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NATIONAL KIDNEY FOUNDATION OF LOUISIANA, INC.

FINANCIAL STATEMENTS

JUNE 30, 2009 AND 2008

Under provisions of state law, this report is a public documentAcopyofthereporthasbeen submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office ofthe Legislative Auditor and, where appropriate, at the office of the parish cleri< of court.

Release Date AJM/MI.

JmSSk Postlethwaite ^*'-*^"" & Netterville

A Professional Accounting Corporation

www.pncpa.cQm

http://www.pncpa.cQm

T A B L E O F C O N T E N T S

Page

INDEPENDENT AUDITORS' REPORT 1

FINANCIAL STATEMENTS ;

Statements of Financial Position i 2

Statements of Activities 3

Statements of Cash Flows 4

Statements of Functional Expenses 5 - 6

Notes to Financial Statements 7-12

SUPPLEMENTARY INFORMATION

Schedule 1 Schedule of Gross Revenues/Affiliate Share Reconciliation Worksheet 13

• B U M Postlethwaite • K i l l & Netterville

A Professional Accounling CorporQl<on Asioc oled Ot^CBi m Principal Citisi oi th* United Slates

www.pncpa.com

Independent Auditor's Report

To the Officers and Board of Directors National Kidney Foundation of Louisiana, Inc. New Orleans, Louisiana

We have audited the accompanying statements of financial position of the National Kidney Foundation of Louisiana, Inc. (the Foundation) as of June 30,2009 and 2008, and the related statements of activities, cash flows and functional expenses for the years then ended. These fmancial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of intemal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation's intemal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the National Kidney Foundation of Louisiana, Inc. as of June 30, 2009 and 2008, and its activities, cash flows and fimctional expenses for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information included in Schedule I is presented for purposes of additional analysis and is not a required part ofthe financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

PoM^At^^dimM Metairie, Louisiana September 30,2009

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30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, LA 70163-3000 • Tel: 504.569.2978

2324 Severn Avenue • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609

http://www.pncpa.com


STATEMENTS OF FINANCIAL POSITION

JUNE 30.2009 AND 2008

Assets

Current assets: Cash and cash equivalents Cash restricted for specific use (note 7) Accounts receivable Investments Prepaid expenses

Total current assets

Property and equipment, at cost, less accumulated depreciation of $39,741 and $36,940, respectively

Other assets

Total assets

Liabilities and Net Assets

Current liabilities: Accounts payable and other accrued expenses

Total current liabilities

Total liabilities

Net assets: Unrestricted (note 8) Temporarily restricted (note 7)

Total net assets

Total liabilities and net assets

The accompanying notes are an integral part of these statements.

2009

655.009

6,572 1,125

54,542 $

2008

$ 74,855 3 150,350 73,020

336,776 20,008

> 139,429 116,300 34,834

271,058 2,030

563,651

5,562 1,125

662,706 $ 570,338

22,765

$

54,542

54,542

457,814 150,350

608,164

662,706 a

22,765

22,765

410,273 137,300

547,573

) 570,338

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NATIONAL KIDNEY FOUNDATION OF LOUISIANA. INC.

Oiher revenue: Membership dues Investment income, iflcluding

net realized gain on sales of securities

Other income Total other revenue

Net assets released from restrictions

Total revenues, gains and other support

Expenses Program services:

Research Public education Professional education Patient services Community services

Total program services

Supporting services: Fund-raising Management and general

Total supporting services

Total expenses

Change in net assets

Net assets at beginning of year

Net assets at end of year

STATEMENTS OF ACTIVITIES

YEARS ENDED JUNE 30. 2009 AND 2008

Year ended June 30,2009 _. temporarily Uorestricted Restricted Total

Revenues Support from the public:

Received directly-contributions Received indirectly:

United & Federal Funds Combined federal campaign

Special events fimd raisers: Revenues Less: direct benefit costs

Net support from special events fiind raisers

Total support from the public

$ 21,302

888 20,297

716,902 (310,741)

406,161

448,648

5,131

10,202 2,200

17,533

151.721

617,902

35,723 144,581 51,618

146,622 84,702

463,246

68,855 38,260

107,115

570,361

47,541

410,273

164,771

(151.721)

13,050

13.050

137,300

$ 457,814 $ 150.350

20,297

716,902 (310.741)

406,161

613,419

5,131

35,723 144,581 St,6l8 146,622 84,702

Year ended June 30. Temporarily

Unrestricted Restricted

2008

74 13,746

767,908 (315,427)

452,481

483,940

4,680

10.202 2,200

17,533

630,952

14,094 562

19,336

96,237

599,513

30,862 117,276

65,025 159,410 72.170

463,246

68,855 38.260

107,115

570.361

60.591

547,573

$ 608.164 '

444.743

81,985 62,768

144,753

589,496

10.017

400,256

$ 410.273

(96.237)

22,768

114,532

Total

$ 17,639 $ 119,005 $136,644

74 13.746

767,908 :_ . (315,427)

-_ 452,481

119.005 602.945

4.680

14,094 562

19,336

22,768 622.281

30,862 117,276 65,025

159.410 72.no

444,743

81,985 62.768

144,753

589.496

32,785

514.788

$ 137.300 $547,573


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http://72.no


STATEMENTS OF CASH FLOWS

YEARS ENDED JUNE 30.2009 AND 2008

CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets Adjustments to reconcile change in net assets

to net cash provided by (used in) operating activities: Depreciation Changes in operating assets and liabilities:

Accoimt receivable Prepaid expenses Accounts payable and accrued expenses

Net cash provided by (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from the sale of investments Purchase of investments Purchase of property and equipment

Net cash used In investing activities

NET DECREASE IN CASH AND CASH EOUIVALENTS

CASH AND CASH EOUIVALENTS - BEGINNING OF YEAR

CASH AND CASH EOUIVALENTS - END OF YEAR

RECONCILIATION TO THE STATEMENTS OF FINANCIAL POSITION Cash and cash equivalents Cash restricted for specific use


2009

2,801

2008

60,591 $ 32,785

.2,766

(38,186)

(17,978)

31,777

39,005

204,282

(270,000)

(3,811) (69,529)

(30,524)

255,729

$ 225,205

$ 74,855

150,350 S 225,205

(13,548)

2,031

(35,272)

(11,238)

149,865

(270,000)

(120,135)

(131,373)

387,102

$ 255,729

$ 139,429

116,300

$ 255,729

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NOTESTO FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

History and Organization

The National Kidney Foundation of Louisiana, Inc. (the Foundation) is a non-profit, non-stock corporation organized to provide effective treatment for and to aid in the research of kidney disease. The Foundation provides professional education, public education, community and patient services, and research to improve the care and treatment of those afflicted with diseases ofthe kidney. This qualifies the Foundation as a voluntary health and welfare organization for purposes of financial statement presentation. The Foundation is supported primarily through donor contributions and special event revenues.

Financial Statement Presentation

For fmancial statement purposes, the Foundation recognizes revenues and records expenses on the accrual basis of accounting. Under this method, revenues are recognized when earned, and expenses are recorded when incurred. In-kind contributions are recognized at the fair market value when received.

Promises to Give

Contributions are recognized when the donor makes a promise to give to the Foundation that is, in substance, unconditional. All contributions are considered to be available for unrestricted use unless specifically restricted by donors. Contributions that are restricted by the donor are reported as increases of unrestricted nel assets if the restrictions expire in the fiscal year in which the contributions are recognized. All other donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets depending on the nature ofthe restrictions. When the restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets.

The Foundation uses the allowance mediod to determine uncollectible unconditional promises receivable. The allowance is based on historical experience and management's analysis of specific promises made.

Contributed Services

During the years ended June 30, 2009 and 2008, the value of contributed services meeting the requirements for recognition in the financial statements was not material and has not been recorded.

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NOTES TO FINANCIAL STATEMENTS

1. Summarv of Significant Accounting Policies (continued)

Propertv and Equipment

Donations of property and equipment are recorded as support at their estimated fair value. Such donations are reported as unrestricted support unless the donor has restricted the donated asset to a specific purpose. Assets donated with explicit restrictions regarding their use and contributions of cash that must be used to acquire property and equipment are reported as restricted support. Absent donor stipulations regarding how long those donated assets must be maintained, the Foundation reports expirations of donor restrictions when the donated or acquired assets are placed in service as instructed by the donor. The Foundation reclassifies temporarily restricted net assets to unrestricted net assets at that time. Property and equipment are depreciated over their estimated useful lives, using the straight-line method. Expenditures for maintenance, repairs and minor renewals are charged against earnings as incurred. Major expenditures for renewals and betterments are capitalized.

Income Taxes

The Foundation is exempt from federal income tax under Section 501(c)(3) ofthe Intemal Revenue Code and from state income tax under Section 121(5) of Title 47 of the Louisiana Revised Statutes. Based upon the amount of its investment income and the composition of its public support, the Foundation qualifies for non-private foundation status under Section (509)(a)(2) of the Intemal Revenue Code; therefore, the Foundation's tax-exempt status extends to its net investment income.

Accounts Receivable

Accounts receivable represent billed amounts due for services or contributions pledged. Delinquent accounts receivable are written off in the year they are determined to be uncollectible. Management considers all accounts receivable to be fully collectible. Accordingly, no allowance for doubtful accounts is required.

Functional Expenses

Expenses are charged to each program based on direct expenditures incurred. Any expenditures not directly chargeable are allocated to programs based on the hours spent by the Foundation's employees on each program.

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1. Summarv of Significant Accounting Policies (continued)

Statement of Cash Flows

For purposes of the statement of cash flows, the Foundation considers all highly liquid debt instmments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents at June 30, 2009 and 2008 of $5,472 and $59,685, respectively, consist of investments in money market accounts and money market funds.

Advertising

The Foimdation recognizes advertising expenses as they are incurred. During the years ended June 30, 2009 and 2008 advertising expenses reported in the statements of activities were $13,586 and $8,161, respectively.

2. 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 disclosures 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 fi"om those estimates.

3. Accounts Receivable

Accounts receivable as of June 30, 2009 and 2008 are unconditional and consist of special event sponsorships, grants, and miscellaneous other contributions. All amounts are expected to be collected within the next year and are included in accounts receivable. Accordingly, no provision has been made for uncollectible amounts.

4. Concentration of Credit Risk

The Foundation has concentrated its credit risk for cash by maintaining deposits in financial institutions in New Orleans, Louisiana, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (FDIC). The Foundation has full FDIC coverage for the year ended June 30,2009.

Financial instruments that potentially subject the Foundation to concentrations of credit risk consist primarily of accounts receivable. Substantially all ofthe Foundation's receivables are due from individuals and corporations located in the state of Louisiana. It is the Foundation's policy not to require collateral on their accounts receivable.

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NATIONAL KIDNEY FOUIVDATION OF LOUISIANA. INC.


5, Investments

Investments consist of the following valued at cost, which approximates market at June 30, 2009 and 2008:

2009 2008 Certificates of deposit $ 336,245 Common stock 531

$ 336,776

Investment income consists ofthe following:

2009

$

$

270,454 604

271,058

2008

$

$

13,618 37

439

14,094

Interest $ 9,229 Dividends 22 Royalties 951

$ 10,202

6. Retirement Plan

The Foundation sponsors a 403(b) employee benefit plan covering substantially all employees who meet minimum age requirements. Contributions to the plan for the years ending June 30, 2009 and 2008 were $8,347 and $8,390, respectively.

7. Restrictions on Assets

The Foundation has funds specifically restricted for research. Donations to both the Maurice Pearl Fellowship and the Gonzalez Fellowships are restricted for research. The Foundation also has several smaller funds restricted for specific purposes and these funds are expended according to the donor guidelines.

-10-



7. Restrictions on Assets (continued)

Temporarily restricted net assets are available for the following purposes: 2009 2008

Research: Maurice Pearl Fellowship Gonzalez Fellowship

Other: KEEP Program Other

$ 32,022 49,829

41,057 27,442

$ 150,350

$ 31,731 52,829

33,338 19,402

$ 137,300

8. Designated Net Assets

In 1998, the Board of Directors ofthe Foundation designated that certain unrestricted revenues be used to create a fund to match research fellowship amounts. Annually, the Board designates 5% of adjusted unrestricted net earnings to this fund. As of June 30, 2009 and 2008 the balance in this fund totaled $101,998 and $92,764, respectively.

9. Special Events

Revenues and expenses directly related to special events, including allocated costs, for the year ended June 30, 2009 were as follows, with comparable net amounts for the year ended June 30, 2008:

2009 2008 Special Event

Bingo Camp Miniature Gif of Life Gala Gift of Life Walk Golf tournaments Car contribution Other Total

Revenue

$ 351,019 4,475

-30,750 83,004

216,763 30,300

591 $ 716,902

Expense

$ 223,413 3,881

-11,135 4,047

93,544 10,376

54 $ 346,450

Net

$ 127,606 594

-19,615 78,957

123,219 19,924

537 $ 370,452

Net

$ 170,671 (1.164)

129 27,051 41,728

111,211 42,293 11,821

$ 403,740

- 1 1 -



10. Pavments to Affiliated Organization

The Foundation is an affiliate ofthe National Kidney Foundation. The Foundation is required to contribute share payments to the National Kidney Foundation. The share payments are reflected in functional expenses and amount to 25% of shareable revenues less allowable deductions. The Foundation incurred expenses of $67,426 and $122,375 during the years ended June 30,2009 and 2008. Included in accounts payable at June 30,2009 and 2008, is $15,969 and $6,235 relating to amounts due to the National office.

11. Operating Lease

The Foundation leases office space under an operating lease which expires in August 2009. In August 2009, the lease was renewed through August 2010. Rental expense was $29,938 and $28,604 for the years ending June 30, 2009 and 2008, respectively. Minimum future rental payments are as follows:

Year ended June 30, 2010 $ 31,136 2011 5,223

$ 36,359

12, Income Taxes

As discussed in Note 1, the Foundation is subject to tax on its unrelated taxable income associated with its Bingo fundraising activities. During the years ended June 30, 2009 and 2008, the Foundation incurred taxable.income relating to these activities. Included in expenses is tax expense of $7,237 and $2,600 for the years ended June 30, 2009 and 2008, respectively.

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Schedule !


SCHEDULE OF GROSS REVENUES/AFFILIATE SHARE RECONCILIATION WORKSHEET

YEAR ENDED JUNE 30.2009

Per Audit Total revenues Adjust: Add: Direct benefit costs

Gross revenues per audit

Per Share Report

July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009

Totals per FY09 Share Reports

Calculated share

Difference in share

Gross Revenues Difference:

Audit compared to share

Reconciling Items:

Timing difference-changes in A/R Investment income-year end audit

adjustment Bingo expenses netted on Share report Other dififerences

Adjusted share gross income Adjusted calculated share (25%)

Difference in gross revenues

Difference in calculated share amount

See independent auditors' report.

$ 630,952

310,741

$ 941,693

Gross Revenue

$ 57,965 96,485 33.317 54,683 56,920 42.439 66,918 41,328 35,679 42,023 60,939

117,395

$ 706,091

Allowable Deductions

$ 2,538 9,722 4.647

15,944 4,257

17,374 6,464 2,326

(1.275) 40.831 8,511

15,241

$ 126,580

Non-Shareable Revenue

$ 28,389 57,905 10,227 40,898 7,631

16,313 58,190 14,151 12,068 16,327 29,657 38,277

J 330,033

Shareable Revenue

$ 27,041 28,858 18,443 (2.159) 45.032 8,752 2,264

24,851 24,886

(15,135) 22.771 63.877

J 249.481

$

$

S

$

Share seported

6,760 7,215 4,611 (540)

11,258 2,188

566 6,213 6,222

(3,784) 5,693

15,969

62,370

62,370

5 235,602

$ 38.186

2.294 185,412

9,710

S

185,412

S 38,186

2,294

9,710

$ 941.693 $ 311,992 $ 370.513 $ 259,191

$ 64,798

, I (2,428)

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