Doll News Summer 2019 - 170

Financial Statements Review

Connie Reynolds

Financial Statements provided by Connie Reynolds, Secretary - Treasurer and Sheryl Sunderman, Financial Manager

E

ach year, Certified Public Accountants of RubinBrown
LLP complete a review of UFDC's financial statements.
For the time period as of September 1, 2017 through August
31, 2018 the review included primarily applying analytical
procedures to management's financial data and making
inquiries of UFDC's management. A separate review was
also conducted in the winter of 2018. The accountant's
concluded that "Based on our reviews, we are not aware of any
material modifications that should be made to the accompanying
financial statements in order for them to be in accordance with
the accounting principles generally accepted in the United States
of America."
Supplementary reports include the Schedule of
Functional Expenses and the Schedule of Activities by
Fund, which are shown here for your review. Let's take a
closer look at the Schedule of Functional Expenses which
details expenses as they appear on our income tax return.
Expenses have three classifications: Program Services,
Management, and Fundraising. While the report provides
details from the consolidated expenses from the Schedule
of Activities by Fund, not all of the expenses directly
tie back to the Schedule of Activities because internal
classifications may differ from the classifications necessary
for the income tax return line items; however, the expenses
by fund will tie between both schedules.
A closer look at the Functional Expenses by line begins
with Wages and Employee Benefits. Wages include all
salaries paid to our office employees and employer taxes.
Benefits include health insurance premiums and retirement
fund contributions. Currently, UFDC has two full-time
employees and one part-time employee.
* Professional Services include legal fees, accountant fees
for preparation of the review and tax returns, payroll
provider fees, and information technology consultant fees.

170

SUMMER 2019

* Advertising and Promotion includes website

maintenance and enhancements, online marketing,
printed promotional materials such as the UFDC
brochure, postcard etc., and advertising in other
publications.
* Office Expenses include printing, copying, postage,
telephone, internet connectivity, office supplies,
equipment repairs and maintenance, bank and
credit card fees, and fundraising expenses.
Examples of fundraising costs include PayPal and
shipping costs for eBay items, and fundraising
envelopes.
* Information Technology includes software support
and maintenance.
* Occupancy includes utilities such as electric, gas,
water, and pest control. Also included in this
classification is building maintenance such as
landscape services, snow removal, office cleaning, and
security.
* Travel is paid for officers, board members and staff
to the extent allowed in UFDC's policy manual. This
includes both transportation and lodging. Many
officers and board members are generous and donate
their travel expenses to UFDC.
* Interest expense: an example of interest expense is our
office asset, the copier.
* Depreciation is the allocating of the cost of an
asset over its useful life. An example of this is the
computers used at the UFDC office.
* Business Insurance includes liability, building,
collection, workers compensation, and Director's and
Officer's insurance.
* DOLL NEWS publication expenses include printing
costs, postage, and layout and design services.



Doll News Summer 2019

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