CODE FOR AMERICA LABS, INC. FINANCIAL STATEMENTS …

CODE FOR AMERICA LABS, INC.

FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2018 AND 2017

AND REPORTS AND SCHEDULES REQUIRED BY THE UNIFORM GUIDANCE

YEAR ENDED DECEMBER 31, 2018

CODE FOR AMERICA LABS, INC.

Contents December 31, 2018 and 2017

INDEPENDENT AUDITOR'S REPORT FINANCIAL STATEMENTS

Statements of Financial Position Statements of Activities Statements of Functional Expenses Statements of Cash Flows Notes to Financial Statements REPORTS AND SCHEDULES REQUIRED BY THE UNIFORM GUIDANCE Independent Auditor's 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 Independent Auditor's Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance in Accordance with the Uniform Guidance Schedule of Expenditures of Federal Awards Notes to Schedule of Expenditures of Federal Awards Schedule of Findings and Questioned Costs Schedule of Prior Audit Findings

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5 6 7 - 8 9 10 - 21

23 - 24

25 - 26 27 28

29 - 30 31

To the Board of Directors Code for America Labs, Inc. San Francisco, California

INDEPENDENT AUDITOR'S REPORT

Report on the Financial Statements

We have audited the accompanying financial statements of Code for America Labs, Inc. (a nonprofit organization), which comprise the statements of financial position as of December 31, 2018 and 2017, and the related statements of activities, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Code for America Labs, Inc. as of December 31, 2018 and 2017, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Other Information

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by 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), 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 schedule of expenditures of federal awards is fairly stated in all material respects in relation to the financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated August 5, 2019 on our consideration of Code for America Labs, Inc.'s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of Code for America Labs, Inc.'s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Code for America Labs, Inc.'s internal control over financial reporting and compliance.

August 5, 2019

CODE FOR AMERICA LABS, INC.

STATEMENTS OF FINANCIAL POSITION

Assets

Cash and cash equivalents Investments Donations, grants, and program fees receivable Other receivables Prepaid expenses Property and equipment, net of accumulated depreciation

and amortization Other assets Security deposits

December 31,

2018

2017

$ 6,426,739 5,745,819 5,139,037 132,579

$ 14,436,201 -

2,141,797 2,712

44,279

944,259 103,711 288,717

127,899 103,711

57,825

$ 18,780,861 $ 16,914,424

Liabilities: Accounts payable Accrued liabilities Deferred rent obligation

Total liabilities

Net assets: Without donor restrictions With donor restrictions

Total net assets

Liabilities and Net Assets

$ 329,269 66,834 20,550

416,653

$ 205,274 21,831 26,982

254,087

9,263,723 9,100,485

18,364,208

$ 18,780,861

8,493,047 8,167,290

16,660,337

$ 16,914,424

See accompanying independent auditor's report and notes to financial statements.

5

CODE FOR AMERICA LABS, INC.

STATEMENTS OF ACTIVITIES Years Ended December 31, 2018 and 2017

Public support and revenue: Donations: Individuals and foundations Businesses Marketable securities Foundation grants Grants from federal government agencies Program services In-kind contributions Event sponsorship and admission fees Speaker fees Net investment income Other income Net assets released from restrictions

Total public support and revenue

Expenses: Program services: Health Safety and Justice Integrated Benefits Code for America Network Economic Development Summit Principles and Practices

Total program services

Supporting services: Management and general Fundraising

Total supporting services

Total expenses

Change in net assets

Net assets, beginning of year

Net assets, end of year

Without Donor Restrictions

2018 With Donor Restrictions

Year Ended December 31,

Total

Without Donor Restrictions

2017 With Donor Restrictions

Total

$ 862,771 1,470,776 207,126 2,643,600 2,981,455 47,656 348,229 136,886 45,000 122,963 5,371 5,731,807

14,603,640

$ 385,002 20,000 -

6,260,000 -

(5,731,807)

933,195

$ 1,247,773 1,490,776 207,126 8,903,600 2,981,455 47,656 348,229 136,886 45,000 122,963 5,371 -

15,536,835

$ 1,105,083 892,136 110,336

2,738,039 1,589,564 1,287,136

330,307 20,822 17,650 16,183 688

3,543,532

11,651,476

$ 90,316 1,101,298 9,509,471 13,084 (3,543,532)

7,170,637

$ 1,195,399 1,993,434 110,336

12,247,510 1,589,564 1,287,136 330,307 33,906 17,650 16,183 688 -

18,822,113

3,476,940 2,563,375 2,514,897 1,600,624

556,054 175,877

58,710

10,946,477

-

3,476,940

2,516,831

-

2,563,375

2,483,758

-

2,514,897

1,023,424

-

1,600,624

1,445,091

-

556,054

1,145,067

-

175,877

120,156

-

58,710

-

-

10,946,477

8,734,327

-

2,516,831

-

2,483,758

-

1,023,424

-

1,445,091

-

1,145,067

-

120,156

-

-

-

8,734,327

1,914,331 972,156

2,886,487

13,832,964 770,676

8,493,047

$ 9,263,723

-

-

933,195 8,167,290

$ 9,100,485

1,914,331 972,156

2,886,487

13,832,964 1,703,871

16,660,337

$ 18,364,208

1,469,334 863,802

2,333,136

11,067,463 584,013

7,909,034

$ 8,493,047

-

-

7,170,637

996,653

$ 8,167,290

1,469,334 863,802

2,333,136

11,067,463 7,754,650 8,905,687

$ 16,660,337

See accompanying independent auditor's report and notes to financial statements.

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CODE FOR AMERICA LABS, INC.

STATEMENT OF FUNCTIONAL EXPENSES Year Ended December 31, 2018

Health

Safety and Justice

Integrated Benefits

Program Services

Code for

America

Economic

Network Development

Summit

Principles and

Practices

Total Program Services

Supporting Services

Total

Management

Supporting

and General Fundraising Services

Total

Salaries and related expenses Grants Professional services Travel and events Marketing and advertising Office and facilities Other expenses

$ 2,371,322 -

120,430 59,413

501,351 409,972

14,452

$ 1,951,605 -

238,816 104,129

674 258,103

10,048

$ 1,607,886 -

479,017 160,189

1,253 256,510

10,042

$ 798,484 33,539

139,543 383,361

14,128 226,559

5,010

$ 319,115 -

145,456 31,630 262 57,380 2,211

$ 62,639 -

76,747 12,859

2,049 20,886

697

$ 7,153 -

46,101 185 14

5,025 232

$ 7,118,204 33,539

1,246,110 751,766 519,731

1,234,435 42,692

$ 1,230,650 -

335,840 38,338 9,808

169,765 129,930

$ 788,877 -

24,237 44,789 12,788 97,870

3,595

$ 2,019,527 -

360,077 83,127 22,596

267,635 133,525

$ 9,137,731 33,539

1,606,187 834,893 542,327

1,502,070 176,217

Total expenses

$ 3,476,940 $ 2,563,375 $ 2,514,897 $ 1,600,624 $ 556,054 $ 175,877 $ 58,710 $ 10,946,477 $ 1,914,331 $972,156 $ 2,886,487 $ 13,832,964

See accompanying independent auditor's report and notes to financial statements.

7

CODE FOR AMERICA LABS, INC.

STATEMENT OF FUNCTIONAL EXPENSES Year Ended December 31, 2017

Health

Safety and Justice

Program Services

Code for

Integrated

America

Economic

Benefits

Network Development

Summit

Total Program Services

Supporting Services

Total

Management

Supporting

and General Fundraising Services

Total

Salaries and related expenses Grants Professional services Travel and events Marketing and advertising Office and facilities Other expenses

$ 1,672,507 -

203,125 52,036

281,382 287,695

20,086

$ 1,876,652 -

206,568 88,568 8,208

283,561 20,201

$ 420,881 -

453,124 41,338 2,605 93,630 11,846

$ 728,883 64,334 62,591

272,617 8,160

293,407 15,099

$ 880,180 -

26,375 98,695

640 128,922

10,255

$ 79,818 -

27,369 348 35

10,075 2,511

$ 5,658,921 64,334

979,152 553,602 301,030 1,097,290

79,998

$ 1,042,501 -

218,535 57,604 3,965 84,752 61,977

$ 697,844 -

28,028 33,240

4,820 91,635

8,235

$ 1,740,345 -

246,563 90,844 8,785

176,387 70,212

$ 7,399,266 64,334

1,225,715 644,446 309,815

1,273,677 150,210

Total expenses

$ 2,516,831 $ 2,483,758 $ 1,023,424 $ 1,445,091 $ 1,145,067 $ 120,156 $ 8,734,327 $ 1,469,334 $ 863,802 $ 2,333,136 $ 11,067,463

See accompanying independent auditor's report and notes to financial statements.

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