COMBINED FINANCIAL STATEMENTS - SEPTEMBER 30, 2008 AND 2007 AND REPORTS OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTSYOUNG WOMEN'S CHRISTL9NASSOClATION
OF TAMPA BAY, INC. AND AFFILIATE
COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 2008 AND 2007
AND
REPORTS OF INDEPENDENT
CERTIFIED P UBLIC A CCO UNTA NTS
TABLE OF CONTENTS
Page
INDEPENDENT A UDITORS' REPORT 1
Financial Statements for the Years Ended
September 30, 2008 and 2007:
Combined Statements of Financial Position 2
Combined Statements of Activities and Change in Net Assets 3-4
Combined Statements of Functional Expenses 5-6
Combined Statements of Cash Flows 7
Notes to Combined Financial Statements 8-19
INDEPENDENT A UDITORS' REPORT ON
SUPPLEMENTAR Y INFORMA TION 20
Combined Schedules of Revenue and Expenses by Program 21 - 22
Schedule of Expenditures of Federal Awards
23
Notes to Schedule of Expenditures of Federal Awards 24
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLL4NCEAND OTHER MATTERS BASED ON
ANA UDIT OF FINANCLAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS 25 - 26
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE
TO EACHMAJOR PROGRAMAND ONINTERNAL CONTROL
OVER COMPLLANCE INACCORDANCE WITH OMB CIRCULAR A-133 27 - 28
Schedule of Findings and Questioned Costs 29 - 30
MUML
pdr ?97 i0 U.S. Hwy. 19 North, Suito 101
Clearwater, Florida 33761
CERTIFIED 1"UBLIC
cacc;otry nt:a n t s
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
Young Woolen's Christian, Association of Tampa Bay, Inc. and Affiliate
St. Petersburg, Florida
We have audited the accompanying combined statements of financial position of Young Women's
Christian Association of Tampa Bay, Inc. and its affiliate, YWCA of 'T'ampa Bay Foundation, Iris.
(Foundation), (collectively, the Organization) as of September 30, 2008 and 2007 and the related combined
statements of activities and change in net assets, functional expenses, and cash tows for the years then
ended. These combined financial statements are the responsibility of the Organisation's management. Our
.responsibility is to express att opinion on these combined financial statein.ents based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free 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
the 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 combined financial statements referred to above present fairly, in all material
respects, the financial position of the Organization as of September 30, 2008 and 2007 and the change 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.
In accordance with Government Auditing Standards, we have also issued a report dated January 27,
2009 on our consideration of the Organization's internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other
matters. The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be considered in assessing the results of our
audit.
Clearwater, Florida
January 27, 2009
.1
YOUNG WOMEN'S CHR1'STIANASSOCL4TION OF TAMPA BAY, INC.
AND AFFILIATE
COMBINED STATEMENTS OF FINANCIAL POSITION
SEPTEMBER 30, 2008 AND 2007
ASSETS
Cash
Grants and fees receivable
Unconditional promises to give
Prepaid expenses and other
Investments
Receivable from remainder trust
Land lease receivable
Property and equipment, net
Beneficial interest in perpetual trust
Total Assets
LIABILITIES AND NET ASSETS
Liabilities
Accounts payable
Accrued salaries and related expenses
Refundable advance
Notes payable
Line-of-credit
Total liabilities
Net Assets
Unrestricted
Net investment in property and equipment
Temporarily restricted
Permanently restricted
Total net assets
Total Liabilities and Net Assets
2008 2007
$ 201,753 $ 21,179
614,067 560,545
4,765 14,143
24,240 35,018
314,430 435,393
59,709 56,096
263,458 592,689
2,195,488 2,433,086
123,852 145,252
$ 3,801,762 $ 4,293,401
$ 94,680 $ 29,267
221,934 276,381
59,526 66,965
443,939 451,266
53,475 69,000
873,554 892,879
343,976 230,307
2,052,233 2,281,820
2,396,209 2,512,127
327,932 662,928
204,067 225,467
2,928,208 3,400,522
$ 3,801,762 $ 4,293,401
See accompanying notes to financial statements
2
YOUNG WOMEN'S CHRISTMNASSOCIATION OF TAMPA BAY, INC.
AND AFFILIATE
COMBINED STATEMENT OFACTIVITIESAND CHANGE INNETASSETS
YEAR ENDED SEPTEMBER 30, 2008
Temporarily Permanently
Unrestricted Restricted Restricte
Public Support and Revenue
Public Support
Contributions
In-kind contributions - services and other
United Way
Special events, net
Net assets released from restriction
Total public support
Revenue
Grants and fees
Coordinated Child Care
Juvenile Welfare Board
Child care revenues
Change in value of split-interest agreement
Investment income
Miscellaneous
Total revenue
Total public support and revenue
Expenses
Program Services
Adolescent Pregnancy and Parenting
Family Village
Community Outreach
Child Care
Total program services
Support Services
Management and general
Fundraising
Payments to affiliated organizations
Total support services
Total expenses
Change in NetAssets Before Discontinued Operations
Discontinued Operations
Operating gain from discontinued operations
Loss associated with discontinued operations,
including the loss on discontinued operations
during the phase-out period
Change in Net Assets
Net Assets at Beginning of Year, as Restated
Net Assets at End of Year
Total
$ 93,651 $ - $ $ 93,651
252,531 - - 252,531
140,150 - 140,150
54,183 - 54,183
338,609 (338,609) - -
879,124 (338,609) 540,515
1,223,823 - - 1,223,823
458,582 - 458,582
675,346 - - 675,346
715,340 - - 715,340
- 3,613 - 3,613
(46,300) - (21,400) (67,700)
45,306 - - 45,306
3,072,097 3,613 (21,400) 3,054,310
3,951,221 (334,996) (21,400) 3,594,825
550,820 - - 550,820
1,184,545 - 1,184,545
1,430,477 - - 1,436,477
3,171,842 - - 3,171,842
540,918 - 540,918
122,779 - 122,779
30,400 - 30,400
694,097 - 694,097
3,865,939 - 3,865,939
85,282 (334,996) (21,400) (271,114)
56,499 - 56,499
(257,699) - (257,699)
(115,918) (334,996) (21,400) (472,314)
2,512,127 662,928 225,467 3,400,522
$ 2,396,209 $ 327,932 $ 204,067 $ 2,928,208
See accompanying notes to financial statements
3
YOUNG WOMEN'S CHRISTL4N ASSOCIATION OF TAMPA BAY, INC.
AND AFFILIATE
COMBINED STATEMENT OF ACTIVITIES AND CHANCE IN NET ASSETS
YEAR ENDED SEPTEMBER 30, 2007
Temporarily Permanently
Unrestricted Restricted Restric ed
Public Support and Revenue
Public Support
Contributions
In-kind contributions - services and other
United Way
Special events, net
Net assets released from restriction
Total public support
Revenue
Grants and fees
Coordinated Child Care
Juvenile Welfare Board
Child care revenues
Change in value of split-interest agreement
Investment income
Miscellaneous
Total revenue
Total public support and revenue
Expenses
Program Services
Adolescent Pregnancy and Parenting
Family Village
Community Outreach
Child Care
Total program services
Support Services
Management and general
Fundraising
Payments to affiliated organizations
Total support services
Total expenses
Change in Net Assets Before Discontinued Operations
Discontinued Operations
Operating gain from discontinued operations
Change in Net Assets
Net Assets at Beginning of Year
Net Assets at End of Year, as Restated
Total
$ 86,801 $ 1,500 $ $ 88,301
250,555 445,991 696,546
102,721 - - 102,721
53,188 - 53,188
212,737 (212,73 -
706,002 234,754 940,756
1,002,477 - 1,002,477
484,770 - - 484,770
756,158 - - 756,158
678,859 - - 678,859
206,693 - - 206,693
77,693 - 10,600 88,293
47,141 - - 47,141
3,253,791 10,600 3,264,391
3,959,793 234,754 10,600 4,205,147
616,008 - - 616,008
1,080,922 - 1,080,922
1,313,313 1,313,313
3,010,243 - - 3,010,243
734,166 - - 734,166
117,319 - 117,319
31,650 - - 31,650
883,135 - 883,135
3,893,378 - - 3,893,378
66,415 234,754 10,600 311,769
45,969 - - 45,969
112,384 234,754 10,600 357,738
2,399,743 428,174 214,867 3,042,784
$ 2,512,127 $ 662,928 $ 225,467 $ 3,400,522
See accompanying notes to financial statements
4
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YOUNG WOMEN'S CHRISTIANASSOCIATION OF TAMPA BAY, INC.
AND AFFILL4TE
COMBINED STATEMENTS OF CASH FLOWS
YEARS ENDED SEPTEMBER 30, 2008 AND 2007
2008 2007
Cash Flows from Operating Activities:
Change in net assets $ (472,314) $ 357,738
Adjustments to reconcile change in net assets to
net cash provided by (used in) operating activities:
Loss (gain) on sale of investments 91,204 (53,692)
Loss from discontinued program 265,995 -
Depreciation 146,204 145,494
(Increase) decrease in operating assets:
Grants and fees receivable (53,522) (185,151)
Unconditional promises to give 9,378 48,607
Prepaid expenses and other 10,778 (3,916)
Receivables from remainder trust (3,613) -
Land lease receivable 168,179 (283,361)
Increase (decrease) in operating liabilities:
Accounts payable 65,412 (76,065)
Accrued salaries and related expenses (54,447) 4,528
Refundable advance _ (7,439) (40,519)
Net cash provided by (used in) operating activities 165,815 (86,337)
Cash Flows from Investing Activities:
Purchases of investments (24,249) (40,000)
Proceeds from sale of investments 75,408 114,170
Proceeds from sale of property and equipment 1,414 -
Purchases of property and equipment (14,962) (81,061)
Net cash (used in) investing activities 37,611 (6,891)
Cash Flows from Financing Activities:
Proceeds (repayments) from borrowing on line-of-credit (15,525) 69,000
Payments on note payable (7,327) (11,718)
Net cast: provided by (used in) financing activities (22,852)- 57,282
Increase (Decrease) in Cash 180,574 (35,946)
Cash at Beginning of Year 21,179 57,125
Cash at End of Year $ 201,753 $ 21,179
Supplemental Disclosure
Cash paid for interest $ 21,105 $ 15,305
See accompanying notes to financial statements
7
YOUNG WOMEN'S CHRISTL4NASSOCL4TION OF TAMPA BAY, INC. AND AFFILIATE
NOTES TO COMBINED F17VANCL4L STATEMENTS
SEPTEMBER 30, 2008 AND 2007
Young Women's Christian Association of Tampa Bay, Inc. (the YWCA) and its affiliate, YWCA of
Tampa Bay Foundation, Inc. (the Foundation), (collectively, the Organization) are organized for the
purpose of providing charitable education and services, childcare, and housing assistance to
individuals within Pinellas County, Florida.
NOTEA -SUMMARY OFSIGNIFICANTACCOUNTCNG POLICIES
1. Principles of Combination
The accompanying combined financial statements include the financial statements of the
YWCA and the Foundation. All significant inter-organization accounts and transactions
have been eliminated in combination.
2. Income Taxes
The YWCA is exempt from federal income tax under Section 501(c)(3) of the Internal
Revenue Code and state income tax under Chapter 220.13 of the Florida Statutes. The
Internal Revenue Service has determined the YWCA not to be a private foundation and
contributions to it qualify as charitable contribution deductions.
The Foundation is a Florida not-for-profit corporation organized to support the
Organization. The YWCA and Foundation are financially interrelated. The Foundation is
exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code
and has been determined not to be a private foundation.
3. Programs
Adolescent Pregnancy and Parenting - Enhances self-sufficiency by providing
community-wide, comprehensive services in the areas of health, education, prevention, life
skills and counseling to adolescents, young adults, and their children.
Family Village - Provides short-term, temporary affordable housing, counseling and
support services for homeless families, and a child development center to serve the needs
of the families in the housing program.
Community Outreach - Assists targeted families through a comprehensive healthy
families support initiative.
Child Care - Provides public and teen parent childcare.
8
YOUNG WOMEN'S CHRISTL4NASSOCL4TIONOF TAMPA BAY, INC. AND AFFILIATE
NOTES TO COMBINED F17VANCL4L STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTE A -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIEs -- CONTINUED
4. Financial Statement Presentation
The Organization reports information regarding its financial position and activities based
on the existence or absence of donor-imposed restrictions in accordance with Financial
Accounting Standards Board Statement of Financial Accounting Standards (SFAS) No.
117, Financial Statements of Not-for-Profit Organizations. Accordingly, the Organization
has classified its net assets and changes therein as unrestricted (net assets that are not
subject to donor-imposed stipulations) and permanently or temporarily restricted net
assets, as required.
In accordance with SFAS No. 117, special event revenue is shown net of the cost of the
direct benefit to donors.
5. Restricted and Unrestricted Contributions
The Organization accounts for contributions in accordance with SFAS No. 116,
Accounting for Contributions Received and Contributions Made. Accordingly,
contributions received are recorded as unrestricted, temporarily restricted, or permanently
restricted support depending on the existence and/or nature of any donor restrictions.
Contributions that are restricted by the donor are reported as an increase in unrestricted net
assets if the restriction expires in the reporting period in which the contributions are
received. All other donor-restricted contributions are reported as an increase in
temporarily or permanently restricted net assets, depending on the nature of the restriction.
When a restriction expires (that is, when a stipulated time restriction ends or the purpose of
the restriction is accomplished), temporarily restricted contributions are reclassified and
reported in the statements of activities as net assets released from restrictions.
Contributions are recognized at their present value when a donor makes a contribution. In
accordance with SFAS No. 116, unconditional promises to give are recognized as revenues
in the period received. Conditional promises to give are recognized when the conditions
on which they depend are substantially met.
Federal, state, and local government and other public grants are recognized as support
when performance occurs pursuant to the contract agreement.
9
YOUNG WOMEN'S CHRISTL4NASSOCL4TION OF TAMPA BAY, INC. AND AFFILL4 TE
NOTES TO COMBINED FINANCL4L STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
6. Cash Accounts
The Organization classifies all short-term investments with a maturity of three months or
less as cash equivalents.
7. Investments
The Organization adopted SFAS No. 124, Accounting for Certain Investments Held by
Not-For-Profit Organizations. In accordance with SFAS No. 124, investments in equity
securities with readily determinable fair values and all investments in debt securities are
carried at their fair values in the Organization's statements of financial position.
Unrealized gains and losses are included in the statements of activities and change in net
assets. Restrictions on investment earnings are reported as increases in unrestricted net
assets if the restrictions expire in the fiscal year in which the earnings are recognized.
Investment return for the years ended September 30, 2008 and 2007 is presented in the
accompanying combined statements of activities and change in net assets as either
unrestricted or permanently restricted. Permanently restricted investment income
represents the change in value of a beneficial interest in a perpetual trust. All other
investment income includes unrestricted amounts generated from the YWCA and
Foundation investment accounts.
8. Receivables
Grants and fees receivable represent amounts due from various federal, state, and local
agencies for purposes specified by each grant. Promises to give are recorded at net
realizable value and represent amounts due from unconditional pledges to the
Organization.
Management considers all receivables to be collectible. As such, an allowance for
doubtful accounts is not recorded in the accompanying combined financial statements.
9. Property and Equipment
Property and equipment are stated at cost if purchased or at estimated fair value at date of
receipt if contributed. Depreciation is calculated using the straight-line method over the
estimated useful lives of the respective assets, which range from 3 to 40 years.
10
YOUNG WOMEN'S CHRISTMNASSOCL4TION OF TAMPA BAY, INC. AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
9. Property and Eauinment -Continued
Expenditures in excess of $750 with estimated useful lives in excess of one year are
capitalized. Gifts of long-lived assets are reported as unrestricted support unless the donor
has restricted the asset for a specific purpose.
Repairs and maintenance of property and equipment are charged to operations and major
improvements are capitalized. Upon retirement, sale, or other disposition of property and
equipment, costs and accumulated depreciation are eliminated from the accounts and any
resulting gain or loss is included in operations.
Property acquired with grant funds is considered owned by the Organization while used in
the program for which it is purchased or in future authorized programs; however, its
disposition as well as the ownership of any proceeds from is subject to applicable
regulations.
10. Noncash Contributions
Contributions of materials and securities are recorded as support at their fair value at the
date of donation. Contributions of services are recorded as support at their estimated fair
value if the services received create or enhance non-financial assets or require specialized
skills, are provided by individuals possessing those skills, and would typically need to be
purchased if not provided by donation.
11. Expense Allocation
Costs of providing services have been detailed in the statements of functional expenses and
summarized on a functional basis in the statements of activities and change in net assets.
Expenses that can be identified with a specific program or support service are allocated
directly according to their natural expenditure classification.
12. Advertising Costs
Advertising costs are expensed as incurred and were approximately $10,800 and $12,600
for the years ended September 30, 2008 and 2007, respectively.
11
YOUNG WOMEN'S CHRISTMNASSOCL4TION OF TAMPA BAY, INC. AND AFFILIATE
NOTES TO COMBINED F17VANCL4L STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTE A -SUMMARY OFSIGNIFICANT ACCOUNTING POLICIES - CONTINUED
13. Use of Estimates
The preparation of combined financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
14. Reclassifications
Certain amounts in the 2007 combined financial statements were reclassified to conform
to the 2008 presentation. These reclassifications had no effect on the previously reported
change in net assets.
NOTE B - PROMISES TO GIVE
Promises to give are due as follows at September 30:
Less than one year
One to three years
More than three years
NOTE C-INVFSTMENTS
Investments consist of the following at September 30:
Cash
Government and agency securities
Corporate bonds and bond funds
Equity funds
2008 2007
$ 4,100 $ 10,193
665 3,100
- 850
?.
4,765
4 4
2008 2007
$ 64,860 $ 105,088
24,930 24,172
19,959 19,275
204.681 286.858
$ L4,430 435 3 3
At September 30, 2008 and 2007, investment return includes interest and dividend income of
$22,087 and $34,601 (net of fees of $150 each year), respectively. The net realized and
unrealized loss for the year ended September 30, 2008 was $91,024. The net unrealized gain
for year ended September 30, 2007 was $53,692.
12
YOUNG WOMEN'S CHRISTMNASSOCMTIONOFTAMPA BAY, INC. ANDAFFILL4TE
NOTES TO COMBINED F17VANCL4L STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NoTE D -LAND LEASE RECEIVABLE
The YWCA leases its Family Village facility land from the City of St. Petersburg, Florida under
a 25-year lease agreement commencing April 1997 for a one time payment of $300. The lease
requires the YWCA to use the land for certain restricted purposes or the agreement can be
terminated.
The YWCA leases its Hispanic Outreach Center under a three-year lease agreement
commencing November 2006 for a onetime payment of $1. The lease requires the YWCA to
use the property to implement the Latin Outreach program.
The YWCA records these leasing transactions as land lease receivable and in-kind contribution.
Amounts recorded are based on the fair value of the leased property.
Due to discontinued support by the Juvenile Welfare Board of Pinellas County (JWB), the
Hispanic Outreach Center was discontinued effective October 1, 2008. The remaining land
lease receivable balance of $161,052 was written off at September 30, 2008. The related
leasehold improvements and other fixed assets totaling $104,943 were also written off at
September 30, 2008.
September 30,
One year or less
One to five years
Over five years
2008 2007
$ 19,515 $ 168,179
78,060 239,112
165,883 185,398
$ 263,45_ $ - 592.689
NOTE E - PROPERTYAND EQUIPMENT
Property and equipment consist of the following at September 30:
Building and improvements
Leasehold improvements
Furniture and equipment
Vehicles
Less accumulated depreciation
2008 2007
$ 3,038,201 $ 3,038,201
39,026 201,938
241,574 290,696
71,860 77,938
3,390,661 3,608,773
_ (1,195,173) 1? 75 687)
$ 2.195,488 $ 2.433.086
13
YOUNG WOMEN'S CHRISTIANASSOCIATION OF TAMPA BAY, INC. AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS .
SEPTEMBER 30, 2008 AND 2007
NOTE F-- SPLIT INTERESTAGREEMENTs
Charitahle Remainder Trust
The YWCA is beneficiary of a charitable remainder trust held by a third party. The YWCA
has recorded a receivable based on the present value of the estimated future benefit to be
received when the trust assets are distributed, based on the life expectancy of the beneficiary
named in the trust.
Beneficial Interest in Perpetual Trust Held by Third Party
The YWCA is an income beneficiary of a perpetual trust held by a third party that is measured
based on the fair value of the trust assets. Change in the fair value of the trust assets is reported
as permanently restricted gains or losses. Income distributions from the trust are reported as
unrestricted investment income.
NOTE G - NOTES PAYABLE
Notes payable consist of the following at September 30:
2008 2007
Promissory note payable for funds received pursuant to a
Community Development Block Grant from the City of St.
Petersburg, Florida. Compliance with all provisions set forth in
the note shall defer payment of the principal amount through
January 1, 2022, and all sums due and payable shall be forgiven
as of that date. Interest will not accrue while payment of the
principal is deferred. The note is secured by real property. $ 300,000 $ 300,000
Promissory note payable to a bank, bearing interest at 6.95%
(7.5% through September 30, 2004), principal and interest due in
monthly payments of $1,480 ($1,625 through September 30,
2004), maturing in September 2023, collateralized by real
property owned by the Foundation. , 143.939 151,266
44 1 2
14
YOUNG WOMEN'S CHRISTMNASSOCL4TION OF TAMPA BAY, INC. AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTE G -No TEs PAYABLE - CONTINUED
Aggregate maturities of notes payable are as follows at September 30:
2009 $ 8,032
2010 8,608
2011 9,227
2012 9,887
2013 9,887
Thereafter 398,298
443232
Interest expense for the years ending September 30, 2008 and 2007 was $21,105 and $15,305,
respectively.
NOTE H- LINE OF-.CREDIT
The YWCA has a line-of-credit with a local bank with a limit of $200,000. The interest rate on
the line-of-credit changes monthly and is equal to the bank's prime rate plus .0525% in 2008
and 2007. The interest rate at September 30, 2008 and 2007 was 5.00% and 7.75%,
respectively. The balance at September 30, 2008 and 2007 was $53,475 and $69,000,
respectively.
NOTE I - IN KIND CONTRIBUTIONS
The Pinellas County School Board provides teachers and supplies for the Adolescent Pregnancy
and Parenting program. A total of $247,723 was contributed during both years ended 2008 and
2007 for salaries and related fringe benefits.
NOTE J-- CONTINGENCIESAND COMMITMENTS
The YWCA receives a substantial amount of support from grantor agencies for its programs. If
this support were to be reduced or eliminated, it could affect the operation of the supported
programs. In addition, the YWCA is subject to audit examination by the grantor agencies. In
the event that reimbursed expenditures were disallowed, repayment would be required.
In July 2008, it was determined by JWB Children's Services Council of Pinellas County that the
Organization would no longer issue new Service Agreements with the YWCA, effective
September 30, 2008. This results in _a loss of contract funding of approximately $2.8 million.
This includes $1.3 million from JWS and $1.5 million through the Healthy Families Program of
Pinellas County. The programs related to this funding are not in the YWCA's program services
subsequent to year-end.
15
YOUNG WOMEN'S CHRISTIANASSOCIATION OF TAMPA BAY, INC. AND AFFILIATE
NOTES TO COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTE K- LEASES
The YWCA leases various facilities and office equipment under operating leases. The leases
expire beginning in 2007 through 2012.
Future lease commitments under non-cancelable leases with terms in excess of one year are as
follows:
2009 $ 48,141
2010 720
2011 720
2012 720
2013 60
Thereafter -
50'3 -
Lease expense associated with the non-cancelable leases for the years ended September 30,
2008 and 2007 was $68,211 and $73,046, respectively.
NOTE L -- DEFINED BENEFIT PLAN
The YWCA participates in the national YWCA Retirement Fund, Inc., which is a defined
benefit plan for employees who have completed two years of service and at least 1,000 hours of
service during each of those two years. Participants are immediately 100% vested. The YWCA
contributes 7.5% of eligible employee salaries. Contributions paid to the plan during the fiscal
years 2008 and 2007 were $154,172 and $158,106, respectively.
NOTE M- TEMPORARILYAND PERMANENTLYRESTRICTED NET ASSETS
At September 30, net assets were temporarily restricted for the following purposes:
2008 2007
Time Restricted
Promises to give $ 4,765 $ 14,143
Land leases 263,458 592,689
Remainder trust 59,709 56,096
327,932 $--A 62.928
Net assets released from time restrictions amounted to $338,609 and $212,737 for the years
ended September 30, 2008 and 2007, respectively.
16
YOUNG WOMEN'S CHRISTL4NASSOCL4TION OF TAMPA SAY, INC. AND AFFILL4TE
NOTES TO COMBINED FINANCL4L STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTEM- TEMPORARILYAND PERMANENTLYRESTRICTED NETASSETS- CONTINUED
At September 30, permanently restricted net assets consisted of the following:
Endowment
Beneficial interest in perpetual trust
NOTE N- CONCENTRATION OF RISK
2008 2007
$ 80,215 $ 80,215
123,852 145,252
$--204,067 $-225,467
The Organization maintains its cash balances in financial institutions and those balances are
insured by the Federal Deposit Insurance Corporation up to $100,000. Cash may have
exceeded the federally insured limit at various times throughout the years ended September 30,
2008 and 2007. On October 3, 2008, FDIC deposit insurance temporarily increased from
$100,000 to $250,000 per depositor through December 31, 2009.
NOTE O - RELATED PARTY TRANSACTIONS
The YWCA began leasing a building from the Foundation in September 2003. The lease term
is for ten years through August 31, 2013, with two options to renew for a period of five years
each. Payments of $8,000 per month are recorded as rent expense for the YWCA and as rental
income for the Foundation. Accordingly, rent expense and income recorded by the entities for
fiscal years ending September 30, 2008 and 2007 related to this lease totaled $96,000 per year.
From time to time, the Foundation receives contributions from members of the board of
directors and staff of the YWCA, in addition to contributions it receives from the public at
large. As of September 30, 2008 and 2007, promises to give include amounts due from the
board and staff members in the amounts of $1,600 and $8,870, respectively.
NOTE P- PRIOR PERIOD ADJUSTMENT
During the year ended September 30, 2007, the YWCA had net earned revenue of $60,902
which was not recorded on its combined financial statements. The effect of this error increased
receivables by $44,495, decreased deferred revenue by $16,407, decreased temporarily
restricted net assets by $32,500 and increased unrestricted net assets $93,402 at year end
September 30, 2007.
17
YOUNG WOMEN'S CHRISTI4NASSOCL4TION OF TAMPA BAY, INC. AND AFFILL47E
NOTES TO COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTE Q --DISCONTINUED OPERATIONS
During the year ended September 30, 2008, Juvenile Welfare Board of Pinellas County (JWB)
voted to not renew the YWCA of Tampa Bay Contract, effective October 1, 2008. Two
programs, the Hispanic Outreach Center and "Y Girls", were discontinued as a result of the
contract termination. Two other programs lost partial funding. In accordance with SFAS No.
144, Accounting far the Impairment or Disposal of Long-Lived Assets, the YWCA wrote-off the
carrying value of the leasehold improvements and land lease receivable related to the Hispanic
Outreach Center (see Note D). The date of approval to discontinue the contract was July 17,
2008. All revenues and expenses associated with this termination through June 30, 2008 (prior
to this measurement date) were included on the face of the Statement of Activities and Change
in Net Assets separately from the total loss on the contract termination. The loss associated
with these discontinued operations includes the write-off of the leasehold improvements and
land lease receivable of approximately $266,000. This write-off is presented along with the
results of discontinued operations for the period July 1, 2008 through September 30, 2008 as a
loss associated with discontinued operations. Both line items are reflected under the heading of
Discontinued Operations on the Statement of Activities and Change in Net Assets. The results
of operations for these programs for 2007 were also reclassified and presented in discontinued
operations in accordance with SFAS No. 144.
NOTE R -MANAGEMENTINITmTIVEs
The Organization's net loss for 2008 is approximately $472,300. The Organization's net loss
before discontinued operations for 2008 is approximately 271,100. Discontinuance of contract
funding was discussed in Note J and Note Q. Management has summarized their operational
plans for the future below.
The Board of Directors and Management have completed a Strategic Visioning process that
produced a new strategic plan and refocused existing resources on meeting the mission of the
YWCA. In addition to continuing its child care, housing, and adolescent pregnancy and
parenting services programs, the YWCA is focusing on establishing new programs which will
enhance their ability to focus on women's issues and eliminating racism which will more
closely mirror the mission of the YWCA National Organization. The Board and Management
are enthusiastic and determined to make this shift in strategic focus a success.
18
YOUNG WOMEN'S CHRISTMNASSOCL4TION OF TAMPA BAY, INC. AND AFFILIATE
NOTES TO COMBINED FINANCLIL STATEMENTS
SEPTEMBER 30, 2008 AND 2007
NOTE R -MANAGEMENT INITIATIVES - CONTINUED
Economic empowerment, health and wellness, and leadership will be three women's issues that
will be at the forefront of its focus. Fee for service programming includes a partnership with the
National Debt Foundation and Wachovia Foundation to provide financially focused classes for
women only, which will teach financial literacy and debt management. The health and
wellness programs for women will consist of nutrition and lifestyle education as well as
expanded exercise programming which will improve women's overall well-being. An online
leadership class in collaboration with St. Petersburg College will begin in the spring of 2009.
During February 2009, the organization is opening a resale and consignment shop which will
provide on the job training skills to clients as well as generate funding for the mission driven
programs. Management plans to rely on existing staff and the use of volunteers as well as
utilizing residents from Family Village.
In addition to establishing these new programs and initiatives, management will continue with
its already established fundraising events which are expected to generate $85,000 in additional
revenue.
Management has also trimmed expenses, downsizing payroll by eliminating positions and
streamlining administration costs for the current year. In total, operating expenses have been
reduced by approximately $3.4 million. Program costs are being funded with approved
contracts and grants, as well as program service fees.
A building committee composed of real estate, mortgage, and banking professionals has
been formed to determine the best and highest use of the administration building which is
valued at approximately two million dollars in today's market and to explore rental
opportunities to generate additional revenue.
There has been a reactivation.of an aggressive funding development strategy, which had been
inactive during the past few years, to gain support from both public and private enterprises in
the community. The YWCA will capitalize on their 90 year history and deep roots in the
community to foster a financially supportive environment.
It is clear that YWCA took aggressive positive action to cut losses associated with losing
7WB funding and refocused existing resources on meeting the mission of YWCA. This is a
proactive response to the changing economic climate and, in fact, positions the YWCA to
create a more independent and healthier financial foundation that has less concentration of
risk with any single funding source.
19
CER11I IED PUBLIC
accourltarlt
29750 U.S. Hwy. 19 North, Suite 101
Clearwater, Florida 33761
INDEPENDENT A UDITORS' REPORT ON
S UP P L E ME N TA R Y I N l I O R MA T I O N
To the Board of Directors
Young Women's Christian Association of Tampa Bay, Inc. and Affiliate
St. Petersburg, Florida
Our report on our audits of the combined financial statements of Young Women's
Christian Association of Tampa Bay, Inc. and Affiliate for 2008 and 2007 appears on page one.
Our audits were performed for the purpose of forming an opinion on the basic combined financial
statements taken as a whole. The accompanying combined schedule of revenue and expenses by
program for the years ended September 30, 2008 and 2007 and the schedule of expenditures of
federal awards for the year ended September 30, 2008 are presented for purposes of additional
analysis or as required by U.S. Office of Management and Budget Circular A-133, Audits of Stares,
Local Governments, and Non-Profit Organizations, and are not a required part of the basic
combined financial statements. Such. information has been. subjected to the auditing procedures
applied in. the audits of the basic combined financial statements and, in our opinion, are fairly
stated, in all material respects, in relation to the basic combined financial statements taken as a
whole.
Clearwater, Florida
January 27, 2009
20
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YOUNG WOMEN'S CHRISTIANASSOCL4TION OF TAMPA BAY, INC. AND AFFILIATE
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED SEPTEMBER 30, 2008
Federal Agency
Pass-through Entity CFDA Contract/Grant
Federal Prozram/State Proiect Number Numbers Expenditures
U.S. Department of Agriculture
Passed through Florida Department of Health
Child and Adult Care Food Program
U.S. Department of Housing and Urban Development
Direct Program
Supportive Housing Program
Passed through City of St. Petersburg
Community Development Block Grant
Community Development Block Grant
Passed through City of Clearwater
Community Development Block Grant
Total U.S. Department of Housing and
Urban Development
U.S. Department of Justice .
Passed through the City of Clearwater
Byrne Formula Grant Program
Victim Advocacy/World Relief
U.S. Department of Health and Human Services
Passed through Pinellas County Health Department
Healthy Start
Victim Advocacy
U.S. Department of Homeland Security
Passed through United Way of Pinellas County
Emergency Food and Shelter National
Board Program
10.558 5-0437 $ 84,928
14.235 FL29B702012 151,434
14.218 YWC-95-CDBG-29 * 300,000
14.218 B-07-MC-12-0017 78,715
14.218 N/A 12,695
16.738
205-F 1346-FL-DT
BR504894/BX-K008
H94M00054
HHSP23320062928
42,971
24,421
93.926
97.024
Total Expenditures of Federal Awards
542,844
35,719
11,078
1694-007 23.127
* This represents the balance of a loan from a previous year for which the federal government imposes
continuing compliance requirements.
23
YOUNG WOMEN'S CHRISTMNASSOCL4TION OF TAMPA BAY, INC. AND AFFILIATE
NOTES TO SCHEDULE OFEXPENDITURES OFFEDERAL AWARDS
SEPTEMBER 30, 2008
BASIS OFPRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant
activity of the Young Women's Christian Association of Tampa Bay, Inc. (YWCA) and is
presented on the accrual basis of accounting. The information in this schedule is presented in
accordance with accounting principles generally accepted in the United States of America as
applicable to non-profit organizations and the requirements of OMB Circular A-133, Audits of
States, Local Governments, and Nan-Profit Organizations.
CONTINGENCIES
Expenditures incurred by the YWCA are subject to audit and possible disallowance by the
grantor agency. Management believes that if audited, any adjustments for disallowed expenses
would be immaterial in amount.
SUPPORT REQUIRING MATCHING FUNDS
The YWCA receives funding from various sources that require the YWCA to provide matching
funds. During the year ended September 30, 2008, the YWCA provided matching funds equal
to or in excess of the required match amounts.
24
..........................................
29750 U.S. Hwy. 19 North, Suite 101
< I?i'1f=I .L)F'1:E31._K Clearwater, FL 33761
REPORT ON -INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLL4NCE AND OTHER MATTERS
BASED ONANA UDIT OF FINANCLAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Directors
Young Women's Christian Association of Tampa Bay, Inc. and Affiliate
St. Petersburg, Florida
We have audited the combined financial statements of Young Women's Christian Association of
Tampa Bay, Inc. and Affiliate (the Organization) as of and for the year ended September 30, 2005 and
have issued our report thereon dated January 27, 2009. We conducted our audit in accordance with
auditing standards generally accepted in the United States of America and the standards applicable to
financial audits contained in Government Auditing Standards, issued by the Comptroller General of the
United States.
Internal Control over Financial Re ortin
In planning and performing our audit, we considered the Organization's internal control over
financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion
on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the
Organization's internal control over financial reporting. Accordingly, we do not express an opinion on the
effectiveness of the Organization's internal control over financial reporting.
A control deficiency exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on
a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the entity's ability to initiate, authorize, record, process, or report financial data reliably in
accordance with generally accepted accounting principles such that there is more than a remote likelihood that
a misstatement of the entity's financial statements that is more than inconsequential will not be prevented or
detected by the entity's internal control. We did not identify any deficiencies in internal control over financial
reporting that we consider significant, as defined above.
A material weakness is a significant deficiency, or combination of significant deficiencies, that results
in more than a remote likelihood that a material misstatement of the financial statements will not be prevented
or detected by the entity's internal control.
25
REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON ANA UDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT A UDITING STANDARDS -CONTINUED
Our consideration of the internal control over financial reporting was for the limited purpose described
in the first paragraph of this section and would not necessarily identify all deficiencies in the internal control
that might be significant deficiencies and, accordingly, would not necessarily disclose all significant
deficiencies that are also considered to be material weaknesses. We did not identify any deficiencies over
financial reporting that we consider material weaknesses, as defined above.
Con_U liance and Ot/rer Matters
As part of obtaining reasonable assurance about whether the Organization's combined financial
statements are free of material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material
effect on the determination of financial statement amounts. However, providing an opinion on compliance with
those provisions was not an objective of our audit, and, accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be reported
under Government'Auditing Standards.
This report is intended for the information and use of the board of directors and management, others
within the Organization, and federal awarding agencies and pass-through entities. However, this report is a
matter of public record and its distribution is not limited.
Clearwater, Florida
January 27, 2009
26
................
..........................
-- - - .................... r29750 U.S. Hwy. 19 North, Suite 101
t;E F?rii lE::[7 f'tJ['[ 1C; Clearwater, FL 33761
REPORT ON COMPLIANCE WITH REQ UIREMENTS
APPLICABLE TO EACHMAJOR PROGRAMAND
ONINTERIVAL CONTROL OVER COMPL1ANCEIN
ACCORDANCE WITH OMB CIRCULAR A-133
To the Board of Directors
Young Women's Christian Association of Tampa Bay, Inc. and Affiliate
St. Petersburg, Florida
Compliance
We have audited the compliance of Young Women's Christian Association of Tampa Bay, Inc. and
Affiliate (the Organization) with the types of compliance requirements described in the U.S. Office of
Management and Budget (OMB) Circular A-133 Compliance Supplement that are applicable to each of its
major federal programs for the year ended September 30, 2008. The Organization's major federal programs are
identified in the summary of audit results section of the accompanying schedule of findings and questioned
costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to its major
federal programs is the responsibility of the Organization's management. Our responsibility is to express an
opinion on the Organization's compliance with those requirements based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of ,States,
Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we
plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of
compliance requirements referred to above that could have a direct and material effect on a major federal
program occurred. An audit includes examining, on a test basis, evidence about the Organization's compliance
with those requirements and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal
determination on the Organization's compliance with those requirements.
In our opinion, the Organization complied, in all material respects, with the requirements referred to above
that are applicable to each of its major federal programs for the year ended September 30, 2008.
Internal Control over Compliance
The Organization's management is responsible for establishing and maintaining effective internal control
over compliance with the requirements of laws, regulations, contracts, and grants applicable to federal programs.
In planning and performing our audit, we considered the Organization's internal control over compliance with
the requirements that could have a direct and material effect on a major federal program in order to determine
our auditing procedures for the purpose of expressing an opinion on compliance and to test and report on
internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the
Organization's internal control over compliance.
27
REPORT ON COMPLIANCE WITH REQUIREMENTS
APPLICABLE TO EACH MAJOR PROGRAMAND
ON INTERNAL CONTROL OVER COMPLIANCE IN
ACCORDANCE WITH OMB CIRCULAR A-133 - CONTINUED
A control deficiency in an entity's internal control over compliance exists when the design or operation of
a control does not allow management or employees, in the normal course of performing their assigned functions, to
prevent or detect noncompliance with a type of compliance requirement of a federal program on a timely basis. A
significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the
entity's ability to administer a federal program such that there is more than a remote likelihood that a
noncompliance with a type of compliance requirement of a federal program that is more than inconsequential will
not be prevented or detected by the entity's internal control.
A malarial weakness is a significant deficiency, or combination of significant deficiencies, that results in
more than a remote likelihood that material noncompliance with a type of compliance requirement of a federal
program will not be prevented or detected by the entity's internal control.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and would not necessarily identify all deficiencies in internal control that might be
significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over
compliance that we consider to be material weaknesses, as defined above.
This report is intended for the information and use of the board of directors and management, others
within the Organization, and federal awarding agencies and pass-through entities. However, this report is a
matter of public record and its distribution is not limited.
Clearwater, Florida
January 27, 2009
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YOUNG WOMEN'S CHRISTMNASSOCL47ION OF TAMPA BAY, INC. AND AFFILIATE
SCHEDULE OFFINDINGSAND QUESTIONED COSTS
SEPTEMBER 30, 2008
A. Summary o Audit Results
1. The auditors' report expresses an unqualified opinion on the combined financial statements.
2. No material weakness or significant deficiencies were identified during the audit of the
combined financial statements.
3. No instances of noncompliance material to the combined financial statements, which would be
required to be reported in accordance with Government Auditing Standards, were disclosed
during the audit.
4. No deficiencies relating to the audit of the major federal award programs are reported in the
report on compliance with the major federal award program.
5. The auditors' report on compliance for the major federal award programs expresses an
unqualified opinion.
6. There are no audit findings that are required to be reported in accordance with Section 510(a) of
OMB Circular A-133.
7. The following federal program tested as major programs included:
Federal Pro ram CFDA No.
U.S. Department of Housing and Urban Development -
Community Development Block Grant 14.218
8. The threshold used for distinguishing between Type A and Type B programs was $300,000.
9. The auditee did not qualify as a low risk auditee pursuant to OMB Circular A-133.
B. Findings -Financial Statements Audit
None
C. Findings and Questioned Costs, Maior Federal Awards Programs Audit
None
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YOUNG WOMEN'S CHRISTMNASSOCIATION OF TAMPA BAY, INC. AND AFFILIATE
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
SEPTEMBER 30, 2008
D. Prior Year Findings -Financial Statement Audit
Si ni icant De iciencies
2007-1 Documented Processes in Accounting for Agreement
Condition: Lack of documentation of procedures as it relates to personnel changes in
programs within the Juvenile Welfare Board (JWB) agreement.
Result: Corrective action was taken.
2007-2 Vacation and Time-off Policy
Condition: Vacations are not mandatory for key accounting personnel and tasks are not
performed by another individual when someone is out.
Result: Corrective action was taken.
Material Weakness
2007-3 Approval of Pay Changes
Condition: A lack of segregation of duties in processing payroll was noted. One
employee prepared and processed payroll without proper authorization and segregation of
duties.
Result. Corrective action was taken.
E. Other Issues
1. No Corrective Action Plan is required because there were no findings required to be reported
related to the federal program.
2. No summary schedule of prior audit findings is required because there were no prior audit
findings related to the federal program.
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