FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2011 WITH SUMMARIZED FINANCIAL INFORMATION FOR 2010
MALI HEALTH ORGANIZING PROJECT, INC.
CONTENTS
PAGE NO. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
EXHIBIT A -
EXHIBIT B -
EXHIBIT C -
EXHIBIT D -
2
Statement of Financial Position, as of December 31, 2011, with Summarized Financial Information for 2010
3
Statement of Activities and Change in Net Assets, for the Year Ended December 31, 2011, with Summarized Financial Information for 2010
4
Statement of Functional Expenses, for the Year Ended December 31, 2011, with Summarized Financial Information for 2010
5
Statement of Cash Flows, for the Year Ended December 31, 2011, with Summarized Financial Information for 2010
6
NOTES TO FINANCIAL STATEMENTS
7-8
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors Mali Health Organizing Project, Inc. Washington, D.C. We have reviewed the accompanying statement of financial position of the Mali Health Organizing Project, Inc. as of December 31, 2011, and the related statements of activities and change in net assets, functional expenses and cash flows for the year then ended. A review includes primarily applying analytical procedures to management’s (owners’) financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the review in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that the results of our procedures provide a reasonable basis for our report. Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America.
November 30, 2012
4550 MONTGOMERY AVENUE · SUITE 650 NORTH · BETHESDA, MARYLAND 20814 (301) 951-9090 · FAX (301) 951-3570 · WWW.GRFCPA.COM ___________________________ MEMBER OF CPAMERICA INTERNATIONAL, AN AFFILIATE OF HORWATH INTERNATIONAL MEMBER OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS' PRIVATE COMPANIES PRACTICE SECTION 2
EXHIBIT A MALI HEALTH ORGANIZING PROJECT, INC. STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2011 WITH SUMMARIZED FINANCIAL INFORMATION FOR 2010
ASSETS 2011
2010
CURRENT ASSETS Cash and cash equivalents Accounts receivable TOTAL ASSETS
$
138,221 57,612
$
113,732 -
$
195,833
$
113,732
$
189,336 6,497
$
103,585 10,147
$
195,833
$
113,732
NET ASSETS NET ASSETS Unrestricted Temporarily restricted TOTAL NET ASSETS
3
EXHIBIT B MALI HEALTH ORGANIZING PROJECT, INC. STATEMENT OF ACTIVITIES AND CHANGE IN NET ASSETS FOR THE YEAR ENDED DECEMBER 31, 2011 WITH SUMMARIZED FINANCIAL INFORMATION FOR 2010
Unrestricted
2011 Temporarily Restricted
2010 Total
Total
SUPPORT AND REVENUE Contributions and grants Other Net assets released from donor restrictions
$
Total support and revenue
199,190 955
$
47,196 -
$
246,386 955
$
184,004 6,882
50,846
(50,846)
-
-
250,991
(3,650)
247,341
190,886
EXPENSES Program Services Supporting Services: Management and General Fundraising Total supporting services Total expenses Change in net assets Net assets at beginning of year NET ASSETS AT END OF YEAR
$
142,136
-
142,136
117,094
18,163 4,941
-
18,163 4,941
20,534 11,811
23,104
-
23,104
32,345
165,240
-
165,240
149,439
85,751
(3,650)
82,101
41,447
103,585
10,147
113,732
72,285
189,336
$
6,497
$
195,833
See accompanying notes and accountants' review report.
$
113,732
4
EXHIBIT C MALI HEALTH ORGANIZING PROJECT, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2011 WITH SUMMARIZED FINANCIAL INFORMATION FOR 2010
2011 Supporting Services Program Services
2010
Management and General
Total Supporting Fundraising Services
Total Expenses
Total Expenses $
Salaries and related benefits Printing and production Professional fees Occupancy Insurance Telecommunications Travel Supplies Events and meetings Bank fees Equipment Medical care Program supplies Construction Stipends Other
$ 45,514 1,332 12,384 4,268 1,349 11,026 494 2,246 13 22,009 8,355 28,378 4,768 -
$
9,898 273 1,016 1,100 1,380 1,191 1,283 896 239 738 83 66 -
$
3,583 484 137 349 388 -
$
13,481 757 1,016 1,100 1,380 1,191 1,420 1,245 239 1,126 83 66 -
$
TOTAL
$ 142,136
$
18,163
$
4,941
$
23,104
$ 165,240
See accompanying notes and accountants' review report.
58,995 2,089 13,400 5,368 1,380 2,540 12,446 1,739 2,485 1,139 22,009 8,438 28,378 4,834 -
52,612 2,398 10,649 7,909 2,509 9,091 1,847 332 3,951 13,853 6,330 10,918 19,141 7,899
$ 149,439
5
EXHIBIT D MALI HEALTH ORGANIZING PROJECT, INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2011 WITH SUMMARIZED FINANCIAL INFORMATION FOR 2010
2011
2010
CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets
$
82,101
$
41,447
Adjustments to reconcile change in net assets to net cash provided by operating activities: (Increase) decrease in: Accounts receivable Net cash provided by operating activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year CASH AND CASH EQUIVALENTS AT END OF YEAR
$
(57,612)
-
24,489
41,447
24,489
41,447
113,732
72,285
138,221
See accompanying notes and accountants' review report.
$
113,732
6
MALI HEALTH ORGANIZING PROJECT, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL INFORMATION Organization The Mali Health Organizing Project, Inc. (Mali Health) is a non-profit organization, incorporated in the State of Vermont on October 19, 2006 and currently located in Boston, Massachusetts. Mali Health empowers residents of impoverished urban communities in Mali, West Africa, to transform maternal and child health sustainably. Basis of presentation The accompanying financial statements are presented on the accrual basis of accounting, and in accordance with FASB ASC 958, Not-for-Profit Entities. The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with generally accepted accounting principles. Accordingly, such information should be read in conjunction with Mali Health's financial statements for the year ended December 31, 2010, from which the summarized information was derived. Cash and cash equivalents Mali Health considers all cash and other highly liquid investments with initial maturities of three months or less to be cash equivalents. At times during the year, Mali Health maintains cash balances at financial institutions in excess of the Federal Deposit Insurance Corporation (FDIC) limits. Management believes the risk in these situations to be minimal. Accounts receivable Accounts receivable are stated at their fair value. Management considers all amounts to be fully collectible. Accordingly, an allowance for doubtful accounts has not been established. Income taxes Mali Health is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been made in the accompanying financial statements. Mali Health is not a private foundation. Uncertain tax positions In June 2006, the Financial Accounting Standards Board (FASB) released FASB ASC 740-10, Income Taxes, that provides guidance for reporting uncertainty in income taxes. For the year ended December 31, 2011, Mali Health Organizing Project, Inc. has documented its consideration of FASB ASC 740-10 and determined that no material uncertain tax positions qualify for either recognition or disclosure in the financial statements. IRS Form 990, Return of Organization Exempt from Income Tax, is subject to examination by the Internal Revenue Service, generally for three years after it is filed.
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MALI HEALTH ORGANIZING PROJECT, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GENERAL INFORMATION (Continued) Net asset classification The net assets are reported in two self-balancing groups as follows:  Unrestricted net assets include unrestricted revenue and contributions received without donor-imposed restrictions. These net assets are available for the operation of Mali Health and include both internally designated and undesignated resources.  Temporarily restricted net assets include revenue and contributions subject to donorimposed stipulations that will be met by the actions of Mali Health and/or the passage of time. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities and Change in Net Assets as net assets released from restrictions. Contributions and grants Unrestricted and temporarily restricted contributions and grants are recorded as revenue in the year notification is received from the donor. Temporarily restricted contributions and grants are recognized as unrestricted support only to the extent of actual expenses incurred in compliance with the donor-imposed restrictions and satisfaction of time restrictions. Temporarily restricted contributions and grants received in excess of expenses incurred are shown as temporarily restricted net assets in the accompanying financial statements. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Functional allocation of expenses The costs of providing the various programs and other activities have been summarized on a functional basis in the Statement of Activities and Change in Net Assets. Accordingly, certain costs have been allocated among the programs and supporting services benefited.
2.
SUBSEQUENT EVENTS In preparing these financial statements, Mali Health has evaluated events and transactions for potential recognition or disclosure through November 30, 2012, the date the financial statements were issued.
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