Jewish Child and Family Services Financial Report June 30, 2011

Transcription

Jewish Child and Family Services
Financial Report
June 30, 2011
Contents
Independent Auditor's Report
1
Financial Statements
Consolidated Statements of Financial Position
Consolidated Statements of Activities
Consolidated Statements of Functional Expenses and
Directly Related Program Services Revenue
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
2
3–6
7 – 10
11
12 – 27
Supplementary Information
Consolidated Detail Statement of Activities - Other Funds
28 – 30
Statements of Revenue and Expenses for Hebrew
Immigrant Aid Society of Chicago
31
Consolidated Schedules of Activities
32
Consolidated Schedules of Functional Expenses and
Directly Related Program Services Revenue
33
Independent Auditor's Report
To the Board of Directors
Chicago, Illinois
We have audited the accompanying consolidated statements of financial position of Jewish Child and
Family Services (the Agency) as of June 30, 2011 and 2010, and the related consolidated statements of
activities, functional expenses and directly related program services revenue and of cash flows for the
years then ended. The consolidated financial statements are the responsibility of the Agency's
management. 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 of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of Jewish Child and Family Services as of June 30, 2011 and 2010 and
the changes in its net assets and its cash flows for the years then ended in conformity with accounting
principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic consolidated financial
statements taken as a whole. The supplementary information is presented for the purpose of additional
analysis and is not a required part of the basic consolidated financial statements. This information has
been subjected to the auditing procedures applied in the audit of the basic consolidated financial
statements and, in our opinion, is fairly stated in all material respects in relation to the basic consolidated
financial statements taken as a whole.
Chicago, Illinois
December 16, 2011
1
This Page Intentionally Left Blank
Consolidated Statements of Financial Position
June 30, 2011 and 2010
2010
2011
Assets
Cash
Due from Jewish Federation of Metropolitan Chicago
Due from other affiliated organizations
Accounts receivable, net
Prepaid expenses
Investments
Property and equipment, net
Endowment Foundation assets
Liabilities and Net Assets
Liabilities
Accounts payable and accrued expenses
Accrued vacation
Due to Jewish Federation of Metropolitan Chicago
Deferred revenue and other liabilities
Deferred compensation payable
Merger loan due to Jewish Federation of Metropolitan Chicago
$
549,264
44,614
568,801
2,525,277
17,000
7,222,049
1,585,017
13,341,979
$
963,511
594,866
2,577,721
48,929
7,090,225
1,178,066
12,134,808
$
25,854,001
$
24,588,126
$
1,030,010
861,430
1,013,986
542,565
187,500
1,378,400
5,013,891
$
1,023,527
816,549
903,103
588,127
212,500
1,453,400
4,997,206
Net assets
Unrestricted
Designated for special purposes
Property and equipment funds
4,096,207
4,277,144
8,373,351
3,042,491
8,175,078
19,590,920
5,331,073
4,562,512
9,893,585
2,771,447
8,175,078
20,840,110
Temporarily restricted
Permanently restricted
$
See Notes to Consolidated Financial Statements.
2
25,854,001
$
24,588,126
Consolidated Statements of Activities
Year Ended June 30, 2011
Unrestricted
Designated
Property
for Special
and
Purposes
Equipment
Undesignated
Revenue
Public support:
Allocated by Jewish Federation of Metropolitan
Chicago
Contributions from other affiliated organizations
Other contributions
Program related revenue:
Fees and grants from governmental agencies
Program service fees
Other revenue:
Interest and dividend income
Net gains on Agency investments
Endowment Foundation revenue and gains
Miscellaneous income, net
Net assets released from restrictions
$
8,803,881
554,430
4,091,400
13,449,711
12,098,609
1,713,747
13,812,356
$
237,196
237,196
-
$
-
-
Temporarily
Restricted
Total
$
8,803,881
554,430
4,328,596
13,686,907
12,098,609
1,713,747
13,812,356
$
5,000
531,616
536,616
-
Permanently
Restricted
$
-
2011
Total
$
8,803,881
559,430
4,860,212
14,223,523
-
12,098,609
1,713,747
13,812,356
145
846,912
12,485
1,055,243
1,914,785
24,843
407,924
1,171,863
125,158
1,729,788
25,804
460,498
486,302
50,792
868,422
2,018,775
12,485
1,180,401
4,130,875
10,676
199,711
35,308
(1,180,401)
(934,706)
-
61,468
1,068,133
2,054,083
12,485
3,196,169
29,176,852
1,966,984
486,302
31,630,138
(398,090)
-
31,232,048
3
Consolidated Statements of Activities (Continued)
Unrestricted
Designated
Property
for Special
and
Purposes
Equipment
Undesignated
Expenses
Program services:
Counseling and support
Foster care
Residential services
Education services
Autism services
$
Supporting services:
Management and general
Fundraising
12,718,538
2,525,610
4,554,000
5,687,292
1,147,797
26,633,237
$
2,450,952
639,432
29,723,621
Increase (decrease) in net assets before
other changes
$
-
(546,769)
Other changes in net assets:
Acquisition of equipment by undesignated fund
Other transfers
-
1,966,984
(666,188)
1,212,957
546,769
(732,118)
(732,118)
43,940
5,977
48,832
32,185
2,927
133,861
$
12,762,478
2,531,587
4,602,832
5,719,477
1,150,724
26,767,098
123,984
1,392
259,237
2,574,936
640,824
29,982,858
227,065
1,647,280
666,188
(607,885)
58,303
-
1,234,866
285,368
1,520,234
Net assets:
Beginning of year
-
4,096,207
4,277,144
8,373,351
$
-
$
5,331,073
4
$
4,562,512
$
$
9,893,585
-
Permanently
Restricted
$
-
(127,046)
(127,046)
Increase (decrease) in net assets
End of year
Temporarily
Restricted
Total
$
12,762,478
2,531,587
4,602,832
5,719,477
1,150,724
26,767,098
-
2,574,936
640,824
29,982,858
(398,090)
-
1,249,190
127,046
127,046
-
(271,044)
-
3,042,491
$
-
2011
Total
2,771,447
1,249,190
8,175,078
$
8,175,078
19,590,920
$
20,840,110
Unrestricted
Designated
Property
for Special
and
Purposes
Equipment
Undesignated
Revenue
Public support:
Chicago
Other contributions
Legacies and bequests
Other revenue:
Net assets released from restrictions
$
9,099,767
540,034
3,414,743
5,000
13,059,544
13,560,926
1,516,553
15,077,479
$
151,449
151,449
-
$
223,390
223,390
-
Temporarily
Restricted
Total
$
9,099,767
540,034
3,789,582
5,000
13,434,383
13,560,926
1,516,553
15,077,479
$
5,004
652,568
657,572
-
Permanently
Restricted
$
-
2010
Total
$
9,099,767
545,038
4,442,150
5,000
14,091,955
-
13,560,926
1,516,553
15,077,479
5,718
850,780
59,895
1,375,654
2,292,047
17,246
269,635
497,558
61,444
845,883
14,975
292,720
307,695
37,939
562,355
1,348,338
59,895
1,437,098
3,445,625
6,772
154,230
6,290
(1,437,098)
(1,269,806)
-
44,711
716,585
1,354,628
59,895
2,175,819
30,429,070
997,332
531,085
31,957,487
(612,234)
-
31,345,253
5
Unrestricted
Designated
Property
for Special
and
Purposes
Equipment
Undesignated
Expenses
Program services:
Foster care
Education services
Autism services
$
Fundraising
12,480,032
2,676,624
4,158,416
6,251,156
1,342,357
26,908,585
$
2,484,080
639,128
30,031,793
Increase (decrease) in net assets before
other changes
Other changes in net assets:
Acquisition of equipment by undesignated fund
Other transfers
-
$
-
(146,763)
(250,514)
(397,277)
334,731
334,731
146,763
(216,547)
(69,784)
(5,202)
Net assets:
Beginning of year
-
2,764,144
$
1,459,191
64,582
1,332,063
-
$
4,096,207
6
4,277,144
$
1,326,861
7,046,490
$
8,373,351
-
Permanently
Restricted
$
-
(132,330)
(132,330)
4,282,346
$
12,507,018
2,677,121
4,420,397
6,272,041
1,343,396
27,219,973
2,639,195
639,128
30,498,296
997,332
-
$
155,115
466,503
397,277
Increase (decrease) in net assets
End of year
26,986
497
261,981
20,885
1,039
311,388
Temporarily
Restricted
Total
$
12,507,018
2,677,121
4,420,397
6,272,041
1,343,396
27,219,973
-
2,639,195
639,128
30,498,296
(612,234)
-
846,957
132,330
132,330
-
(479,904)
-
3,522,395
$
-
2010
Total
3,042,491
846,957
8,175,078
$
8,175,078
18,743,963
$
19,590,920
Consolidated Statements of Functional Expenses and Directly Related Program Services Revenue
Program Services
Counseling
and
Foster
Residential
Support
Care
Services
Functional expenses:
Salaries
$
Employee health and retirement benefits and payroll tax
6,436,643
$
871,812
$
2,582,764
1,843,631
247,595
735,626
3,318,390
8,280,274
1,119,407
Professional fees and contract service payments
728,614
160,028
80,307
Supplies
211,566
40,690
346,281
Telephone
89,998
42,246
33,930
Postage and delivery
42,247
8,508
2,716
506,149
1,211,412
146,663
Equipment purchases, rentals, and repairs
Occupancy
40,234
2,493
6,201
Software purchases and maintenance
27,606
5,264
13,817
Marketing and advertising
Local transportation
Conferences, conventions, meetings and major trips
Subscriptions and reference publications
92,821
2,574
5,974
100,482
128,592
88,244
49,579
4,057
11,015
14,012
157
160
1,769,405
854,958
98,864
Membership dues
15,986
3,622
6,909
Miscellaneous expense
44,302
6,351
35,043
12,718,538
2,525,610
4,554,000
Specific assistance to individuals
Depreciation
43,940
Directly related program services revenue:
7
48,832
12,762,478
$
2,531,587
$
4,602,832
$
1,773,669
1,214,492
2,988,161
$
2,610,106
2,464
2,612,570
$
3,363,029
160,613
3,523,642
$
5,977
$
$
$
Program Services
Education
Services
$
$
$
$
Autism
Services
3,525,044
1,021,809
4,546,853
100,856
177,920
8,389
7,104
740,236
9,178
19,081
10,290
7,371
12,779
972
10,376
10,165
25,722
5,687,292
32,185
5,719,477
$
4,137,730
18,886
4,156,616
$
$
$
Supporting Services
Total
Program
Services
682,401
193,802
876,203
17,905
39,809
3,824
3,077
168,370
1,283
3,030
5,771
18,351
5,111
26
545
1,316
3,176
1,147,797
2,927
1,150,724
$
214,075
317,292
531,367
$
$
$
Management
and General
14,098,664
4,042,463
18,141,127
1,087,710
816,266
178,387
63,652
2,772,830
59,389
68,798
117,430
343,040
82,541
15,327
2,734,148
37,998
114,594
26,633,237
133,861
26,767,098
$
12,098,609
1,713,747
13,812,356
$
1,432,350
399,370
1,831,720
291,589
22,242
36,307
6,328
115,468
2,115
36,604
8,270
15,519
36,356
1,700
12,783
33,951
2,450,952
123,984
2,574,936
$
-
$
8
2011
Total
Fundraising
$
$
$
$
357,386
101,498
458,884
12,718
6,683
13,055
6,811
40,973
740
2,117
90,658
5,865
894
34
639,432
1,392
640,824
-
$
$
$
$
15,888,400
4,543,331
20,431,731
1,392,017
845,191
227,749
76,791
2,929,271
62,244
107,519
216,358
364,424
119,791
17,061
2,734,148
50,781
148,545
29,723,621
259,237
29,982,858
12,098,609
1,713,747
13,812,356
Consolidated Statements of Functional Expenses and Directly Related Program
Services Revenue (Continued)
Program Services
Counseling
and
Foster
Residential
Support
Care
Services
Salaries
$
Employee health and retirement benefits and payroll tax
6,395,200
$
982,124
$
2,371,946
1,907,957
293,709
718,709
8,303,157
1,275,833
3,090,655
690,214
162,586
77,507
Supplies
255,008
44,737
281,271
94,704
40,366
23,609
Telephone
44,432
6,387
1,367
1,232,378
137,281
469,575
49,919
7,565
6,051
26,617
5,958
3,575
84,600
2,729
959
Occupancy
120,318
138,579
77,545
Conferences, conventions, meetings and major trips
64,512
9,170
11,989
13,971
124
493
1,431,615
833,798
85,755
18,766
3,769
1,722
Membership dues
Depreciation
49,821
7,742
26,343
12,480,032
2,676,624
4,158,416
26,986
497
261,981
$
12,507,018
$
2,677,121
$
4,420,397
$
2,331,633
$
2,570,231
$
3,484,211
993,614
$
9
3,325,247
18,041
$
2,588,272
179,768
$
3,663,979
Program Services
Education
Services
$
$
$
$
3,738,176
1,170,564
4,908,740
109,935
193,976
11,988
6,703
883,161
34,196
21,447
5,760
13,707
8,218
549
6,701
14,304
31,771
6,251,156
20,885
6,272,041
$
4,560,888
69,879
4,630,767
$
$
$
Supporting Services
Total
Program
Services
Autism
Services
778,195
232,665
1,010,860
21,772
35,725
4,916
3,864
225,888
5,899
3,575
3,452
13,142
5,561
337
1,000
1,722
4,644
1,342,357
1,039
1,343,396
$
613,963
255,251
869,214
$
$
$
Management
and General
14,265,641
4,323,604
18,589,245
1,062,014
810,717
175,583
62,753
2,948,283
103,630
61,172
97,500
363,291
99,450
15,474
2,358,869
40,283
120,321
26,908,585
311,388
27,219,973
$
13,560,926
1,516,553
15,077,479
$
1,319,722
381,262
1,700,984
326,304
16,422
30,649
2,965
107,215
3,087
20,787
6,527
16,353
38,775
1,965
17,286
194,761
2,484,080
155,115
2,639,195
$
-
$
10
2010
Total
Fundraising
$
$
$
$
379,802
114,639
494,441
22,204
4,699
13,407
3,473
39,106
988
2,828
50,303
6,102
1,291
286
639,128
639,128
-
$
$
$
$
15,965,165
4,819,505
20,784,670
1,410,522
831,838
219,639
69,191
3,094,604
107,705
84,787
154,330
385,746
139,516
17,725
2,358,869
57,569
315,082
30,031,793
466,503
30,498,296
13,560,926
1,516,553
15,077,479
Consolidated Statements of Cash Flows
Years Ended June 30, 2011 and 2010
Cash Flows from Operating Activities
Increase in net assets
Depreciation
Gain on Agency investments
Gain on Endowment Foundation investments
Changes in:
Due to and from Jewish Federation of Metropolitan Chicago
Due from other affiliated organizations
Accounts receivable
Prepaid expenses
Endowment Foundation assets
Accounts payable and accrued expenses
Deferred revenue and other liabilities
Net cash used in operating activities
$
Cash Flows from Investing Activities
Additions to property and equipment
Purchase of Agency investments
Purchase of Endowment Foundation investments
Proceeds from sale of Agency investments
Proceeds from sales of Endowment Foundation investments
Net cash provided by investing activities
Cash Flows from Financing Activities
Repayments of merger loan
Proceeds from revenue anticipation notes
Repayment of revenue anticipation notes
Net cash used in financing activities
(Decrease) increase in cash and cash equivalents
Cash:
Beginning of year
End of year
$
Supplemental Disclosure of Cash Flow Information
Interest paid
$
11
2011
2010
1,249,190 $
259,237
(1,060,369)
(1,839,995)
846,957
466,503
(699,440)
(1,203,839)
66,269
26,065
52,444
31,929
11,474
26,364
(45,562)
(1,222,954)
627,221
(106,338)
(471,628)
25,537
41,692
(209,805)
120,898
(562,242)
(666,188)
(97,059)
(225,562)
1,025,604
846,912
883,707
(146,763)
(45,616)
(192,481)
507,953
850,780
973,873
(75,000)
(75,000)
(75,000)
9,780,000
(9,780,000)
(75,000)
(414,247)
336,631
963,511
626,880
549,264
-
$
963,511
$
18,399
Note 1.
Organization and Significant Accounting Policies
Jewish Child and Family Services (the Agency) is a comprehensive social service agency that provides
services to children, adults, and families who reside in the Chicago, Illinois metropolitan area. Activities,
which are funded primarily through government contracts and fees and subsidies received from an
affiliated organization, include education, residential and child welfare services, counseling and support,
services for people with disabilities, and community support services. An affiliated entity, Jewish Family
and Community Services, merged with and into the Agency in 2006.
The Jewish Child and Family Services Endowment Foundation (Endowment Foundation) is a nonprofit
organization whose purpose is to receive and hold endowment-type contributions for the benefit of the
Agency. The financial accounts of the Endowment Foundation are consolidated within these financial
statements. The Foundation is exempt from income taxes under Section 501(c)(3) of the Internal
Revenue Code (Code) and applicable state law and is classified as a supporting foundation under
Section 509(a)(3) of the Code.
The Agency is affiliated with the Jewish Federation of Metropolitan Chicago (Jewish Federation), as more
fully described in Note 2.
Significant accounting policies are as follows:
Basis of presentation: The Agency’s financial statements are prepared on the accrual basis of
accounting in accordance with accounting principles generally accepted in the United States of America.
For financial reporting purposes, net assets and related activity for the Agency's funds are classified as
unrestricted, temporarily restricted or permanently restricted, based on the existence or absence of donor
imposed restrictions.
The Agency's unrestricted funds are available for support of the Agency's operations. Special purpose
funds have been internally designated for certain programs or uses.
Temporarily restricted net assets represent net assets subject to donor imposed restrictions that will be
met either by the Agency's actions or the passage of time. Temporarily restricted net assets are
reclassified to unrestricted net assets when the restrictions are met or have expired. These restrictions
are reported in the statement of activities as net assets released from restrictions.
The Agency's permanently restricted net assets represent funds subject to the restrictions of gift
instruments requiring the principal to be maintained intact. Investment income, including realized and
unrealized gains and losses are classified as temporarily restricted net assets until those amounts are
appropriated for expenditure by the Agency in a manner consistent with the standard of prudence
prescribed by the Uniform Prudent Management of Institutional Funds Act (UPMIFA).
Consolidation: The Agency's financial statements have been prepared on a consolidated basis,
whereby the financial statements include the accounts of the Agency as well as those of the Endowment
Foundation. Any significant intercompany accounts and transactions, such as annual Endowment
Foundation distributions received by the Agency, are effectively eliminated in consolidation.
Accounts receivable: Accounts receivable represents amounts due for reimbursement of program
services and related revenue, the majority of which is due from governmental agencies. The amounts are
stated net of an allowance for doubtful accounts of approximately $188,000 and $194,000, for fiscal years
2011 and 2010, respectively, which management determines based on historical experience and analysis
of specific accounts. Uncollectible amounts are written off in the year they are deemed to be worthless.
12
Note 1.
Organization and Significant Accounting Policies (Continued)
Investments: Investments are primarily recorded at fair value, as required by accounting principles
generally accepted in the United States of America. Changes in fair value are recorded as unrealized
gains (losses).
The Agency and the Endowment Foundation invest in the Jewish Federation pooled investment portfolio
but do not own or have any interest in the underlying investments. The Agency and Endowment
Foundation’s investments in the pooled endowment portfolio of the Jewish Federation are recorded at
estimated fair value based on net asset value per share. The Agency and Endowment Foundation’s
allocable share in the Jewish Federation’s pooled endowment portfolio was 2.95 percent at June 30,
2011.
The Jewish Federation’s pooled endowment portfolio is comprised of various types of investments,
including mutual funds, equity and debt securities, alternative investments and other investment vehicles.
As outside investors in the portfolio, the Agency and Endowment Foundation have the ability to contribute
funds or withdraw funds from their account on the first day of any calendar quarter. Withdrawal requests
are required to be submitted to the Jewish Federation in writing at least five days prior to quarter-end and
withdrawals representing 25 percent or more of an investor’s assets are paid in two installments.
Investments in equity securities with observable inputs and all debt securities are valued at fair value.
Investments in mutual funds and securities traded on national securities exchange, or reported on the
NASDAQ national market, are stated at the last reported sales price of the day of valuation. Fair value of
exchange-traded contracts is based upon exchange settlement prices.
Investments in government bonds which are traded on a national securities exchange or market are
valued at the mean between the current “bid” and “asked” quotations on that day. If a reliable bid and
asked quotation cannot be obtained from a national securities exchange, the security is priced at the
mean between the bid and asked quotation of a reliable market maker. Government funds not traded on
an exchange are stated at cost plus accrued interest, which approximates fair value.
Alternative investments and other investment vehicles are valued at fair value based on the applicable
percentage ownership of the investment funds’ net assets as of year-end, as determined by the Jewish
Federation. In determining fair value, the Jewish Federation utilizes valuations and other information
provided by the underlying investment fund. The underlying investment funds value securities and other
financial instruments substantially on a fair value basis of accounting. The estimated fair values of certain
investments of the underlying investments funds, which may include private placements and other
securities for which prices are not readily available, are determined by the managers of the respective
investment fund and may not reflect amounts that ultimately may be realized. The fair value of the Jewish
Federation’s alternative investments generally represents the amount expected to be received if the
Jewish Federation were to liquidate its alternative investments, excluding any redemption charges that
may apply. Accordingly, the estimated fair values of the alternative investments may differ significantly
from the values that would have been used had a ready market existed for these investments.
The Agency also invests in certain other investments that are carried at cost. Other investments are
further described in Note 3.
Investment transactions and related income: The Agency and Endowment Foundation record
investment transactions on a trade date basis. Realized gains and losses on investment transactions and
change in unrealized appreciation and depreciation on investments are reported as such on the
statement of activities. Interest income is recognized under the accrual basis. Dividend income is
recognized on the ex-dividend date.
13
Note 1.
Property and equipment: Property and equipment are recorded at cost. Additions in excess of $1,000
are capitalized. Depreciation is recorded based on the straight-line method over the estimated useful lives
of the assets, which range from 25-30 years for buildings and building improvements, 5-7 years for
furniture and equipment, and 5 years for vehicles.
Compensated absences: The Agency records an accrued liability for employees' earned but unused
vacation time totaling $861,430 and $816,549 at June 30, 2011 and 2010, respectively.
Deferred revenue and other liabilities: The Agency often receives funds from grants and other sources
prior to the related expenses being incurred. These funds are reported as deferred revenue and other
liabilities in the financial statements.
Revenue recognition: Contributions, including unconditional promises to give, are recorded as revenue
in the period the promises are received at their fair value. Bequests from estates are generally
recognized when received, which is after the probate court declares the will valid. Grants are recognized
when earned, which is generally when qualifying expenses have been incurred and all other grant
requirements have been met.
Donated services: A substantial number of volunteers have donated significant time to the Agency's
activities. However, only those services that meet the criteria for recognition are reflected in the financial
statements, $20,667 and $11,000 for fiscal years 2011 and 2010, respectively.
Functional expenses: Operating expenses directly identified with a functional area are charged to that
area, and where those expenses affect more than one area, they are allocated to functional areas in
proportion to the benefit each area receives from those costs.
Fair value of financial instruments: The carrying amounts of financial instruments, including cash,
accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short
maturity of these instruments.
Income taxes: The Agency, an Illinois nonprofit corporation, is exempt from income taxes under Section
501(c)(3) of the Internal Revenue Code and applicable state law, except for taxes pertaining to unrelated
business income, if any.
The accounting standard on accounting for uncertainty in income taxes addresses the determination of
whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial
statements. Under this guidance, the Agency may recognize the tax benefit from an uncertain tax position
only if it is more likely than not that the tax position will be sustained on examination by taxing authorities,
based on the technical merits of the position. Examples of tax positions include the tax-exempt status of
the Agency and various positions related to the potential sources of unrelated business taxable income
(UBTI). The tax benefits recognized in the financial statements from such a position are measured based
on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate
settlement. There were no unrecognized tax benefits identified or recorded as liabilities during the
periods covered by these financial statements. The Agency files forms 990 in the U.S. federal jurisdiction
and the State of Illinois. The Agency is generally no longer subject to examination by the Internal
Revenue Service for years before 2008.
Reclassifications: Certain 2010 balances have been reclassified to conform to the current year's
presentation without any effect on previously reported net assets or changes in net assets.
14
Note 1.
Use of estimates: In preparing financial statements in conformity with generally accepted accounting
principles, management makes estimates and assumptions affecting the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well
as the reported amounts of revenue and expenses during the reporting period. Actual results could differ
from those estimates.
Subsequent events: The Agency has evaluated subsequent events for potential recognition and/or
disclosures through December 16, 2011, the date the financial statements were available to be issued.
Note 2.
Affiliated Organizations
Jewish Federation: The Agency is an affiliate of the Jewish Federation of Metropolitan Chicago (Jewish
Federation). Pursuant to their affiliation agreement, the Jewish Federation provides an allocation of funds
to the Agency's unrestricted funds. The Jewish Federation subsidy was $8,803,881 and $9,099,767 for
the years ended June 30, 2011 and 2010, respectively.
In accordance with the affiliation agreement, the Agency may not negotiate any merger or material
transfer of assets without approval of the Jewish Federation, and in the event of any liquidation of the
Agency, the net proceeds are to be distributed to the Jewish Federation.
The Agency leases office and facility space from the JFMC Facilities Corporation, an affiliate of the
Jewish Federation. Management understands that the rate the Agency pays is based on Jewish
Federation's actual costs for basic rental and certain other occupancy costs.
The Agency participates with the Jewish Federation and its other affiliated agencies in self insurance
programs for health, dental and vision insurance. All self insurance programs of the Jewish Federation
and its affiliated agencies include specific and aggregate stop loss insurance policies. Contributions by
the Agency for such coverage (made to the Jewish Federation, as custodian for these programs)
amounted to $704,347 and $795,231 for fiscal years 2011 and 2010, respectively.
Amounts shown as due to and from Jewish Federation on the statement of financial position as of
June 30, 2011 and 2010 comprise primarily payments due and receivable under the various agreements
between the Agency and the Jewish Federation for information technology services, occupancy, and self
insurance programs.
The Jewish Federation made an interest-free loan to the Agency to pay merger-related costs related to
the 2006 merger; the outstanding balance was $1,378,400 and $1,453,400 at June 30, 2011 and 2010,
respectively. The loan is payable through July 2030 as follows:
2012
2013
2014
2015
2016
Thereafter
$
$
15
75,000
75,000
75,000
75,000
75,000
1,003,400
1,378,400
Note 2.
Affiliated Organizations (Continued)
HIAS: Pursuant to a management agreement with the Hebrew Immigrant Aid Society of Chicago (HIAS),
the Agency manages HIAS' professional service programs, policy development, personnel and office
management, and financial matters, except for fundraising activities.
HIAS, which is an organization exempt from income taxes under Section 501(c)(3) of the Internal
Revenue Code and applicable state law, has agreed that all program income and earnings of HIAS are to
be turned over to the Agency at the end of each calendar quarter (to be earmarked for HIAS' operations)
and the Agency has assumed all the costs and expenses relating to HIAS' operations. Accordingly, the
operating revenue and expenses of HIAS are included in the Agency's operating activities.
Total HIAS revenue and expenses (which were equivalent) included in the Agency's statements of
activities were $1,079,159 and $937,727 for 2011 and 2010, respectively.
Response Center: The Agency is responsible for the administration and financial reporting of the
Response Center, which is a counseling, educational and resource center for adolescents and their
families. The accounts of the Response Center, which is a program of the Jewish Federation, are
included in the Agency's financial statements. During fiscal years 2011 and 2010, total revenues and
expenses related to the Response Center of $1,113,371 and $978,556, respectively, are included in the
Agency’s statements of activities. As of July 1, 2011, the Agency has assumed program responsibility for
the Response Center and funding from the Jewish Federation will continue with no net financial impact on
subsequent reporting requirements.
Auxiliaries: The Agency has two auxiliaries that have been organized for the purpose of raising funds to
be used for various programs of the Agency. Both the North Shore Auxiliary of Jewish Child and Family
Services and the Earl Rubin Chapter are exempt from income taxes under Section 501(c)(3) of the
Internal Revenue Code and applicable state law. Revenue recorded from the auxiliaries totaled $202,235
and $260,395 during the years ended June 30, 2011 and 2010, respectively.
The accounts of these other affiliated organizations and programs are not included in the consolidated
financial statements because they do not meet the criteria requiring consolidation.
16
Note 3.
Investments and Fair Value Measurements
The Agency and the Endowment Foundation are invested in the Jewish Federation’s pooled endowment
portfolio at June 30, 2011 and 2010, as follows:
2011
Agency
Endowment Foundation
$
7,116,718
13,233,268
$ 20,349,986
2010
$
6,984,894
12,014,623
$ 18,999,517
The Agency and the Endowment Foundation follow the accounting guidance on fair value measurements
and disclosure, which defines fair value as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date and sets
out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active
markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
Inputs are broadly defined under this guidance as assumptions market participants would use in pricing
an asset or liability. The three levels of the fair value hierarchy are described below:
Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting
entity has the ability to access at the measurement date.
Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability,
either directly or indirectly.
Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if
any, market activity for the asset or liability. The inputs into the determination of fair value are based
upon the best information in the circumstances and may require significant management judgment or
estimation.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level
of input that is significant to the fair value measurement. The Agency and Endowment Foundation's
assessment of the significance of a particular input to the fair value measurement in its entirety requires
judgment, and considers factors specific to the investment.
The following section describes the valuation techniques used by the Agency and Endowment
Foundation to measure different financial instruments at fair value and includes the level within the fair
value hierarchy in which the financial instrument is categorized.
The Agency’s and Endowment Foundation’s investments in securities, as reported on the statement of
financial position, are invested in the pooled investment funds of the Jewish Federation and are classified
as Level 3 in the fair value hierarchy.
17
Note 3.
Investments and Fair Value Measurements (Continued)
As of June 30, 2011 and 2010, the pooled investment funds of the Jewish Federation were invested as
follows:
2011
Percentage
of Total
Pooled Fund
Money market funds
State of Israel bonds
Alternative investments:
Absolute return hedge funds
Real asset funds (real estate, energy
and natural resources)
Private equity and fund-of-funds
Mutual funds and other investment
vehicles:
Domestic equity - large capitalization
Domestic equity - small capitalization
International equity
Fixed income - domestic
Fixed income - international
2010
Approximate
Hierarchy
Level
Within the
Pooled Fund
2 %
1
Approximate
Hierarchy
Level
Within the
Pooled Fund
Percentage
of Total
Pooled Fund
1
2
2 %
1
1
2
19
2-3
21
3
15
13
3
3
14
14
3
3
13
7
17
8
5
100 %
1-2
1-2
1-2
1
2
11
8
16
8
5
100 %
1
1
1
1
1
The following table presents a reconciliation of activity for the Level 3 financial instruments invested in the
pooled investment funds of the Jewish Federation:
2011
Balance, July 1, 2010
Realized and unrealized gains (losses)
on investment transactions:
Net realized gain (loss) on investments
Net unrealized gain on investments
Purchases of investment securities
Sale of investment securities
Balance, June 30, 2011
2010
Agency
Endowment
Foundation
Agency
Endowment
Foundation
$ 6,984,894
$ 12,014,623
$ 6,747,791
$ 11,469,083
295,721
764,648
97,059
(1,025,604)
$ 7,116,718
533,390
(270)
1,306,605
699,710
225,562
45,616
(846,912)
(507,953)
$ 13,233,268 $ 6,984,894
6,705
1,197,134
192,481
(850,780)
$ 12,014,623
Investments on the Agency’s consolidated statement of financial position of $7,222,049 as of June 30,
2011 include the pooled investment balance of $7,116,718 and certain other investments (investments in
real estate partnerships) of $105,331. The investments in real estate partnerships were contributed to the
Agency in prior years and are recorded at cost. There were no changes in carrying value of those
partnerships in either 2011 or 2010.
18
Note 3.
Investments and Fair Value Measurements (Continued)
The Agency and the Endowment Foundation, as investors in the Jewish Federation pooled investment
funds, enter into transactions with a variety of securities and derivative financial instruments. These
derivative financials instruments may have market and/or credit risk in excess of the amounts recorded in
the statements of financial position.
Concentration of credit risk
The Agency and the Endowment Foundation currently invest all of their funds (except for cash and cash
equivalents) in the pooled investment fund of the Jewish Federation. In the event the Jewish Federation
does not fulfill its obligations, the Agency and the Endowment Foundation may be exposed to risk.
This risk of default depends on the creditworthiness of the counterparty to these transactions. The
Jewish Federation attempts to minimize this credit risk by monitoring the creditworthiness of its
counterparties.
Market risk of investment in pooled endowment portfolio
Market risk arises primarily from changes in the market value of financial instruments.
Exposure to market risk is influenced by a number of factors, including the relationships between financial
instruments, and the volatility and liquidity in the markets in which the financial instruments are traded. In
many cases, the use of financial instruments serves to modify or offset market risk associated with other
transactions and, accordingly, serves to decrease the overall exposure to market risk. The Jewish
Federation attempts to control the pooled investment fund’s exposure to market risk through various
analytical monitoring techniques.
Credit risk
Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the
terms of a contract. Within the pooled investment fund, the Jewish Federation’s exposure to credit risk
associated with counterparty nonperformance is limited to the current cost to replace all contracts in
which the Jewish Federation has a gain. Exchange-traded financial instruments generally do not give rise
to significant counterparty exposure due to the cash settlement procedures for daily market movements
and the margin requirements of individual exchanges.
Investment in other limited partnerships
The money managers of underlying investment partnerships in which the Jewish Federation invests may
utilize derivative instruments with off-balance-sheet risk. The Jewish Federation’s exposure to risk is
limited to the amount of its investments.
19
Note 4.
The Endowment Foundation was created pursuant to a 1999 agreement between the Jewish Federation
and the Agency.
In accordance with this agreement, the Agency has agreed to transfer to the Endowment Foundation all
endowment gifts and all amounts received in excess of $25,000 from each non-endowment gift, bequest
and devise it receives and the Jewish Federation has agreed to transfer to the Endowment Foundation all
endowment gifts and all amounts received in excess of $25,000 from each non-endowment gift, bequest
and devise it receives that are restricted by the donor for the use of the Agency. The first $25,000
received by the Jewish Federation from gifts restricted by the donor for the Agency will be included in the
Jewish Federation’s annual allocation to the Agency.
The operating expenses of the Endowment Foundation are allocated entirely to the Agency for fiscal year
2011 and equally to the Jewish Federation and to the Agency for fiscal year 2010. In addition, the
Agency pays all fundraising costs. For fiscal years 2011 and 2010, the Agency's share of these total
expenses was $72,045 and $38,607, respectively.
The Agency has the right to terminate its obligations and status as a participating agency, as defined. In
addition, upon dissolution of the Endowment Foundation (which may only take place upon agreement of
both the Agency and the Jewish Federation) or termination of the affiliation agreement between the
Agency and the Jewish Federation, the Endowment Foundation's assets will be transferred to the Jewish
Federation and used for the purposes for which they were intended.
The Endowment Foundation’s endowment consists of donor-restricted funds established for a variety of
purposes. In addition, funds with no donor-imposed restrictions are considered part of the endowment
because they are held and invested by the Endowment Foundation for the benefit of the Agency. These
funds are categorized as board-designated. As required by accounting principles generally accepted in
the United States of America, net assets associated with endowment funds, are classified and reported
based on the existence or absence of donor-imposed restrictions.
20
Note 4.
Endowment Foundation (Continued)
Interpretation of relevant law
The Agency follows the Uniform Prudent Management of Institutional Funds Act (UPMIFA) as adopted by
the State of Illinois. The board of directors of the Endowment Foundation has interpreted the Illinois
UPMIFA as requiring the preservation of the fair value of the original gift as of the gift date of the donorrestricted endowment funds absent explicit donor stipulations to the contrary. As a result of this
interpretation, the Endowment Foundation classified as permanently restricted net assets (a) the original
value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the
permanent endowment, and (c) accumulations to the permanent endowment made in accordance with
the direction of the applicable donor gift instrument at the time the accumulation is added to the fund.
The Endowment Foundation has no other activities beyond receiving and investing contributions on
behalf of the Agency and incurs no other expenditures. Therefore, all investment income is considered
appropriated for expenditure and is classified as unrestricted net assets available for distribution. In
accordance with UPMIFA, the Endowment Foundation considers the following factors in making a
determination to appropriate or accumulate earnings on donor-restricted endowment funds:
1)
2)
3)
4)
5)
6)
7)
The duration and preservation of the fund;
The purpose of the Endowment Foundation and the donor-restricted endowment fund;
General economic conditions;
The possible effect of inflation and deflation;
The expected total return from income and the appreciation of investments;
Other resources of the Endowment Foundation; and
The investment policies of the Endowment Foundation.
The Endowment Foundation’s investment composition by type of restriction is as follows for the years
ended June 30, 2011 and 2010:
Temporarily
Restricted
Unrestricted
Board-designated
Donor-restricted
$
$
4,619,151
(737,639)
3,881,512
$
$
Temporarily
Restricted
Unrestricted
Board-designated
Donor-restricted
$
3,737,367
(1,156,224)
$ 2,581,143
21
1,176,678
1,176,678
$
$
1,258,402
1,258,402
2011
Permanently
Restricted
$
$
8,175,078
8,175,078
Total
$
4,619,151
8,614,117
$ 13,233,268
2010
Permanently
Restricted
$
$
8,175,078
8,175,078
Total
$
3,737,367
8,277,256
$ 12,014,623
Note 4.
The changes in endowment investments for the Endowment Foundation were as follows for the years
ended June 30, 2011 and 2010:
Temporarily
Restricted
Unrestricted
Endowment investments,
beginning of year
$
Net gain on Endowment
Foundation investments:
Investment income
Net appreciation (realized and
unrealized)
Contributions
Other changes:
Release of restrictions
Distributions to Agency
end of year
$
2,581,143
$
2011
Permanently
Restricted
1,258,402
$
8,175,078
Total
$ 12,014,623
100,168
-
-
100,168
1,839,995
1,940,163
-
-
1,839,995
1,940,163
125,394
-
-
125,394
81,724
(846,912)
(765,188)
(81,724)
(81,724)
-
(846,912)
(846,912)
3,881,512
$
1,176,678
$
8,175,078
$ 13,233,268
The total endowment investment balance of $13,233,268 is included within Endowment Foundation
assets on the Agency’s consolidated statement of financial position of $13,341,979 as of June 30, 2011.
The remaining $108,711 represents other assets of the Endowment Foundation that are not considered
to be part of the endowment until they are collected and invested in accordance with the Endowment
Foundation’s investment policy.
22
Note 4.
Temporarily
Restricted
Unrestricted
beginning of year
$
Net gain on Endowment
Foundation investments:
Investment income
Net appreciation (realized and
unrealized)
Contributions
Other changes:
Release of restrictions
Distributions to Agency
end of year
$
2,015,159
$
2010
Permanently
Restricted
1,278,846
$
8,175,078
Total
$ 11,469,083
61,727
-
-
61,727
1,203,839
1,265,566
-
-
1,203,839
1,265,566
130,754
-
-
130,754
20,444
(850,780)
(830,336)
(20,444)
(20,444)
-
(850,780)
(850,780)
2,581,143
$
1,258,402
$
8,175,078
$ 12,014,623
The total endowment investment balance of $12,014,623 is included within Endowment Foundation
assets on the Agency’s consolidated statement of financial position of $12,134,808 as of June 30, 2010.
The remaining $120,185 represents other assets of the Endowment Foundation that are not considered
to be part of the endowment until they are collected and invested in accordance with the Endowment
Foundation’s investment policy.
Funds with deficiencies
From time to time, the fair value of assets associated with individual donor-restricted endowment funds
may fall below the level that the donor or Illinois UPMIFA requires the Endowment Foundation to retain as
a fund of perpetual duration. Deficiencies of this nature that are reported in unrestricted net assets were
$737,639 and $1,156,224 as of June 30, 2011 and 2010, respectively.
Return objectives and risk parameters
The Endowment Foundation has adopted investment and spending policies for endowment assets that
attempt to provide a predictable stream of funding to programs supported by its endowment while seeking
to maintain the purchasing power of the endowment assets. Endowment assets include those assets of
donor-restricted funds that the Endowment Foundation must hold in perpetuity or for a donor-specified
period(s), as well as board-designated funds. Under this policy, the assets are invested in a manner
intended to achieve an annualized long-term average nominal return of 8 percent. Actual returns in any
given year may vary significantly from the targeted amount.
23
Note 4.
Strategies employed for achieving objectives
To satisfy its long-term rate-of-return objectives, the Endowment Foundation relies on a total return
strategy in which investment returns are achieved through both capital appreciation (realized and
unrealized) and current yield (interest and dividends). The Endowment Foundation’s policy is to invest
100 percent of the endowment in the pooled investment portfolio of the Jewish Federation (see Note 3).
Spending policy and how the investment objectives relate to spending policy
The Endowment Foundation has adopted the Jewish Federation’s Controlled Growth Distribution Policy
(CGDP). Under this policy, the distribution rate for annual distributions from the Endowment Foundation
is based on the market performance of the Jewish Federation’s investment pool, with certain caps and
floors to provide stability during volatile market environments. The CGDP also includes a target growth
rate of 2.5 percent per year.
Note 5.
Property and Equipment
Property and equipment, reflected at acquisition cost, consists of the following:
2011
Group homes
Virginia Frank home
Office furniture and equipment
$
Accumulated depreciation
$
Note 6.
1,746,465
347,259
3,078,923
5,172,647
(3,587,630)
1,585,017
2010
$
$
1,714,313
347,259
2,571,393
4,632,965
(3,454,899)
1,178,066
Line of Credit
The Agency has a line of credit agreement with JPMorgan Chase Bank, N.A. under which the Agency can
borrow up to $1,000,000. There were no outstanding borrowings as of June 30, 2011 or 2010. Interest
on borrowings is payable monthly at a rate equal to the bank's prime rate (3.25 percent at June 30, 2011)
for each floating rate advance, or at adjusted one month LIBOR plus 2.5 percent for each LIBOR rate
advance (0.190 percent at June 30, 2011). The line has an expiration date of February 29, 2012, at
which time the Agency intends to renew the line for another year.
24
Note 7.
Temporarily Restricted Net Assets
Temporarily restricted net assets are available for the following purposes at June 30, 2011 and 2010:
2011
Services for people with disabilities
Program developmental research
Childcare and education
Scholarship and loan programs
Teen programs
Other
Endowment Foundation net assets
$
$
Note 8.
57,948
112,620
126,513
38,437
351,674
295,643
501,893
1,286,719
2,771,447
2010
$
$
154,683
102,392
127,698
120,628
371,112
307,734
481,675
1,376,569
3,042,491
Permanently Restricted Net Assets
Permanently restricted net assets at June 30, 2011 and 2010, related to the Endowment Foundation were
donor-restricted for the following purposes:
2011
Permanent endowment
Education and scholarship
Recreational programs
Glick family
Other
$
$
Note 9.
5,502,302
2,160,003
116,719
100,000
296,054
8,175,078
2010
$
$
5,502,302
2,160,003
116,719
100,000
296,054
8,175,078
Retirement Plans
The Agency is an employer participant in two employee retirement plans, Jewish Federation Employees'
Retirement Income Plan of the Jewish Federation of Metropolitan Chicago and Participating Employers
(FERIP) and Jewish Federation Employees' Retirement Savings Trust Plan of the Jewish Federation of
Metropolitan Chicago and Participating Employers (FERST).
FERIP is a self-administered, noncontributory defined benefit trusteed plan, the funding of which is
provided on the basis of normal cost as actuarially determined. FERST is a defined contribution trusteed
plan, employer contributions to which are computed on the basis of a percentage of salaries. The plans
cover substantially all of the Agency's employees.
Annual contributions paid or accrued by the Agency are determined as a percentage of payroll and are at
the direction of Jewish Federation's Board of Directors based on recommendations from its Administration
Committee. The amount provided for the fiscal years ended June 30, 2011 and 2010 was $778,717 and
$830,628, respectively.
25
Note 9.
Retirement Plans (Continued)
Under governmental regulations, in the event of plan termination or employer withdrawal, an employer
may be liable for a portion of the plan's unfunded vested benefits. The Agency has not received
information from the plan's administrator to determine its share of unfunded vested benefits.
The Agency does not, however, anticipate withdrawal from the plan, nor is the Agency aware of any
expected plan terminations.
In addition, an agreement with the Agency’s former executive director provides for supplemental deferred
compensation totaling $250,000, payable in 120 monthly installments that began in January 2009. The
Agency’s June 30, 2011 and 2010 financial statements reflect a liability of $187,500 and $212,500,
representing the actuarially determined present value of the deferred compensation, and a receivable of
$61,581 and $69,792 in connection with a related loan agreement (the loan was for personal income
taxes on the deferred compensation, paid by the Agency in 2006 on behalf of the former executive
director). This receivable is included within accounts receivable on the statement of financial position.
Note 10.
Lease Obligations
The Agency occupies various office and facility space under several leases, including one long-term
lease and multiple leases a month-to-month basis. Total rental expense for the fiscal years ended
June 30, 2011 and 2010, most of which was paid to the Jewish Federation, is as follows:
2011
Joy Faith Knapp Children's Center
Other (the Agency's main administrative office in
Chicago and various other facility space)
$
1,056,624
$
1,454,116
2,510,740
2010
$
1,122,283
$
1,518,691
2,640,974
Lease for office space on West Peterson Avenue in Chicago requires annual rental payments of
$121,743, $125,395, and $129,157 in fiscal years 2012, 2013, and 2014, respectively.
Note 11.
Revenue Anticipation Note Program
During fiscal year 2010, the Agency was a participant in a revenue anticipation note program with the
Jewish Federation and other affiliated agencies. Pursuant to agreements with the Illinois Development
Finance Authority (IDFA), IDFA issued variable rate demand notes under the Jewish Charities Revenue
Anticipation Notes Program. The Agency's proportionate share of the gross proceeds for fiscal year 2010
was $9,780,000, to be used for the restricted purposes of providing temporary budgetary relief.
Interest income from the investment of undrawn bond proceeds amounted to $5,454 in fiscal year 2010
and was included in investment income on the statement of activities. Interest expense and bond
issuance costs for fiscal year 2010 amounted to $18,399 and was included in supporting services management and general on the statement of activities and in miscellaneous expense on the statement
of functional expenses.
The Jewish Federation did not conduct the revenue anticipation note program for fiscal year 2011.
26
Note 12.
Litigation
The Agency is defendant in a lawsuit wherein a substantial amount was claimed. In August 2010, all
claims against the Agency related to this lawsuit were dismissed by the court; however, an appeal filed in
October 2010 is still pending. In the opinion of the Agency’s legal counsel, this suit is without substantial
merit and should not result in a judgment which would have a material adverse effect on the Agency’s
financial statements.
27
Supplementary Information
Consolidated Detail Statement of Activities - Other Funds
Net Assets,
July 1,
2010
Special Purpose Funds
Agency Benefit fund
Lynn Norton Memorial fund balance
Marion W. Goldman fund balance
Martin E. Langer fund balance
Other special purpose funds
R & H Dublin fund balance
Undisposed legacies
$
$
Property and Equipment Funds
Nissman and General LB&E Special Purpose
Invested in property and equipment
Knapp Building Fund
$
$
Public Support
and Other
Revenue
79,044
324,676
14,178
8,172
466,118
10,726
610,132
2,583,161
4,096,207
$
542,164
1,295,683
2,439,297
4,277,144
$
$
236,697
500
78,612
315,809
-
$
28
Investment
Gain
$
$
$
$
Interfund
Transfers
Depreciation
Expense
53,377
2,331
1,344
76,359
1,771
297,584
1,940,163
2,372,929
$
(196,814)
(21,132)
(923)
(532)
(39,325)
(667)
(472,725)
(721,754)
$ (1,453,872)
$
85,486
400,816
486,302
$
$
$
(400,000)
666,188
(207,885)
58,303
Net Assets,
June 30,
2011
$
$
-
(259,237)
(259,237)
$
$
$
$
118,927
356,921
15,586
8,984
503,152
12,330
434,991
3,880,182
5,331,073
227,650
1,702,634
2,632,228
4,562,512
Consolidated Detail Statement of Activities - Other Funds (Continued)
Net Assets,
July 1,
2010
Temporarily Restricted Funds
Samuel S. Oman Scholarship Fund
Lawrence K. Schnadig Scholarship Fund
Marks Nathan Hall Fund
Isaac Wagner Jewish Identity Fund
Auxiliaries Program Fund-Devel Fellow Fd
Auxiliaries Program Fund-Child Therapy Fellow Fd
Hyman B. and Sonia Coen Scholarship Fund
Child Sexual Abuse Specialist
Adoption Marketing Fund
Max Goldenberg Fund
Kersten Fund
Esther Clamage Fund
The Paul & Harriet Hirsch Fmly
Israel Summer Program
Andrea Frankel Allen Adoption Escrow
Harry and Jeanne Klaas
Response Center
Ken Jacobson Memorial Fund
Mills Family Charitable Foundation
$
17,269
40,197
102,392
20,154
59,600
84,276
128,473
86,735
9,319
49,682
3,812
21,423
110,776
20,832
20,410
12,376
307,733
6,281
13,241
Public Support
and Other
Revenue
$
1,000
5,000
66,283
-
29
Investment
Gain
$
6,674
16,835
3,330
9,852
14,016
14,284
1,492
8,266
627
3,491
18,203
3,425
2,943
2,035
46,615
1,033
1,960
Interfund
Transfers
$
Net Assets,
June 30,
2011
Depreciation
Expense
(17,269) $
(317)
(6,607)
(1,238)
(2,575)
(5,150)
(86,968)
(6,000)
(2,400)
(252)
(3,000)
(9,426)
(1,344)
(15,000)
(799)
(58,705)
(399)
(10,000)
-
$
46,554
112,620
23,246
66,877
98,142
107,788
95,019
8,411
57,948
4,187
21,914
119,553
22,913
8,353
13,612
295,643
6,915
5,201
Consolidated Detail Statement of Activities - Other Funds (Continued)
Net Assets,
July 1,
2010
Temporarily Restricted Funds (Continued)
Anita D. and Tom Bayard Foundation
Hartman Family Foundation
Holocaust Community Services Program
Consultation, Education and Training program
Betty Dayron Resettlement and Immigration Fund
John W. Parmalee Trust Fund
Berkowitz Family Life Education Fund
Sidney M. Spiegel Staff Loan Fund
Self Support and Jewish Loan Fund
Evelyne Rosen Scholarship Fund
Knapp PEF
Adele Stern Fund
Endowment Funds (Permanently Restricted)
$
Public Support
and Other
Revenue
$
9,613
27,476
98,778
106,277
21,850
5,025
4,125
13,550
159,247
105,000
1,376,569
3,042,491
$
$
8,175,078
$
$
70,000
60,766
460,611
35,308
698,968
-
30
Investment
Gain
$
$
$
1,600
4,328
18,322
3,593
826
678
25,961
210,389
-
Interfund
Transfers
Net Assets,
June 30,
2011
Depreciation
Expense
$
$
(10,000)
(84,362)
(90,000)
(1,422)
(327)
(268)
(10,361)
(65,443)
(460,611)
(105,000)
(125,158)
(1,180,401) $
-
$
11,213
21,804
14,416
104,599
24,021
5,524
4,535
13,550
174,847
(4,677)
1,286,719
2,771,447
$
-
-
$
8,175,078
$
$
$
Statements of Revenue and Expenses for Hebrew Immigrant Aid Society of Chicago
2010
2011
Governmental fees and grants
$
Public support:
JFMC allocation and grants
Fund transfers
Endowment Foundation distribution
Contribution from other affiliated organizations
Other contributions
Other revenue:
Total revenue
Salaries and employee benefits:
Salaries
Benefits
Other directly related program services expenses:
Professional fees
Supplies
Telephone
Occupancy
Equipment purchases, rentals and repairs
Transportation
Conferences, conventions and meetings
Subscriptions and reference
Membership dues
Management expense allocated to HIAS
Total expenses
Equality of revenue and expenses
$
31
319,386
70,252
389,638
$
342,356
78,130
420,486
95,976
217,044
140,150
236,201
689,371
116,309
20,000
223,768
60,875
91,062
5,000
517,014
150
150
227
227
1,079,159
937,727
473,162
141,500
614,662
485,009
145,449
630,458
68,775
14,701
26,712
10,565
133,826
24,740
49,770
6,432
8,062
368
9,340
260
4,097
106,849
1,079,159
44,297
17,564
25,170
12,223
130,232
6,854
1,595
34,997
7,229
9,005
1,278
12,890
100
3,835
-
937,727
$
-
Consolidated Schedules of Activities (Condensed)
2010
2011
Revenue
Public support:
Chicago
Other contributions
$
Other revenue:
Expenses
Program services:
Foster care
Education services
Autism services
Fundraising
Increase in net assets
Net assets:
Beginning of year
End of year
$
32
8,803,881
559,430
4,860,212
14,223,523
$
9,099,767
545,038
4,442,150
5,000
14,091,955
12,098,609
1,713,747
13,812,356
13,560,926
1,516,553
15,077,479
61,468
1,068,133
2,054,083
12,485
3,196,169
44,711
716,585
1,354,628
59,895
2,175,819
31,232,048
31,345,253
12,762,478
2,531,587
4,602,832
5,719,477
1,150,724
26,767,098
12,507,018
2,677,121
4,420,397
6,272,041
1,343,396
27,219,973
2,574,936
640,824
3,215,760
2,639,195
639,128
3,278,323
29,982,858
30,498,296
1,249,190
846,957
19,590,920
18,743,963
20,840,110
$
19,590,920
Consolidated Schedules of Functional Expenses and Directly Related Program Services Revenue (Condensed)
2011
Total
Supporting
Services
Total
Program
Services
Salaries
Employee health and retirement benefits and
payroll tax
Supplies
Telephone
Occupancy
Conferences, conventions, meetings and
major trips
Membership dues
Depreciation
Total
Total
Program
Services
1,789,736
$ 15,888,400
$ 14,265,641
4,042,463
18,141,127
1,087,710
816,266
178,387
63,652
2,772,830
59,389
68,798
117,430
343,040
500,868
2,290,604
304,307
28,925
49,362
13,139
156,441
2,855
38,721
98,928
21,384
4,543,331
20,431,731
1,392,017
845,191
227,749
76,791
2,929,271
62,244
107,519
216,358
364,424
82,541
15,327
2,734,148
37,998
114,594
26,633,237
133,861
$ 26,767,098
37,250
1,734
12,783
33,951
3,090,384
125,376
3,215,760
$ 14,098,664
$
$
$ 15,965,165
4,323,604
18,589,245
1,062,014
810,717
175,583
62,753
2,948,283
103,630
61,172
97,500
363,291
495,901
2,195,425
348,508
21,121
44,056
6,438
146,321
4,075
23,615
56,830
22,455
4,819,505
20,784,670
1,410,522
831,838
219,639
69,191
3,094,604
107,705
84,787
154,330
385,746
119,791
17,061
2,734,148
50,781
148,545
29,723,621
259,237
$ 29,982,858
99,450
15,474
2,358,869
40,283
120,321
26,908,585
311,388
$ 27,219,973
40,066
2,251
17,286
194,761
3,123,208
155,115
3,278,323
139,516
17,725
2,358,869
57,569
315,082
30,031,793
466,503
$ 30,498,296
$
-
$ 12,098,609
1,713,747
$ 13,560,926
1,516,553
$ 13,812,356
$
-
$ 13,812,356
$ 15,077,479
$
Total
1,699,524
$ 12,098,609
1,713,747
33
2010
Total
Supporting
Services
$
$
-
$ 13,560,926
1,516,553
-
$ 15,077,479

Jewish Child and Family Services Financial Report June 30, 2011

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