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HURON COUNTY DEVELOPMENT COUNCIL
FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2016 AND 2015
 
 
ACCOUNTANTS' COMPILATION REPORT
 
 
To the Board of Directors of
Huron County Development Council
 
Management is responsible for the accompanying financial statements of Huron County Development Council (a nonprofit organization}, which comprise the statements of financial position as of December 31, 2016 and 2015, and the related statements of activities and changes in net assets and cash flows for the years then ended, and the related notes to the financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.
 
The supplementary information contained in Schedule I is presented for purposes of additional analysis and is not a required part of the basic financial statements. This information is the representation of management. The information was subject to our compilation engagement, however, we have not audited or reviewed the supplementary information and, accordingly, do not express an opinion, a conclusion, nor provide any form of assurance on such supplementary information.

Payne Nickles & Company
Norwalk, Ohio January 31, 2017

Statements of Financial Position
December 31

See accompanying notes and accountant's compilation reports. 


Assets 2016 2015
Current assets    
    Cash $117,352 $141,648
Property, at cost:    
    Equipment $1,450 $1,450
    Software $3,627 $3,627
  $5,077 $5,077
    Less acculated depreciation and amortization $4,046 $3,664
  $1,031 $1,413
Other assets:    
    Workers' compensation deposit - $10
Total Assets $118,383 $143,071
     
Liabilities and net assets    
Liabilities:    
    Payroll liabilities $1,669 $1,505
Net assets:    
    Unrestricted $116,714 $141,565
Total net assets $116,714 $141,565
     
Total liabilities and net assets $118,383 $143,070

Statement of Activities and Changes in Net Assets
For the year ended December 31

See accompanying notes and accountant's compilation report

  2016   2015  
  Amount Percent Amount Perccent
Revenues and support:        
    Local government support $54,170 56.24% $53,975 63.01%
    Membership dues $20,400 21.18% $14,000 16.34%
    Jobs Ohio Retention/Expansion $5,000 5.19% 0 0.00%
    Grants $4,900 5.09% $3,700 4.32%
    Golf Outing $10,488 10.89% $12,769 14.91%
    Luncheon Income $1,100 1.14% $1,127 1.32%
    Interest Income $50 0.05% $50 0.06%
    Miscellaneous Income $210 0.22% $46 0.05%
    Total revenues and support $96,318 100.00% $85,667 100.00%
         
Operating expenses:        
    Payroll and related expenses $58,571 60.81% $46,693 54.51%
    Contract services $26,639 27.66% $22,670 26.46%
    Office expense $11,302 11.73% $4,880 5.70%
    Golf Outing $3,255 3.38% $4,313 5.03%
    Insurance $10,094 10.48% $8,477 9.90%
    Meetings and travel $4,899 5.09% $3,802 4.44%
    Dues and subscriptions $795 0.83% $455 0.53%
    Depreciation and amortization $382 0.40% $428 0.50%
    Professional services $1,801 1.87% $4,084 4.77%
    Miscellaneous expense $1,668 1.73% $332 0.39%
    SCORE program $0 0.00% $36 0.04%
    Annual luncheon $0 0.00% $968 1.13%
    Advertising $1,763 1.83% $1,701 1.99%
    Total expenses $121,169 125.80% $98,839 115.38%
         
Change in net assets ($24,851)   ($13,172)  
         
Net assets, beginning of year $141,565   $154,737  
Net assets, end of year $116,714   $141,565  

Statements of Cash Flows
December 31

See accompanying notes and accountant's compilation report

  2016 2015
Cash flows from operating activities    
    Increaase (decrease) in net assets ($24,851) ($13,172)
    Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities:    
        Depreciation and amortization expense $832 $428
    Increase (decrease) in liabilities:    
    Payroll liabilities $163 $75
    Net cash provided (used in) operating activities ($24,306) ($12,669)
Net increase (decrease) in cash ($24,306) ($12,669)
     
Cash at beginning of year $141,648 $154,317
Cash at end of year $117,342 $141,648

HURON COUNTY DEVELOPMENT COUNCIL
Notes to Financial Statements
For the years ended December 31, 2016 and 2015
See accountants' compilation report
1.  Nature of operations

The Huron County Development Council (the Council) was organized as a community improvement corporation in the State of Ohio and is exempt from federal taxation under Internal Revenue Code Section 501(c)(3) effective May 23, 2016 and prior to this the Council was exempt from federal taxation under Internal Revenue Code Section 501(c)(4).  A portion of the Council's revenue is generated from grant administration.

2.  Summary of significant accounting policies

Property

Property and equipment that has a useful life greater than one year is recorded at cost if purchased and fair value if donated.  Routine maintenance, repairs, and renewals are expensed when incurred.  Depreciation is computed using the straight-line method with lives of three to five years.  When property is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts, and the resulting gain or loss is reflected in other income or expense.

Accounting basis

The Council follows the recommendations of the Financial Accounting Standards Board in its presentation of the financial statements.  Under FASB ASC 958-205, the Council is required to report information regarding its financial position and activities according to three classes of net assets:  unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. 

Unrestricted net assets are assets not subject to donor imposed restrictions.

Temporarily restricted net assets are assets with a donor-imposed restriction that allows the Council to use the assets as specified either upon the passage of time or by actions of the Council.  When a restricion expires temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.  Restricted contributions whose restrictions are met in the same reporting period are reflected as unrestricted contributions.  There were no temporarily restricted net assets held in 2016 or 2015. 

Permanently restricted net assets are subject to donor-imposed stipulations that they be maintained permanently.  The donors of these assets mayy permit the Council to use a specified portion of these assets for general purposes.  There were not permanently restricted net assets held in 2016 and 2015.

Dues

Dues are recognized as income during the calendar year that the first month of the membership period falls, rather than ratably over the membership period.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect ccertain reported amounts and disclosures.  Accordinly, actual results could differ from those estimates.

Cash and cash equivalents

The Council considers cash equivalens to be all highly liquid instruments purchase with a maturity of three months or less.

Advertising costs

Advertising is expensed in the period in which it is incurred.

Open tax years

The Organization files its Form 990, Return of Organization Exemp from Income Tax, in the U.S. federal jurisdiction.  The Organization is generally no longer subject to examination by the authorities for years before 2013.

Subsequent events

Management has evaluated subsequent events through January 31, 2017, the date the financial statements were available to be issued.

3.  Support

The Huron County Commissioners provided $42,000 in 2016 and $37,000 in 2015 as dues and support for the Council.

4.  Administrative contract

On May 2, 1994, the Council enterd into an annual agreement with The Ohio State University to administer the economic development activities of the Council.  This agreement is self-renewing until terminated by either party. 

Beginning in 2009, the Executive Direcctor is now a paid position of the Council.  The agreement with The Ohio State University now includes only bookkeeping and related duties.

5.  Functional classification of expenses

The Council incurred the ollowing functional expenses during 2016 and 2015:

  2016 2015
Program Services $59,645 $48,399
Management and general $58,269 $46,127
Fundraising $3,255 $4,313
  $121,169 $98,839

Schedule I - Schedule of Functional Expenses
For the year ended December 31, 2016

See accountant's compilation report

  Program Services Management & General Fund Raising Total
Operating Expenses        
Payroll & related expenses $29,285 $29,286 $0 $58,571
Contract Services $13,319 $13,320 $0 $26,639
Insurance $5,047 $5,047 $0 $10,094
Golf Outing $0 $0 $3,255 $3,255
 Office Expense $5,651 $5,651 $0 $11,302
Meetings & Travel $2,449 $2,450 $0 $4,899
Professional Services $900 $901 $0 $1,801
Annual Luncheon $0 $0 $0 $0
Dues & Subscriptions $397 $398 $0 $759
Miscellaneous Expense $834 $834 $0 $1,668
Depreciation & amortization $0 $382 $0 $382
SCORE Program $0 $0 $0 $0
Advertising $1,763 $0 $0 $1,763
Total Expenses $59,645 $58,269 $3,255 $121,169

Schedule I - Schedule of Functional Expenses
For the year ended December 31, 2015

See accountant's compilation report
 
  Program Services Management & General Fund Raising Total
Operating Expenses:        
Payroll & related expenses $23,346 $23,347 $0 $46,693
Contract services $11,334 $11,335 $0 $22,670
Insurance $4,239 $4,240 $0 $8,477
Golf Outing $0 $0 $4,313 $4,313
Office expense $2,439 $2,440 $0 $4,880
Meetings & travel $1,901 $1,901 $0 $3,802
Professional services $2,041 $2,042 $0 $4,084
Annual luncheon $968 $0 $0 $968
Dues & subscriptions $227 $228 $0 $455
Miscellaneous expense $166 $166 $0 $332
Depreciation & amortization $0 $428 $0 $428
SCORE program $36 $0 $0 $36
Advertising $1,701 $0 $0 $1,701
Total Expenses $48,399 $46,127 $4,313 $98,839