o Includes $25K in Annual Appeal – roughly $17K above our actuals for FY24
o Giving Tuesday Hats reduced from $30K to $20K – more in line with where we are trending
o Includes $5K in new 9/11 sponsors
o Includes Volunteer Registration Donation pilot
• Interest Income support is increased by $6,750 vs FY24 – this increase assumes maintaining $1M in our Morgan Stanley account throughout FY25 and averaging 4 5% interest.
FY25 Expenses: $1,895,253
Staff Salaries - $48,000 net increase vs FY24 budget
• 15 Staff positions in FY25 budget – 2 positions being eliminated (were fully funded by Gov’t grants).
• Corporate position changed from 4 days to 5 days per week $12,900
• Salary Adjustments during FY24 $13,000
o The salaries of Jess and Abby were adjusted in line with NYS exempt salary threshold effective 1/1/24. Jeanette’s FY24 raise is also included in this figure.
o New Senior Director of Development
• 3% increases $27,800
o 3% increases for entire staff effective for most on 7/1/24 but for several staff on 1/1/25
• Increase in Senior Director of Finance salary from $90k to $100K
• Increase in budget for extra hourly/overtime pay $1200
• Health Insurance Premium increase of roughly 5% which will be absorbed by VNY! - $6,500 added cost to VNY!
• Number of staff on our health insurance increasing from the current 10 staff members to 11 staff members. $12,156 in added costs vs FY24
Laptop Replacement
• FY25 budget has 3 laptops being replaced. Could be more than that and will certainly be more in FY26 when the premiere support on the 2020 laptop purchases expire
Additional one-time expense related to core operations:
• Office renovations – new cubicles
Note: The 75th Anniversary is not meaningfully included in the budget either on the revenue or expense side.
FY26 Risks
• Regeneron – will continue to represent nearly 20% of our overall revenue
• Invest-in-Kids contract with the West. Cnty. Youth Bureau ends 12/31/25 – we will need to apply for another 3-year period
June 20, 2024 – Board Meeting
VOLUNTEER SERVICES BUREAU OF WESTCHESTER INC.
DBA VOLUNTEER NEW YORK!
AUDITED FINANCIAL STATEMENTS AND
INDEPENDENT AUDITOR’S REPORT
JUNE 30, 2023 AND 2022
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors
Volunteer Service Bureau of Westchester Inc.
dba Volunteer New York!
Tarrytown, New York
Opinion
We have audited the financial statements of Volunteer Service Bureau of Westchester Inc. dba Volunteer New York! (a nonprofit organization), which comprise the statement of financial position as of June 30, 2023, and the related statements of activities, functional expenses and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Volunteer Service Bureau of Westchester Inc. dba Volunteer New York! as of June 30, 2023, 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.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Volunteer Service Bureau of Westchester Inc. dba Volunteer New York! and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Prior Period Financial Statements
The financial statements of Volunteer Service Bureau of Westchester Inc. dba Volunteer New York! for theyearendedJune30,2022wereauditedbyotherauditorswhosereport datedJanuary20,2023,expressed an unmodified opinion on those financial statements.
Change in Accounting Principle
As discussed in Note 1 to the financial statements, during the year ended June 30, 2023, Volunteer Service Bureau of Westchester Inc. dba Volunteer New York! adopted new accounting guidance Financial Accounting Standards Board’s Accounting Standards Update 2016-02, Leases (Topic 842). Our opinion is not modified with respect to this matter.
Responsibilities of Management 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, and for the design,implementation,andmaintenanceofinternalcontrolrelevanttothepreparationandfairpresentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Volunteer Service Bureau of Westchester Inc. dba Volunteer New York!’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement whenit exists. Therisk ofnot detectingamaterial misstatement resultingfromfraudishigher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit 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 Volunteer Service Bureau of Westchester Inc. dba Volunteer New York!'s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Volunteer Service Bureau of Westchester Inc. dba Volunteer New York!'s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 2023 AND 2022
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023 AND 2022
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Volunteer Service Bureau of Westchester Inc. dba Volunteer New York! (the Organization) was organized in the State of New York in 1957 for the purpose of advocating, recognizing, and supporting volunteering and matching volunteers with service opportunities to enhance the quality of life in Westchester County. Services provided include the recruitment and referral of volunteers, consultationandtrainingforvolunteerprogramsandinformingthecommunityofthevolunteerneeds of local not-for-profit agencies. The Organization’s primary sources of support are contributions, grants, program fees, and special events.
In August 2021, the Organization became the fiscal sponsor to the Her Honor Mentoring program which does not have 501(c)(3) tax exempt status. For the years ended June 30, 2023 and 2022, assets related to this program were $584,383 and $390,843, liabilities were $18,104 and $1,725, revenue was $575,729 and $885,934 and expenses were $446,351 and $425,697, respectively.
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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses gains, losses, and other changes in net assets during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
The Organization considers all liquid investments with original maturities of three months or less to be cash equivalents. On June 30, 2023 and 2022, cash equivalents consisted primarily of saving deposits.
The Organization maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation. At times, the Organization’s cash may exceed federally insured limits.
Certificates of Deposit
Certificates of deposit with maturity dates of more than three months are recorded at fair value and are considered investments for cash flow purposes.
Investments
Investments consist of equity securities and fixed income investments carried at fair value based on readily determinable quoted market prices in active markets. Unrealized gains and losses are recorded in the Statement of Activities as an increase or decrease in net assets without donor restrictions unless the income is restricted by donor or law.
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts Receivable
Accounts receivable are stated at the amount of consideration from customers, of which the Organization has an unconditional right to receive. The Organization provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information,andother factors. TheOrganizationdoesnotchargeinterest onoutstandingreceivables. Delinquent receivables are written off based on individual credit evaluation and specific circumstances of the customer. The allowance for doubtful accounts as of both June 30, 2023 and 2022, was $2,000. Bad debt expense for the years ended June 30, 2023 and 2022, was $1,015 and $161, respectively.
Property and Equipment
Property and equipment are stated at cost or estimated fair value, if donated. Items with a unit cost in excess of $2,500anda useful life of greater than oneyear are capitalized. Depreciation isrecorded on the straight-line method over the estimated useful lives of the assets.
The estimated useful lives for each major depreciable classification of property and equipment are as follows:
Furniture and equipment
5-7 years
Contract Assets
Amounts related to services provided to customers which have not been billed and that do not meet the conditions of an unconditional right to payment at the end of the reporting period are contract assets. Contractasset balancesconsistprimarilyofprogramfeesprovidedtocustomerswhoreceived services prior to the end of the year but payment is not yet due. There were no contract assets on June 30, 2023 and 2022.
Contract Liabilities
Contract liabilities, also known as deferred revenue, represent program fees collected prior to yearend, but benefits are not fully received by the customer. (See Note 2)
Net Assets
Net assets, revenues, gains, and losses are classified based on the existence or absence of donor or grantor restrictions.
Net assets without donor restrictions are available for use in general operations and not subject to donor or certain grantor restrictions.
Net assets with donor restrictions are subject to donor or certain grantor restrictions Some restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023 AND 2022
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Contributions
Contributions are provided to the Organization either with or without restrictions placed on the gift by the donor. Revenues and net assets are separately reported to reflect the nature of those giftswithorwithoutdonorrestrictions. Thevaluerecordedforeachcontributionisrecognizedasfollows:
Nature of the Gift
Conditional gifts, with or without restriction
Gifts that depend on the Organization overcoming a donor-imposed barrier to be entitled to the funds
Unconditional gifts, with or without restriction
Received at date of gift -cash and other assets
Received at date of gift -property, equipment, and long-lived assets
Expected to be collected within one year
Collected in future years
Value Recognized
Not recognized until the gift becomes unconditional, i.e., the donor-imposed barrier is met
Fair value
Estimated fair value
Net realizable value
Initially reported at fair value determined using the discounted present value of estimated future cash flows technique
Inadditiontotheamountinitiallyrecognized,revenueforunconditional giftstobecollectedinfuture years is also recognized each year as the present-value discount is amortized using the level-yield method.
When a donor-stipulated time restriction ends or purpose restriction is accomplished, net assets with donor restrictions are reclassified to net assets without donor restrictions and reported in the statements of activities as net assets released from restrictions. Absent explicit donor stipulations for the period of time that long-lived assets must be held, expirations of restrictions for gifts of land, buildings,equipment,andotherlong-livedassetsarereportedwhenthoseassetsareplacedinservice.
Gifts that are originally restricted by the donor and for which the restriction is met in the same time period the gift is received are recorded as revenue with donor restrictions and then released from restrictions.
Conditional contributions having donor stipulations which are satisfied in the period the gift is received are recorded as revenue with donor restrictions and then released from restriction
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2023 AND 2022
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Government
Grants
Support funded by grants is recognized as the Organization meets the conditions prescribed by the grant agreement,performsthecontracted services,orincursoutlayseligibleforreimbursement under the grant agreements.
Program Fees
Program fees revenue for organizing volunteer events for businesses is recognized as the Organization satisfies performance obligations under its contracts Revenue is reported at the estimated transaction price or amount that reflects the consideration to which the Organization expects to be entitled in exchange for providing volunteer services. The Organization determines the transaction price based on standard charges for goods and services provided.
Contributed Services
Contributions of services are recognized as revenue at their estimated fair value only when the services received create or enhance nonfinancial assets or require specialized skills possessed by the individuals providingtheservice and the servicewouldtypicallyneedtobe purchased if not donated. Contribution revenue recognized from contributed services consisted of:
Special Events
The Organization conducts a special event in which a portion of the gross proceeds paid by the participant represents payment for the direct cost of the benefits received by the participant at the event. All proceeds received are recorded as special events revenue in the accompanying statements of activities when the event occurs.
Functional Allocation of Expenses
The costs of supporting the various programs and other activities have been summarized on a functional basisinthe statementsofactivities. Certaincosts have beenallocated amongthe program, management and general, and fundraising categories based on the staff time provided to those departments.
Income Taxes
TheOrganizationisexemptfrom incometaxesunder Section501(c)(3)oftheInternal RevenueCode and a similar provision of state law. However, the Organization is subject to federal income tax on any unrelated business taxable income.
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Income Taxes
Under Accounting Standards Codification (ASC) Section 740, the tax status of tax-exempt entities is an uncertaintax positionsince eventscould potentially occurthat jeopardize thetax-exempt status. As of June 30, 2023 and 2022, the Organization’s management was not aware of any events that could jeopardize the Organization’s tax-exempt status. Accordingly, no provision has been made for income taxes in the accompanying financial statements.
Adoption of New Accounting Standard
On July 1, 2022, the Organization adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), with the purpose of increasing transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities for all long-term leases, including operating leases, in the statement of financial position. The Organization has elected the optional transition method and adopted the new guidance on a modified retrospective basis with no restatement to prior periods presented. As allowed under the ASU, the Organization elected to apply practical expedients to carryforward the original lease determinations, lease classifications, and accounting of initial direct costs, if any, for all asset classes at the time of adoption (see Note 7).
On July 1, 2022, as a result of the adoption of the new lease accounting guidance, the Organization recognized an operating lease liability of $258,209, which represents the present value of the remaining operating lease payments of $275,531, discounted using the Organization’s incremental borrowing rate of 5.5% and a right-of-use asset of $236,697.
The standard had an impact on the accompanying fiscal year 2023 statement of financial position but did not have a material impact on the fiscal year 2023 statement of activities. The most significant impact was the recognition of a right-of-use (ROU) asset and a lease liability for operating leases.
Future Accounting Standard
In June 2016 the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires entities to use a new impairment model referred to as the current expected credit losses (CECL) model rather than incurred losses. The new standard affects accounting for loans, accounts (trade) receivable, held-to-maturity debt securities, and other financial assets included in the scope. For non-public entities, the new standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Organization is currently evaluating the provisions of this standards to determine the impact the new standard will have on the Organization’s financial position and/or results of operations.
Leases
The Organization leases office space and equipment and determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (ROU) assets and lease liabilities on the accompanying fiscal year 2023 statement of financial position. The Organization has no finance leases.
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Leases
ROU assets represent the Organization’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. In determining the discount rate used to measure the ROU asset and lease liability, the Organization uses rates implicit in the lease, or if not readily available, the Organization’sincrementalborrowingrate. Theincremental borrowing rate isbased on an estimated secured rate comprised of arisk-free rate plus a credit spread as secured by the Organization’s assets. Determining a credit spread as secured by the assets may require significant judgment.
Reclassifications
During the year ended June 30, 2023, management changed the presentation of its Statement of Financial Position from a standard presentation to a classified presentation. The classified presentation breaks out assets and liabilities into subclassifications (current and longterm/noncurrent) based on the organization’s operating cycle, which for VNY! is one year or less.
In addition, certain prior year amounts have been reclassified to conform to the current year presentation. During the year ended June 30, 2023, management determined that there were cash equivalents that had been included in the June 30, 2022, investment balance. The reclassification amountof$132,736outofinvestmentsandinto cashisreflectedinthestatement offinancialposition as of June 30, 2022. Additionally, management reclassified $722 out of other revenue into net investment return in the 2022 statement of activities.
2. REVENUE FROM CONTRACTS WITH CUSTOMERS
Program Fees Revenue
Performance obligations are determined based on the nature of the goods or services provided by the Organization in accordance with the contract. Revenue for performance obligations satisfied over timeisrecognized asthe Organizationperforms theservices onthose contracts or goods areprovided to donors over a period of time and the Organization does not believe it is required to provide additional goods or services related to that sale.
The Organization believes this method provides a faithful depiction of the transfer of services over the term of the performance obligation based on the outputs needed to satisfy the obligation.
Special Events Revenue
Revenue from special events is reported at the amount that reflects the consideration to which the Organization expects to be entitled in exchange for the direct cost of the benefits received by the participant at the event.
Transaction Price and Recognition
The Organization determines the transaction price based on standard charges for goods and services provided.
2. REVENUE FROM CONTRACTS WITH CUSTOMERS
Transaction Price and Recognition
For the years ended June 30, 2023 and 2022, the Organization recognized revenue of $679,137 and $557,717, respectively, from services that transfer to the customer over time For the years ended June 30, 2023 and 2022, the Organization recognized revenue of $17,208 and $16,415, respectively, from goods and services that transfer to the special event attendee at the event
Contract Liabilities
As of June 30, 2022 and 2021, the Organization reported $274,680 and $67,672, respectively, in contract liabilities. During the years ended June 30, 2023 and 2022, $270,930 and $63,922, respectively, of those amounts were recognized as revenue.
Financing Component
The Organization has elected the practical expedient allowed under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606-10-32-18 and does not adjust the promised amount of consideration from customers and third parties for the effects of a significant financing component due to the Organization’s expectation that the period between the time the service is provided to a customer and the time the customer or a third-party payor pays for that service will be one year or less.
Right to Invoice
Forperformanceobligationssatisfiedovertime,revenueisrecognizedintheamountofconsideration to which the Organization has the right to invoice when it corresponds directly to the value transferred to the customer.
3.
FAIR VALUE MEASUREMENTS
The Organization complies with FASB ASC Topic 820-10, Fair Value Measurements (FASB ASC 820-10), which provides a framework for measuring fair value under generally accepted accounting principles. FASB ASC 820-10 applies to all financial instruments that are being measured and reported on a fair value basis. As defined in FASB ASC 820-10, fair value is the price 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. In determining fair value, the Organization uses various methods, assumptions, and inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Organization utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
Based on the observability of inputs used in the valuation techniques, the Organization ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following categories:
Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities that the Organization has the ability to access;
3.
FAIR VALUE MEASUREMENTS
Level 2 Inputs, other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability; and
Level 3 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at June 30, 2023 and 2022.
• Equities - valued at the closing price reported on the active market on which the individual securities are traded.
• Certificates of deposit - stated at cost plus accrued interest, which approximates fair value.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Organization’s management believesthevaluationmethodologiesare appropriate andconsistent with othermarket participants,theuseofdifferentmethodologiesorassumptionstodeterminethefairvalueofcertain financial instruments could result in a different fair value measurement at the reporting date.
Fair values of assets measured on a recurring basis at June 30, 2023, are as follows:
3. FAIR VALUE MEASUREMENTS
Fair values of assets measured on a recurring basis at June 30, 2022, are as follows:
 These investments are assets of the Her Honor Mentoring program, of which VNY! is the fiscal sponsor, and are included in the asset amount in Note 1.
Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near-term and that such changes could materially affect account balances and the amounts reported in the statements of financial position.
Investment income consisted of the following for the years ended June 30, 2023 and 2022:
4. CONTRIBUTIONS AND GRANTS RECEIVABLE
Unrestricted contributions and grants receivable as of June 30, 2023 and 2022 are due as follows:
5. PROPERTY AND EQUIPMENT
As of June 30, 2023 and 2022, property and equipment consist of the following:
6. GRANT REIMBURSEMENTS RECEIVABLE AND FUTURE COMMITMENTS
The Organization receives its grant support through periodic claims filed with the respective funding sources, not to exceed a limit specified in the funding agreement. Since the financial statements of the Organization are prepared on the accrual basis, all earned portions of the grants not yet received as of June 30, 2023, have been recorded as receivables.
The conditional amounts will be recognized as grant revenues when the Organization incurs qualifying expenses. The following are the grant commitments that extend beyond June 30, 2023:
1January 1, 2023 - December 31, 202356,673$
2April 1, 2022 - March 31, 2024
3April 1, 2023 - March 31, 2024
4September 1, 2022 - August 31, 2023174,700
5November 2021 - Novemeber 2023 50,000 50,000 - -
6January 1, 2023 - December 31, 2025150,000 19,374 - 130,626
JUNE 30, 2023 AND 2022
7. LEASES
As disclosed in Note 1, the Organization adopted ASU 2016-02, Leases (Topic 842), effective July 1, 2022. The Organization determines whether a contract contains a lease at the inception of a contract by determining if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration, and only reassess its determination if the terms and conditions of the agreement are changed
The Organization occupies one space which is classified as an operating lease. The term of the lease is 91 months, and has an end date of November 30, 2024. The Organization also leases one copier which is also classified as an operating lease. The term of the lease is 60 months, and has an end date of February 28, 2026. The incremental borrowing rate utilized to calculate the lease liabilities was based on the information available at the commencement date, as most leases do not provide an implicit borrowing rate.
The Organization’s operating leases do not contain any material guarantees or restrictive covenants. The Organization does not have any sublease activities. These leases are included in right-of-use asset - operating leases and operating lease liability in the accompanying Statement of Financial Position. Operating lease expense under these leases is included in occupancy in the amount of $97,952 and in equipment rental and purchase in the amount of $4,719 in the statement of functional expenses for the year ended June 30, 2023.
At June 30, 2023, future payments of operating lease liabilities were as follows:
Other information on leases is as follows:
Operating Leases
8. RETIREMENT PLAN
The Organization offers a 401(k) retirement plan to its employees. All employees are eligible to participate immediately upon employment and are eligible to receive matching contributions after one year of service. Retirement plan expenses for the years ended June 30, 2023 and 2022 were $19,459 and $16,163, respectively.
9. NET ASSETS WITH DONOR RESTRICTIONS
Net Assets with Donor Restrictions
Net assets with donor restrictions as of June 30, 2023 and 2022, are restricted for the following purposes:
Net Assets Released from Restrictions
Net assets were released from donor restrictions by incurring expenses satisfying the following restricted purposes:
10. LINE-OF-CREDIT
In July 2010, the Organization entered into an unsecured, open-ended line-of-credit in the amount of $100,000, which is payable-on-demand. The interest rate is prime plus 1.5%. The interest rate as of June 30, 2023 and 2022 was 9 75% and 5.5%, respectively. No amounts were drawn under this agreement and there were no amounts outstanding on June 30, 2023 and 2022
11. LOANS PAYABLE
On January 27, 2021, the Organization received a Paycheck Protection Program (PPP) loan in the amount of $189,965. The Organization elected to account for the funding as a loan in accordance with ASC Topic470, Debt. Theloan was duefive years from the dateofthefirst disbursement under the loan and has a fixed interest rate of 1% per year. During 2022, the PPP loan was fully forgiven and was recognized as forgiveness of debt in the statements of activities.
12. SIGNIFICANT ESTIMATES AND CONCENTRATIONS
Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Those matters include the following:
• Grants receivable in the amount of $19,374 and $135,310, which were due from one source as of June 30, 2023, and three sources as of June 30, 2022, respectively, represent a concentration of credit risk to the Organization.
• Included in accounts receivable is $95,606 and $48,900, which were due from two sources as of June 30, 2023 and one source as of June 30, 2022, respectively. These amounts represent a concentration of credit risk to the Organization.
• Included in contributions with donor restrictions is $525,000 and $855,349, which was received from two sources in support of the Her Honor Mentoring program during the years ended June 30, 2023 and 2022, respectively
Pursuant to the Organization’s contractual relationship, certain funding sources have the right to examine the books and records of the Organization involving transactions relating to these contracts. The accompanying financial statements make no provision for possible disallowances. In the opinion of management, any disallowance would be immaterial.
13. LIQUIDITY AND AVAILABILITY
The Organization manages its liquidity and reserves following two guiding principles: operating within a prudent range of financial soundness and stability and maintaining adequate liquid assets to fund near-term operating needs. The Organization monitors its future cash flows, liquidity, and reserves on a monthly basis.
Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the statements of financial position date, comprise the following as of June 30, 2023 and 2022.
STATEMENTS
JUNE 30, 2023 AND 2022
13. LIQUIDITY AND AVAILABILITY
Less unavailable for general expenditures within one year: Restricted by donors with purpose restrictions (606,206) (436,786) Financial Assets Available to Meet Cash Needs for General Expenditures Within One Year 1,741,383 $ 1,467,260 $
The Organization also has a $100,000 line-of-credit available as of June 30, 2023, if needed (see Note 10.
14. EMPLOYEE RETENTION TAX CREDIT
Part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020, was the Employee Retention Tax Credit (ERTC). The ERTC was created as a tax credit incentive for employers to retain employees during COVID. During the year ended June 30, 2023, the Organization filed the application for the ERTC in the amount of $135,421, and in November 2022 receivedthefullamountofthecredit. Thisamounthasbeenrecordedasrevenueintheaccompanying fiscal year 2023 statement of activities
15.
SUBSEQUENT EVENTS
Management has evaluated subsequent events for inclusion or disclosure in the financial statements from June 30, 2023through March 25, 2024, which is the date thefinancial statements were available to be issued. No events or transactions were identified during this period that required disclosure or adjustment.
557,717. DURING FY ENDING JUNE 30, 2022, VOLUNTEER NEW YORK! CONNECTED 37,114 VOLUNTEERS TO MORE THAN 500 ORGANIZATIONS THROUGHOUT WESTCHESTER, PUTNAM, AND ROCKLAND COUNTIES, PROVIDING 388,580 HOURS OF SERVICE. THESE VOLUNTEERS REPRESENTED ALL AGES AND STAGES. THEY VOLUNTEERED INDIVIDUALLY OR IN GROUPS. THEY UTILIZED PROFESSIONAL SKILLS AS WELL AS PERSONAL TALENTS AND INTERESTS.
HER HONOR MENTORING, A PROGRAM FISCALLY SPONSORED BY VOLUNTEER NEW YORK!, SERVED 118 HIGH SCHOOL STUDENTS WITH 143 MENTORS WHO PROVIDED 2,860 HOURS OF VOLUNTEER MENTORING.
Didtheorganizationreportanamountforland,buildings,andequipmentinPartX,line10? If "Yes," completeScheduleD,PartVI mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
Didtheorganizationobtainseparate,independentauditedfinancialstatementsforthetaxyear? If "Yes," complete ScheduleD,PartsXIandXIImmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
b Wastheorganizationincludedinconsolidated,independentauditedfinancialstatementsforthetaxyear? If "Yes,"andiftheorganizationanswered"No"toline12a,thencompletingScheduleD,PartsXIandXIIisoptional Istheorganizationaschooldescribedinsection170(b)(1)(A)(ii)?If"Yes,"completeScheduleE Didtheorganizationmaintainanoffice,employees,oragentsoutsideoftheUnitedStates? Didtheorganizationhaveaggregaterevenuesorexpensesofmorethan$10,000fromgrantmaking, fundraising,business,investment,andprogramserviceactivitiesoutsidetheUnitedStates,oraggregate foreigninvestmentsvaluedat$100,000ormore?If"Yes,"completeScheduleF,PartsIandIVmmmmmmmmmm
a b Didtheorganizationoperateoneormorehospitalfacilities?If"Yes,"completeScheduleH If"Yes"toline20a,didtheorganizationattachacopyofitsauditedfinancialstatementstothisreturn?mmmmm Didtheorganizationreportmorethan$5,000ofgrantsorotherassistancetoanydomesticorganizationor domesticgovernmentonPartIX,column(A),line1?If"Yes,"completeScheduleI,PartsIandII mmmmmmmmm
Didtheorganizationsell,exchange,disposeof,ortransfermorethan25%ofitsnetassets? If "Yes," completeScheduleN,PartIImmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
4 Foranyindividuallistedonline1a,isthesumofreportablecompensationandothercompensationfromthe organizationand related organizations greater than $150,000? If “Yes,” complete Schedule J for such individual 4
1 Completethistableforyourfivehighestcompensatedindependentcontractorsthatreceivedmorethan$100,000of compensationfromtheorganizationReportcompensationforthecalendaryearendingwithorwithintheorganization'stax year
4 Foranyindividuallistedonline1a,isthesumofreportablecompensationandothercompensationfromthe organizationand related organizations greater than $150,000? If “Yes,” complete Schedule J for such individual 4
1 Completethistableforyourfivehighestcompensatedindependentcontractorsthatreceivedmorethan$100,000of compensationfromtheorganizationReportcompensationforthecalendaryearendingwithorwithintheorganization'stax year
Other expenses Itemize expenses not covered above (Listmiscellaneousexpensesonline24e If line24eamountexceeds10%ofline25,column (A),amount,listline24eexpensesonScheduleO) a
26 Jointcosts Completethislineonlyifthe organizationreportedincolumn(B)jointcosts fromacombinededucationalcampaignand fundraisingsolicitationCheckhere I if followingSOP98-2(ASC958-720)mmmmmmm
Anorganizationorganizedandoperatedexclusivelyforthebenefitof,toperformthefunctionsof,ortocarryoutthepurposesof oneormorepubliclysupportedorganizationsdescribedinsection509(a)(1)orsection509(a)(2).Seesection509(a)(3).Check theboxonlines12athrough12dthatdescribesthetypeofsupportingorganizationandcompletelines12e,12f,and12g a
TypeIIInon-functionallyintegrated.Asupportingorganizationoperatedinconnectionwithitssupportedorganization(s) thatisnotfunctionallyintegratedTheorganizationgenerallymustsatisfyadistributionrequirementandanattentiveness requirement(seeinstructions)YoumustcompletePartIV,SectionsAandD,andPartV CheckthisboxiftheorganizationreceivedawrittendeterminationfromtheIRSthatitisaTypeI,TypeII,TypeIII functionallyintegrated,orTypeIIInon-functionallyintegratedsupportingorganization f g Enterthenumberofsupportedorganizations
a b 331/3%supporttests-2021.Iftheorganizationdidnotchecktheboxonline14,andline15ismorethan331/3%,andline I 17isnotmorethan331/3%,checkthisboxandstophere Theorganizationqualifiesasapubliclysupportedorganizationmm 331/3%supporttests-2020 Iftheorganizationdidnotcheckaboxonline14orline19a,andline16ismorethan331/3%,and I line18isnotmorethan331/3%,checkthisboxandstophereTheorganizationqualifiesasapubliclysupportedorganization I Privatefoundation Iftheorganizationdidnotcheckaboxonline14,19a,or19b,checkthisboxandseeinstructions
a Wastheorganizationsubjecttotheexcessbusinessholdingsrulesofsection4943becauseofsection 4943(f)(regardingcertainTypeIIsupportingorganizations,andallTypeIIInon-functionallyintegrated supportingorganizations)?If"Yes,"answerline10bbelow
b Didtheorganizationhaveanyexcessbusinessholdingsinthetaxyear?(UseScheduleC,Form4720, to determinewhethertheorganizationhadexcessbusinessholdings)
c TheorganizationsatisfiedtheActivitiesTestCompleteline2below Theorganizationistheparentofeachofitssupportedorganizations Completeline3below Theorganizationsupportedagovernmentalentity DescribeinPartVIhowyousupportedagovernmentalentity(seeinstructions) YesNo
2 ActivitiesTestAnswerlines2aand2bbelow
a Didsubstantiallyalloftheorganization’sactivitiesduringthetaxyeardirectlyfurthertheexemptpurposesof thesupportedorganization(s)towhichtheorganizationwasresponsive?If"Yes,"theninPartVIidentify thosesupportedorganizationsandexplainhowtheseactivitiesdirectlyfurtheredtheirexemptpurposes, howtheorganizationwasresponsivetothosesupportedorganizations,andhowtheorganizationdetermined thattheseactivitiesconstitutedsubstantiallyallofitsactivities
b Didtheactivitiesdescribedonline2a,above,constituteactivitiesthat,butfortheorganization's involvement,oneormoreoftheorganization'ssupportedorganization(s)wouldhavebeenengagedin?If "Yes,"explaininPartVIthereasonsfortheorganization'spositionthatitssupportedorganization(s)would haveengagedintheseactivitiesbutfortheorganization'sinvolvement.
a Didtheorganizationhavethepowertoregularlyappointorelectamajorityoftheofficers,directors,or trusteesofeachofthesupportedorganizations?If"Yes"or"No,"providedetailsinPartVI.
b Didtheorganizationexerciseasubstantialdegreeofdirectionoverthepolicies,programs,andactivitiesofeach ofitssupportedorganizations?If"Yes,"describeinPartVItheroleplayedbytheorganizationinthisregard
Didtheorganizationinformalldonorsanddonoradvisorsinwritingthattheassetsheldindonoradvised fundsaretheorganization'sproperty,subjecttotheorganization'sexclusivelegalcontrol? Yes No mmmmmmmmmmm
Didtheorganizationinformallgrantees,donors,anddonoradvisorsinwritingthatgrantfundscanbeused onlyforcharitablepurposesandnotforthebenefitofthedonorordonoradvisor,orforanyotherpurpose conferringimpermissibleprivatebenefit? Yes No
b Iftheorganizationelected,aspermittedunderFASBASC958,toreportinitsrevenuestatementandbalancesheetworksof art,historicaltreasures,orothersimilarassetsheldforpublicexhibition,education,orresearchinfurtheranceofpublicservice, providethefollowingamountsrelatingtotheseitems:
(i) (ii) RevenueincludedonForm990,PartVIII,line1 AssetsincludedinForm990,PartX
Usingtheorganization'sacquisition,accession,andotherrecords,checkanyofthefollowingthatmakesignificantuseofits Provideadescriptionoftheorganization'scollectionsandexplainhowtheyfurthertheorganization'sexemptpurposeinPart XIII collectionitems(checkallthatapply): a b c Publicexhibition Scholarlyresearch Preservationforfuturegenerations
PartIV
Duringtheyear,didtheorganizationsolicitorreceivedonationsofart,historicaltreasures,orothersimilar assetstobesoldtoraisefundsratherthantobemaintainedaspartoftheorganization'scollection? Yes No mmmmmm EscrowandCustodialArrangements.
2aDidtheorganizationhaveawrittenororalagreementwithanyindividual(includingofficers,directors,trustees, orkeyemployeeslistedinForm990,PartVII)orentityinconnectionwithprofessionalfundraisingservices? Yes No
1 Doestheorganizationmaintainrecordstosubstantiatetheamountofthegrantsorassistance,thegrantees'eligibilityforthegrantsorassistance,and theselectioncriteriausedtoawardthegrantsorassistance? Yes No
VOLUNTEER SERVICE BUREAU OF WESTCHESTER INC. 13-6165593
FORM 990, PART III, LINE 2
IN AUGUST 2021, THE ORGANIZATION BECAME THE FISCAL SPONSOR TO THE HER HONOR MENTORING PROGRAM. UTILIZING VOLUNTEER MENTORS, THE PROGRAM PROVIDES UNIQUE LEARNING OPPORTUNITIES AND RESOURCES FOR YOUNG WOMEN,
CONNECTING THE NEEDS OF OUR PUBLIC EDUCATION SYSTEM WITH THE POWERFUL RESOURCES IN THE BUSINESS COMMUNITY.
FORM 990, PART VI, SECTION B, LINE 11B
THE 990 IS REVIEWED BY MANAGEMENT AS WELL AS THE AUDIT AND RISK COMMITTEE. THEN IT IS SENT TO THE FULL BOARD PRIOR TO FILING. IF THE BOARD OF DIRECTORS HAVE ANY QUESTIONS THEY ARE ADDRESSED BEFORE FILING THE RETURN WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C
THE CONFLICT OF INTEREST POLICY APPLIES TO ALL STAFF, DIRECTORS/MEMBERS OF THE BOARD, AND CONSULTANTS. EACH MUST PROVIDE A CONFLICT OF INTEREST STATEMENT AS CIRCUMSTANCES CHANGE OR AT LEAST ANNUALLY. CONFLICT OF INTEREST STATEMENTS ARE COLLECTED BY THE ORGANIZATION'S OFFICE MANAGER. IF ANY STATEMENTS INCLUDE DISCLOSURE OF A POTENTIAL CONFLICT THOSE STATEMENTS ARE REPORTED TO THE EXECUTIVE DIRECTOR, WHO WILL IN TURN BRING THEM TO THE ATTENTION OF THE BOARD. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL
MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD MEMBERS
SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. AN INTERESTED PERSON
MAY MAKE A PRESENTATION AT THE BOARD MEETING, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIRPERSON OF THE BOARD SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT.
AFTER EXERCISING DUE DILIGENCE, THE BOARD SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT
GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. IF THE BOARD HAS A REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM
THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN
OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER
HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION.
FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
