Audited Financial Statements 2018 - New York Botanical Garden

The New York Botanical Garden

Consolidated Financial Statements as of and for the Years Ended June 30, 2018 and 2017, and Independent Auditors' Report

THE NEW YORK BOTANICAL GARDEN

TABLE OF CONTENTS

INDEPENDENT AUDITORS' REPORT CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED

JUNE 30, 2018 AND 2017: Statements of Financial Position Statements of Activities Statements of Functional Expenses Statements of Cash Flows Notes to Consolidated Financial Statements

Page 1?2

3?4 5?6 7?8

9 10?31

INDEPENDENT AUDITORS' REPORT

To the Board of Trustees of The New York Botanical Garden:

We have audited the accompanying consolidated financial statements of The New York Botanical Garden (the "Garden"), which comprise the consolidated statements of financial position as of June 30, 2018 and 2017, and the related consolidated statements of activities, functional expenses, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Garden's preparation and fair presentation of the consolidated 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 Garden'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 consolidated 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 consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Garden as of June 30, 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. Report on Supplemental Consolidating Fund Information Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The supplemental consolidating fund information for 2018 and 2017 is presented for the purpose of additional analysis of the consolidated financial statements rather than to present the financial position, changes in net assets, and cash flows of the individual funds, and is not a required part of the consolidated financial statements. This supplemental consolidating fund information is the responsibility of the Garden's management and was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated 2018 and 2017 financial statements. Such supplemental consolidating fund information has been subjected to the auditing procedures applied in our audit of the 2018 and 2017 consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated 2018 financial statements or to the consolidated 2018 and 2017 financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such supplemental consolidating fund information is fairly stated in all material respects in relation to the consolidated 2018 and 2017 financial statements as a whole.

February 22, 2019

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THE NEW YORK BOTANICAL GARDEN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (WITH SUPPLEMENTAL CONSOLIDATING FUND INFORMATION) AS OF JUNE 30, 2018

ASSETS

General Operations

Supplemental Consolidating Fund Information

Special

Endowment and Building and

Programs

Similar Funds

Equipment

Total

CASH AND CASH EQUIVALENTS

$ 12,590,221

$

3,637

$

1,807

$

1,941

$ 12,597,606

ACCOUNTS RECEIVABLE AND INVESTMENT INCOME RECEIVABLE, NET 1,638,688

149,267

7,793

-

1,795,748

GRANTS AND CONTRACTS RECEIVABLE

5,000

1,902,185

-

6,812,646

8,719,831

PLEDGES RECEIVABLE NET OF ALLOWANCE

-

10,048,799

19,664,231

3,218,560

32,931,590

INVENTORIES

787,973

-

-

-

787,973

PREPAID EXPENSES AND OTHER ASSETS

574,165

782,465

-

734,812

2,091,442

INVESTMENTS

257,367

4,528,958

329,143,674

-

333,929,999

FIXED ASSETS, NET DUE (TO) FROM OTHER FUNDS

(6,127,275)

7,146,644

4,030,514

214,029,980 (5,049,883)

214,029,980 -

TOTAL ASSETS

$ 9,726,139

$ 24,561,955

$ 352,848,019

$ 219,748,056

$ 606,884,169

LIABILITIES AND NET ASSETS

LIABILITIES: Accounts payable Accrued expenses and other liabilities Loans payable Capital leases Deferred income and refundable advances Accrued vacation liability Conditional asset retirement obligation Interest rate swap valuation liability Long-term debt

Total liabilities

COMMITMENTS AND CONTINGENCIES

NET ASSETS: Unrestricted: General operations

Designated for special programs

Nonoperating: Funds functioning as endowment Designated for land, buildings, and equipment Net investment in land, buildings, and equipment

Total nonoperating

Total unrestricted

Temporarily restricted for the use of: Program activities Unexpended endowment return Land, buildings, and equipment

Total temporarily restricted

Permanently restricted

Total net assets

TOTAL LIABILITIES AND NET ASSETS

$ 3,410,563

$ 41,929

$

-

2,162,512

1,611,718

-

-

-

-

-

-

-

348,126

162,789

-

2,351,891

467,007

-

-

-

-

-

-

-

-

-

-

8,273,092

2,283,443

-

$ 902,212 7,731

4,896,646 2,149,958

400,000 -

2,732,420 7,640,814 56,655,000

75,384,781

$ 4,354,704 3,781,961 4,896,646 2,149,958 910,915 2,818,898 2,732,420 7,640,814

56,655,000

85,941,316

1,453,047

-

-

-

4,218,482

-

-

1,453,047

-

4,218,482

-

-

1,453,047

-

-

4,218,482

110,974,456 -

110,974,456

110,974,456

6,812,646 134,332,069

141,144,715

141,144,715

110,974,456 6,812,646

134,332,069

252,119,171

257,790,700

-

-

-

1,453,047

$ 9,726,139

18,060,030 -

18,060,030

-

22,278,512

$ 24,561,955

46,251,858

-

46,251,858

195,621,705

352,848,019

$ 352,848,019

3,218,560

3,218,560

-

144,363,275

$ 219,748,056

18,060,030 46,251,858

3,218,560

67,530,448

195,621,705

520,942,853

$ 606,884,169

See notes to consolidated financial statements.

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