Family life academy charter schools bronx, new york audited financial ...

FAMILY LIFE ACADEMY CHARTER SCHOOLS BRONX, NEW YORK

AUDITED FINANCIAL STATEMENTS OTHER FINANCIAL INFORMATION

AND INDEPENDENT AUDITOR'S REPORTS

JUNE 30, 2017 (With Comparative Totals for 2016)

CONTENTS

AUDITED FINANCIAL STATEMENTS Independent Auditor's Report Statement of Financial Position Statement of Activities and Changes in Net Assets Statement of Functional Expenses Statement of Cash Flows Notes to Financial Statements

OTHER FINANCIAL INFORMATION Independent Auditor's Report on Other Financial Information Statement of Financial Position by Charter Statement of Activities and Changes in Net Assets by Charter

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INDEPENDENT AUDITOR'S REPORT

Board of Trustees Family Life Academy Charter Schools

Report on the Financial Statements

We have audited the accompanying financial statements of Family Life Academy Charter Schools (the "Organization"), which comprise the statement of financial position as of June 30, 2017, and the related statements of activities and changes in net assets, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

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

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit 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 Organization'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 Organization'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.

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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 Family Life Academy Charter Schools as of June 30, 2017, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Report on Summarized Comparative Information We have previously audited Family Life Academy Charter Schools' June 30, 2016 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report date October 12, 2016. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2016 is consistent, in all material respects, with the audited financial statements from which it is derived. Other Report Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 12, 2017 on our consideration of Family Life Academy Charter Schools' 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 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 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 Family Life Academy Charter Schools' internal control over other financial reporting and compliance.

Rochester, New York October 12, 2017

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FAMILY LIFE ACADEMY CHARTER SCHOOLS

STATEMENT OF FINANCIAL POSITION

JUNE 30, 2017 (With Comparative Totals for 2016)

ASSETS

CURRENT ASSETS Cash and cash equivalents Cash in escrow Grants and other receivables Prepaid expenses and other current assets

PROPERTY AND EQUIPMENT, net

OTHER ASSETS Security deposits Due from related parties Certificate of deposit Investment in joint venture

TOTAL CURRENT ASSETS

June 30,

2017

2016

$ 1,687,775 275,775 969,168 258,840

3,191,558

2,173,232

$ 1,799,682 202,736 464,979 124,867

2,592,264

1,464,686

296,710 75,232 197,085

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569,027

228,253 81,232

2,475

311,960

TOTAL ASSETS $ 5,933,817

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES Accounts payable and accrued expenses Accrued payroll and benefits Vacation accrual

Deferred revenue

TOTAL CURRENT LIABILITIES

$ 310,776 804,762 261,778 402,270

1,779,586

OTHER LIABILITIES Deferred lease incentive Deferred rent payable

NET ASSETS Unrestricted Temporarily restricted

396,875 1,378,793 1,775,668

2,340,235 38,328

2,378,563

$ 4,368,910

$ 258,557 801,815 189,005 215,639

1,465,016

100,000 488,770 588,770

2,253,579 61,545

2,315,124

TOTAL LIABILITIES AND NET ASSETS $ 5,933,817 $ 4,368,910

The accompanying notes are an integral part of the financial statements. -5-

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