowings up to $1,000,000, subject to various loan covenants which were met as of December 31, 2022. The line of credit has a maturity date of October 5, 2026. Interest accrues at a variable rate of prime (7.5% at December 31, 2022) per annum and is payable in monthly installments beginning November 1, 2021.
There was no balance outstanding on the line of credit as of December 31, 2022.
Note 6: Notes Payable
At December 31, 2022 notes payable consisted of the following:
Note payable to the Sisters of Charity of Cincinnati, Inc., dated May 1, 2016, payable in quarterly payments of $5,554, including interest accrued at 3.00% per annum, and one final payment of principal and interest at the maturity date of May 1, 2026. $ 53,665
Note payable to the United States Department of Agriculture, dated May 1, 2018, payable in annual principal and interest payments at 1.00% per annum beginning May 1, 2022, with one final payment of principal and interest on Note payable to Mechanics' Bank, dated July 21, 2014, with quarterly interest only payments calculated at 2.68% per annum, with one final principal and interest payment on August 1, 2024.
Note payable to Mechanics' Bank, dated May 13, 2015, with quarterly interest only payments calculated at 2.50% per annum, with one final principal and interest payment on May 15, 2025.
Note payable to Adrian Dominican Sisters, dated June 15, 2020, payable in quarterly interest only payments at 2.00% interest, with one final principal payment of $200,000 on June 15, 2025.
Note payable to Dignity Health, dated March 1, 2016, with quarterly interest only payments calculated at 2.00% per annum, with one final principal and interest payment on March 1, 2023.
Note payable to Dignity Health, dated June 1, 2016, with quarterly interest only payments calculated at 3.00% per annum, with one final principal and interest payment on June 1, 2023.
Note payable to the Community Foundation of San Luis Obispo County, dated August 31, 2018, with quarterly interest only payments calculated at 3.00% per annum, with one final principal and interest payment on August 31, 2023. 21 307,025
500,000
500,000
200,000
500,000
500,000
350,000
San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 6: Notes Payable (Continued)
Note payable to Community Foundation of San Luis Obispo County, dated July 1, 2019, with quarterly interest only payments calculated at 3.00% per annum, with one final principal and interest payment on July 15, 2024.
Less current portion
$ 100,000
3,010, 690
(1,382,739)
Notes payable, net of current portion $ 1,627,951
At December 31, 2022, aggregate maturities of notes payable were as follows:
For the Year Ending December 31,
2023 $ 1,382,739
2024 633,187
2025 733,649
2026 25,989
2027 17,975
Thereafter 217,151
Total $ 3,010,690
Note 7: Grant Requirements and Agreements
The Organization receives grants from various local, state, and federal governmental agencies. These grants are subject to audit by the corresponding oversight agency as to allowable costs paid with governmental funds and as to the share of costs contributed by the Organization. The Organization could be liable for as much as the full amount of governmental funds expended for the year if, under audit, the oversight agency was to determine that all costs charged to the project were disallowed. Management believes it is unlikely that the various agencies would disallow a significant portion of the costs.
During the year ended December 31, 2021, the Organization was awarded California Department of Housing and Community Development for the Local Housing Trust Fund (LHTF) grants in the amounts of $2,670,644 and a Permanent Local Housing Allocation (PLHA) grant from the County of San Luis Obispo in the amount of $436,251.
During the year ended December 31, 2022, the Organization was awarded a PLHA grant in the amounts of $678,069.
In accordance with FASB ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, the Organization will recognize this as grant revenue in the period in which it has substantially met the conditions of the grant and are eligible for reimbursement. The Organization has determined under this guidance that these grants will be unconditional and eligible for reimbursement when the related promissory notes from borrowers have been executed.
22 San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 8: Leases
The Company leases a building in San Luis Obispo, California, with a minimum monthly rent of $2,612, with a 3% increase every year. The lease expired on December 31, 2020, where the Company exercised the 3-year option to renew through December 31, 2023.
Additionally, the Company entered into a sublease agreement with Mission Community Services Corporation effective January 1, 2022 through December 31, 2022. Base rent paid to the Company is $1,268 per month in exchange for 50% of the office space. Mission Community Services Corporation is obligated to pay 50% of total occupancy expenses, including utilities, janitorial services, supplies, and other expenses required under the master lease agreement.
Quantitative Disclosures
The lease expense for operating leases was $31,812 for the year ended December 31, 2022.
The other required information for the years ended December 31, 2022, is as follows:
Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 31,344
ROU assets obtained in exchange for new operating lease liabilities 63,379 Weighted -average remaining lease term in years for operating leases 1 Weighted -average discount rate for operating leases 0.40% The future minimum lease payments and reconciliation to the statement of net position at December 31, 2022 is as follows:
For the Year Ending December 31,
2023 $ 32,280
Total undiscounted cash flows 32,280
Less: present value discount (59)
Total lease liabilities
23 $ 32,221
San Luis Obispo County Housing Trust Fund
Notes to Financial Statements
December 31, 2022
Note 9: Designations and Restrictions on Net Assets
At December 31, 2022, the Organization had the following net assets without donor restrictions:
Undesignated $ 7,957,759
Designated by the Board for loan losses 850,000
Designated by the Board for operating reserve 325,000
$ 9,132,759
At December 31, 2022, the Organization had the following net assets with donor restrictions:
Purpose restrictions:
Restricted loan funds - permanently restricted $ 232,592 Time -restricted for future periods:
Capital Magnet Fund 2,465,201
Subject to appropriation and expenditure when a specified event occurs:
CDFI Rapid Response Program 18,658
$ 2,716,451
Note 10: Subsequent Events
Events subsequent to December 31, 2022 have been evaluated through March 20, 2023, which is the date the financial statements were available to be issued. Management did not identify any subsequent events requiring disclosure.
24 Federal Awards
25 CERTIFIED PUBLIC ACCOUNTANTS
0 GLENN BURDETTE
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 To the Board of Directors of
San Luis Obispo County Housing Trust Fund
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of San Luis Obispo County Housing Trust Fund (a nonprofit organization), which comprise the statement of financial position as of December 31, 2022, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated March 20, 2023.
Report on Internal Control Over Financial Reporting
In planning and performing our audit, we considered San Luis Obispo County Housing Trust Fund's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of San Luis Obispo County Housing Trust Fund's internal control. Accordingly, we do not express an opinion on the effectiveness of San Luis Obispo County Housing Trust Fund's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatement on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
GLEN HBURDETTE.COM
26 SAN LUIS OBISPO
1150 Palm Street
San Luis Obispo, CA 93401
p 805 544 1441
j 805 544 4351
PASO ROBLES
102 South Vine Street, Ste. A
Paso Robles, CA 93446
p 905 23? 3995
j 805 239 9332
SANTA MARIA
2222 South Broadway, Ste. A
Santa Maria, CA 93454
p 805 922 4010
j 805 922 4286
Board of Directors
San Luis Obispo County Housing Trust Fund
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether San Luis Obispo County Housing Trust Fund's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Organization's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Organization's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
&w.feete, Ates-e. 670vdeiz,,_J
Glenn Burdette Attest Corporation
San Luis Obispo, California
March 20, 2023
27 CERTIFIED PUBLIC ACCOUNTANTS
0 GLENN BURDETTE
Independent Auditors' Report on Compliance for Each Major Program and on Internal Control over Compliance Required by the Uniform Guidance To the Board of Directors of
San Luis Obispo County Housing Trust Fund
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited San Luis Obispo County Housing Trust Fund's compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the San Luis Obispo County Housing Trust Fund's major federal programs for the year ended December 31, 2022.
San Luis Obispo County Housing Trust Fund's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of finding and questioned costs.
In our opinion, San Luis Obispo County Housing Trust Fund complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended December 31, 2022.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the Unites States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of San Luis Obispo County Housing Trust Fund and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of San Luis Obispo County Housing Trust Fund's compliance with the compliance requirements referred to above. 28 GLENHBURDETTE.COM
SAN LUIS OBISPO
1150 Palm Street
San Luis Obispo, CA 93401
p 805 544 1441
j 805 544 4351
PASO ROBLES
102 South Vine Street, Ste, A
Paso Robles, CA 93446
p 905 23? 3995
j 805 239 9332
SANTA MARIA
2222 South Broadway, Ste. A
Santa Maria, CA 93454
p 8055224010
j 805 922 4286
Board of Directors
San Luis Obispo County Housing Trust Fund
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to San Luis Obispo County Housing Trust Fund's federal programs.
Auditor's Responsibility for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on San Luis Obispo County Housing Trust Fund's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about San Luis Obispo County Housing Trust Fund's compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, and the Uniform Guidance, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding San Luis Obispo County Housing Trust Fund's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of San Luis Obispo County Housing Trust Fund's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of San Luis Obispo County Housing Trust Fund's internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.
29 Board of Directors
San Luis Obispo County Housing Trust Fund
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance.
Accordingly, this report is not suitable for any other purpose. &1Mi€tL /t e
Glenn Burdette Attest Corporation
San Luis Obispo, California
March 20, 2023
30 San Luis Obispo County Housing Trust Fund
Schedule of Expenditure of Federal Awards
Year Ended December 31, 2022
Federal
Federal Grantor/ Assistance Listing Federal
Program Title Number Expenditures
US Department of the Treasury
Capital Magnet Fund 21.011 $ 2,459,799
Community Development Financial Institutions Rapid Response Program 21.024 1,557,607 Subtotal US Department of the Treasury 4,017,406
US Department of Agriculture
Intermediary Relending Program
10.767 307,025
Total expenditures of federal awards $ 4,324,431
The accompanying notes are an integral part of this schedule. 31 San Luis Obispo County Housing Trust Fund
Notes to the Schedule of Expenditures of Federal Awards Year Ended December 31, 2022
Note 1: Basis of Presentation
The purpose of the accompanying schedule of expenditures of federal awards (the schedule) is to present a summary of those activities of the San Luis Obispo County Housing Trust Fund (Organization) for the year ended December 31, 2022, which have been financed by federal awards. For purposes of the schedule, federal awards include all federal grants received directly from the federal government and sub -awards from nonfederal organizations made under federally sponsored agreements. Because the schedule presents only a selected portion of the activities of the Organization, it is not intended to and does not present either the financial position or changes in net position of the Organization.
The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in the basic financial statements.
Note 2: Expenditures
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years.
There were no subrecipients for the year ended December 31, 2022.
Note 3: Indirect Cost Rate
The Organization has elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance but has no grants in the current year that allow indirect costs.
Note 4: Loans Outstanding
The Organization had $307,025 in total loans outstanding under the USDA Intermediary Relending Program (CFDS —
10.767).
32 San Luis Obispo County Housing Trust Fund
Schedule of Findings and Questioned Costs
Year Ended December 31, 2022
Section I: Summary of Auditors' Results
Financial Statements
(a) Type of auditors' report issued on financial statements: Unmodified. (b) Internal control over financial reporting:
• Material weakness(es) identified? No.
• Significant deficiencies identified not considered to be material weaknesses? None reported. (c) Noncompliance material to financial statements noted? No.
Federal Awards
(d) Internal control over major programs:
• Material weakness(es) identified? No.
• Significant deficiencies identified not considered to be material weaknesses? None reported. (e) Type of auditors' report issued on compliance for major programs: Unmodified. (f) Any audit findings disclosed that are required to be reported in accordance with Section 2 CFR 200.516(a)? No. (g) Dollar threshold used to distinguish between Type A and Type B programs: $750,000. (h) Major program(s):
• US Department of the Treasury: Community Development Financial Institutions Rapid Response Program (ALN
21.024)
(i) Auditee qualified as low -risk auditee? Yes.
Section II: Findings Relating to the Financial Statements Which are Required to be Reported in Accordance with Generally Accepted Government Auditing Standards None.
Section III: Findings and Questioned Costs for Federal Awards None.
33 San Luis Obispo County Housing Trust Fund
Status of Prior Year Findings and Questioned Costs — December 31, 2021 Year Ended December 31, 2022
Section IV: Status of Prior Year Findings and Questioned Costs There were no findings in the prior year.
the
c.-®
March 28, 2023
City of Pismo Beach
Attn: Emily France
760 Mattie Road
Pismo Beach, CA 93449
[email protected]
Dear Ms. France,
FOR YOUTH DEVELOPMENT
FOR HEALTHY LIVING
FOR SOCIAL RESPONSIBILITY
On behalf of the SLO County YMCA board of directors, staff, volunteers, and the communities we serve, I extend our sincere appreciation for your partnership and support with our organization.
At the SLO County YMCA, we believe everyone matters, everyone counts, and everyone gets a chance. For over 60 years we have been serving the greater San Luis Obispo community to make this a better place for all. We achieve this by offering membership and programs that inspire positive life changes and provide facilities that are safe and welcoming for all people.
The Y is requesting $3,000 from the City of Pismo Beach FY2024, to support our financial assistance fund for program scholarships. All funds will support low-income families attending YMCA programs, including day camps, sports, and before- and after -school programs.
As part of the 2024-25 city goals, the Y is committed to helping to improve and support the quality of life for residents. Access to safe and affordable childcare continues to be a critical need for families during and after the pandemic. When enrolled in Y enrichment programs, working families can feel secure knowing that their child not only has a safe place to go, but that they are educated and supported. With a commitment to nurturing the potential of children and teens, promoting healthy living, and fostering a sense of social responsibility, Y camps and after school programs ensure that every individual has access to the essentials needed to learn, grow and thrive.
In the past year, families from Pismo Beach participated in our after -school programs, summer camps, and sports programs. The Y provides a safe, thriving environment for young people to explore personal interests, build self-esteem, develop interpersonal skills, discover the creativity and health benefits of the outdoors, and make lasting friendships and memories.
Children enrolled in our after -school program not only receive help with their schoolwork, but our skilled staff create curriculum in all programs that includes components of character development. As summer approaches, the Y continues to fill the childcare gap through our summer camp programs. The Y serves families across SLO County, with enhanced curriculum addressing the achievement gap, social emotional wellbeing, and healthy eating and physical activity.
The Y offers a variety of safe and fun sports camps and leagues, including Futsal,
Basketball, and Roller Hockey. Additionally, Bitty Sports invites parent participation, emphasizing parent -child relationship building, along with basic sports play. Y sports programs not only focus on skills, but character development, and instilling the values of respect, trustworthiness, responsibility, fairness, and caring. Youth sports programs promote healthy development, encourage self-esteem and positive peer interaction, along with growing sportsmanship and teamwork.
Social Emotional wellness has been incorporated into our youth programs through the expertise of a dedicated mental health intern from Transitions -Mental Health Association, working alongside Y staff. In a survey, parents responded that Y programs provided a positive social atmosphere, especially after the pandemic left many children in isolation.
The Y is committed to being an affordable, inclusive, and accessible option for all families. At the Y, no one is turned away for lack of ability to pay. Our program fees are affordable, and we provide assistance for those who have additional need. On average, eligible families receive 45% off of their program fees. For many families, that savings is $400-$500 per year, and no one is turned away for inability to pay. Foster families receive an automatic assistance of 50%, and some Y programs are offered for free, essentially providing 100% financial assistance to those enrolled.
Thank you to the City of Pismo Beach for your consideration.
Sincerely,
-9,(_
Thomas Speidel
Regional Executive Director
San Luis Obispo County YMCA, Inc.
Financial Statements
December 31, 2021 and 2020
CONTENTS
Paj e(s)
Independent Auditors' Report on the Financial Statements 1 - 2 Financial Statements
Statements of financial position
Statements of activities and changes in net assets
Statements of functional expenses
Statements of cash flows
Notes to financial statements
Independent Auditors' Report on the Supplementary Information 3-4
5-6
7-8
9-10
11-28
29 Schedules of program service expenses 30 - 31
`c" AI R
AUDIT & ATTEST, LLP
Independent Auditors' Report on the Financial Statements To the Board of Directors
San Luis Obispo County YMCA, Inc.
San Luis Obispo, California
Opinion
We have audited the accompanying financial statements of the San Luis Obispo County YMCA, Inc. ("the Association"), a California non-profit organization, which comprise the statements of financial position as of December 31, 2021 and 2020, and the related statements of activities and changes in net assets, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Association as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Association and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management 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; and for 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Association 's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
1 805 Aerovista PI, Ste 103, San Luis Obispo, CA 93401 Phone: (805) 888-0200 Fax: (805) 888-0201
CALIBER
AUDIT & ATTEST, LLP
Independent Auditors' Report on the Financial Statements — Continued Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perfoiiu audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit 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 Association 's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Association's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
CalacrAikactAllod-ii
San Luis Obispo, California
May 17, 2022
2 805 Aerovista PI, Ste 103, San Luis Obispo, CA 93401 Phone: (805) 888-0200 Fax: (805) 888-0201
ASSETS
San Luis Obispo County YMCA, Inc.
Statements of Financial Position
December 31, 2021 and 2020
2021 2020
Current Assets
Cash and cash equivalents $ 1,213,887 $ 1,001,264
Investments - certificates of deposits 532,631 415,024
Accounts receivable, net of allowance for doubtful
accounts of $6,519 and $6,519 25,461 9,183
Promises -to -give receivable, net of allowance for doubtful promises of $13,150 and $8,817 100,073 63,750
Promise -to -give land lease receivable, current 2,000 2,686 Contracts and grants receivable 271,356 14,750
Prepaid expenses 36,329 28,733
Total current assets 2,181,737 1,535,390
Long-term Assets
Promise -to -give receivables, less current portion 20,000 40,000 Promise -to -give land lease receivable, less current portion 54,333 29,994 Property and equipment, net of accumulated depreciation 925,063 962,111 Total long-term assets 999,396 1,032,105
Total assets $ 3,181,133 $ 2,567,495
See Notes to Financial Statements.
3 San Luis Obispo County YMCA, Inc.
Statements of Financial Position - Continued
December 31, 2021 and 2020
LIABILITIES AND NET ASSETS
2021 2020
Current Liabilities
Accounts payable $ 98,568 $ 127,542
Accrued compensation 86,618 82,201
Deferred revenue 97,794 45,097
Current maturities of capital lease obligations 14,479 17,967 Current maturities of note payable - 23,435
Total current liabilities 297,459 296,242
Long-term Liabilities
Capital lease obligations, less current maturities 11,887 7,586 Note payable, less current maturities - 164,372
Total long-term liabilities 11,887 171,958
Total liabilities
Commitments and Contingencies
309,346 468,200
Net Assets
Without donor restrictions
Board designated - capital fund 237,145 95,789
Invested in property and equipment 925,063 962,111
Undesignated, including operating reserve 1,366,805 713,837 Total without donor restrictions 2,529,013 1,771,737
With donor restrictions
Purpose restrictions 191,441 199,878
Restricted for capital expenditures 95,000 95,000
Time -restricted for fixture periods 56,333 32,680
Total with donor restrictions 342,774 327,558
Total net assets 2,871,787 2,099,295
Total liabilities and net assets $ 3,181,133 $ 2,567,495 See Notes to Financial Statements.
-4
San Luis Obispo County YMCA, Inc.
Statement of Activities and Changes in Net Assets
Year Ended December 31, 2021
Without Donor With Donor
Restrictions Restrictions
Total
Public Support and Revenue:
Public support:
Contributions $ 237,760 $ 141,988 $ 379,748
Government grants and contracts -
state and local 10,072 - 10,072
Government grant - federal PPP funds 410,645 410,645
Government grant - payroll tax credits 437,159 - 437,159 In -kind contributions 38,116 26,339 64,455
Total public support 1,133,752 168,327 1,302,079
Revenue:
Program fees 1,307,601 1,307,601
Membership fees 415,080 415,080
Other income 1,537 - 1,537
Total revenue 1,724,218 1,724,218
Net assets released from restrictions
153,111 (153,111)
Total public support and revenues 3,011,081
15,216 3,026,297
Functional Expenses:
Program services 1,654,969 - 1,654,969
Management and general 511,512 511,512
Fundraising 87,324 - 87,324
Total functional expenses 2,253,805 - 2,253,805
Change in net assets
Net assets - beginning of year
Net assets - end of year
See Notes to Financial Statements.
757,276
1,771,737
15,216 772,492
327,558 2,099,295
$ 2,529,013 $ 342,774 $ 2,871,787
5 San Luis Obispo County YMCA, Inc.
Statement of Activities and Changes in Net Assets
Year Ended December 31, 2020
Public Support and Revenue:
Public support:
Donations
Government grants and contracts -
state and local
Government grant - federal PPP fiords
In -kind contributions
Total public support
Revenue:
Program fees
Membership fees
Other income
Total revenue
Net assets released from restrictions
Total public support and revenues
Functional Expenses:
Program services
Management and general
Fundraising
Total functional expenses
Change in net assets
Net assets - beginning of year
Net assets - end of year
See Notes to Financial Statements.
Without Donor With Donor
Restrictions Restrictions
Total
$ 298,627 $ 252,102 $ 550,729
122,340
410,600
50,425
122,340
- 410,600
50,425
881,992 252,102
1,004,281
475,373
15,062
1,494,716
297,362 (297,362)
2,674,070 (45,260)
1,725,198
578,322
89,355
2,392,875
281,195
1,490,542
$ 1,771,737
(45,260)
372,818
1,134,094
1,004,281
475,373
15,062
1,494,716
2,628,810
1,725,198
578,322
89,355
2,392,875
235,935
1,863,360
$ 327,558 $ 2,099,295
6 San Luis Obispo County YMCA, Inc.
Statement of Functional Expenses
Year Ended December 31, 2021
Personnel costs:
Salaries and wages
Employee benefits
Payroll taxes
Total personnel costs
Affiliated fair share fees and other dues
Bad debt
Contract services
Depreciation
Field trip admissions and supplies
Field trip travel
Insurance
Interest
IT and software services
Miscellaneous
Occupancy
Postage
Promotion and printing
Small equipment
Supplies
Telephone
Total non -personnel costs
Program
Services
$ 1,011,291
88,324
106,451
Supporting Services
Management
and General Fundraising Total
$ 112,324
33,722
20,924
1,206,066 166,970
20,246 1,709
- 12,582
124,441 119,587
75,625 3,980
1,008 4,094
8,699 1,229
35,850 11,950
- 6,986
35,905 35,905
- 4,121
48,913 92,805
900 1,799
22,743 4,494
18,469 4,050
48,057 24,002
8,047 15,249
448,903 344,542
$ 64,258
138
1,916
$ 1,187,873
122,184
129,291
66,312 1,439,348
11,343 33,298
- 12,582
244,028
- 79,605
5,102
157 10,085
47,800
- 6,986
2,094 73,904
- 4,121
141,718
- 2,699
5,259 32,496
- 22,519
2,159 74,218
- 23,296
21,012 814,457
Total functional expenses $ 1,654,969 $ 511,512 $ 87,324 $ 2,253,805 See Notes to Financial Statements.
7 San Luis Obispo County YMCA, Inc.
Statement of Functional Expenses
Year Ended December 31, 2020
Personnel costs:
Salaries and wages
Employee benefits
Payroll taxes
Total personnel costs
Affiliated fair share fees and other dues
Bad debt
Contract services
Depreciation
Field ttip admissions and supplies
Field trip travel
Insurance
Interest
Miscellaneous
Occupancy
Postage
Program fees
Promotion and printing
Small equipment
Supplies
Telephone
Total non -personnel costs
Total functional expenses
See Notes to Financial Statements.
Supporting Services
Program Management
Services and General Fundraising
$ 1,002,325
107,614
204,255
$ 144,095
33,754
29,042
1,314,194 206,891
24,538 5,646
- 21,159
139,946 140,180
74,039 3,897
5,421 3,141
9,051 3,141
24,197 8,066
- 11,589
4,796
45,990 124,619
1,369
9,761 -
13,029 1,659
7,280 5,098
50,136 21,525
7,616 15,546
411,004 371,431
$ 1,725,198 $ 578,322
$ 58,065
5,241
4,902
68,208
5,160
1,151
133
125
3,402
11,176
21,147
$ 89,355
Total
$ 1,204,485
146,609
238,199
1,589,293
35,344
21,159
281,277
77,936
8,695
12,317
32,263
11,589
4,796
170,609
1,369
9,761
18,090
12,378
82,837
23,162
803,582
$ 2,392,875
8 San Luis Obispo County YMCA, Inc.
Statements of Cash Flows
Years Ended December 31, 2021 and 2020
2021 2020
Cash flows from operating activities:
Change in net assets $ 772,492 $ 235,935
Adjustments to reconcile the change in net assets to net cash provided by operating activities:
Depreciation 79,605 77,936
Loss on disposal of famed assets 324
Bad debt expense 12,582 21,159
In -kind land lease contribution (26,339)
Amortization and adjustment ofpromise-to-give
receivable, land lease 2,686 2,686
Changes in operating assets and liabilities:
Accounts receivable (16,278) 24,689
Promises -to -give receivable (28,905) (9,322)
Contracts and grants receivable (256,606) 14,010
Prepaid expenses (7,596) (5,928)
Accounts payable (28,974) 63,719
Accrued compensation 4,417 (27,797)
Deferred revenue 52,697 (66,306)
Net cash provided by operating activities
560,105 330,781
Cash flows from investing activities:
Purchase of investments (117,607) (214,811)
Purchase ofproperty and equipment (19,988) (41,739)
Proceeds from sale of property and equipment 600
Net cash used in investing activities
See Notes to Financial Statements.
(136,995) (256,550)
-9
San Luis Obispo County YMCA, Inc.
Statements of Cash Flows - Continued
Years Ended December 31, 2021 and 2020
Cash flows from financing activities:
Principal payments on capital lease obligations
Principal payments on note payable
2021 2020
$ (22,680) $ (18,751)
(187,807) (22,291)
Net cash used in financing activities (210,487) (41,042) Net increase in cash and cash equivalents 212,623 33,189 Cash and cash equivalents, beginning of year 1,001,264 968,075 Cash and cash equivalents, end of year $ 1,213,887 $ 1,001,264 Supplementary disclosures of cash flow information:
Interest paid $ 6,986 $ 11,589
Noncash investing and financing activities:
In -kind donations of services and use of facilities $ 64,455 $ 50,425 Purchases through capital leases $ 23,493 $ 20,829
Use of restricted cash for capital purchases $ - $ 20,000 See Notes to Financial Statements.
- 10 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Note 1. Operations and Summary of Significant Accounting Policies Nature of operations:
The San Luis Obispo County YMCA, Inc. ("the Association" or the "YMCA") is a California non-profit corporation with a mission of developing the total person — spirit, mind, and body — through values based programs that build strong kids, strong families, and strong communities in San Luis Obispo County. Established in August of 1956, the Association offers programs which benefit a variety of audiences through education in the development of interpersonal skills, the exploration of personal interests, and the cultivation of values and skills which lead to positive behaviors.
Youth Development - These program focus areas include youth development programs, which are committed to nurturing the potential of every child and teen. The Association believes that all kids deserve the opportunity to discover who they are and what they can achieve. That is why the Association helps young people cultivate the values, skills and relationships that lead to positive behaviors, better health and educational achievement. The YMCA programs, such as teens, after school, day camps, and youth activities, offer a range of experiences that enrich cognitive, social, physical and emotional growth.
Healthy Living - In addition, the Association is an advocate for healthy lifestyles and well- being in order to bring families closer together, encourage good health and foster connections through fitness, sports, fun and shared interests. As a result, people in the community are receiving the support, guidance and resources they need to achieve greater health in spirit, mind and body. The Association's membership and enterprise operations are aimed at providing adults and families with the support, guidance, and resources needed to achieve greater health. Members are provided with access to fitness facilities, classes, and a variety of other amenities.
As part of the mission, the Association's programs are accessible, affordable and open to all faiths, backgrounds, abilities and income levels. The Association provides financial assistance to people who otherwise may not have been able to afford to participate. The Association is governed by an elected board of directors and officers responsible for the development of policies. The Chief Executive Officer and staff conduct the Association's activities in accordance with board -established policy.
Basis of accounting:
The financial statements are presented on an accrual basis, which recognizes income when performance obligations are met, and expenses when incurred, and in accordance with accounting principles generally accepted in the United States of America. - 11 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Financial statement presentation and net assets:
To ensure the observance of limitations and restrictions placed on the use of resources, the accounts of the Association are maintained in accordance with the principles of fund accounting. The Association has presented its financial statements in accordance with generally accepted accounting principles for not -for profit organizations. Under this guidance, the Association is required to report information regarding its financial position and activities according to two classes of net assets: without donor restrictions or with donor restrictions.
The Association reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends or a purpose restriction is accomplished, net assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the statement of activities as net assets released from restrictions.
Net assets, revenues, gains, and losses are classified based on the existence or absence of donor or grantor imposed restrictions. Accordingly, net assets and changes therein are classified and reported as follows:
Net Assets Without Donor Restrictions: Net assets available for use in general operations and not subject to donor (or certain grantor) restrictions. The governing board has designated, from net assets without donor restrictions, net assets for a capital and operating reserve.
Net Assets With Donor Restrictions: Net assets subject to donor- (or certain grantor-) imposed restrictions. Some donor -imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor.
Other donor -imposed restrictions can be perpetual in nature, where the donor stipulates that resources be maintained in perpetuity.
Public support:
All public support revenue is considered to be available for unrestricted use unless specifically restricted by the donor or the terms of a grant. Revenue from public support is recognized at the time an unconditional promise to give or transfer of assets is made.
Contributions: The Association receives contributions to support operating activities and capital projects. These contributions can be from individuals, foundations, corporations, or trusts. The Association records contributions receivable, net of allowances for estimated uncollectible amounts, when there is sufficient evidence in the form of verifiable documentation that an unconditional promise was received. Conditional gifts, with a measurable performance or other barrier and right of return, are not recognized until the conditions on which they depend are substantially met or explicitly waived by the donor.
The Association discounts multi -year promises -to -give that are expected to be collected after one year using a risk adjusted discount rate, if that discount would be material. - 12 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Government grants and contracts: The Association receives grant and contract funding from various state and local governments to provide a variety of program services to the public based on specific requirements included in the agreement, including eligibility, procurement, reimbursement, curriculum, staffing and other requirements. These program services range from child care after school programs, camps, and family programs related programs. Such government grants and contracts are nonreciprocal transactions and include conditions stipulated by the government agencies and are, therefore, accounted for as conditional contributions. Public support is recognized as conditions are satisfied, primarily as expenses are incurred. Cash received on government grants and contracts prior to incurring allowable expenses are recorded as advances upon receipt.
Government grants and contracts receivable are recorded in contracts and grants receivables. All other contributions are recorded in promises -to -give receivables. The allowance for doubtful accounts is determined by the age of the balance, historical collection rates, and specific identification of uncollectible accounts. Uncollectible receivables are charged to the allowance. An expense is recorded at the time the allowance is adjusted.
In -kind contributions: The Association recognizes contributions of services received if such services: (a) create or enhance nonfinancial assets (b) require specialized skills (c) are provided by individuals possessing those skills, and (d) would typically need to be purchased if not contributed. Such amounts totaled $16,989 and $19,375, for the years ended December 31, 2021 and 2020, respectively.
The Association receives services from many volunteers who give significant amounts of their time to the programs of the Association. No amounts have been reflected for these types of donated services, as there is no objective basis available to measure the value of such services.
Contributions of assets other than cash are recorded at estimated fair value.
Revenue recognition:
The Association has multiple revenue streams that are accounted for as reciprocal exchange transactions including membership and program fees.
Because the Association's performance obligations relate to contracts with a duration of less than one year, the Association has elected to apply the optional exemption provided in the revenue recognition guidance, and, therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. There are no incremental costs of obtaining a contract and no significant financing components. - 13 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Membership dues and program fees: Membership dues and program fees consist of amounts that families and individuals pay to participate in health, fitness, education and recreation activities and programs. Members join for varying lengths of time and may cancel with notice. Members generally pay a onetime joining fee plus monthly dues in advance. Memberships provide use of the recreation facilities, access to free classes, programs and activities, and discounts to fee -based programs. The Association offers a variety of programs including family, child care, day camp, resident camp, teen, scholastic, fitness, aquatics, and other services. Fee -based programs are available to the public.
Program fees for short duration programs of two months or less, such as youth sports programs, are typically paid in advance at the time of registration. Program fees for longer duration programs, such as fee -based childcare, are usually paid monthly in advance.
Cancellation provisions vary by program, but most transactions are cancellable with written notice. Refunds may be available for services not provided. Financial assistance is available to members and program participants. Such financial assistance is reflected as a reduction of gross membership dues and program fees.
Membership dues and program fees are recognized ratably over the period the membership or program service is provided on a straight-line basis in an amount that reflects the consideration the Association expects to be entitled to in exchange for those services. All the Association's revenue from contracts with customers are from performance obligations satisfied over time. Prices are specific to a distinct performance obligation and do not consist of multiple transactions. Membership joining fees are recognized at the time of sign up, primarily due to the fact that they are non-refundable, orientation services are provided upfront, and members can cancel at any time with a month's notice.
Membership dues and program fees paid to the Association in advance represent contract liabilities and are recorded as other deferred revenue. Amounts billed but unpaid are contract assets and recorded as accounts receivable.
Use of donated facilities:
In some cases, nominal or no rents are paid by the Association under the terms of various agreements with local municipalities for programs such as after school care, teen centers, and day camps. These agreements require the Association to fulfill certain conditions annually. The Association recognizes in -kind contribution revenue and a corresponding expense in an amount approximating the annual estimated fair -value rental of the properties. The fair value of donated facilities is determined based on the amount of rent charged for comparative facilities in the area. Such amounts totaled $47,466 and $31,050 for the years ended December 31, 2021 and 2020, respectively.
Financial assistance and scholarships:
The Association awards scholarships to deserving individuals, families, and groups to enable them to participate in the programs and use the facilities. These scholarships are awarded based upon financial need and are provided by a fee reduction. Total revenue is reported net of scholarships awarded.
- 14 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Use of estimates:
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates, and those differences could be material.
Fair value measurements:
The Fair Value Measurements topic of the FASB ASC, establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).
The three levels of the fair value hierarchy are described below:
Level 1 — Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Association has the ability to access.
Level 2 — Inputs to the valuation methodology include:
• quoted prices for similar assets or liabilities in active markets; • quoted prices for identical or similar assets or liabilities in inactive markets;
• inputs other than quoted prices that are observable for the asset or liability; • inputs that are derived principally from or corroborated by observable market data by correlation or by other means.
Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
The following are descriptions of the recurring valuation methods and assumptions used by the Association to estimate the fair values of certain financial instruments:
Cash and cash equivalents: Fair values of money market funds are estimated to approximate deposit account balances, payable on demand, as no discounts for credit quality or liquidity were determined to be applicable (considered Level 1).
Investments — certificates of deposit: Fixed income securities, including certificates of deposit, which are one to three years in duration. The fair values of these investments are readily marketable and are determined by obtaining quoted prices on a nationally recognized securities exchange or by using discounted cost, which approximates fair value (considered Level 1).
- 15 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
The donated services, assets, and use of facilities recorded by the Association have been recorded at fair values, based on management's estimate of fair value on a non -recurring basis from comparisons of similar assets or services or from the value as provided by the donor. This is considered Level 2 of the fair value hierarchy.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Association believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain donated services, assets and use of facilities could result in a different fair value measurement at the reporting date.
Cash and cash equivalents:
The Association considers cash equivalents to be all short-term securities purchased with a maturity of three months or less.
The Association maintains cash balances with financial institutions located in California.
Accounts at these institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. As of December 31, 2021 and 2020, the Association held cash in financial institutions in excess of federally insured limits.
Cash balances held for long-term donor restricted purposes are shown as restricted cash on the balance sheet and are excluded from the definition of cash and cash equivalents.
Investments:
Investments are reported at fair value and are based primarily on quoted market prices or estimated fair value. Investments represent assets that have original maturities over 3 months and thus are not cash equivalents. Even though some of the certificates of deposits original maturity dates are beyond one year, the Association classifies the investments as available for sale and considered short-term for classification purposes.
Accounts receivable:
Accounts receivable consist primarily of non -interest bearing amounts due for program services. The Association's policy is to send all 90 day past due accounts three notices.
After the third notice and a hard deadline in which either payment is received or a payment plan signed, the past due accounts are sent to collections, of which if paid, the Association will receive 50%. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance and credit to the receivable balance. In evaluating the collectability of individual receivable balances, the Association considers many factors, including the age of the balance, the customer's payment history, customer current credit worthiness, customer payment terms and current economic trends. The remaining balance is expected to be fully collectible within one year of the year end.
- 16 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Promises -to -give receivable:
Promises -to -give receivables are recognized at fair market value as revenues in the period in which there is sufficient evidence in the form of verifiable documentation that an unconditional promise was received. Conditional promises are recognized when the conditions on which they depend are substantially met. Unconditional promises to give that are expected to be collected within one year are recorded at their net realizable value.
Unconditional promises to give that are expected to be collected over periods in excess of one year are recorded at the present value of estimated cash flows beyond one year, or at net realizable value if not materially different from the present value. Amortization of the discount, if any, is included in donation revenue. The allowance for uncollectible amounts is estimated based upon historical collection rates and specific identification of uncollectible amounts.
Promise -to -give land lease receivable:
The promise to give and lease receivable is based on the 55-year land lease with the City of San Luis Obispo and represents donated use of facilities (See Note 10).
Contracts and grants receivable:
Contracts and grants receivable are mainly from governmental agencies. The Association has determined that an uncollectible allowance is not required, and the balance is expected to be fully collectible within one year of the year end.
Property and equipment:
Purchased property and equipment are stated at cost and donated assets are valued at their estimated fair value on the date donated. Property and equipment additions over $1,000 are capitalized. All assets are depreciated over estimated useful lives on a straight line basis.
Repairs and maintenance and small equipment purchases are expensed as incurred.
Expenditures that significantly increase asset values or extend useful lives are capitalized.
Upon retirement, sale or other disposition of property and equipment, the cost and accumulated depreciation are eliminated from the accounts and gains or losses are included on the statement of activities.
Estimated useful lives are as follows:
Years
Building 50
Leasehold improvements 5 — 39
Furniture, fixtures and equipment 5 — 25
Web site 5 — 10
Facility upgrades 5 — 39
- 17 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Compensated absences:
The Association allows full-time employees to receive compensation for vacation leave.
The estimate related to compensated absences is based on vacation hours available and current pay rates. The obligation for compensated absences has been recorded to accrued compensation.
Income tax status:
The Association's activities are generally exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Franchise Tax Code. Since the Association is exempt from federal and state income tax liability, no provision is made for current or deferred income tax expense. The Association is not a private foundation. Management has determined that the Association is not subject to unrelated business income tax. Management is not aware of any transactions that would impact the Association's tax-exempt status.
For the years ended December 31, 2021 and 2020, management of the Association is not aware of any material uncertain tax positions to be accounted for in the financial statements under the principles of the Income Taxes topic of the FASB (ASC). The Association recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense.
All tax exempt entities are subject to review and audit by federal, state and other applicable agencies. Such agencies may review the taxability of unrelated business income, or the qualification of the tax-exempt entity under the Internal Revenue Code and applicable state statutes.
Functional expense allocations:
The costs of program and supporting services activities have been summarized on a functional basis in the statements of activities. The statements of functional expenses present the natural classification detail of expenses by function. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Expenses that can be identified with a specific program or supporting service are charged directly to the program or supporting service. Expenses which apply to more than one functional category have been allocated based on estimates made by management.
Advertising:
The Association expenses advertising costs as incurred. Promotion and printing expense for the year ended December 31, 2021 and 2020 was $32,497 and $18,090, respectively. - 18 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Recent accounting pronouncements:
The FASB issued ASU 2016-02, Leases (Topic 842). This new standard amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right -of -use asset and corresponding lease liability, measured at the present value of the lease payments. The new standard is now effective for private companies for fiscal years beginning after December 15, 2021, which means that it will be effective for the Association for the year beginning January 1, 2022. The new standard is required to be adopted using a modified retrospective approach. Management will be evaluating the potential impact of the new guidance and is currently uncertain what impact the pronouncement will have on the financial statements, if any.
Note 2. Liquidity and Availability
Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the balance sheet date, comprise the following:
Cash and cash equivalents $ 1,213,887
Investments - certificates of deposit 532,631
Accounts receivable 25,461
Promises -to -give receivable 100,073
Contracts and grants receivable 271,356
$ 2,143,408
Occasionally, the Board approves a portion of excess cash to be held in money market accounts and total $431,067 as of December 31, 2021, and is included in cash and cash equivalents above. Also, management invests cash in excess of daily requirements into investments - certificates of deposit. As part of the Association's liquidity management, financial assets are structured to be available as its general expenditures, liabilities and other obligations come due. Currently, cash in excess of daily requirements is currently invested in money market accounts (cash equivalents) or investments (certificates of deposit). To help manage unanticipated liquidity needs, the Association has a line of credit (see Note 6), which it could draw upon. In addition, the Association has an over -draft protection (see Note 6), which it could draw upon.
- 19 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Note 3. Promises -to -Give Receivable
Unconditional promises -to -give receivable at December 31, 2021 and 2020 are estimated to be collected as follows:
2021 2020
Expected to be collected within one year $ 113,223 $ 72,567 Expected to be collected in one to five years 20,000 40,000 Total promises -to -give 133,223 112,567
Less discount to present value at 0% - -
Less allowance for doubtful promises (13,150) (8,817)
Total promises -to -give, net 120,073 103,750
Less current portion (100,073) (63,750)
Total long-term promises -to -give
receivable $ 20,000 $ 40,000
Note 4. Property and Equipment
Major classes of property and equipment and accumulated depreciation are as follows at December 31, 2021 and 2020:
2021 2020
Building $ 669,856 $ 669,856
Leasehold improvements 518,654 518,654
Furniture, fixtures and equipment 358,533 345,005
Website 26,799 18,160
Facility upgrades 524,107 524,107
Construction in progress 22,494 15,689
Less accumulated depreciation
2,120,443 2,091,471
(1,195,380) (1,129,360)
Total property and equipment $ 925,063 $ 962,111
Depreciation expense for the years ended December 31, 2021 and 2020 was $79,605 and $77,936, respectively.
- 20 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Note 5. Deferred Revenue
At December 31, 2021 and 2020, deferred revenue consists of the following:
2021 2020
Events and miscellaneous $ 2,266 $ 8,983
Membership 15,629 7,498
Program 79,899 28,616
Total deferred revenue $ 97,794 $ 45,097
Note 6. Line of Credit and Overdraft Protection
During the years ended December 31, 2021 and 2020, the Association had an overdraft protection agreement with Mechanics Bank. The agreement allows for borrowings up to $50,000 with a maturity date of September 15, 2043. Interest accrues at the Wall Street Journal Prime Rate (3.25% at December 31, 2021 and 2020) plus 3%. There was no outstanding balance as of December 31, 2021 and 2020. The agreement is unsecured.
During the years ended December 31, 2021 and 2020, the Association had a revolving line of credit with Mechanics Bank. The agreement allows for borrowings up to $200,000 with a maturity date of June 25, 2022. The interest rate is at the bank's index rate plus a margin of
2.25%, with a minimum interest rate of 4.00%. The line of credit is collateralized by assets of the Association. At December 31, 2021 and 2020, the interest rate was 5.75%. There was no outstanding balance as of December 31, 2021 and 2020.
Note 7. Capital Lease Obligations
The Association leases fitness equipment under capital lease obligations. The capital lease obligations have been recorded in the accompanying financial statements at the present value of future minimum lease payments. The cost of assets acquired under the outstanding capital leases totaled $77,600 and $54,108 at December 31, 2021 and 2020, respectively.
Accumulated depreciation on assets under the capital lease totaled $38,131 and $23,786 at December 31, 2021 and 2020, respectively. Depreciation expense on assets recorded under the capital lease totaled $14,345 and $10,474 for both years ended December 31, 2021 and 2020, respectively.
-21 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Capital lease obligations consist of the following at December 31, 2021 and 2020:
2021 2020
Jules & Associates, 9.05% implicit rate of
interest at time of signing, payable in 36
monthly installments of $693, due March 31,
2024. $ 18,780 $
Jules & Associates, 4.13% implicit rate of
interest at time of signing, payable in 60
monthly installments of $626, due November
30, 2022. 6,624 13,705
Jules & Associates, 11.03% implicit rate of
interest at time of signing, payable in 24
monthly installments of $971, due January
31, 2022. 962 11,848
26,366 25,553
Less current maturities (14,479) (17,967)
Total capital lease obligation,
less current maturities $ 11,887 $ 7,586
At December 31, 2021, future minimum lease payments under the capital lease obligations and the net present value of the future minimum lease payments are as follows:
Years Ending
December 31,
2022 $ 16,170
2023 8,311
2024 4,427
Total future minimum lease payments 28,908
Less amount representing interest (2,542)
Present value of future
minimum lease payments $ 26,366
- 22 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Note 8. Note Payable
Note payable consists of the following at December 31, 2021 and 2020:
2021
2020
Mortgage payable, collateralized by
building, with a famed interest rate of5.00%
(changed to 4.5%, effective December
2019), payable in 180 monthly installments
of $2,656, paid offJune 22, 2021. $ - $ 187,807
Less current maturities (23,435)
Total note payable,
less current maturities $ - $ 164,372
Note 9. Grant Requirements
The Association receives funds through grants from various local and state governmental agencies. The afterschool government contracts are awarded to the school districts and the Association is a subcontractor to the school districts. Grants are subject to audit by the corresponding oversight agency as to allowable costs paid with governmental funds and as to the share of costs contributed by the Association.
Note 10. Commitments and Contingencies
Employment related claims:
The Association is subject to employment related claims, such as workers compensation claims. Management believes that any current claims will be covered by insurance and does not anticipate any out of pocket costs beyond the insurance deductibles, if any.
Operating leases:
The Association leases childcare and youth facilities under annual agreements. The payments or donated use of facilities related to these agreements are recorded as a component of occupancy expense.
- 23 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
The Association leases the land under the footprint of the main facilities building that is owned by the Association from the City of San Luis Obispo for a basic minimum annual rent of $1. The land lease has an original term of 55 years and was originally executed as of December 31, 1977 (expires February 28, 2033). In 2021, the land lease was extended an additional 17 years through February 2050. In 2012, the land lease was valued using an appraisal performed by an independent firm, which was based on factors such as the subject's size, location, and zoning. The appraisal also considered the current economic rent of several comparable ground leases and consultations with leasing agents and brokers. The original contribution was recorded as donor restricted, due to the time restriction. In 2021, an additional donor restricted contribution was recorded based on the estimated value of the additional 17 years. As the time restrictions are met, an amount is reclassified on the statement of activities and changes in net assets as net assets released from restrictions. The rent expense related to this land lease for both years ended December 31, 2021 and 2020 was $2,686. The promise to give land lease receivable balance related to this land lease was $56,333 and $32,680 as of December 31, 2021 and 2020, respectively, and is expected to be collected through use of the land as follows:
2021 2020
Within one year $ 2,000 $ 2,686
In one to five years 8,000 13,430
Thereafter 46,333 16,564
Total land lease receivable $ 56,333 $ 32,680
The Association has multiple equipment leases, which are classified as operating leases.
Rent expense relating to the leases was $5,112 for both years ended December 31, 2021 and 2020. Future minimum lease payments under long-term equipment lease agreements as of December 31, 2021 are as follows:
Years Ending
December 31,
2022 $ 5,112
2023 1,711
2024 116
$ 6,939
- 24 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Note 11. Net Assets with Donor Restrictions
As of December 31, 2021 and 2020, net assets with donor restrictions are restricted for the following purposes or periods:
2021 2020
Subject to expenditure for specified purpose:
Youth development $ 100,090 $ 114,589
Capital fund (included in promises -to -give) 95,000 95,000 Youth development -food and fun program 3,500
Youth development -basketball - 5,000
Emotional and social support 15,248 -
REACH mentoring 2,000
IT project 5,000
Operational costs 69,103 76,789
286,441 294,878
Subject to the passage oftime:
Promise -to -give - land lease unavailable until
time passes 56,333 32,680
$ 342,774 $ 327,558
Net assets were released from donor restrictions by incurring expenses satisfying the restricted purpose or by occurrence of the passage of time or other events specified by the donors as follows for the years ended December 31, 2021 and 2020:
Expiration of time restrictions
2021 2020
$ 2,686 $ 2,686
Satisfaction of purpose restrictions
Youth development 57,000 51,394
Capital fund - 70,000
Emotional and social support 2,500 -
Youth development -food and fun program 3,500 26,803
Youth development -basketball 5,000 4,500
After school child care - 7,000
Operational costs 82,425 134,979
$ 153,111 $ 297,362
- 25 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Note 12. Functionalized Expenses — Methods used for Allocations The financial statements report certain categories of expenses that are attributed to more than one program or supporting function. Therefore, expenses require allocation on a reasonable basis that is consistently applied. The expenses that are allocated include insurance, depreciation, contract services, promotion and publication, salaries, benefits, and payroll taxes, which are allocated on the basis of estimates of time and effort. Most expenses are directly tracked by program or function.
Note 13. Retirement Plan
The Association participates in the YMCA Retirement Fund Retirement Plan, since July 1, 1988, which is a defined contribution, money purchase, church plan that is intended to satisfy the qualification requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended and The YMCA Retirement Fund Tax -Deferred Savings Plan which is a retirement income account plan as defined in section 403(b)(9) of the code. Both Plans are sponsored by The Young Men's Christian Association Retirement Fund (Fund). The Fund is a not -for -profit, tax-exempt pension fund incorporated in the State of New York (1922) organized and operated for the purpose of providing retirement and other benefits for employees of YMCAs throughout the United States. The plans are operated as church pension plans. Participation is available to all duly organized and reorganized YMCAs and their eligible employees. As a defined contribution plan, the Retirement Plan and Tax - Deferred Savings Plan have no unfunded benefit obligations.
Contributions under the defined contribution plan are paid jointly by the participating employees and the Association, with 1% paid by the employees through payroll deductions and 7% (effective in 2020) paid by the Association. Qualified participants are employees who are at least age twenty-one and who have completed 1,000 hours of service in each of two 12-month periods. Total retirement plan contributions for the years ended December 31, 2021 and 2020 was $44,807 and $45,808, respectively, and the retirement payable balance was $13,751 and $3,864 at December 31, 2021 and 2020, respectively.
The Association also maintains a tax deferred savings plan covering all eligible employees.
The plan includes a deferred arrangement under section 403(b) of the Internal Revenue Code. The elective contributions to the 403(b) portion of the plan are funded by salary reductions of the participants. The Association did not make any contributions to the plan for the years ended December 31, 2021 and 2020.
Note 14. Related Party Transactions
The Association has a relationship with the YMCA of the USA, the national affiliate to which they are required to remit a 1.75% fair share portion of their revenues based on certain criteria. The Association is also required to pay a fee to the California State Alliance of YMCAs. The YMCA of the USA payable balance at December 31, 2021 and 2020 was $1,244 and $5,663, respectively. The total related party expense to national and state YMCA affiliated organizations for the years ended December 31, 2021 and 2020 was $31,245 and $33,231, respectively.
- 26 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
The Association receives donations from board members, who are considered related parties to the Association. The Association also holds cash accounts at a bank, in which an executive at the bank is a board member.
Note 15. Concentrations
A significant portion of the Association's revenues and contracts and grants receivable consists of State of California and local government grants and contracts. These revenues and grants are earned by the Association based on its services to clients in San Luis Obispo County. For the years ended December 31, 2021 and 2020, the Association's total public support and revenue provided by government contracts was approximately 50% and 36%, respectively.
Note 16. Financial Assistance Provided
The Association provides financial assistance, through contributions and other fundraising, to help defray the costs of membership and program and other fees for individuals with need. Membership dues and program fees are recorded net of such assistance in the accompanying statements of activities. Such amounts were as follows for the years ended December 31:
2021 2020
Membership dues $ 418,950 $ 480,478
Less financial assistance provided (3,870) (5,105)
Membership dues, net $ 415,080 $ 475,373
Program fees $ 1,363,978 $ 1,023,334
Less financial assistance provided (56,377) (19,053)
Program fees, net $ 1,307,601 $ 1,004,281
Note 17. Payroll Protection Program Funds and COVID-19 Impact In April 2020, the YMCA was granted a loan (the Loan) under the Paycheck Protection Program (PPP) of the CARES Act, in the aggregate amount of $410,600. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. In April 2021, the YMCA was given official forgiveness of the loan amount, as the funds were used for qualifying expenses. Since the funds were used for qualifying expenses, the YMCA is accounting for the loan as a government grant under the PPP, under the accounting guidance.
In February 2021, the YMCA was granted a second loan under the PPP of the CARES Act, in the aggregate amount of $410,645. In October 2021, the YMCA was given official forgiveness of the loan amount, as the funds were used for qualifying expenses. Since the funds were used for qualifying expenses, the YMCA is accounting for the loan as a government grant under the PPP, under the accounting guidance. - 27 -
San Luis Obispo County YMCA, Inc.
Notes to Financial Statements
Note 18. Subsequent Events
In January 2022, San Luis Obispo County YMCA, Inc. entered into a management agreement with Channel Islands YMCA, Inc. The agreement allows for the sharing of management, governance, operations, human resources, risk management, financial development, and fiscal management services to improve the operational management and structure at San Luis Obispo County YMCA, Inc. The fees for these services, which will be paid by San Luis Obispo County YMCA, Inc. to Channel Islands YMCA, Inc. on a monthly basis, are set at $13,770.
The date to which events occurring after December 31, 2021 have been evaluated for possible adjustment to the financial statements or disclosure is May 17, 2022, which is the date on which the financial statements were available to be issued. -28-
CALIBER
AUDIT & ATTEST, LLP
Independent Auditors' Report on the Supplementary Information To the Board of Directors
San Luis Obispo County YMCA, Inc.
San Luis Obispo, California
We have audited the financial statements of San Luis Obispo County YMCA, Inc. as of and for the years ended December 31, 2021 and 2020, and our report thereon dated May 17, 2022 which contained an unmodified opinion on those financial statements, appears on pages one and two. Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole.
The schedules of program service expenses on pages 30 and 31 are 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 from 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.
CaM.wituda 4 Al--1-&-)
San Luis Obispo, California
May 17, 2022
-29-
805 Aerovista PI, Ste 103, San Luis Obispo, CA 93401 Phone: (805) 888-0200 Fax: (805) 888-0201
Personnel costs:
Salaries and wages
Employee benefits
Payroll taxes
Total personnel costs
Affiliated fair share fees and other dues
Contract services
Depreciation
Field trip admissions and supplies
Field trip travel
Insurance
IT and software services
Occupancy
Postage
Promotion and printing
Small equipment
Supplies
Telephone
Total non -personnel costs
San Luis Obispo County YMCA, Inc.
Schedule of Program Service Expenses
Year Ended December 31, 2021
Youth Development
Teens
$ 1,557
27 17
After School Day Camp
$ 348,454
28,487
38,119
$ 336,481
31,434
34,416
1,601 415,060 402,331
97 62
18 29
29 4
659
1,807
30,549
16,971
5,305
8,045
8,057
255
1,126
3,594
18,161
4,345
12,031
54,506
34,469
516
3,042
16,340
16,365
9,632
2,239
1,927
21,650
1,450
898 98,215 174,167
Healthy
Living
Youth
Activities Membership
$ 56,234
8,943
5,858
71,035
1,863
8,700
5,501
170
323
2,608
2,612
5,485
327
15 1,642
500
29,746
$ 268,564
19,433
28,041
Total
$ 1,011,290
88,324
106,451
316,038 1,206,065
4,546 20,247
30,589 124,441
18,622 75,625
322 1,008
11 8,699
8,828 35,850
8,842 35,905
33,540 48,912
900 900
19,048 22,744
12,933 18,469
5,945 48,057
1,752 8,047
145,878 448,904
Total program service expenses $ 2,499 $ 513,275 $ 576,498 $ 100,781 $ 461,916 $ 1,654,969 - 30 -
San Luis Obispo County YMCA, Inc.
Schedule of Program Service Expenses
Year Ended December 31, 2020
Youth Development
Teens
Healthy
Living
Youth
After School Day Camp Activities Membership Total
Personnel costs:
Salaries and wages $ 2,210 $ 315,917 $ 356,259 $ 71,626 $ 256,313 $ 1,002,325 Employee benefits 251 55,068 15,773 9,751 26,771 107,614 Payroll taxes 156 69,547 66,475 15,284 52,793 204,255
Total personnel costs 2,617 440,532 438,507 96,661 335,877 1,314,194 Affiliated fair share fees and other dues 27 6,013 9,842 1,635 7,021 24,538 Contract services 64 39,680 52,777 9,495 37,930 139,946 Depreciation 126 20,941 27,875 5,126 19,971 74,039
Field trip admissions and supplies - 865 3,300 484 772 5,421 Field trip travel 9 4,252 3,860 930 - 9,051
Insurance 41 6,844 9,110 1,675 6,527 24,197
Occupancy 9,280 9,002 8,197 19,511 45,990
Postage - - -
Program fees - - - 9,761 - 9,761
Promotion and printing 3 384 705 115 11,822 13,029
Small equipment - 1,463 1,801 90 3,926 7,280
Supplies 531 9,878 13,943 20,941 4,843 50,136
Telephone - 4,347 1,605 789 875 7,616
Total non -personnel costs 801 103,947 133,820 59,238 113,198 411,004 Total program service expenses $ 3,418 $ 544,479 $ 572,327 $ 155,899 $ 449,075 $ 1,725,198 - 31 -
FOR THE LIFE OF YOUR BUSINESS
April 24, 2023
San Luis Obispo
PO BOX 5416 San Luis Obispo, CA 93403
Outside Agency Funding Application for FY 2024
Purpose of the Request
On behalf of the SCORE San Luis Obispo Chapter, we wish to thank the city of Pismo Beach for your continuing support of our efforts in FY 2023. We are again seeking your support for a $2,000 grant that will be used to enhance the Pismo Beach economy by giving free services to business owners to start, run and grow their businesses.
We will be using your Economic Development funds in the following ways:
• Continuing to provide free mentoring and workshops to Pismo Beach businesses. In SCORE's FY2022 we mentored 687 clients. Additionally, 419 clients attended webinars and in -person workshops and 223 clients attended recorded webinars. Our total services last year were 1,329 clients:
• Partnering with the City, South County Chamber, and service organizations to create, market and deliver free workshops targeting existing Pismo Beach businesses. Subjects will include:
How to Begin Your Business, How to Prepare a Business Plan, Business Model Canvas, Google productivity tools and workshops on all aspects of marketing. • Continuing our outreach campaign to minority and woman owed businesses. Historically these businesses have not had equal access to funding sources and educational opportunities. Our goal is to continue to reach those individuals and provide free mentoring and educational services.
Benefit to the City of Pismo Beach
Starting a new business can be often daunting. That is where SCORE can help. We never turn a client away. We differ from other organizations in that if a client has new business idea, no matter how early they are in the process, our SCORE mentors will listen and help. This includes helping a new business owner get a business license from the City of Pismo Beach to making sure new owners have the fundamental knowledge to start a business. Our mentors will help all businesses understand how to define their business concept, manage cashflow and market their business.
PO BOX 5416, San Luis Obispo, CA 93403
Ph: 805 547-0779 www.sloscore.org
When we meet with a new client for the first time, we assign two mentors. At the initial meeting, the client and mentors engage in an interactive dialogue beginning with the client describing their business idea or issue with their existing business. The mentors ask questions and together they determine a strategy. The first meeting usually lasts an hour, and typically leads to a set of actions for the client to execute. At the end of the first meeting, a follow-on session is frequently scheduled. Studies have found that if a client is mentored more than three times it leads to greater client success. No matter how many times we meet with a client, all meetings are free.
How the requested funds relate to the Fiscal Year 2024 & 2025 City Goals SCORE's mission is to foster the establishment, development, and growth of small business. Pismo Beach benefits from the successful execution of this mission in:
• local job creation, and
• an increase in tax and related revenues.
A vibrant local business community is a direct contributor to quality of life for residents, one of the focus areas of the 2024/25 goals.
Summary
Providing the highest quality mentoring and educational services has always been the hallmark of our chapter. We are committed to work closely with the City of Pismo Beach to support local businesses.
As our motto states, SCORE will be there for the life of your business.
Respectively Submitted,
Tom Thompson
Co -Chapter Chair
San Luis Obispo Chapter 597
(805) 546-8386
[email protected]
PO BOX 5416, San Luis Obispo, CA 93403
Ph: 805 547-0779 www.sloscore.org
Empowering
Entrepreneurs
2021 SCORE Annual Report
SCORE
FOR THE LIFE OF YOUR BUSINESS
Table of Contents
Letter from the CEO 3
Empowering Entrepreneurs
Client Impact Survey 4
2021 By the Numbers 5
Success Stories 6
StartUp Roadmap 10
Resilience Hub
Live Chat 12
Megaphone of Main Street Data Reports
Unsung Entrepreneurs: Veterans, Immigrants and Encore 13 Small Business Jobs Report 15
Diversity, Equity and Inclusion
Cultivating a DEI Culture 16
SCORE for All 17
Volunteer Recruitment Campaign 18
Volunteers In Action
Volunteer Engagement Survey 19
2021 Chapter of the Year 20
Engage Rollout Complete 21
SCORE Association
Board of Directors 22
Consolidated FY2I Financials 25
SCORE Foundation
Board of Directors 27
Consolidated FY2I Financials 28
Corporate Partners 30
Donors 32
SCORE FY2021 Annual Report 1 SCORE.org
2 Letter from the SCORE CEO
FY2 I continued to challenge small business owners as
the impact of the COVID- 19 pandemic lingered in
the American small business community and an employment crisis loomed. Our fall Megaphone of Main Street data report showed that two-thirds of small business owners had job openings they could not fill. Hiring was rated as business owners' number one challenge, displacing years of previous data that top -ranked finding financing and finding customers.
Business owners continued to reach out to SCORE for help navigating these significant challenges.Throughout the year, SCORE volunteers provided nearly 4.6 million hours of critical and timely mentoring and education, supporting clients in navigating funding "Last year, SCORE helped our clients start 25,084 new small businesses, in turn creating 71,475 new, non -owner jobs. Despite the immense challenges posed by the COVID- 19 pandemic, 77% of our clients stayed in business.That's powerful!" options, finding customers, responding to employee challenges and adapting daily operations.Working with our corporate partners and sponsors, SCORE continued its valuable work through the Small Business Resilience Hub, guiding small business owners through online mentoring, resilience training and partner resources.The Hub has now helped more than 850,000 business owners survive and thrive.
Knowing that the road to entrepreneurship is harder for some than others, SCORE maintained its focus on diversity, equity and inclusion.
Diverse volunteer committees are strengthening our inclusive environment to ensure all volunteers are engaged and all clients are served well.Through our SCORE for All initiative, educational resource hubs now exist for Black, Hispanic, women and veteran entrepreneurs, with plans to add new hubs for rural, Asian Americans and Pacific Islanders (AAPI) and disabled entrepreneurs in the year ahead. SCORE is now linked to new networks of underserved clients through alliance partnerships with organizations including the U.S.
Hispanic Chamber of Commerce,The Latino Coalition, Women Entrepreneurs Grow Global, the BIPOC Support Foundation, the National Black Chamber of Commerce and theTougaloo
College Research and Development
Foundation consortium of Historically
Black Colleges and Universities
(HBCUs).
As the client profiles in this annual
report demonstrate, entrepreneurs
are starting successful businesses with
help from SCORE. Last year, SCORE
helped our clients start 25,084 new
small businesses, in turn creating
71,475 new, non -owner jobs. Despite
the immense challenges posed by
the COVID- 19 pandemic, 77% of
our clients stayed in business.That's
powerful! 1 hope you feel as inspired
as I am when I hear how SCORE has
helped entrepreneurs achieve their
dreams.
Our clients are counting on
SCORE's continued guidance and
support to help them succeed.To our
clients, volunteers, Board of Directors,
staff members, corporate sponsors
and other key partners — please know
that we couldn't have achieved so
much in 2021 without you.Thank you
for your important contributions to
our mission.
Bridget Weston
CEO
u�
SCORE FY2021 Annual Report SCORE.org
O
3 v
HIGHLIGHTS
Empowering
Entrepreneurs:
Client Impact Survey Demonstrates Results
Each year, SCORE, with the support of the SCORE Foundation and PricewaterhouseCoopers (PWC), conducts research to measure SCORE's engagement and economic impact on the U.S. economy. Results from the 2021 study show SCORE's client satisfaction remained high for the thirteenth year in a row. Beyond satisfaction, SCORE's 2021 Client Impact Survey measured client engagement, revenue, business creation and job creation among other metrics. 22,844 small business clients nationwide completed the survey between October and December 2021.Total numbers were calculated with straight-line extrapolation from the survey respondents to the total number of 2021 SCORE clients (141,599).
Survey responses share how clients perceive SCORE and whether the organization's actions and influence align with SCORE's overarching brand and promise.
Throughout 2021, SCORE offered notable value to
entrepreneurs and small businesses nationwide:
86% 77%
of clients would of clients remained
recommend SCORE in business
to family and friends throughout 2021
The SCORE
client base
in 2021:
74%
of clients confirmed
SCORE helped them
with their business
r
Women 47% Minorities 9% Veterans
SCORE FY2021 Annual Report I SCORE.org
0 4
v
SCOFitO
71,475
Non -owner jobs
25,084 created
New Businesses
96,559
Started
Total jobs created
$I64
cost to
create one
new job
$466
cost to create
one new
business
Million
SCORvoIunteer hours
(THAT'S 190,850 DA 2 YEAR
•
PERTISE AND ADVICE!)
1,500+ communities 10,000+ volunteers
141,599 280,732
clients served attendees served
across across
326,6I7 9,628
mentoring local
sessions workshops
241
attendees 897 national
i
For every $1
appropriated to SCORE, y
$61.45 is returned to the '' '
federal treasury
served via
workshops
S CORE
SiteWell Solutions
helsea Kidd admits, "It's a
beast to take an idea I've
always thought about and create
a fully formed business." But that's
exactly what she did. In line with her
success, Chelsea says,"Now I'm a
SCORE evangelist!"
Chelsea, a certified personal
trainer with a background in
exercise science, resigned from
her corporate wellness job and
moved to Montana in early 2021.
Once there, she launched SiteWell
Solutions, which offers customized
health, wellness, and safety services
for organizations. SiteWell provides
in -person or virtual health and
nutrition coaching, fitness classes, 5k
events, targeted injury prevention
clinics and more to fit the needs of
employees for the nature of work
performed. Her strategies are based
on worksite wellness models that
bolster productivity and morale
through stress management, strength
and resilience training.
"I love the opportunity to
influence employee wellness
policies in a workplace, to create
a culture of wellness — on a bigger
scale — to ultimately reduce health
insurance costs, prevent on-the-job
injuries and create healthier, happier
workers," she explains.
Chelsea first connected with her
SCORE mentors, FrankTidikis, Brian
Cassell and Rick Sanders in 2019.
Back then, she was still working
for her employer, but she wanted
to gain skills to set the foundation
for her future business goals. Her
mentors helped her establish a
business plan, marketing strategy,
scalable scope, etc.They also helped
with prospecting and public speaking.
Chelsea has now gained the
confidence she needs to "step out
from behind my logo and put my
face out there to knock on doors.
I now feel excited to tell people
about myself and my business." Her
mentors helped her overcome her
previous fears of failure and find a
rich sense of happiness in her work.
If Chelsea could offer advice to
someone who'd also like to start
sitewellsolutions.com
Owner Chelsea Kidd
Mentor(s) Rick Sanders (also FrankTidikis and Brian Cassell) Location Bozeman, MT
a business, she would immediately
tell them to reach out to SCORE:
"No matter where you are in your
journey, call them. Don't wait for the
stars to align. Just take baby steps
and go for it!"
"[My SCORE
mentors have] been
wonderful.They take
things at my pace."
SCORE FY2021 Annual Report SCORE.org
O
6 v
S CORE
Patricia Services, LLC
^atricia Wynn is a Lifestyle
F
Manager and Assistant. She
comes to your home and assists you
with anything you don't have time
for such as cooking, cleaning, running
errands, laundry. She'll help with
anything that keeps your house in
order, to make your life better.
www.wynnpatty.com
Owner Patricia Wynn
Mentor(s) Maxine Stern
Location Hillsborough, NC
"I focus on your errands so you
can focus on your career and enjoy
your life," she explains.
As a former general manager
for McDonald's in Atlanta and then
store manager atWendy's in North
Carolina, Patricia spent more than
30 years rising through the ranks of
the fast food industry. The discovery
that she had coronary artery
disease, along with growing concerns
over COVID, led her to pivot her
career and take control of her
Iivelihood.That's when she reached
out to SCORE to find a mentor
who could help her start a business.
Patricia had admired her mother's
work in homecare and thought of
ways she could adapt this kind of
work based on her own skills. She
explains,"I thought I'd try care.com
to see what type of help people
needed.There are a lot of people
who need help with things like
cooking, laundry, cleaning... so I
signed up and met with my first
clients."
After a while, Patricia knew
she could do this work without a
middleman and could make more
money if she started her own
business in "Lifestyle Management."
She explains,"That's when I
connected with Maxine Stern, my
SCORE mentor, who gave me good
advice about how to get an LLC,
create a website, join Linkedln, and
make business cards.Things like
that. She was never negative, only
positive. She held me accountable
to keep moving forward with my
dream to start a business." By April
of 2021, Patricia felt she was ready
to launch Patricia Services, LLC.
Now Patricia has I 0 active clients
and hopes to have 20 by the end of
the year if she can hire a responsible
employee to help her keep up with
demand. She especially hopes to tap
into into the "millennial" population
of clients.
Thanks to encouragement from
her SCORE mentor, Patricia is
thrilled to be an independent small-
business owner. She's thriving in her
feelings of empowerment.
"If you have a dream, go for it ... do not let
fear be a factor. Fear kept me in the food
industry for too long. Now, I love my work.
I feel satisfied, I'm not stressed, I set my
hours, I feel loved."
SCORE FY2021 Annual Report I SCORE.org
0 v
S CORE
VOLTA ion
As a passionate mechanical
engineer with a degree in
business and love for the arts,
Chris Rourk, founder of VOLTA
ion in Miami, has tremendous
vision. For decades he worked for
corporations in the automotive
service industry, but in late 2019,
he was ready to launch his own
business to push the industry into
"I want to build machines
that help humans,
making service -sector
jobs easier with fewer
injuries. I've watched
the automobile industry
evolve and go green,
but not the equipment
used to service those
machines. Our work will
change the norm in the
market for the better"
the future.
Then COVID brought chaos.
His investors backed out and
everything stalled. Fortunately,
Mark Aledda, a banking expert,
served as Chris's SCORE mentor.
Mark spent time working with
Chris via Zoom to figure out
next steps, business plans and
projections. Mark was open and
direct, helping Chris understand
basic bank underwriting and lending
principles while Chris continued to
perfect the engineering of the final
product. As a result, VOLTA ion's
first ever wireless/cordless heavy-
duty jack became a masterpiece,
with an innovative, sleek design and
engineering that is truly ground-
breaking.
Thanks to Mark's consistent
support and friendship during this
period, Chris was also able to
secure working capital from Miami
Bayside Foundation. VOLTA ion
launched in 2021 with a buzz of
excitement as clients learned about
their products. Chris enthusiastically
explains, "Now we can work on
a line of new equipment — with
robotics that enhance human
motion — totally changing the way
vehicles are repaired: no noise, so
easy, ergonomic, safer, better for
the human body. Our jacks are just
the start."
As Chris looks back at the long
path he's taken, he encourages
future small business owners to
learn from their setbacks and
always move forward. He says, "I've
felt many times that people give up
at the last minute — but I think they
dreams. They should make their
talents grow and never set limits."
As a Latino business owner, Chris
proudly considers the tenacity he's
needed to start his new business.
He recognizes the importance of
his valued employees on one hand
and his SCORE mentor on the
other. Chris is most excited when
he can nurture his employees' ideas
and see them smile after each hard-
earned success: "I love to see vast
potential in human capability!"
www.volta-ion.com
Owner Chris Rourk
Mentor(s) Mark Aledda
Location Miami, FL
SCORE FY2021 Annual Report SCORE.org
O
8 v
S CORE
Digital with Danielle
Danielle Neal is a 25-year-old
Baltimore -based entrepreneur
who started her business, Digital
with Danielle, in 2020. At first this
work was essentially a side hustle,
where she offered advice on how
to use social media and its new
features through Instagram Live.
Her fun conversations there taught
her that women, especially, face
unnecessary barriers and a lack of
answer questions, think strategically,
raise funds and even change her
messaging to match her expertise.
After bi-weekly Zoom meetings
with Rich throughout the pandemic,
Danielle decided to quit her
teaching job in 2021 and launch
Digital with Danielle.
In just one year since starting
her business, Danielle is busy with
clients and filled with confidence
"My SCORE coach taught me that I can have
premium clients. I learned to ignore my initial
feelings of 'imposter syndrome' because I have
more experience in this than others. I have a
lot to offer."
confidence when using social media
platforms for business growth. She
instinctively knew she could be an
empowering force in this arena and
excel at addressing people's social
medial pain points.
Before taking the leap to start a
business, Danielle was a full-time
schoolteacher.With no prior
business experience, Danielle
tapped into SCORE. Her SCORE
mentor, Rich Rubinstein, helped her
and excitement."I don't think of
myself as 'small' because of the small
business title. I am really creating a
global brand," she explains.
Danielle loves what she's doing,
and her bubbly excitement can
be felt immediately. She believes
www.digitalwithdanielle.com
Owner Danielle Neal
Mentor(s) Rich Rubinstein
Location Baltimore, MD
her SCORE mentor helped map
revenue for growth but, more
importantly, "map her legacy." As a
first generation entrepreneur, she is
glad to tap her newly gained skills to
help her community grow, too.
Danielle would tell future business
owners:"Believe in the vision you
have. Know that you can be seen
and valued for what you bring to the
table." In addition, she encourages
entrepreneurs to reach out to
SCORE for support: "You can do so
much more when you get help."
SCORE FY2021 Annual Report SCORE.org
O
9 v
"I love studying the
StartUp Roadmap.
I believe it is the most
accurate education
(other than attending
college) to learn
the skills needed for
successful business
continuation"
g
PROGRAMS
STARTU P
road m a p
The path to business ownership is an exciting
journey but also a challenging one. SCORE's Startup
Roadmap, sponsored by FedEx, offers entrepreneurs
a step by step guide to navigate a successful business
launch. More than 77,000 people have used the
guide since it debuted in 2020, with more than
225,000 pageviews. Detailed information, templates
and resources guide new business owners through
difficult tasks including creating a business plan,
finding funding, pricing, staffing and marketing.
Understanding that prospective clients may
visit SCORE at different parts of the journey, the
program was built to be flexible, allowing small
business owners to work with a mentor and tailor
the content to suit their needs.
Clients agree that the content helps
demystify the startup process:
"This has really
allowed me to start
putting things down
on paper. I like
the pre -generated
documents that
were nice tools and
easy to use. I can
use them for other
ventures, as well!"
sponsored by
FecEx.
STARTUP
ROADMAP
Business Plan or Business Model Canvas?
SCORE
Sponsored by FecEX=
V
PROGRAMS
Resilience Hub
At SCORE, we know that disasters, economic downturns
and catastrophic events can present unprecedented challenges for small business owners.That is why we developed the Small Business Resilience Hub to provide disaster preparation, recovery and resilience resources to help small businesses thrive despite unexpected interruptions.To date, we've helped more than 850,000 business owners, made possible with the support of our sponsors and the efforts of our volunteers.
"My SCORE mentor was an excellent listener, coach and
mentor throughout the COVID pandemic. He was calm,
professional and worked with us to find appropriate resources to stay abreast of changing protocol and manage staff during a mandatory shut down."
— Shannon Woods
Owner Woods Orthodontics about mentor Ed Weiser
"I am so very grateful for the opportunity to work one-on- one with Pat Wente and the SCORE family during my startup process. Being able to meet virtually was so critical due to the pandemic. Mentorship is a necessity for all new business owners."
— Veatrice Conley
Owner, Unveiled Bridal Studio about mentor Pat Wente
The SCORE Small Business
Resilience Program is presented by:
�- Constant
V Contact
Sponsored by:
deluxe
SCORE FY2021 Annual Report 1 SCORE.org
MON
11 v
PRO MS
s super
as a
ance
ve time
save my
is truly
person!"
LiveChat
Sponsored by:
SCORE
FOUNDATION
To serve the needs of business owners seeking critical and immediate guidance during the pandemic, SCORE developed LiveChat.This new feature on SCORE.org connects
entrepreneurs with expert mentors 24x7 to chat live online or get answers to urgent questions. More than 14,350
chats were held in FY21, providing personalized business advice and directing business owners to the tools and
resources they needed when they needed them.
"Tom was very helpful in getting
me started and leading me to
great SCORE resources."
:_..t ..
I !no;
MEGAPHONE OF MAIN STREET
The Megaphone of Main Street is a biannual data report that showcases survey responses from SCORE's large, diverse population of clients to cultivate a more accurate understanding of the true state of today's Main Street, USA. This data fills a gap in the existing small business research by diving deep into the motivations and experiences of American small business owners as they navigate challenges and embrace entrepreneurial opportunities.
Unsung Entrepreneurs
Three groups of entrepreneurs consistently outperform others as engines for the small business economy.They start businesses at higher rates and operate more small businesses than others, yet they are consistently overlooked and often climb steeper hills to achieve their goals.These distinct "unsung entrepreneurs" are: first generation or immigrant entrepreneurs, veteran entrepreneurs and encore entrepreneurs (those age 55 and older). In the spring 2021 installment of SCORE's Megaphone of Main Street we examined "unsung entrepreneurs" as critical representatives of the current U.S. small business landscape. Below are the key findings:
THE MEGAPHONE OF MAIN STREET:
Unsung gra
Entrep Seneurs:
Imm
SPRING 202I
presented by
SCOR
Part I: Immigrant Entrepreneurs
Immigrants are 40.2% more likely to start a
business and are more optimistic about hiring new
employees than others.
Immigrant entrepreneurs cite job discrimination
52.6% more often as a motivating factor to start
their own business.
Immigrant business owners are more likely to
seek financial support and less likely to receive it.
They were rejected 72-83.5% more often when
seeking expanded lines of credit, crowdfunding, new
investors, support from online lenders and veteran
loans.
Part 2:Veteran Entrepreneurs
Nearly 42% of the veteran business owners
surveyed have a service -related disability. Many note
the obstacles they face due to disability or bias.
Veteran business owners are twice as concerned
about business regulations, 25.9% more concerned
about their lack of connections, 23.3% more
concerned about financing, and 14.9% more
concerned about getting customers than non -
veterans.
continues on next page
SCORE FY2021 Annual Report SCORE.org
MEGAPHONE OF MAIN STREET
Unsung Entrepreneurs
continued from previous page
Part 3: Encore Entrepreneurs
• Encore entrepreneurs are 25.1 % more likely to cite their skills in effective business planning as a strength compared to younger business owners.
• New technology is a higher concern (22% higher) for older (versus younger) business owners. On the other hand, they worry less about customers, cash flow or connections.
• Encore entrepreneurs are less likely to seek financial help or accrue debt from any source, but up to 62% more likely to receive non -government aid and 20-46% more likely
to be approved for government aid, including PPP loans, unemployment insurance and other sources of federal/state financial assistance.
Read the full Unsung Entrepreneurs data report here
One of the Megaphone's main goals
is to raise brand awareness for
SCORE through thought leadership
in major media outlets.The Unsung
Entrepreneurs data report generated
press release pickups in over 350
outlets, including the Associated Press,
The Street, Yahoo Finance and The
Guardian, resulting in a total potential
audience of 345 million viewers.
SCORE FY2021 Annual Report SCORE.org
MEGAPHONE OF MAIN STREET
Small Business Jobs Report
The fall 2021 edition of the Megaphone of Main Street focused on the employment crisis. The Small Business Jobs Report showed that two-thirds of small business owners have unfilled job openings and currently rate hiring as their top challenge — beating previously longstanding top challenges of finding financing and finding customers.
Business owners want better healthcare options, loan forgiveness and access to capital. Read more about The Struggle to Hire and Help Needed for Recovery.
Key findings:
• Employment challenges currently rank highest
among business owners. !"Hiring the right talent"
is the number one challenge (63.4% of business
owners). In 2017, financing challenges were ranked
higher.
• Two-thirds of business owners (61.2%) report
having unfilled job openings within the past six
months.
presented by
THE MEGAPHONE OF MAIN STREET
SCOR
Small Business
Jobs Report
PART I. The Struggle
FALL 2021
The number of unfille
Small Businesses with Unfilled fob Op
sox -
45%--
0 40%-------
s 35%-------
3t%-------
25%
0%
Finding qualified tal
What ore your top three basin¢!
challenges right now?
•asHI ga�ene.''' c
Proem¢ meaWme..
¢mini /opening
es
employe
THE MEGAPHONE OF MAIN STREET
presented by
sCOR
Small Business Jobs Report
PART 2: Help Needed for Recovery
FALL 2021
Finding nn A'g mum111
Regulatioes
dema• nd
eusrn
Supplier
issues
Numerous challe
How big of an issue has the
ring new employees
0nboar.a new employees
PS... na new erOoyeesmd off
Hiraa0ing back tempoo
rarlar geestrom ogees
ningm rig
There's optimism despite COVID-I9 challenges.
Overall, how optimistic a
six months?
you
girding the future growth of your business in the next
Most businesses plan to hire in 2021.
Do you think your number of employees in
he next six months will be:
sgnincanty more 8.4%
Somewhat less 3.4%
Signifcandy less I.I%
Don't know/uncertain 10.6%
Attracting applicants is a struggle.
What have you chonged to attract / retain employees in the post few months? Incensed Pepe, Profit sbamg
Professional training and skill derel- 36.6% Referral bonuses Nan
Worm Hiring bonuses
lEall
Work from home /remote work Heal? and wellness programs apalonsTuition reimbursement
Greer Rash/progression
EOM
• Pressure to increase wages to stay competitive now
impacts twice as many business owners (54.7%)
compared with 2017 survey results (26.2%).
• Despite recent challenges, 67.2% of business
owners surveyed report feeling optimistic about
the next six months.This shows little decline
compared to 2017 survey results showing 69%
optimism.
The Small Business Jobs Report generated
press release pickups in 377 outlets, including
the Associated Press, Yahoo Finance, Market
Watch and Markets Insider, attracting a total
potential audience of 236 million viewers.
Media coverage included stories in The
Business Journals and live TV interviews on
Newsy and the Black News Channel.
ORE FY2021 Annual Report I SCORE.org
ETEM
clue mrerrhue-M1 ely weeosees
DIVERSITY, EQUITY AND INCLUSION
Cultivating a DEI
Culture at SCORE
SCORE is committed to cultivating a culture
of diversity, equity and inclusion (DEI) among our
volunteers, staff and Board to better serve our
clients and engage our volunteers.We strive to
build a welcoming environment where everyone
feels valued and is confident they belong, helping
us to work together and achieve more.
SCORE believes in the importance, value and
power of diversity — diversity of people and
diversity of thought.To that end, in FY21 SCORE
embarked on the first phase of a multi -year,
strategic DEI plan focused on the five key areas
listed below:
• COMMUNICATION
Ensure consistent and easy -to -understand
messaging on SCORE materials related to
DEI.
• EDUCATION
Support DEI education program to achieve
culture of inclusion.
• PROCESSES
Oversee program implementation.
• ACCOUNTABILITY
Measure and evaluate the progress of DEI
efforts.
• COMMITTEES
Provide insights to leadership through
open two-way communication with
diverse volunteers.
DEI toolkits were developed to help volunteer leaders create plans to cultivate an inclusive culture in their individual chapters.The toolkit includes: SCORE DEI Roadmap, DEI Messaging Guide, Chapter DEI Assessment, DEI Education Modules Overview Description and Thought Starters.
Thank you to our DEI Ambassadors throughout the country who are helping to lead this program.
SCORE FY2021 Annual Report SCORE.org
DIVERSITY, EQUITY AND INCLUSION
SCORE for All
At SCORE, we believe that anyone can start a small business with the right support. We also know that the road is harder for some than for others.
Recognizing that diverse backgrounds, different voices and unique needs may call for specialized resources or a personalized approach to mentoring, SCORE for All was developed. This program is sponsored in part by the SCORE Foundation, the Deluxe Corporation Foundation, the Equitable Foundation and AdvanceYour Reach.
SCORE Client Demographics
Percent of client populace
70%
60%
50%
40%
30%
20%
10%
0 2020
2021
(31%
24% )
(60%)
(63%)
(II%) 9%
Black Hispanic Women Veterans
In FY21, SCORE developed specific hubs within SCORE for All focused on the needs of women entrepreneurs, Black entrepreneurs, Hispanic entrepreneurs and veteran entrepreneurs, with additional hubs planned.This wholly -inclusive online platform, together with culturally -sensitive mentoring, provides resources and training tailored to meet the needs of these diverse communities. Within each hub, SCORE mentors from these underserved segments who are available to support business owners through their own journey are profiled, along with inspiring examples of successful clients that have reached their goals through the support of SCORE services.
The SCORE for All resource hubs received nearly 100,000 visitors in FY21, with many more underserved groups reached directly through mentoring and workshop services. Highlighting areas of growth, SCORE's client base saw a 7% increase in service to Black entrepreneurs and a 3% rise in women served. • Women
Entrepreneurs
• Hispanic
Entrepreneurs
• Black
Entrepreneurs
• Veteran
Entrepreneurs
SCORE FY2021 Annual Report I SCORE.org
DIVERSITY, EQUITY AND INCLUSION
Volunteer Recruitment:
Media Campaign Focused on Reaching Diverse Audiences
In FY2 I , SCORE developed a targeted media relations campaign to support minority -owned businesses and promote volunteer recruitment of Black and Hispanic business owners as mentors.The campaign included creating custom outreach materials in both English and Spanish, deputizing Black and Hispanic SCORE clients and mentors as media spokespersons and extensive pitching to media outlets nationwide.
The media campaign raised significant awareness for SCORE, resulting in nearly 1,300 clips, 96 million impressions and an ad value equivalency of $894,250. Stories included the NewYorkTimes, NBC Miami, Great Day Washington and Authority Magazine. An article featuring the benefits of volunteering with SCORE was distributed via NAPS - a syndicated press platform - resulting in an additional 1,247 placements that reached three million print readers and a potential online audience of 70 million.
Relationships were also forged with key organizations within the Black and Hispanic communities to foster awareness of SCORE and its offerings, including the U.S. Black Chambers of Commerce and the U.S. Hispanic Chambers of Commerce.
1,300 clips
96M impressions
$894,250 ad value
4:0
El T Tempo Latino
"There's not enough inl< in my pen to write about everything that's great about my mentor, Mr. Mark Maguire.What makes him an exceptional mentor are the qualities he possesses naturally: his willingness to share his genius, skills, knowledge, and expertise - at a level that's not condescending or confusing - in a concise manner that makes it easy to understand." — Ursula Augustine Ursula's About Phace Rittenhouse Studio SCORE FY2021 Annual Report I SCORE.org
18 v
VOLUNTEERS IN ACTION
Driving Client Success:
Volunteer Engagement Survey Results Remain Strong
Each year, SCORE's 10,000+
expert volunteers provide
business mentoring and education
through more than 240 chapters
in 1,500 communities nationwide,
empowering local business owners,
boosting regional economies and
growing the American economy.
Volunteers come from across
the country and offer diverse
backgrounds and expertise in
different areas of industry. All are
experienced businesspeople with
a passion to help small business
owners succeed. About half are
currently working as entrepreneurs
or executives, with the other half
retired.The overall 2021 client
engagement index score was
an impressively high 4.19 on a
5-point scale, even higher than
2020. SCORE's overall NPS (net
promoter score) is a reputable
83.52. SCORE volunteers are the
lifeblood of our organization.The
annual Volunteer Engagement
Survey provides SCORE's
leadership with in-depth
measurement of volunteer
satisfaction and engagement.
Feedback given through the survey
is used to inform SCORE's strategy
and future direction.
Engaged Volunteers
Survey results indicate that overall
engagement continues to be strong
throughout the pandemic. SCORE
volunteers maintain an engagement
level of 4.40 on a five -point scale.
Volunteer
Engagement Score:
"This is the highest engagement rating SCORE volunteers have had in the past I 0 years — they showed up for small businesses during the pandemic, more than ever!"
— SCORE Vice President of Field Operations Doug Nohe
SCORE FY2021 Annual Report SCORE.org
„SCORE
scoR
2021 National Chapter of the Year: COTY2021
Washington, U.L.
SCORE Washington D.C. was named the 2021
National Chapter of the Year by the U.S. Small Business Administration.
The Washington D.C. chapter was selected from
among 241 SCORE chapters nationwide based on
its quick and effective response in supporting small
business owners during the COVID- 19 pandemic. Many
business owners reached out for help, as illustrated by the chapter's 28% increase in total services in 2020.
When the pandemic hit, SCORE Washington D.C.
moved operations to an all -virtual mentoring format,
allowing it to support business owners without missing
a day of service.Volunteer mentors successfully
walked business owners through PPP and EIDL loan
applications and provided valuable advice on pivoting
operations, adapting marketing strategies and making
critical decisions about employees.
"It truly takes a village, and our volunteers are
extremely dedicated and hardworking. I would like
to especially thank the leadership and efforts of my
predecessor, Gary Salisbury.As a result of all chapter
efforts, we are proud to say, 2020 was our best year
ever in providing client services.”
"This chapter's success goes far beyond 2020
CHAPTER OF THE YEAR
metrics," said SCORE Vice President of Field
Operations Doug Nohe. "Over the past several years,
SCORE Washington D.C. has consistently ranked in the
top five chapters for the number and quality of client
services delivered, for increased satisfaction of chapter volunteers and for expanded outreach in the local
community."
"I am so proud of our team and the
work we've been able to do to help
small business owners thrive, despite this
pandemic."
— Chapter Chair Mariann Zylstra
Looking towards the future, SCORE Washington
D.C. continues to strengthen partnerships with
community organizations in an effort to expand vital
small business mentoring and educational services
in the metro area. Current partnerships include the
Women's Business Center of Northern Virginia, the
Black Chamber of Commerce in Washington D.C., the
Greater Washington Hispanic Chamber of Commerce
and others.
The SCORE Washington D.C. chapter was honored
with the SCORE Chapter of the Year Award during a
virtual awards ceremon on Feb. 17 2021.Visit them
Regional SCORE 2021 Chapter of the Year award
winners include: SCORE Kansas City, Cleveland, Rhode
Island, Greater Seattle, North Metro Atlanta, Houston
and Santa Barbara chapters.
VOLUNTEERS IN ACTION
Engage Rollout Complete:
New CRM Will Improve U
Over the past two years, SCORE designed,
built, tested and rolled out a new Customer
Relationship Management (CRM) system:
SCORE Engage. Designed to facilitate and
improve the quality of user engagement
through the organization's three major user
journeys — client mentoring, volunteering
and training — Engage implementation was
completed in FY21.
Engage improves the mentor matching
process and provides better insight into chapter
performance through reports and additional
tools that enable integration between systems
and data.
Refinements to Engage are ongoing based on
stakeholder feedback and as needed due to the
shift to virtual delivery of services. A volunteer
group, including representatives of all SCORE
regions and chapter sizes, helps inform the
business requirements, system user experience,
features, functionality, training and support of
SCORE Engage.
Chapters currently live in Engage:
100% -�
• Over 9,000 active and provisional
volunteers are currently on the
system.
• Of those, over 96% have logged
in the last six months.This is
a metric that we will continue
to report on as a measure of
volunteer engagement as well as
the following:
• Total unique logins: 69% of active
and provisional volunteers have
logged in during the last month.
• Average logins per day: 1,677.
SCORE FY2021 Annual Report I SCORE.org
SCORE BOARD OF DIRECTORS - OFFICERS
Scott Harkins, Chairman of the Board
Scott Harkins leads the Global Portfolio
Marketing for FedEx Services and oversees:
global digital; global customer segment and
experience design; global products, solutions and
business agility and global marketing foundations
talent development program. He is responsible
for the creation and execution of global marketing programs, including digital transformation, e-commerce and global products and business agility. Prior to his current role, Scott served as the vice president of strategy and product
management, director of FedEx Kinko's marketing and director of segment and alliances marketing. He joined FedEx in 1992 in the pricing department. Scott earned his Bachelor of Science in mechanical engineering from the University of Notre Dame and his master of science in management from Georgia Institute of Technology.
Mary Landry, Vice Chairman
Rear Admiral (Ret.) Mary Landry of Belmont,
Mass., is the director of the United Services
Automobile Association (USAA), a Fortune 125
company serving more than 11,000 military
members and their families with highly
competitive property and casualty insurance,
an ing anfinancial services. Mary has more than 35 years with the government, including service on the White House National Security Council as a special assistant to the president and senior director for resilience policy, and active duty in the United States Coast Guard. Mary served in many assignments across the country including commander of the Eight Coast Guard District, where she oversaw Coast Guard operations for a 26-state region with more than 9,000 active, reserve, civilian and auxiliary personnel under her command and an assignment as director of governmental and public affairs at Coast Guard headquarters in Washington, D.C.
John McCloskey, Secretary
14 John McCloskey has volunteered with SCORE for
10 years serving as Chapter Chair and District
Director for North Carolina. For 17 years, John
was a member of the management boards of
publicly -traded German Corporations FAG
Bearings and SchaefflerAG. He was also
president and CEO of the Aerospace Group, the largest
manufacturer of jet engine bearings and structures in the world. Prior to that, he was executive vice president of North American operations for GKN Automotive. He earned a
bachelor's degree in engineering, a master's degree in business administration and has completed post -graduate work at Harvard, London Business School and IMI Geneva.
Bob Manza, Treasurer
Bob Manza lives in Austin, Texas, where he
retired from PepsiCo in 2018. While at PepsiCo,
Bob held several senior leadership roles including
senior vice president and CFO roles in Canada
and Mexico. Bob's broad experience in finance
includes strategic and business planning, business
optimization and investment, international business
development, acquisition evaluation and integration, and accounting and control activities. Bob is a SCORE certified mentor and serves as a volunteer leadership member with Foundation Communities, an Austin charity. Bob holds a
bachelor's degree in business administration from the
University of Michigan and an MBA from the University of Detroit Mercy.
SCORE FY2021 Annual Report 1 SCORE.org
O
22 v
SCORE BOARD OF DIRECTORS CONTINUED
Mukesh Asarpota is a recognized business
technology leader known for crafting the requisite
strategic vision to achieve business goals, bringing
a unique blend of executive acumen, global
team -building, and business solutions
development credited with strong ROI and
operational improvement for companies domestic and
international. He is currently Director of IT at Salesforce and has a verifiable record of achievement in managing large and dynamic global IT operations. Mukesh holds an MS in
Computer Science from the University of Massachusetts and is certified in CIO Leadership from MIT Sloan School of Management.
Mariana D. Bravo is a Partner at the Law Firm
of Carr, Maloney PC. She is a trusted advocate
and litigator who concentrates her practice on
professional liability, construction, real estate,
business and employment law, and catastrophic
personal injury disputes. Mariana serves as a
oar ember on the Hispanic National Bar Association's
Executive Committee and has acted in several capacities, including as Vice President of Divisions, Sections and
Committees, Vice President of External Affairs and Vice President of Programs. She also co-chairs the Diversity and Pro Bono Committees at her firm and participates in a
number of charitable events throughout the year.
James Capolongo is the executive vice
president, head of deposits + payments for Live
Oak Bank, the nation's largest SBA lender and a
leader in bank innovation. In this role, James
oversees all aspects of the deposits business —
product management, funding portfolio, deposit
pricing, money movement, bank operations and customer
support. James joined Live Oak after spending nearly 20 years in various senior leadership roles at large financial institutions, including most recently TD Bank. James received a B.S. in accounting and finance from Tulane University and earned his master's degree in business administration from the University of Notre Dame, Mendoza College of Business. He currently resides in Wilmington, NC.
partner at
Energy Practice. He has significant expertise in strategy, sustainability, supply chain and mergers & acquisitions. Jim has B.S. in Management from the University of New Orleans.
Jim Grimsley of Austin, Texas has been a
SCORE volunteer for 6+ years and has served in
numerous roles, including mentor, president of
SCORE Austin and as a member of the National
Advisory Board. Prior to joining SCORE, Jim held
leadership roles at Amoco, CSC Index and as a
ccenture, where he led their Global Upstream
Cherylyn Harley LeBon is a lawyer, corporate
advisor and board director with more than 20
years of experience in Washington, D.C. and
abroad. She is a partner with Dunlap, Bennett &
Ludwig (DBL) law firm and works with small to
large businesses and government contractors
acros�ountry. She is a former senior executive at the
Small Business Administration and the Department of
Veterans Affairs and served as senior counsel on the U.S.
Senate Judiciary Committee. Cherylyn is a director of Copart, Inc. (NASDAQ: CPRT) based in Dallas, Texas.
Dr. Ulrica Jones was the Founding Chair of
SCORE Middle Georgia and presently serves as a
certified SCORE mentor. She also serves as a
Diversity and Inclusion Ambassador and is one of
the founding members of the SCORE National
Women's Committee. Ulrica is the CEO of
Eventual LLC, a global consulting company offering
training and development services through innovative
programs tailored to the client. She brings more than 25 years of experience managing programs and creating positive
learning environments by highlighting issues and focusing on opportunities for improvement. Ulrica received her doctorate in education with a specialization in adult education from the University of Georgia.
Patricia Loftus is an investor and Investment
Committee member with New World Angels, a
group of accredited, private investors and
entrepreneurs dedicated to providing equity
capital and guidance to early -stage
entrepreneurial companies with a strong presence
in ori.a. e brings over 35 years of general global nuclear energy industry technical and business leadership and
management experience with Exelon, Northeast Utilities and Westinghouse Electric Corporation combined with six years in the small business environment. Her corporate expertise includes strategy, strategic alliances, business development, product management and innovation, independent oversight, and federal regulatory affairs and compliance. Pat also serves in advisory roles for early -stage companies. As a volunteer, Pat focuses her philanthropic and nonprofit work in the areas of entrepreneurship and innovation empowerment. She has
served as a SCORE business mentor for more than seven years and previously held field chapter leadership roles before joining the board of both the SCORE Association and SCORE
Foundation. She also serves on university entrepreneurship and engineering councils and is a former director/officer of university engineering alumni society boards. Pat has a B.S. in Nuclear Engineering from the Pennsylvania State University, an M.S. in Nuclear Engineering from Carnegie Mellon University and an MBA from the University of Pittsburgh. She currently resides in Venice, FL.
SCORE FY2021 Annual Report 1 SCORE.org
SCORE BOARD OF DIRECTORS CONTINUED
Julie Poland is a speaker, author and "7
Attributes of Agile Growth" Certified Coach.
Since 1990, she has provided process and
structure for business leaders to transform their
organizations and achieve improved results and
sustainable growth. Her financial services
management background, strategic perspective and talent for engaging teams provide a unique resource, coupled with
world -class tools, to help organizations of all types and sizes break through their barriers and achieve the greatness that lies within. Julie is an active mentor for Susquehanna SCORE and served as Chapter Chair and District Director of Eastern PA/ Delaware. Most recently she has served on the SCORE Field Operations Advisory Council.
Perri Richman is vice president of external
communications at Trane Technologies and the
director of the Trane Technologies Foundation.
She is also the innovator of a breakthrough
personal leader branding methodology that helps
entrepreneurs realize the value of their behavior
animage on the success of their endeavors. Perri earned a bachelor's degree in journalism from New York University and a master's in organizational psychology from the University of Hartford. She is a certified executive coach, change leadership professional and reputation crisis manager.
Michael Sandman served as senior vice
president of Fuld & Company and has over 25
years of experience as a senior operations
manager with a focus on the use of technology in
operations. He has an extensive background in
technology transfer to licensees and joint venture
partners in the Pacific Rim, Switzerland, England, Mexico and Brazil. He was the CEO of a composites manufacturer and consulted extensively in the U.S. and abroad for a variety of manufacturing operations. Michael received his Bachelor of Science in economics from Clark University in Worcester, Mass. and his MBA from Cornell University.
Tracy Shaw of Southbury, Conn., serves as head
of content and client engagement strategy for
Equitable. She has nearly three decades of
experience as a business development strategist
in industries ranging from financial services to
health care and is dedicated to enriching the
customer experience, streamlining process improvements and developing innovations that enhance ROI. Tracy serves as vice chair of the Immune Deficiency Foundation and is a member of CHIEF. She earned an MBA from Western Connecticut
State University and is currently a doctoral candidate through Adler University. From her time as a business owner, Tracy also holds a patent for 401 kSecure, which is designed to replace defined contribution plan deferrals of disabled participants.
r Larry Tucker of Orange County, California, has
been a SCORE volunteer for more than ten
years, and served as Chairman of the Board of
Directors in 2019-20. He also served as Chairman
of the SCORE Orange County chapter and their
CEO Forum program. In 2015, Larry received
s pecial Recognition for Highest Achievement in Job
Assignment and in 2014, he earned the Gold Member Award for Exceptional Contribution and Meritorious Service. Larry is a board member of the Executive Coaches of Orange County, previously serving as its CEO from 2010 to 2012. He is an advisory board member of Robert Errico Financial Advisors and mentor at the University of California -Irvine School of Business. Prior to his years of volunteering, Larry was part owner of Hewitt Associates, an international consulting firm. lan Williams is an innovative business leader
who is recognized for leading organizational
transformation and growth, having led P&Ls from
$10M to $3.2B across numerous business sectors
including technology, software, data storage, data
security, SaaS/laaS, Fintech, payments and
usiness services and solutions. Most recently Ian was vice president, small business services at Deluxe Corporation based in Shoreview, Minn. Prior to Deluxe, he held senior leadership positions with leading global technology companies including Imation, Seagate, Hewlett-Packard, Compaq and Apple. He is recognized for providing strategic and visionary leadership to transform organizations and deliver impressive financial results. Ian is adept at combining financial pragmatism with innovative product planning and aggressive organizational design to assess and seize new market opportunities. Ian holds a master's degree in business administration from York
University Schulich School of Business (Toronto, Ontario) and a bachelor's degree from Brock University in St. Catharine's, Ontario, Canada.
David Zechman is a seasoned healthcare
executive with 20 plus years of experience at the
executive level at large, integrated healthcare
systems where he aligned goals, behaviors and
processes to drive the vision to provide kind and
compassionate care. His responsibilities included
un raising, strategic planning, operations management,
physician alignment/integration, partnership development and service -line management. In his current role as president of The Zechman Group, he is a first-time author as well as public speaker, executive coach and healthcare consultant. He is also a founding board member and CEO of a new company
specializing in the acquisition and management of assisted living facilities and home health agencies and serves on three medical technology advisory boards. David has a bachelor's degree in education from Miami University (Ohio), a master's in public administration from Cleveland State University and is a fellow in the American College of Healthcare
Administration.
SCORE FY2021 Annual Report 1 SCORE.org
SCORE ASSOCIATION FY2
CONSOLIDATED FINANCIALS
SCORE is headquartered in Herndon, Va. with a staff of 41 and 10,000+ volunteers in 240+ chapters across the nation. Office space is generously donated by SBA district offices, Chambers of Commerce and other community supporters. In 2021, SCORE received a federal grant of $12.2 million from the U.S.
Small Business Administration (SBA), which provides the primary financial support for SCORE's operations.
SCORE generated nearly $5 million additional revenue from the field. The SCORE Association thanks the generous individuals and organizations that have helped small business entrepreneurs across the country with their support.
FY2I SCORE and Affiliate Statements of Financial Position - Year ended Sept. 30 ASSETS
2021 2020
Cash and cash equivalents
Investments in equities
Grant receivable
Accounts receivable
Promises to give, net
Prepaid expenses and deposits
Total current assets
Promises to give after one year, net
$ 9,839,204
9,656
1,641,180
80,540
373,873
527,157
12,471,610
11,111,700
4,970
284,100
17,940
2,970
347,217
11,768,897
108,900
12,471,610 11,877,797
LIABILITIES AND NET ASSETS
Current liabilities:
Accounts payable and accrued expenses $ 1,297,989 1,398,680 Accrued payroll and related liabilities 30,030 50,397
Accrued vacation 173,332 146,798
Note payable, line of credit — —
Deferred revenue 38,570 32,956
Total current liabilities 1,539,921 1,628,831
Net Assets
Without donor restrictions
Undesignated 9,661, 203
Board designated 1,900
Net assets with donor restrictions
Total net assets
9,663,103
1,268,586
9,056,489
1,900
9,058,389
1,190,577
10,931, 689 10,248,966
12,471, 610 11,877,797
SCORE FY2021 Annual Report 1 SCORE.org
SCORE ASSOCIATION FY2 I
CONSOLIDATED FINANCIALS CONTINUED
FY2I SCORE and Affiliates Statement of Activities - Year ended Sept. 30 2021
2020
Without Donor With Donor
Restrictions Restrictions
Total
Total
REVENUE AND SUPPORT
U.S. government grant $ 12,299,855 - 12,299,855 11,600,118 Chapter program revenue - 1,161,776 1,161,776 1,297,680 Donated facilities, goods and services 3,532,251 - 3,532,251 2,156,047 Gifts and grants 2,826,227 123,830 2,950,057 2,995,780
Events and special projects - 865,500 865,500 773,155
Interest and other 262,570 (271) 262,299 841,438
Net assets released from restrictions 2,073,097 (2,073,097) Total revenue and support 20,994,000 77,738 21,071,738 19,664,218
EXPENSES
Chapter expenses 3,064,845 3,064,845 3,927,171
Donated facilities, goods and services 3,532,251 3,532,251 2,156,047 Salaries and fringe benefits 5,147,734 5,147,734 3,740,909 Chapter volunteers reimbursement 2,385,214 2,385,214 2,885,703 Chapter clerical support 1,061,872 1,061,872 924,667
Technology and website 1,610,417 1,610,417 1,414,018
Marketing 1,188,175 1,188,175 604,478
Professional services 468,643 468,643 982,337
Board expenses 4,443 4,443 36,046
Staff travel 3,298 3,298 34,510
Volunteer services and field staff 535,585 535,585 548,100 Government relations 15,000 15,000 678
Office supplies 163,327 163,327 240,169
National leadership conference 124,618 124,618 119,256
Other 428,790 428,790 175,192
Printing and supplies 14,058 14,058 -
Postage 286 286 274
Bad debt expense 5,147 5,147 10,114
Licenses and registrations 14,002 14,002 17,516
Software license 15,535 15,535 6,213
Bank fees 3,777 3,777 2,370
Insurance 27,223 27,223 36,626
Prospect research 720 720 2,039
SCORE program support 574,055 574,055 511,150
Total expenses 20,389,015
20,389,015 18, 375, 583
Change in net assets 604,985 77,738 682,723 1,288,635
Net assets, beginning of year 9,058,389 1,190,577 10,248,966 8,960,331 Net assets, end of year
$ 9,663,374 1,268,315 10,931,689 10,248,966
SCORE FY2021 Annual Report 1 SCORE.org 26
v
SCORE FOUNDATIO\ BOARD OF DIRECTORS
Mary Landry, Chairman of the Board
Rear Admiral (Ret.) Mary Landry of Belmont,
Mass., is the director of the United Services
Automobile Association (USAA), a Fortune 125
company serving more than 11,000 military
members and their families with highly
competitive property and casualty insurance,
financial services. Mary has more than 35 years
with the government, including service on the White House National Security Council as a special assistant to the president and senior director for resilience policy, and active duty in the United States Coast Guard. Mary served in many assignments across the country including commander of the Eight Coast Guard District, where she oversaw Coast Guard operations for a 26-state region with more than 9,000 active, reserve, civilian and auxiliary personnel under her command and an assignment as director of governmental and public affairs at Coast Guard headquarters in Washington, D.C.
Patricia Loftus, Vice Chair and Secretary
Pat Loftus is an investor and Investment
Committee member with New World Angels, a
group of accredited, private investors and
entrepreneurs dedicated to providing equity
capital and guidance to early -stage
entrepreneurial companies with a strong
prese�lorida. She brings over 35 years of general global nuclear energy industry technical and business leadership and management experience with Exelon, Northeast Utilities and Westinghouse Electric Corporation combined with six years in the small business environment. Her corporate expertise includes strategy, strategic alliances, business development, product management and innovation, independent oversight, and federal regulatory affairs and compliance. Pat also serves in advisory roles for early -stage companies. As a volunteer, Pat focuses her philanthropic and nonprofit work in the areas of entrepreneurship and innovation empowerment. She has
served as a SCORE business mentor for more than seven
years and previously held field chapter leadership roles before joining the board of both the SCORE Association and SCORE Foundation. She also serves on university entrepreneurship and engineering councils and is a former director/officer of university engineering alumni society boards. Pat has a B.S. in Nuclear Engineering from the Pennsylvania State University, an M.S. in Nuclear Engineering from Carnegie Mellon University and an MBA from the University of Pittsburgh. She currently resides in Venice, FL.
{� SCORE
w FOUNDATION
Luke Walling, Treasurer
Luke Walling is an accomplished entrepreneur,
angel investor and former corporate executive
with 25 years of success in the technology,
cybersecurity and IT services industries. In his
current role as CEO and president of Temprano
Techvestors, he has led his startup through three
sa es c annel acquisitions, subsequent optimization of those businesses and signed strategic contracts with emerging market software vendors. He achieved month -to -month
profitability in the first year and annualized revenues ap- proaching $20 million in the second year. Luke has held leader- ship positions with AVG Technologies and Avast Software, which are among the world's largest security software brands.
Edgar Collado
Edgar Collado is the CFO/COO of Tobias
Financial Advisors, a financial planning and wealth
management firm serving high net -worth
individuals and business owners. Prior to joining
TFA, Edgar held finance leadership positions with
Fortune 500 companies such as AT&T and
nger�d. His experience prepared him to develop and
implement growth and operations initiatives for a financial services firm and to share his expertise with business owners seeking to create value in their businesses. A SCORE
volunteer since 2018 and resident of Fort Lauderdale, Fla., Edgar has Bachelor of Science degree in finance from St. John's University and an MBA from New York University.
Perri Richman
•
Perri Richman is vice president of external
communications at Trane Technologies and the
director of the Trane Technologies Foundation.
She is also the innovator of a breakthrough
personal leader branding methodology that helps
entrepreneurs realize the value of their behavior
and image on the success of their endeavors. Perri earned a bachelor's degree in journalism from New York University and a master's in organizational psychology from the University of Hartford. She is a certified executive coach, change leadership professional and reputation crisis manager.
SCORE FY2021 Annual Report 1 SCORE.org
SCORE FOUNDATION
FY2 I FINANCIALS
FY2I The SCORE Foundation Statement of Financial Position — Year ended Sept. 30 ASSETS
Cash and cash equivalents
Investment in equities
Accounts receivable
Promises to give, net
Prepaid expenses
Total current assets
Promises to give after one year, net
$
$
2021
1,732,411
9,656
4,094
373,873
19,486
2020
1,709,944
4,970
8,935
2,970
7,964
2,139,520 1,734,783
2,139,520
108,900
1,843,683
LIABILITIES AND NET ASSETS
Current liabilities:
Accounts payable and accrued expenses $ 85,364 178,069
Due to SCORE Association 67,440 18,448
Total current liabilities
152,804 196,516
Net Assets
Without donor restrictions
Undesignated 782,887
With donor restrictions 1,203,829
Total net assets
$
795,430
851,737
1,986,716 1,647,167
2,139, 520 1,843,683
SCORE FY2021 Annual Report 1 SCORE.org
SCORE FOUNDATION
FY21 FINANCIALS CONTINUED
FY2I The SCORE Foundation Revenues, Expenses and Net Assets - Year ended Sept. 30 2021
2020
Without Donor With Donor
Restrictions Restrictions
Total
Total
REVENUE
Contributions $ 803,881 123,830 927,711 1,056,541
Events and special projects 865,500 865,500 773,155
Investment income (271) (271) 7,143
Net assets released from restrictions 637,238 (637,238) Total revenue and support
1,440,848 352,092 1,792,940 1,836,839
EXPENSES
SCORE program support 673,637 673,637 527,202
Salaries and benefits 509,838 509,838 399,638
Government relations 15,000 15,000 678
Professional fees 195,714 195,714 85,161
Travel and registration - - 17,823
Bad debt expense 5,147 5,147 10,114
Grants to SCORE - - 187,558
Printing and supplies 14,058 14,058 9,399
Licenses and registration 14,002 14,002 17,516
Software licenses 15,535 15,535 6,213
Postage 286 286 274
Insurance 2,777 2,777 5,238
Bank fees 3,777 3,777 2,370
Other 2,900 2,900 -
Prospect research 720 720 2,039
Total expenses 1,453,391
1,453,391 1,271,223
Change in net assets (12,543) 352,092 339,549 565,616
Net assets, beginning of year 795,430 851,737 1,647,167 1,081,551 Net assets, end of year
$ 782,887 1,203,829 1,986,716 1,647,167
SCORE FY2021 Annual Report 1 SCORE.org
0 29
v
PARTNERS
SCORE Foundation Corporate Sponsors
As the philanthropic arm of SCORE, the SCORE Foundation is proud to support the small business community in collaboration with our corporate sponsors.
1' II
Altria
•
FedEx helps small business owners each year through the FedEx Small Business Grant Contest and the FedEx Small Business Center, which addresses everyday business challenges through advice and guidance from a network of small business peers and experts. Through sponsorship with the SCORE Foundation, FedEx offers educational content focused on startups and ecommerce, including webinars and the Startup Roadmap, a I2-chapter step-by-step guide to help entrepreneurs get their business up and running.
Google sponsorship of the SCORE Foundation on a national and chapter level connects small businesses with resources to help them grow. Specifically, the Grow with Google initiative helps small business owners gain digital skills to grow their businesses. Google provides SCORE chapters access to presentation materials, resources and hands-on help free of cost. Through this sponsorship, Grow with Google reached more than 20,000 small business owners last year.
Altria Group is committed to making an ongoing positive impact that responds to changes in its communities. Following a $5 million incremental investment in 2020 to help advance racial, economic and social equity, Altria continues to embed an equity focus into its community investment priorities. Through sponsorship of the SCORE Foundation, Altria is supporting SCORE'S diversity, equity and inclusion programs via an online curriculum for diverse suppliers.
Altria is also supporting a local initiative with the SCORE Foundation and the SCORE Richmond chapter focused on developing a corporate volunteer program.
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. In 2020, American Express selected 100 Black women entrepreneurs (the "Innovators") for its "100 for 100" program. Each entrepreneur was provided with a $25,000 grant and 100 days of business resources in 2021 including business education, mentorship, marketing and virtual networking.
American Express created this program to support Black women entrepreneurs as they work to jumpstart, raise capital and grow their business ventures. Through SCORE Foundation sponsorship, the Innovators received mentoring and educational support from SCORE.
Equitable Foundation directs the philanthropic and volunteer activities of Equitable, one of America's leading financial services providers since 1859. Through philanthropy, volunteerism and sustainability, The Equitable Foundation leverages resources, including partnerships and grants, E Q U I TABLE to contribute to the success and vitality of our communities and build a stronger society for all we serve. The Equitable Foundation sponsors content for SCORE for Black Entrepreneurs educational hub and is working with SCORE Charlotte as the lead sponsor of their Diversity and Inclusion -focused events.
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. Founded in 1851, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services and annuities. Through sponsorship of the SCORE Foundation, MassMutual helped develop and deliver educational workshops aimed to help small business owners in rural communities transition the businesses they worked so hard to build.
Through their "Legacy Planning for Farm Owners" workshops, MassMutual helped hundreds of small business owners plan for the continuation of their businesses for the next generation.
MassMutual also supported SCORE's implementation of Spanish language content and tools for SCORE's national website.
SCORE FY2021 Annual Report 1 SCORE.org
O
30 v
SCORE Foundation Corporate Sponsors CONTINUED
deluxe.
KIMCOe
PliGGIQEJJIIIE
COMMERCML
Deluxe Corporation creates the tools that help shape our economy. Since 1915, Deluxe has recognized the vital role that small business plays in our communities, from job creation to business development. Through their sponsorship with the SCORE Foundation, the Deluxe Corporation Foundation provided financial support to help women entrepreneurs and small business owners succeed through the SCORE for Women Entrepreneurs initiative.
Kimco Realty Corporation is North America's largest publicly -traded owner and operator of open-air, grocery -anchored shopping centers and mixed -used assets. The company owns interests in more than 500 U.S. shopping centers comprising over 90 million square feet of leasable space, primarily concentrated in the first -ring suburbs of the top major metropolitan markets, including those in high barrier -to -entry coastal markets and rapidly expanding Sun Belt cities. Through a national sponsorship with the SCORE Foundation, Kimco Realty tenants and prospective tenants have access to SCORE's network of small business mentors.
Progressive Commercial Insurance offers a full range of business insurance products featuring competitive rates and first-class service. They offer customized insurance solutions for both heavy and light commercial vehicles, as well as business insurance coverages. Progressive is a Fortune 100 company with over 50 years of experience and trusted by thousands of small business owners to protect their livelihood. Progressive Commercial Insurance sponsored SCORE's Small Business Resilience Hub, which allowed SCORE to pull together timely information and resources for small business owners affected by the COVID-I9 pandemic.
Trend Micro has focused on making the world safe for the exchange of digital information for nearly 30 years. This single-minded passion has inspired innovations that keep up with the bad guys despite a changing IT landscape, riskier user behavior and constantly evolving threats. Through their SCORE Foundation sponsorship, Trend Micro provides educational content for small business owners around internet security and digital safety, including webinars and blogs. Trend Micro also sponsors SCORE's Technology Resources Hub.
SCORE FY2021 Annual Report SCORE.org
MOM
31 v
DONORS
With M any Th an l www.scorefoundation.org .
SCORE FY2021 Annual Report 1 SCORE.org
O
32 v
All• .
talent
DREAMS
March 31, 2023
TalentDreams
1375 E Grand Ave Ste 103
Arroyo Grande, CA 93420-2421
Hello,
TalentDreams is an online mentoring platform serving young people between 15-22 years of age.
We support youth at our local high schools and colleges. Our mission is to inspire, enrich, and mentor young people so they can discover, embrace, and express their talent and dreams.
USA News reported that Arroyo Grande High School (AGHS) has 52% of students economically disadvantaged. According to the Public School Review, AGHS scored 42% lower in math scores and 37% lower in reading scores than SLOHS. Pismo Beach young people attend AGHS. According to The Washington Post, 44% of high school students admitted persistent feelings of sadness and hopelessness, and 20% reported considering suicide. The CDC reported in the 2019 Youth Risk Behavior Survey that 29% of high school students drank alcohol in the past 30 days. Alcohol caused 3,900 deaths among people under 21, and suicide is the 3rd leading cause of death. The National Center for Drug & Alcohol Abuse says opioid deaths increased 500% for 15-19 since 1999. Between 2016-2020 overall drug use for 8th graders went up 61%.
Any student who signs up will have access to our mentorship program at no cost to them.
The requested $5,000 will be used to benefit the City of Pismo Beach because it will assist the youth population by providing them with mentors who can help support, encourage and guide them in their daily lives and in planning for their future.
The requested funds will help achieve the city goals by serving the youth of our community by improving their quality of life. This in turn will help build their character. TalentDreams will deliver exceptional services to the youth of Pismo Beach through our online mentoring program.
Local organizations see the value in what we are doing and want to help support us. We've received substantial donations from local businesses like Miner's Hardware and grants from the City of Arroyo Grande and SLO Community Foundation. We greatly appreciate any support the City of Pismo Beach is willing to provide.
Sincerely,
Lili Sinclaire
Executive Director
www taIentrlrPamc nri
TalentDreams
Statement of Financial Position
As of December 31, 2022
TOTAL
ASSETS
Current Assets
Bank Accounts
CHECKING (0797) - 1
Total Bank Accounts
Total Current Assets
TOTAL ASSETS
20,441.09
$20,441.09
$20,441.09
$20,441.09
LIABILITIES AND EQUITY
Liabilities
Total Liabilities
Equity
Retained Earnings
Net Revenue
Total Equity
TOTAL LIABILITIES AND EQUITY
1,478.51
18,962.58
$20,441.09
$20,441.09
Cash Basis Thursday, March 30, 2023 07:18 PM GMT-07:00 1/1
TalentDreams
Statement of Activity
January - December 2022
TOTAL
Revenue
Contributed income 19,027.52
Corporate & foundation grants 5,000.00
Donations directed by individuals 3,350.00
Total Contributed income 27,377.52
Total Revenue $27,377.52
GROSS PROFIT $27,377.52
Expenditures
Advertising & marketing 0.00
Events 500.00
Total Advertising & marketing 500.00
Contract & professional fees 243.00
Accounting fees 87.50
Total Contract & professional fees 330.50
Insurance 263.00
Office expenses 68.81
Bank fees & service charges 14.00
Shipping & postage 297.61
Software & apps 5,231.53
Tech Support Services 100.00
Total Office expenses 5,711.95
Travel 76.18
Airfare 104.78
Meals 145.07
Taxis or shared rides 12.92
Total Travel 338.95
Uncategorized Expense 0.00
Meals & Entertainment 1,270.54
Total Uncategorized Expense 1,270.54
Total Expenditures $8,414.94
NET OPERATING REVENUE $18,962.58
NET REVENUE $18,962.58
Cash Basis Saturday, February 18, 2023 11:50 AM GMT-08:00 1/1
TalentDreams
CHECKING (0797) - 1, Period Ending 12/31/2022
RECONCILIATION REPORT
Reconciled on: 01/28/2023
Reconciled by: [email protected]
Any changes made to transactions after this date aren't included in this report.
Summary USD
Statement beginning balance 15,518.28
Checks and payments cleared (6)-740.77
Deposits and other credits cleared (7) 5,663.58
Statement ending balance 20,441.09
Register balance as of 12/31/2022 20,441.09
Cleared transactions after 12/31/2022 0.00
Uncleared transactions after 12/31/2022 196.81
Register balance as of 01/28/2023 20,637.90
Details
Checks and payments cleared (6)
DATE
TYPE REF NO. PAYEE AMOUNT (USD)
12/03/2022 Expense
12/12/2022 Expense
12/12/2022 Expense
12/12/2022 Expense
12/19/2022 Expense
12/19/2022 Expense
Total
Intuit
-442.47
-25.00
-0.30
-30.00
-100.00
-143.00
-740.77
Deposits and other credits cleared (7)
DATE
TYPE REF NO. PAYEE AMOUNT (USD)
12/01/2022 Deposit
12/14/2022 Deposit
12/20/2022 Deposit
12/20/2022 Deposit
12/22/2022 Deposit
12/29/2022 Deposit
12/30/2022 Deposit
Total
Stripe
Stripe
Stripe
18.80 150.00
100.00
47.20 5,000.00
97.58 250.00
5,663.58
Additional Information
Uncleared checks and payments after 12/31/2022
DATE
TYPE REF NO. PAYEE AMOUNT (USD)
01/10/2023 Expense
01/11/2023 Expense
01/11/2023 Expense
01/17/2023 Expense
01/23/2023 Expense
Total
Intuit
-25.00
-0.30
-30.00
-0.01
-48.66
-103.97
Uncleared deposits and other credits after 12/31/2022
DATE TYPE REF NO. PAYEE AMOUNT (USD)
01/04/2023 Deposit
01/04/2023 Deposit
104.78
100.00
DATE TYPE REF NO. PAYEE AMOUNT (USD)
01/17/2023 Deposit 0.01
01/19/2023 Deposit Stripe 47.45
01/23/2023 Deposit Stripe 48.54
Total 300.78
PACIFIC PREMIER BANK
TALENTDREAMS
1375 E GRAND AVE STE 103
ARROYO GRANDE CA 93420-2421
STATEMENT OF ACCOUNT ACTIVITY
866-353-1476
www.ppbi.com
Branch 037
Account Number: 8000350797
Date 12/30/2022
EM
Don't miss paying a bill or receiving money electronically.
Effective immediately, for your account protection, Pacific Premier Bank will no longer repair incoming electronic debits (ACH) containing incorrect information. We strongly recommend reviewing and updating your account information with any parties authorized to send electronic ACH transactions.
EXECUTIVE 50 CHECKING Acct 8000350797
Summary of Activity Since Your Last Statement
Beginning Balance 12/01/22 15,518.28
Deposits / Misc Credits 7 5,663.58
Withdrawals / Misc Debits 6 740.77
** Ending Balance 12/31/22 20,441.09 **
Service Charge .00
Average Collected Balance 16,796
Enclosures 2
Deposits and Credits
Date Deposits Withdrawals Activity Description
12/01 18.80 STRIPE/TRANSFER
ST-C2F3S8X7C6B7 TALENTDREAMS
12/14 150.00 DEPOSIT
12/20 47.20 STRIPE/TRANSFER
ST-D1A2R4E8V8J7 TALENTDREAMS
12/20 100.00 FACEBOOK PAYMENT/B9BC4ZDBON
RMR*IK*FACEBOOK PAYOUT B9BC4ZDBON\
B9BC4ZDBON TALENTDREAMS
12/22 5,000.00 DEPOSIT
12/29 97.58 STRIPE/TRANSFER
ST-H0O0R4Y2EOE4 TALENTDREAMS
12/30 250.00 DEPOSIT
Withdrawals and Debits
Date
Deposits Withdrawals Activity Description
12/12 .30 POS PURCHASE FEE
CBA FEES SMARTMATCHAPP.COM LAVAL CA
DPQHRI *****5545 12/11 14:31
PACIFIC PREMIER BANK
TALENTDREAMS
1375 E GRAND AVE STE 103
ARROYO GRANDE CA 93420-2421
Checks in Check Number Order
STATEMENT OF ACCOUNT ACTIVITY
866-353-1476
www.ppbi.com
Branch 037
Account Number: 8000350797
Date 12/30/2022
EM
Date Check No Amount Date Check No Amount Date Check No Amount 12/19 105 143.00 12/19 106
* indicates a break in check number sequence
ATM /POS Transactions
100.00
Date
Deposits Withdrawals Location
12/05 442.47 POS PURCHASE
MILESTONE TAVERN SAN LUIS OBIS CA
007166 *****5545 12/03 13:09
12/12 30.00 POS PURCHASE
SMARTMATCHAPP.COM LAVAL CA DPQHRI
*****5545 12/11 14:31
12/12 25.00 POS PURCHASE
INTUIT *QBooks Online CL.INTUIT.COM CA
IN1070 *****5545 12/10 10:32
Daily Balance Summary
Date Balance Date Balance Date Balance
12/01 15,537.08 12/14 15,189.31 12/22 20,093.51
12/05 15,094.61 12/19 14,946.31 12/29 20,191.09
12/12 15,039.31 12/20 15,093.51 12/30 20,441.09
1
Account: 8000350797
Date 12/30/22