ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS ...
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION Bloomington, Illinois FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION September 30, 2015 and 2014
TABLE OF CONTENTS
INDEPENDENT AUDITORS’ REPORT
1
FINANCIAL STATEMENTS Statements of Financial Position Statements of Activities Statements of Cash Flows Notes to Financial Statements
3 4 6 7
SUPPLEMENTARY INFORMATION Schedule of Contributions by Club and Division
18
CliftonLarsonAllen LLP CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Board of Directors Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation Bloomington, Illinois Report on the Financial Statements We have audited the accompanying financial statements of Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation, which comprise the statement of financial position as of September 30, 2015, and the related statements of activities 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. Auditors’ 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. 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 auditors’ 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.
An independent member of Nexia International
1
Board of Directors Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation
Opinion In our opinion, the 2015 financial statements referred to above present fairly, in all material respects, the financial position of Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation as of September 30, 2015, 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. Other Matter The 2014 financial statements were audited by Guthoff Mehall Allen & Company, P.C., whose practice became part of CliftonLarsonAllen LLP as of January 1, 2016, and whose report dated December 31, 2014, expressed an unmodified opinion on those statements. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The 2015 supplementary information is presented for purposes of additional analysis 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 statement 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 information is fairly stated in all material respects in relation to the financial statements as a whole. The 2014 supplementary information was subjected to the auditing procedures applied in the 2014 audit of the basic financial statements by Guthoff Mehall Allen & Company, P.C., whose report on such information stated that it was fairly stated in all material respects in relation to the 2014 financial statements as a whole.
a CliftonLarsonAllen LLP Bloomington, Illinois April 28, 2016
2
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION STATEMENTS OF FINANCIAL POSITION September 30, 2015 and 2014 ASSETS 2015 Cash and cash equivalents Certificates of deposit Investments Prepaid expenses TOTAL ASSETS
2014
$
175,447 1,110,115 -
$
210,882 114,094 1,121,068 604
$
1,285,562
$
1,446,648
819
$
-
LIABILITIES AND NET ASSETS LIABILITIES Accounts payable
$
NET ASSETS Unrestricted: Designated by the board for: Research grants Other designations Undesignated Total unrestricted net assets Permanently restricted: Amador Medallion endowment fund Don Miller endowment fund Total permanently restricted net assets Total net assets
TOTAL LIABILITIES AND NET ASSETS
$
520,000 5,500 491,078
320,000 5,500 864,087
1,016,578
1,189,587
236,556 31,609
225,452 31,609
268,165
257,061
1,284,743
1,446,648
1,285,562
$
1,446,648
The accompanying notes are an integral part of the financial statements. 3
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION STATEMENT OF ACTIVITIES Year Ended September 30, 2015
REVENUES, GAINS, AND PUBLIC SUPPORT Contributions Clubs Endowment Other Special events Bowl-a-Thon Convention Centennial Interest and dividends Unrealized losses Realized gains Miscellaneous income Net assets released (used) from restriction
Unrestricted
Temporarily Restricted
Permanently Restricted
$
$
$
92,416 5,366 35,730 6,515 60,193 32,801 (57,339) 1,776 5,990 (1,464)
-
11,104 -
Total
$
92,416 11,104 5,366
24,463 (25,927) -
-
1,464
-
181,984
-
11,104
193,088
EXPENSES Program services Spastic paralysis research grants Total program expenses
200,000 200,000
-
-
200,000 200,000
Supporting services Office Professional fees Promotion Printing Miscellaneous Total supporting expenses
4,509 12,168 130,982 387 6,947 154,993
-
-
4,509 12,168 130,982 387 6,947 154,993
354,993
-
-
354,993
(173,009)
-
11,104
-
257,061
Total revenues, gains, and public support
Total expenses CHANGES IN NET ASSETS NET ASSETS, BEGINNING OF YEAR NET ASSETS, END OF YEAR
1,189,587 $
1,016,578
$
-
35,730 6,515 60,193 57,264 (83,266) 1,776 5,990 -
-
$
268,165
The accompanying notes are an integral part of the financial statements. 4
(161,905) 1,446,648 $
1,284,743
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION STATEMENT OF ACTIVITIES Year Ended September 30, 2014
Temporarily
Permanently
Restricted
Restricted
Unrestricted REVENUES, GAINS, AND PUBLIC SUPPORT Contributions Clubs Endowment Other Special events Bowl-a-thon Convention Interest and dividends Unrealized gains Realized gains Net assets released from restriction
$
92,135 7,333
$
40,390 2,948 20,732 11,883 8,299 36,709
Total revenues, gains, and public support
-
$
5,522 31,187 (36,709)
Total
10,162 -
$
-
92,135 10,162 7,333
-
40,390 2,948 26,254 43,070 8,299 -
220,429
-
10,162
230,591
EXPENSES Program services Spastic paralysis research grants Other grants Total program expenses
180,000 20,000 200,000
-
-
180,000 20,000 200,000
Supporting services Office Professional fees Promotion Printing Miscellaneous Total supporting expenses
7,509 7,815 395 350 6,534 22,603
-
-
7,509 7,815 395 350 6,534 22,603
222,603
-
-
222,603
-
10,162
7,988
-
246,899
1,438,660
Total expenses CHANGES IN NET ASSETS
(2,174)
NET ASSETS, BEGINNING OF YEAR NET ASSETS, END OF YEAR
1,191,761 $
1,189,587
$
-
$
257,061
The accompanying notes are an integral part of the financial statements. 5
$
1,446,648
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION STATEMENTS OF CASH FLOWS Year Ended September 30, 2015 and 2014 2015 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets Adjustments to reconcile change in net assets to net cash used in operating activities: Unrealized (gains) losses on investments Realized gains on investments Contributions restricted for permanent endowment Effects of changes in operating assets and liabilities Prepaid expenses Accounts payable
$
2014
(161,905) $ 83,266 (1,776) (11,104)
(43,070) (10,162)
604 819
Net cash used in operating activities
7,988
395 -
(90,096)
(44,849)
(91,447) 20,910 114,094 -
(209,084) 40,888 256,918 (188,076)
43,557
(99,354)
11,104
10,162
NET DECREASE IN CASH AND CASH EQUIVALENTS
(35,435)
(134,041)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
210,882
344,923
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments Proceeds from sale of investments Maturities of certificates of deposit Purchase of certificates of deposit Net cash provided by (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Investment in endowment
CASH AND CASH EQUIVALENTS, END OF YEAR
$
175,447
$
The accompanying notes are an integral part of the financial statements. 6
210,882
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies of the Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation (the Foundation) is presented to assist in understanding the Foundation's financial statements. The financial statements and notes are presentations of the Foundation's management, who are responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Nature of Activities The Foundation is a nonprofit corporation organized for the purpose of providing research funds for spastic paralysis and applied diseases of the central nervous system. The Foundation's primary source of funding is from contributions made by clubs in the Illinois-Eastern Iowa District of Kiwanis clubs. The Foundation's fiscal year end is September 30. Basis of Accounting The accompanying financial statements are presented in accordance with the accrual basis of accounting, whereby, revenue and support is recognized when earned and expenses are recognized when incurred. Financial Statement Presentation Financial statement presentation follows the recommendations of the Financial Accounting Standards Board in its Account Standards Codification (ASC) ASC 958-605 "Revenue Recognition" and ASC 958-205 "Presentation of Financial Statements." ASC 958-605 requires the Foundation to distinguish between contributions received for each net asset category in accordance with donor-imposed restrictions. As such, contributions are recognized as revenue when they are received. ASC 958-205 requires the Foundation 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. A description of the net asset categories that are applicable to the Foundation follows. Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations. Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that may or will be met, either by actions of the Foundation and/or the passage of time. When a restriction is met, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. As of September 30, 2015, and 2014, there were no temporarily restricted net assets.
7
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Continued) Financial Statement Presentation (Continued) Permanently restricted net assets - Net assets subject to donor-imposed stipulations that they be maintained permanently by the Foundation. All Foundation permanently restricted net assets are maintained in endowment funds where it is permitted that the Foundation use all or part of the income earned for general or specific purposes. Cash and Cash Equivalents For financial statement purposes, cash equivalents primarily include money market funds, savings accounts, and certificates of deposits with an initial maturity of three months or less. Financial Risk The Foundation maintains its cash in bank accounts which, potentially subject the Foundation to concentrations of credit risk. Balances are insured by FDIC. As of September 30, 2015 and 2014, the Foundation had no uninsured deposits. As of September 30, 2015, the Foundation had $28,419 with a brokerage firm which consisted of cash and money market accounts. This balance is not covered under FDIC or other collateral. The brokerage firm is a member of Securities Investors Protection Corporation (SIPC). The Foundation also has $1,110,115, in marketable securities that are subject to market fluctuations. As of September 30, 2014 the Foundation had $42,363 with a brokerage firm which consisted of cash and money market accounts. This balance is not covered under FDIC or other collateral. The brokerage firm is a member of SIPC. Also, the Foundation had $114,094 invested in certificates of deposit with an FDIC member financial institution. The Foundation also had $1,121,068 in marketable securities that are subject to market fluctuations. Investments Investments in marketable securities with readily determinable fair values and all investments in debt securities are reported at their fair values (rather than cost) in the statements of financial position. Unrealized gains and losses are included in the change in net assets.
8
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair Value Measurements The fair value of a financial instrument is the amount 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 (the exit price). Financial assets and financial liabilities recorded at fair value are categorized based on the reliability of inputs to the valuation techniques as follows: Level 1 - Financial assets and financial liabilities whose values are based on unadjusted quoted prices in active markets for identical assets. Level 2 - Financial assets and financial liabilities whose values are based on quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in non-active markets; or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect estimates of the assumptions that market participants would use in valuing the financial assets and financial liabilities. The hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. See Note 2. Contributions and Support Contributions received are recorded as increases in unrestricted, temporarily restricted, or permanently restricted net assets, depending on the existence and/or nature of any donor restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Contributions fully spent during the year received are recorded as unrestricted support. Unconditional promises to give are recognized as revenue or gains in the period received and as assets, decreases of liabilities, or expenses depending on the form of the benefits received. Conditional promises to give are recognized when the conditions on which they depend are substantially met. Contributions to the endowment fund are restricted whereby only the investment earnings are available to support current research grants and the Foundation's operations. In-kind Contributions and Contributed Services In-kind contributions are reflected as contributions at their fair value at date of donation and are reported as unrestricted support unless explicit donor stipulations specify how donated assets must be used. The Foundation benefits from donated public items and supplies for its program beneficiaries and fundraising activities. This amount is then reported as both in-kind contribution revenue and in-kind expense on the statement of activities. For the years ended September 30, 2015 and 2014, the Foundation did not recognize the receipt of any in-kind contributions. 9
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Continued) In-kind Contributions and Contributed Services (Continued) The Foundation recognizes the fair value of contributed services received if such services a) create or enhance nonfinancial assets or b) require specialized skills that are provided by individuals possessing those skills that would typically need to be purchased if not contributed. A substantial number of volunteers have donated significant amounts of their time to the Foundation's programs and fundraising activities; however, these donated services are not reflected in the financial statements since they do not meet the criteria for recognition as contributed services. Income Taxes The Foundation is exempt from federal income taxes under provisions of Section 501(c)(3) of the Internal Revenue Code. Therefore, no provision for federal or state income taxes has been recorded. The Foundation is required to evaluate its tax positions and recognize a liability for any positions that would not be considered "more likely than not" to be upheld under tax authority examination. If such issues exist, the Foundation's policy will be to recognize any tax liability so recorded including applicable interest and penalties, as a component of income tax expense. Management is not aware of any violation of its tax status exempt from income taxes, or any exposure to unrelated business income tax or other tax liabilities. The Foundation's federal income tax and informational returns filed remain subject to examination by the Internal Revenue Service and the Illinois state taxing authorities. Forms 990 filed by the organization are no longer subject to examination for years ended September 30, 2010 and prior. Advertising Advertising costs are expensed as incurred. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain amounts in the September 30, 2014 financial statements have been re-classified to conform with the current year presentation. The reclassification had no effect on previously reported changes in net assets or net asset balances.
10
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 2 - FINANCIAL INSTRUMENTS At September 30, 2015 and 2014, the Foundation's financial instrument balances consisted of the following: 2015 Amador Medallion Other Account Accounts
Miller Endowment Account
Total
Checking account(s) Money market(s)
$
-
$
- $ 6,500
147,028 $ 21,919
147,028 28,419
Total
$
-
$
6,500
168,947 $
175,447
$
2014 Amador Medallion Other Account Accounts
Miller Endowment Account
Total
Checking account(s) Money market(s)
$
- $ -
- $ 20,798
168,519 $ 21,565
168,519 42,363
Total
$
- $
20,798
190,084 $
210,882
$
At September 30, 2015 and 2014, the Foundation's certificates of deposit investments with a brokerage agency at Level 1 inputs consisted of the following: 2015 Cost Certificates of deposit
$
2014 Fair Value
- $
11
Cost - $
114,094
Fair Value $
114,094
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 3 – INVESTMENTS Investments in marketable securities with readily determinable fair values and all investments in debt securities are valued at their fair values in the statements of financial position. Investment income including interest, dividends, realized and unrealized gains and losses are included in the change in net assets in the accompanying statement of activities. The investments at September 30, 2015 and 2014 consist of the following: 2015
2014
Cost Mutual funds Balance funds Growth funds Fixed income funds Other funds Total mutual funds
Fair Value
Cost
$
522,631 171,895 253,973 102,848
$
579,087 $ 187,846 254,361 88,821
472,487 230,484 258,607 66,243
$
1,051,347
$
1,110,115 $
1,027,821
Fair Value 532,938 239,205 255,229 93,696 $
1,121,068
The following schedule summarizes the investment return and its classification in the statement of activities for the years ended September 30, 2015 and 2014: Unrestricted September 30, 2015 Interest and dividends Unrealized losses
$
32,801 (57,339)
Total
$
(24,538)
September 30, 2014 Interest and dividends Unrealized gains
$
20,732 11,883
Total
$
32,615
12
Temporarily Restricted $
Total
24,463 $ (25,927)
57,264 (83,266)
(1,464) $
(26,002)
$
5,522 31,187
$
26,254 43,070
$
36,709
$
69,324
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 3 – INVESTMENTS (Continued) The following table presents the Foundation's approximate fair value hierarchy for the assets measured at fair value on a recurring basis as of September 30, 2015 and 2014: 2015 (Level 1) Mutual funds Balance funds Growth funds Fixed income funds Other funds Total
2014 Fair Value
(Level 1)
Fair Value
$
579,087 187,846 254,361 88,821
$
579,087 $ 187,846 254,361 88,821
532,938 239,205 255,229 93,696
$
532,938 239,205 255,229 93,696
$
1,110,115
$
1,110,115 $
1,121,068
$
1,121,068
The balances above include the amounts permanently restricted for donor restricted endowment funds. At September 30, 2015 and 2014, the Foundation's assets restricted for long-term purposes are $268,165 and $257,061, respectively. NOTE 4 – BOARD DESIGNATED NET ASSETS The Board of Directors of the Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation has designated net assets to pay future grants for spastic paralysis research. These designations as of September 30, 2015 and 2014 are as follows: Research Grant Designations Dr. Daniel Tranel Dr. Jianjun Chen Dr. Andrew Morgan Dr. David McClone & Dr. Chandra Mayanil Dr. Elliot J. Roth Dr. Rodger Elble Dr. T.S. Parks Dr. Grayson Holmbeck Dr. Stephanie Ceman Dr. Daniel Llano Dr. Brad Schlagger Dr. Roberto Galvez
2015 $
Total research grant designations
2014 80,000 $ 60,000 60,000 40,000 80,000 80,000 80,000 40,000
520,000
13
40,000 20,000 20,000 80,000 80,000 20,000 60,000 320,000
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 4 – BOARD DESIGNATED NET ASSETS (Continued) Other Grant Designations Supplies and equipment Penguin project
2015 $
Total other grant designations Total board designated net assets
$
2014 5,000 $ 500
5,000 500
5,500
5,500
525,500 $
325,500
NOTE 5 – PERMANENTLY RESTRICTED NET ASSETS On February 28, 1993, the Spastic Paralysis Research Foundation established the Luis V. Amador Medallion Award to honor individuals at both the District and Divisional level who have demonstrated outstanding service within his or her community. The award program was established together with an endowment fund into which contributions with a minimum amount of $500 will be made in honor of the recipients of the award. The income generated from the endowed funds are to be used by the Foundation Board to further the programs of the Foundation and provide inspiration to others rendering Kiwanis service. As of September 30, 2015 and 2014, the permanently restricted net asset balance of the Foundation's endowment fund is $236,556 and $225,452, respectively. On September 19, 2007, the Spastic Paralysis Research Foundation established the Don Miller Chairman's Research Endowment Fund. This fund was established to honor Don Miller for his service and to continue support in Don Miller's name for special research projects of the Foundation. The endowment fund will be administered solely by the Foundation. Earnings from this fund are used by the Foundation to support special research projects of the Foundation, including projects which apply the knowledge gained from the research in clinical and other settings to benefit children. Earnings not granted in a given year are added to the principal. As of September 30, 2015 and 2014, the permanently restricted net asset balance of the Foundation's endowment fund is $31, 609.
14
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 6 – NET ASSETS RELEASED The Foundation reports gifts of cash as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when the purpose of the restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Net assets were released (used) from donor restrictions by incurring expenses satisfying the restricted purposes during the years ended September 30, 2015 and 2014 as follows: Investment income on permanently restricted net assets Unrealized gains (losses) on permanently restricted net assets
$
Total
$
2015 24,463
$
(25,927)
2014 5,522 31,187
(1,464) $
36,709
NOTE 7 – ENDOWMENT FUNDS The Foundation's endowment consists of various funds to generate investment income to support the mission of the Foundation. Its endowment includes donor-restricted funds. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. Investment income generated by the Foundation's endowment funds are used for the benefit of the Foundation and accordingly, investment losses are recognized in the Foundation's temporarily restricted net assets. There is no spending provision for the principal of the endowment funds. The endowment net asset composition by type of fund as of September 30, 2015 and 2014 is as follows: 2015 Permanently Restricted Donor-restricted endowment funds
$
268,165
2014
Total Endowment Assets $
15
Permanently Restricted
268,165 $
257,061
Total Endowment Assets $
257,061
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 7 – ENDOWMENT FUNDS (Continued) Changes in endowment net assets as of September 30, 2015 and 2014 are as follows: 2015 Permanently Restricted Endowment net assets; beginning of year Contributions Endowment net assets; end of year
2014
Total Endowment Assets
Total Endowment Assets
Permanently Restricted
$
257,061 $ 11,104
257,061 11,104
$
246,899 10,162
$
246,899 10,162
$
268,165 $
268,165
$
257,061
$
257,061
NOTE 8 – RELATED PARTY TRANSACTIONS The Foundation has various officers that are also officers of the Illinois-Eastern Iowa District of Kiwanis International (District). These officers do not have the ability to influence the Foundation's operations for the benefit of the District, as this benefit would violate the Foundation's purpose of providing research funds for spastic paralysis and applied diseases of the central nervous system. While the District has control of the Foundation, it does not have an economic interest in the Foundation. Therefore, its operations are not consolidated in the financial statements of the District. These two entities share occupancy and office supplies expenses. The Foundation reimbursed the District for its estimated share of expenses in the amount of $4,000 and $7,000, respectively, for the years ended September 30, 2015 and 2014. The Foundation also made grant disbursements to the following nonvoting Board of Director members: 2015 Dr. Rodger Elble, Medical Director Dr. Stephanie Ceman, Assistant Medical Director
16
$
20,000 $ 20,000
2014 25,000 20,000
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 9 – MEDICAL RESEARCH GRANTS The Foundation provides payments to the following for research relating to spastic paralysis and related disease:
Dr. Daniel Tranel Dr. Grayson Holmbeck Dr. Jianjun Chen Dr. Andrew Morgan Dr. David O. McClone and Dr. Chandra Mayanil Dr. Elliot J. Roth Dr. Rodger Elble Dr. T.S. Parks Dr. Stephanie Ceman Dr. Daniel Llano Dr. Bradley Schlagger Dr. Roberto Galvez
$
2015 2014 Actual Budget Actual 20,000 $ 20,000 $ 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
20,000 20,000 20,000 20,000 20,000 20,000 -
20,000 20,000 20,000 20,000 20,000 -
200,000
200,000
180,000
Other grant payments Supplies and equipment - Dr. Elble Special one-time grant
-
-
5,000 15,000
Total other grant payments
-
-
20,000
Total research grant payments
Total grant payments
$
200,000 $
200,000 $
200,000
NOTE 10 – FUNCTIONAL ALLOCATIONS OF EXPENSES The costs of providing the various programs and other activities have been summarized on a functional basis. Costs are charged on a direct functional basis whenever practicable and all other costs are allocated on the basis of the proportional use of the services provided. NOTE 11 – SUBSEQUENT EVENTS Management evaluated subsequent events through April 28, 2016, the date the financial statements were available to be issued.
This information is an integral part of the accompanying financial statements. 17
SUPPLEMENTARY INFORMATION
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION Year Ended September 30, 2015 Governor Gifts and Other
Parade of Love Division 1 Clubs Lakeview Kiwanis Club Logan Square Kiwanis Club North Shore Kiwanis Club Ravenswood Kiwanis Club Total Division 1 Archer Road, Chicago Beveraly Area Golden K Hickory Hills Southeast Area, Chicago Total Division 3
$
-
$
Special Events
150 150
$
Centennial Event
175 175 175 175 700
$
5,000 100 200 5,300
Total Contributions $
150 5,175 275 175 375 6,150
1,000 1,000
25 15 25 15 80
150 150
250 150 400
1,425 15 175 15 1,630
50 1,000 100 1,150
15 15
-
100 500 100 100 800
150 1,500 115 200 1,965
250 250
-
1,181 1,181
265 200 250 715
265 200 1,681 2,146
Bensenville-Wood Dale-Franklin Park Forest Park Montclare-Elmwood Park Northlake River Forest/Oak Park Total Division 6
100 500 600 600 1,800
-
160 1,196 3,564 4,920
300 1,000 1,300
260 1,696 3,864 600 1,600 8,020
Evanston Glenview-Northbrook Highland Park-Highwood Libertyville-Mundelein-Vernon Hills Lindenhurst-The Lakes Area Zion-Benton Total Division 7
175 300 820 1,295
-
115 413 215 420 1,163
200 500 100 300 180 1,280
490 500 300 513 515 1,420 3,738
Arlington Heights Barrington Area (The) Bloomingdale-Roselle Des Plaines Edison-Norwood Greater Chicago-eKiwanis Mt. Prospect Palatine Park Ridge Park Ridge - Morning Streamwood Total Division 8
925 125 200 100 100 600 500 2,550
50 125 50 50 50 136 100 561
25 300 325
75 100 315 100 300 320 390 115 600 200 2,515
150 100 1,365 150 125 550 320 840 215 1,336 800 5,951
Lansing Golden K Orland Park Palos Heights Tinley Park Total Division 4 La Grange Westchester Western Springs - Hinsdale Total Division 5
18
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION (Continued) Year Ended September 30, 2015 Governor Gifts and Other
Parade of Love Addison Central Dupage County Downers Grove Elmhurst Glen Ellyn Lisle Lombard Villa Park Wheaton Total Division 9
$
148 500 500 500 1,648
$
Special Events -
$
Centennial Event
140 433 247 1,010 1,458 75 750 1,080 1,640 6,833
$
Total Contributions
120 500 320 150 1,090
$
140 553 395 2,010 2,278 75 1,250 1,230 1,640 9,571
Batavia Elgin Elgin-Golden K Geneva St. Charles St. Charles-Golden K Total Division 10
2,650 245 2,895
-
400 150 872 703 2,125
100 50 150
500 150 872 703 2,700 245 5,170
McHenry Total Division 11
1,000 1,000
-
-
-
1,000 1,000
Alpine, Rockford Freeport Freeport, Lincoln-Douglas Freeport-Golden K Parks (the), Loves Park Rock Valley Heritage Rockford Rockford-Golden K Total Division 12
2,000 500 500 950 750 4,700
130 50 16 196
779 105 242 1,126
500 215 520 36 1,120 2,391
3,409 500 715 1,470 105 86 2,112 16 8,413
Byron Dixon Dixon-Golden K Mount Morris Oregon Rochelle-Golden K Sterling Division 13 Clubs Total Division 13
125 1,000 200 400 250 1,975
50 108 50 26 50 100 30 414
300 1,000 50 75 1,573 300 1,100 4,398
100 200 300
475 2,108 100 101 1,923 700 1,650 30 7,087
DeKalb Kishwaukee-DeKalb Sycamore Tri-County Total Division 14
1,500 350 1,000 2,850
150 150
-
555 825 563 315 2,258
2,055 1,325 1,563 315 5,258
Dubuque Maquoketa Total Division 15
1,861 200 2,061
-
-
-
1,861 200 2,061
19
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION (Continued) Year Ended September 30, 2015 Governor Gifts and Other
Parade of Love Bettendorf Camanche Clinton, IA Davenport Muscatine Wapello Total Division 16
$
1,120 350 1,200 500 200 3,370
$
Special Events -
$
Centennial Event
306 74 380
$
Total Contributions
500 100 600
$
1,426 350 1,200 1,074 200 100 4,350
East Moline-Silvis Geneseo Kewanee Moline Rock Island Total Division 17
500 1,000 1,000 1,000 500 4,000
-
230 670 317 260 455 1,932
210 400 525 620 1,755
940 2,070 1,842 1,880 955 7,687
Carthage Fort Madison Hamilton Henderson County Keokuk Total Division 18
1,500 300 190 100 250 2,340
-
-
-
1,500 300 190 100 250 2,340
Abingdon Galesburg Macomb McDonough County Total Division 19
200 500 100 800
-
125 577 117 52 871
-
125 777 617 152 1,671
Canton Dunlap East Peoria Elmwood Eureka Greater Area Grand Prairie Peoria Limestone Metamora Morton Pekin Pekin Sunset Peoria Peoria Downton Earlybirds South-West Peoria Total Division 20
100 500 1,000 1,600
-
100 50 300 200 100 100 90 300 150 2,000 300 200 3,890
100 200 100 100 250 50 2,085 500 3,385
100 150 300 100 500 400 100 200 190 550 200 4,085 800 1,200 8,875
Aurora Aurora-Golden K Naperville-Evening Total Division 21
2,000 500 1,000 3,500
-
-
500 500
2,500 500 1,000 4,000
Bloomington Bloomington Golden K Bloomington/Normal Young Professionals Lexington Pontiac Total Division 22
1,500 1,000 125 2,625
-
300 300
2,500 465 100 125 100 3,290
4,300 1,465 100 250 100 6,215
20
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION (Continued) Year Ended September 30, 2015 Governor Gifts and Other
Parade of Love Frankfort Joliet Kankakee New Lenox Park Forest South Chicago Heights Steger Total Division 23
$
500 2,500 150 500 180 3,830
$
Special Events -
$
Centennial Event
145 747 376 175 50 180 1,673
$
Total Contributions
500 130 400 1,030
$
145 1,747 2,876 280 1,075 50 360 6,533
Mendota Morris Streator Total Division 24
987 1,100 2,087
-
-
500 500
987 500 1,100 2,587
Champaign County Danville Danville Golden K Danville, Breakfast Total Division 25
90 200 290
-
170 60 160 390
45 100 145
135 170 260 260 825
Charleston Mattoon Paris Robinson Total Division 26
50 350 500 100 1,000
-
-
50 100 100 250
100 450 500 200 1,250
Clinton, IL Decatur Decatur-Golden K Tuscola Total Division 27
500 1,500 1,000 3,000
100 100
-
500 510 200 1,210
500 500 2,010 1,300 4,310
Chatham Springfield Evening Total Division 28
125 250 375
-
-
-
125 250 375
Jacksonville Quincy Total Division 29
-
-
-
632 500 1,132
632 500 1,132
90 200 290
-
-
250 250
90 250 200 540
200 1,000 1,000 2,200
25 25
-
330 59 389
200 25 1,000 330 1,000 59 2,614
Greenville Northern Macoupin County Taylorville Total Division 30 Alton-Godfrey Bunker Hill Area Collinsville-Sunrise Maryville Wood River Township Division 31 Clubs Total Division 31
21
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION (Continued) Year Ended September 30, 2015
Governor Gifts and Other
Parade of Love Benton Carmi Fairfield Flora McLeansboro Mount Carmel Mount Vernon Salem Total Division 33
$
250 250 250 250 250 250 1,250 550 3,300
$
Special Events -
$
Centennial Event
218 112 200 551 281 1,362
$
Total Contributions
100 100
$
468 362 250 250 450 250 1,901 831 4,762
Belleville Cahokia Area Columbia Fairview Heights O'Fallon Division 34 Clubs Total Division 34
150 275 100 300 825
100 100
-
170 50 130 240 253 843
320 50 275 230 640 253 1,768
Anna Carbondale Metropolis Murphysboro Total Division 36
-
150 500 200 250 1,100
-
-
150 500 200 250 1,100
Individual contributions Lt. Governor contributions Kiwanis International contribution Subtotal Kiwanis' club contributions and special events
-
-
-
239 801 25,000
239 801 25,000
60,606
2,891
33,719
59,918
157,134
Aktion Clubs Circle K Clubs Key Clubs Builders Clubs Total sponsored leadership programs
4,396 23,150 27,546
-
1,811 200 2,011
275 275
1,811 4,671 23,150 200 29,832
4,262 -
-
6,217 299 2,475 5,970 21 11,104
-
6,217 4,561 2,475 5,970 21 11,104
Convention events Prior year contributions Memorial, personal, and corporate contributions Grant refund, 2012-13 Pranzatelli Amazon Smile Foundation Amador Endowment Fund contributions TOTAL
$
92,414
$
22
2,891
$
61,816
$
60,193
$
217,314
TABLE OF CONTENTS
INDEPENDENT AUDITORS’ REPORT
1
FINANCIAL STATEMENTS Statements of Financial Position Statements of Activities Statements of Cash Flows Notes to Financial Statements
3 4 6 7
SUPPLEMENTARY INFORMATION Schedule of Contributions by Club and Division
18
CliftonLarsonAllen LLP CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Board of Directors Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation Bloomington, Illinois Report on the Financial Statements We have audited the accompanying financial statements of Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation, which comprise the statement of financial position as of September 30, 2015, and the related statements of activities 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. Auditors’ 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. 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 auditors’ 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.
An independent member of Nexia International
1
Board of Directors Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation
Opinion In our opinion, the 2015 financial statements referred to above present fairly, in all material respects, the financial position of Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation as of September 30, 2015, 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. Other Matter The 2014 financial statements were audited by Guthoff Mehall Allen & Company, P.C., whose practice became part of CliftonLarsonAllen LLP as of January 1, 2016, and whose report dated December 31, 2014, expressed an unmodified opinion on those statements. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The 2015 supplementary information is presented for purposes of additional analysis 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 statement 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 information is fairly stated in all material respects in relation to the financial statements as a whole. The 2014 supplementary information was subjected to the auditing procedures applied in the 2014 audit of the basic financial statements by Guthoff Mehall Allen & Company, P.C., whose report on such information stated that it was fairly stated in all material respects in relation to the 2014 financial statements as a whole.
a CliftonLarsonAllen LLP Bloomington, Illinois April 28, 2016
2
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION STATEMENTS OF FINANCIAL POSITION September 30, 2015 and 2014 ASSETS 2015 Cash and cash equivalents Certificates of deposit Investments Prepaid expenses TOTAL ASSETS
2014
$
175,447 1,110,115 -
$
210,882 114,094 1,121,068 604
$
1,285,562
$
1,446,648
819
$
-
LIABILITIES AND NET ASSETS LIABILITIES Accounts payable
$
NET ASSETS Unrestricted: Designated by the board for: Research grants Other designations Undesignated Total unrestricted net assets Permanently restricted: Amador Medallion endowment fund Don Miller endowment fund Total permanently restricted net assets Total net assets
TOTAL LIABILITIES AND NET ASSETS
$
520,000 5,500 491,078
320,000 5,500 864,087
1,016,578
1,189,587
236,556 31,609
225,452 31,609
268,165
257,061
1,284,743
1,446,648
1,285,562
$
1,446,648
The accompanying notes are an integral part of the financial statements. 3
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION STATEMENT OF ACTIVITIES Year Ended September 30, 2015
REVENUES, GAINS, AND PUBLIC SUPPORT Contributions Clubs Endowment Other Special events Bowl-a-Thon Convention Centennial Interest and dividends Unrealized losses Realized gains Miscellaneous income Net assets released (used) from restriction
Unrestricted
Temporarily Restricted
Permanently Restricted
$
$
$
92,416 5,366 35,730 6,515 60,193 32,801 (57,339) 1,776 5,990 (1,464)
-
11,104 -
Total
$
92,416 11,104 5,366
24,463 (25,927) -
-
1,464
-
181,984
-
11,104
193,088
EXPENSES Program services Spastic paralysis research grants Total program expenses
200,000 200,000
-
-
200,000 200,000
Supporting services Office Professional fees Promotion Printing Miscellaneous Total supporting expenses
4,509 12,168 130,982 387 6,947 154,993
-
-
4,509 12,168 130,982 387 6,947 154,993
354,993
-
-
354,993
(173,009)
-
11,104
-
257,061
Total revenues, gains, and public support
Total expenses CHANGES IN NET ASSETS NET ASSETS, BEGINNING OF YEAR NET ASSETS, END OF YEAR
1,189,587 $
1,016,578
$
-
35,730 6,515 60,193 57,264 (83,266) 1,776 5,990 -
-
$
268,165
The accompanying notes are an integral part of the financial statements. 4
(161,905) 1,446,648 $
1,284,743
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION STATEMENT OF ACTIVITIES Year Ended September 30, 2014
Temporarily
Permanently
Restricted
Restricted
Unrestricted REVENUES, GAINS, AND PUBLIC SUPPORT Contributions Clubs Endowment Other Special events Bowl-a-thon Convention Interest and dividends Unrealized gains Realized gains Net assets released from restriction
$
92,135 7,333
$
40,390 2,948 20,732 11,883 8,299 36,709
Total revenues, gains, and public support
-
$
5,522 31,187 (36,709)
Total
10,162 -
$
-
92,135 10,162 7,333
-
40,390 2,948 26,254 43,070 8,299 -
220,429
-
10,162
230,591
EXPENSES Program services Spastic paralysis research grants Other grants Total program expenses
180,000 20,000 200,000
-
-
180,000 20,000 200,000
Supporting services Office Professional fees Promotion Printing Miscellaneous Total supporting expenses
7,509 7,815 395 350 6,534 22,603
-
-
7,509 7,815 395 350 6,534 22,603
222,603
-
-
222,603
-
10,162
7,988
-
246,899
1,438,660
Total expenses CHANGES IN NET ASSETS
(2,174)
NET ASSETS, BEGINNING OF YEAR NET ASSETS, END OF YEAR
1,191,761 $
1,189,587
$
-
$
257,061
The accompanying notes are an integral part of the financial statements. 5
$
1,446,648
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION STATEMENTS OF CASH FLOWS Year Ended September 30, 2015 and 2014 2015 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets Adjustments to reconcile change in net assets to net cash used in operating activities: Unrealized (gains) losses on investments Realized gains on investments Contributions restricted for permanent endowment Effects of changes in operating assets and liabilities Prepaid expenses Accounts payable
$
2014
(161,905) $ 83,266 (1,776) (11,104)
(43,070) (10,162)
604 819
Net cash used in operating activities
7,988
395 -
(90,096)
(44,849)
(91,447) 20,910 114,094 -
(209,084) 40,888 256,918 (188,076)
43,557
(99,354)
11,104
10,162
NET DECREASE IN CASH AND CASH EQUIVALENTS
(35,435)
(134,041)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
210,882
344,923
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments Proceeds from sale of investments Maturities of certificates of deposit Purchase of certificates of deposit Net cash provided by (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Investment in endowment
CASH AND CASH EQUIVALENTS, END OF YEAR
$
175,447
$
The accompanying notes are an integral part of the financial statements. 6
210,882
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies of the Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation (the Foundation) is presented to assist in understanding the Foundation's financial statements. The financial statements and notes are presentations of the Foundation's management, who are responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Nature of Activities The Foundation is a nonprofit corporation organized for the purpose of providing research funds for spastic paralysis and applied diseases of the central nervous system. The Foundation's primary source of funding is from contributions made by clubs in the Illinois-Eastern Iowa District of Kiwanis clubs. The Foundation's fiscal year end is September 30. Basis of Accounting The accompanying financial statements are presented in accordance with the accrual basis of accounting, whereby, revenue and support is recognized when earned and expenses are recognized when incurred. Financial Statement Presentation Financial statement presentation follows the recommendations of the Financial Accounting Standards Board in its Account Standards Codification (ASC) ASC 958-605 "Revenue Recognition" and ASC 958-205 "Presentation of Financial Statements." ASC 958-605 requires the Foundation to distinguish between contributions received for each net asset category in accordance with donor-imposed restrictions. As such, contributions are recognized as revenue when they are received. ASC 958-205 requires the Foundation 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. A description of the net asset categories that are applicable to the Foundation follows. Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations. Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that may or will be met, either by actions of the Foundation and/or the passage of time. When a restriction is met, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. As of September 30, 2015, and 2014, there were no temporarily restricted net assets.
7
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Continued) Financial Statement Presentation (Continued) Permanently restricted net assets - Net assets subject to donor-imposed stipulations that they be maintained permanently by the Foundation. All Foundation permanently restricted net assets are maintained in endowment funds where it is permitted that the Foundation use all or part of the income earned for general or specific purposes. Cash and Cash Equivalents For financial statement purposes, cash equivalents primarily include money market funds, savings accounts, and certificates of deposits with an initial maturity of three months or less. Financial Risk The Foundation maintains its cash in bank accounts which, potentially subject the Foundation to concentrations of credit risk. Balances are insured by FDIC. As of September 30, 2015 and 2014, the Foundation had no uninsured deposits. As of September 30, 2015, the Foundation had $28,419 with a brokerage firm which consisted of cash and money market accounts. This balance is not covered under FDIC or other collateral. The brokerage firm is a member of Securities Investors Protection Corporation (SIPC). The Foundation also has $1,110,115, in marketable securities that are subject to market fluctuations. As of September 30, 2014 the Foundation had $42,363 with a brokerage firm which consisted of cash and money market accounts. This balance is not covered under FDIC or other collateral. The brokerage firm is a member of SIPC. Also, the Foundation had $114,094 invested in certificates of deposit with an FDIC member financial institution. The Foundation also had $1,121,068 in marketable securities that are subject to market fluctuations. Investments Investments in marketable securities with readily determinable fair values and all investments in debt securities are reported at their fair values (rather than cost) in the statements of financial position. Unrealized gains and losses are included in the change in net assets.
8
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair Value Measurements The fair value of a financial instrument is the amount 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 (the exit price). Financial assets and financial liabilities recorded at fair value are categorized based on the reliability of inputs to the valuation techniques as follows: Level 1 - Financial assets and financial liabilities whose values are based on unadjusted quoted prices in active markets for identical assets. Level 2 - Financial assets and financial liabilities whose values are based on quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in non-active markets; or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3 - Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect estimates of the assumptions that market participants would use in valuing the financial assets and financial liabilities. The hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. See Note 2. Contributions and Support Contributions received are recorded as increases in unrestricted, temporarily restricted, or permanently restricted net assets, depending on the existence and/or nature of any donor restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Contributions fully spent during the year received are recorded as unrestricted support. Unconditional promises to give are recognized as revenue or gains in the period received and as assets, decreases of liabilities, or expenses depending on the form of the benefits received. Conditional promises to give are recognized when the conditions on which they depend are substantially met. Contributions to the endowment fund are restricted whereby only the investment earnings are available to support current research grants and the Foundation's operations. In-kind Contributions and Contributed Services In-kind contributions are reflected as contributions at their fair value at date of donation and are reported as unrestricted support unless explicit donor stipulations specify how donated assets must be used. The Foundation benefits from donated public items and supplies for its program beneficiaries and fundraising activities. This amount is then reported as both in-kind contribution revenue and in-kind expense on the statement of activities. For the years ended September 30, 2015 and 2014, the Foundation did not recognize the receipt of any in-kind contributions. 9
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 1 – NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Continued) In-kind Contributions and Contributed Services (Continued) The Foundation recognizes the fair value of contributed services received if such services a) create or enhance nonfinancial assets or b) require specialized skills that are provided by individuals possessing those skills that would typically need to be purchased if not contributed. A substantial number of volunteers have donated significant amounts of their time to the Foundation's programs and fundraising activities; however, these donated services are not reflected in the financial statements since they do not meet the criteria for recognition as contributed services. Income Taxes The Foundation is exempt from federal income taxes under provisions of Section 501(c)(3) of the Internal Revenue Code. Therefore, no provision for federal or state income taxes has been recorded. The Foundation is required to evaluate its tax positions and recognize a liability for any positions that would not be considered "more likely than not" to be upheld under tax authority examination. If such issues exist, the Foundation's policy will be to recognize any tax liability so recorded including applicable interest and penalties, as a component of income tax expense. Management is not aware of any violation of its tax status exempt from income taxes, or any exposure to unrelated business income tax or other tax liabilities. The Foundation's federal income tax and informational returns filed remain subject to examination by the Internal Revenue Service and the Illinois state taxing authorities. Forms 990 filed by the organization are no longer subject to examination for years ended September 30, 2010 and prior. Advertising Advertising costs are expensed as incurred. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain amounts in the September 30, 2014 financial statements have been re-classified to conform with the current year presentation. The reclassification had no effect on previously reported changes in net assets or net asset balances.
10
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 2 - FINANCIAL INSTRUMENTS At September 30, 2015 and 2014, the Foundation's financial instrument balances consisted of the following: 2015 Amador Medallion Other Account Accounts
Miller Endowment Account
Total
Checking account(s) Money market(s)
$
-
$
- $ 6,500
147,028 $ 21,919
147,028 28,419
Total
$
-
$
6,500
168,947 $
175,447
$
2014 Amador Medallion Other Account Accounts
Miller Endowment Account
Total
Checking account(s) Money market(s)
$
- $ -
- $ 20,798
168,519 $ 21,565
168,519 42,363
Total
$
- $
20,798
190,084 $
210,882
$
At September 30, 2015 and 2014, the Foundation's certificates of deposit investments with a brokerage agency at Level 1 inputs consisted of the following: 2015 Cost Certificates of deposit
$
2014 Fair Value
- $
11
Cost - $
114,094
Fair Value $
114,094
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 3 – INVESTMENTS Investments in marketable securities with readily determinable fair values and all investments in debt securities are valued at their fair values in the statements of financial position. Investment income including interest, dividends, realized and unrealized gains and losses are included in the change in net assets in the accompanying statement of activities. The investments at September 30, 2015 and 2014 consist of the following: 2015
2014
Cost Mutual funds Balance funds Growth funds Fixed income funds Other funds Total mutual funds
Fair Value
Cost
$
522,631 171,895 253,973 102,848
$
579,087 $ 187,846 254,361 88,821
472,487 230,484 258,607 66,243
$
1,051,347
$
1,110,115 $
1,027,821
Fair Value 532,938 239,205 255,229 93,696 $
1,121,068
The following schedule summarizes the investment return and its classification in the statement of activities for the years ended September 30, 2015 and 2014: Unrestricted September 30, 2015 Interest and dividends Unrealized losses
$
32,801 (57,339)
Total
$
(24,538)
September 30, 2014 Interest and dividends Unrealized gains
$
20,732 11,883
Total
$
32,615
12
Temporarily Restricted $
Total
24,463 $ (25,927)
57,264 (83,266)
(1,464) $
(26,002)
$
5,522 31,187
$
26,254 43,070
$
36,709
$
69,324
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 3 – INVESTMENTS (Continued) The following table presents the Foundation's approximate fair value hierarchy for the assets measured at fair value on a recurring basis as of September 30, 2015 and 2014: 2015 (Level 1) Mutual funds Balance funds Growth funds Fixed income funds Other funds Total
2014 Fair Value
(Level 1)
Fair Value
$
579,087 187,846 254,361 88,821
$
579,087 $ 187,846 254,361 88,821
532,938 239,205 255,229 93,696
$
532,938 239,205 255,229 93,696
$
1,110,115
$
1,110,115 $
1,121,068
$
1,121,068
The balances above include the amounts permanently restricted for donor restricted endowment funds. At September 30, 2015 and 2014, the Foundation's assets restricted for long-term purposes are $268,165 and $257,061, respectively. NOTE 4 – BOARD DESIGNATED NET ASSETS The Board of Directors of the Illinois-Eastern Iowa District of Kiwanis International Spastic Paralysis Research Foundation has designated net assets to pay future grants for spastic paralysis research. These designations as of September 30, 2015 and 2014 are as follows: Research Grant Designations Dr. Daniel Tranel Dr. Jianjun Chen Dr. Andrew Morgan Dr. David McClone & Dr. Chandra Mayanil Dr. Elliot J. Roth Dr. Rodger Elble Dr. T.S. Parks Dr. Grayson Holmbeck Dr. Stephanie Ceman Dr. Daniel Llano Dr. Brad Schlagger Dr. Roberto Galvez
2015 $
Total research grant designations
2014 80,000 $ 60,000 60,000 40,000 80,000 80,000 80,000 40,000
520,000
13
40,000 20,000 20,000 80,000 80,000 20,000 60,000 320,000
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 4 – BOARD DESIGNATED NET ASSETS (Continued) Other Grant Designations Supplies and equipment Penguin project
2015 $
Total other grant designations Total board designated net assets
$
2014 5,000 $ 500
5,000 500
5,500
5,500
525,500 $
325,500
NOTE 5 – PERMANENTLY RESTRICTED NET ASSETS On February 28, 1993, the Spastic Paralysis Research Foundation established the Luis V. Amador Medallion Award to honor individuals at both the District and Divisional level who have demonstrated outstanding service within his or her community. The award program was established together with an endowment fund into which contributions with a minimum amount of $500 will be made in honor of the recipients of the award. The income generated from the endowed funds are to be used by the Foundation Board to further the programs of the Foundation and provide inspiration to others rendering Kiwanis service. As of September 30, 2015 and 2014, the permanently restricted net asset balance of the Foundation's endowment fund is $236,556 and $225,452, respectively. On September 19, 2007, the Spastic Paralysis Research Foundation established the Don Miller Chairman's Research Endowment Fund. This fund was established to honor Don Miller for his service and to continue support in Don Miller's name for special research projects of the Foundation. The endowment fund will be administered solely by the Foundation. Earnings from this fund are used by the Foundation to support special research projects of the Foundation, including projects which apply the knowledge gained from the research in clinical and other settings to benefit children. Earnings not granted in a given year are added to the principal. As of September 30, 2015 and 2014, the permanently restricted net asset balance of the Foundation's endowment fund is $31, 609.
14
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 6 – NET ASSETS RELEASED The Foundation reports gifts of cash as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when the purpose of the restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Net assets were released (used) from donor restrictions by incurring expenses satisfying the restricted purposes during the years ended September 30, 2015 and 2014 as follows: Investment income on permanently restricted net assets Unrealized gains (losses) on permanently restricted net assets
$
Total
$
2015 24,463
$
(25,927)
2014 5,522 31,187
(1,464) $
36,709
NOTE 7 – ENDOWMENT FUNDS The Foundation's endowment consists of various funds to generate investment income to support the mission of the Foundation. Its endowment includes donor-restricted funds. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. Investment income generated by the Foundation's endowment funds are used for the benefit of the Foundation and accordingly, investment losses are recognized in the Foundation's temporarily restricted net assets. There is no spending provision for the principal of the endowment funds. The endowment net asset composition by type of fund as of September 30, 2015 and 2014 is as follows: 2015 Permanently Restricted Donor-restricted endowment funds
$
268,165
2014
Total Endowment Assets $
15
Permanently Restricted
268,165 $
257,061
Total Endowment Assets $
257,061
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 7 – ENDOWMENT FUNDS (Continued) Changes in endowment net assets as of September 30, 2015 and 2014 are as follows: 2015 Permanently Restricted Endowment net assets; beginning of year Contributions Endowment net assets; end of year
2014
Total Endowment Assets
Total Endowment Assets
Permanently Restricted
$
257,061 $ 11,104
257,061 11,104
$
246,899 10,162
$
246,899 10,162
$
268,165 $
268,165
$
257,061
$
257,061
NOTE 8 – RELATED PARTY TRANSACTIONS The Foundation has various officers that are also officers of the Illinois-Eastern Iowa District of Kiwanis International (District). These officers do not have the ability to influence the Foundation's operations for the benefit of the District, as this benefit would violate the Foundation's purpose of providing research funds for spastic paralysis and applied diseases of the central nervous system. While the District has control of the Foundation, it does not have an economic interest in the Foundation. Therefore, its operations are not consolidated in the financial statements of the District. These two entities share occupancy and office supplies expenses. The Foundation reimbursed the District for its estimated share of expenses in the amount of $4,000 and $7,000, respectively, for the years ended September 30, 2015 and 2014. The Foundation also made grant disbursements to the following nonvoting Board of Director members: 2015 Dr. Rodger Elble, Medical Director Dr. Stephanie Ceman, Assistant Medical Director
16
$
20,000 $ 20,000
2014 25,000 20,000
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION NOTES TO FINANCIAL STATEMENTS September 30, 2015 and 2014 NOTE 9 – MEDICAL RESEARCH GRANTS The Foundation provides payments to the following for research relating to spastic paralysis and related disease:
Dr. Daniel Tranel Dr. Grayson Holmbeck Dr. Jianjun Chen Dr. Andrew Morgan Dr. David O. McClone and Dr. Chandra Mayanil Dr. Elliot J. Roth Dr. Rodger Elble Dr. T.S. Parks Dr. Stephanie Ceman Dr. Daniel Llano Dr. Bradley Schlagger Dr. Roberto Galvez
$
2015 2014 Actual Budget Actual 20,000 $ 20,000 $ 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
20,000 20,000 20,000 20,000 20,000 20,000 -
20,000 20,000 20,000 20,000 20,000 -
200,000
200,000
180,000
Other grant payments Supplies and equipment - Dr. Elble Special one-time grant
-
-
5,000 15,000
Total other grant payments
-
-
20,000
Total research grant payments
Total grant payments
$
200,000 $
200,000 $
200,000
NOTE 10 – FUNCTIONAL ALLOCATIONS OF EXPENSES The costs of providing the various programs and other activities have been summarized on a functional basis. Costs are charged on a direct functional basis whenever practicable and all other costs are allocated on the basis of the proportional use of the services provided. NOTE 11 – SUBSEQUENT EVENTS Management evaluated subsequent events through April 28, 2016, the date the financial statements were available to be issued.
This information is an integral part of the accompanying financial statements. 17
SUPPLEMENTARY INFORMATION
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION Year Ended September 30, 2015 Governor Gifts and Other
Parade of Love Division 1 Clubs Lakeview Kiwanis Club Logan Square Kiwanis Club North Shore Kiwanis Club Ravenswood Kiwanis Club Total Division 1 Archer Road, Chicago Beveraly Area Golden K Hickory Hills Southeast Area, Chicago Total Division 3
$
-
$
Special Events
150 150
$
Centennial Event
175 175 175 175 700
$
5,000 100 200 5,300
Total Contributions $
150 5,175 275 175 375 6,150
1,000 1,000
25 15 25 15 80
150 150
250 150 400
1,425 15 175 15 1,630
50 1,000 100 1,150
15 15
-
100 500 100 100 800
150 1,500 115 200 1,965
250 250
-
1,181 1,181
265 200 250 715
265 200 1,681 2,146
Bensenville-Wood Dale-Franklin Park Forest Park Montclare-Elmwood Park Northlake River Forest/Oak Park Total Division 6
100 500 600 600 1,800
-
160 1,196 3,564 4,920
300 1,000 1,300
260 1,696 3,864 600 1,600 8,020
Evanston Glenview-Northbrook Highland Park-Highwood Libertyville-Mundelein-Vernon Hills Lindenhurst-The Lakes Area Zion-Benton Total Division 7
175 300 820 1,295
-
115 413 215 420 1,163
200 500 100 300 180 1,280
490 500 300 513 515 1,420 3,738
Arlington Heights Barrington Area (The) Bloomingdale-Roselle Des Plaines Edison-Norwood Greater Chicago-eKiwanis Mt. Prospect Palatine Park Ridge Park Ridge - Morning Streamwood Total Division 8
925 125 200 100 100 600 500 2,550
50 125 50 50 50 136 100 561
25 300 325
75 100 315 100 300 320 390 115 600 200 2,515
150 100 1,365 150 125 550 320 840 215 1,336 800 5,951
Lansing Golden K Orland Park Palos Heights Tinley Park Total Division 4 La Grange Westchester Western Springs - Hinsdale Total Division 5
18
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION (Continued) Year Ended September 30, 2015 Governor Gifts and Other
Parade of Love Addison Central Dupage County Downers Grove Elmhurst Glen Ellyn Lisle Lombard Villa Park Wheaton Total Division 9
$
148 500 500 500 1,648
$
Special Events -
$
Centennial Event
140 433 247 1,010 1,458 75 750 1,080 1,640 6,833
$
Total Contributions
120 500 320 150 1,090
$
140 553 395 2,010 2,278 75 1,250 1,230 1,640 9,571
Batavia Elgin Elgin-Golden K Geneva St. Charles St. Charles-Golden K Total Division 10
2,650 245 2,895
-
400 150 872 703 2,125
100 50 150
500 150 872 703 2,700 245 5,170
McHenry Total Division 11
1,000 1,000
-
-
-
1,000 1,000
Alpine, Rockford Freeport Freeport, Lincoln-Douglas Freeport-Golden K Parks (the), Loves Park Rock Valley Heritage Rockford Rockford-Golden K Total Division 12
2,000 500 500 950 750 4,700
130 50 16 196
779 105 242 1,126
500 215 520 36 1,120 2,391
3,409 500 715 1,470 105 86 2,112 16 8,413
Byron Dixon Dixon-Golden K Mount Morris Oregon Rochelle-Golden K Sterling Division 13 Clubs Total Division 13
125 1,000 200 400 250 1,975
50 108 50 26 50 100 30 414
300 1,000 50 75 1,573 300 1,100 4,398
100 200 300
475 2,108 100 101 1,923 700 1,650 30 7,087
DeKalb Kishwaukee-DeKalb Sycamore Tri-County Total Division 14
1,500 350 1,000 2,850
150 150
-
555 825 563 315 2,258
2,055 1,325 1,563 315 5,258
Dubuque Maquoketa Total Division 15
1,861 200 2,061
-
-
-
1,861 200 2,061
19
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION (Continued) Year Ended September 30, 2015 Governor Gifts and Other
Parade of Love Bettendorf Camanche Clinton, IA Davenport Muscatine Wapello Total Division 16
$
1,120 350 1,200 500 200 3,370
$
Special Events -
$
Centennial Event
306 74 380
$
Total Contributions
500 100 600
$
1,426 350 1,200 1,074 200 100 4,350
East Moline-Silvis Geneseo Kewanee Moline Rock Island Total Division 17
500 1,000 1,000 1,000 500 4,000
-
230 670 317 260 455 1,932
210 400 525 620 1,755
940 2,070 1,842 1,880 955 7,687
Carthage Fort Madison Hamilton Henderson County Keokuk Total Division 18
1,500 300 190 100 250 2,340
-
-
-
1,500 300 190 100 250 2,340
Abingdon Galesburg Macomb McDonough County Total Division 19
200 500 100 800
-
125 577 117 52 871
-
125 777 617 152 1,671
Canton Dunlap East Peoria Elmwood Eureka Greater Area Grand Prairie Peoria Limestone Metamora Morton Pekin Pekin Sunset Peoria Peoria Downton Earlybirds South-West Peoria Total Division 20
100 500 1,000 1,600
-
100 50 300 200 100 100 90 300 150 2,000 300 200 3,890
100 200 100 100 250 50 2,085 500 3,385
100 150 300 100 500 400 100 200 190 550 200 4,085 800 1,200 8,875
Aurora Aurora-Golden K Naperville-Evening Total Division 21
2,000 500 1,000 3,500
-
-
500 500
2,500 500 1,000 4,000
Bloomington Bloomington Golden K Bloomington/Normal Young Professionals Lexington Pontiac Total Division 22
1,500 1,000 125 2,625
-
300 300
2,500 465 100 125 100 3,290
4,300 1,465 100 250 100 6,215
20
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION (Continued) Year Ended September 30, 2015 Governor Gifts and Other
Parade of Love Frankfort Joliet Kankakee New Lenox Park Forest South Chicago Heights Steger Total Division 23
$
500 2,500 150 500 180 3,830
$
Special Events -
$
Centennial Event
145 747 376 175 50 180 1,673
$
Total Contributions
500 130 400 1,030
$
145 1,747 2,876 280 1,075 50 360 6,533
Mendota Morris Streator Total Division 24
987 1,100 2,087
-
-
500 500
987 500 1,100 2,587
Champaign County Danville Danville Golden K Danville, Breakfast Total Division 25
90 200 290
-
170 60 160 390
45 100 145
135 170 260 260 825
Charleston Mattoon Paris Robinson Total Division 26
50 350 500 100 1,000
-
-
50 100 100 250
100 450 500 200 1,250
Clinton, IL Decatur Decatur-Golden K Tuscola Total Division 27
500 1,500 1,000 3,000
100 100
-
500 510 200 1,210
500 500 2,010 1,300 4,310
Chatham Springfield Evening Total Division 28
125 250 375
-
-
-
125 250 375
Jacksonville Quincy Total Division 29
-
-
-
632 500 1,132
632 500 1,132
90 200 290
-
-
250 250
90 250 200 540
200 1,000 1,000 2,200
25 25
-
330 59 389
200 25 1,000 330 1,000 59 2,614
Greenville Northern Macoupin County Taylorville Total Division 30 Alton-Godfrey Bunker Hill Area Collinsville-Sunrise Maryville Wood River Township Division 31 Clubs Total Division 31
21
ILLINOIS-EASTERN IOWA DISTRICT OF KIWANIS INTERNATIONAL SPASTIC PARALYSIS RESEARCH FOUNDATION SCHEDULE OF CONTRIBUTIONS BY CLUB AND DIVISION (Continued) Year Ended September 30, 2015
Governor Gifts and Other
Parade of Love Benton Carmi Fairfield Flora McLeansboro Mount Carmel Mount Vernon Salem Total Division 33
$
250 250 250 250 250 250 1,250 550 3,300
$
Special Events -
$
Centennial Event
218 112 200 551 281 1,362
$
Total Contributions
100 100
$
468 362 250 250 450 250 1,901 831 4,762
Belleville Cahokia Area Columbia Fairview Heights O'Fallon Division 34 Clubs Total Division 34
150 275 100 300 825
100 100
-
170 50 130 240 253 843
320 50 275 230 640 253 1,768
Anna Carbondale Metropolis Murphysboro Total Division 36
-
150 500 200 250 1,100
-
-
150 500 200 250 1,100
Individual contributions Lt. Governor contributions Kiwanis International contribution Subtotal Kiwanis' club contributions and special events
-
-
-
239 801 25,000
239 801 25,000
60,606
2,891
33,719
59,918
157,134
Aktion Clubs Circle K Clubs Key Clubs Builders Clubs Total sponsored leadership programs
4,396 23,150 27,546
-
1,811 200 2,011
275 275
1,811 4,671 23,150 200 29,832
4,262 -
-
6,217 299 2,475 5,970 21 11,104
-
6,217 4,561 2,475 5,970 21 11,104
Convention events Prior year contributions Memorial, personal, and corporate contributions Grant refund, 2012-13 Pranzatelli Amazon Smile Foundation Amador Endowment Fund contributions TOTAL
$
92,414
$
22
2,891
$
61,816
$
60,193
$
217,314
