2007StatementsofChangesinNetAssetsStatementsofActivitiesStatementsofFinancialPositionFINANCIALSTATEM

UNITED WAY OF CENTRAL OHIO, INC. (a

not-for-profit otganization) FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 37,2008 AND 2007

UNITED WAY OF CENTRAL OHIO, INC.

TABLE OF CONTENTS

Page

INDEPENDENT AUDITORS'

REPORT

1

FINANCIAL STATEMENTS: Statements of Financial Statements of

Position

2

Activities

Statements of Changes in Net Statements of Cash

Notes to Financial

3-4

Assets

5

Flows

6

Statements

SUPPLEMENTAL SCHEDULES

7

-

15

:

Expenses-2008

Schedule

I - Schedule ofFunctional

Schedule

II - Schedule of Furctional Expenses-2O07

16

17

ssgg,,w Independent Auditors' Report Columbus Office 300 Spruce Street Suite 250

Board of Trustees United Way of Central Ohio,Inc. Columbus, Ohio

Columbus, Ohro 43215 (614) 488-3t26 fax (614) 488-0095

www.SSandG.com

We have audited the statements of financial position of United Way of Central Ohio, lnc. (United Way) as of March 31, 2008 and 2007, and the related statements of activities, changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of United Way'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 internal 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 Oryanrzation's internal control over financial reporting.

Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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 oprruon.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of United Way of Central Ohio, Inc. as of March 31, 2008 and2007, and the changes in its net assets and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules of functional expenses for the years ended March 31, 2008 and2007 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

AJ + A lr;^*,"^ ;Z

/.,".^r,

CERTIFIED PUBLIC ACCOUNTANTS Columbus, Ohio July 22,2008

-1-

J,^o,

UNITED WAY OF CENTRAL OHIO. INC. STATEMENTS OF FINANCIAL POSITION MARCH

31

2007

2008

ASSETS Cash and cash equivalents (Note B)

Contributions receivable, net of estimated uncollectible conft ibutions of $6,292,47 7 and$6,497,660 for 2008 and 2007, respectively (Note C) Cash restricted for capital improvements Other assets Funds held by others Q.{ote H) Property and equipment, net (Note D)

7,972,830

6,251,590

33,595,686 259,272

35,783,878 479,857

l9

309,270

543,971

558,716 I,875,358

361,1

2,2gg,169

TOTAL ASSETS

_s

4sww_

$

16,478,642

45.258.669

LIABILITIES AND NET ASSETS LIABILITIES Allocations and designations payable

$

518,026 470,876

Accounts payable Accrued payroll and related expense

16,327,122 350,065 410,499

398,364

Pension payable Q.{ote G)

Capital lease obligation (Note F) Funds held for others

TOTAL LIABILITIES

303,742 1,384,757

1,292,629

19,156,043

trrrr*

2,523,354 23,352,650

3,448,996 23,030,994

25,876,004

26,479,990

NET ASSETS Unrestricted (Note I) Temporarily restricted (Note J)

TOTAL NET ASSETS

$

TOTAL LIABILITIES AND NET ASSETS

See accompanying notes to

-2-

financial

45,032,047

statements.

s

45,258,669

UNITED WAY OF CENTRAL OHIO, INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 31 2008

Temporarily

Unrestricted

Total

Restricted

REVENUES, GAINS AND OTHER SUPPORT CAMPAIGN REVENUES

s

Campaign contributions, current period Grants for initiatives received through the campaign Less donor designations, affiliated agencies Less donor designations, other agencies Less estimated uncollectible pledges 1,658,091 1,658,091

Other campaign contributions

OTHER REVENUES Special initiative program funding Contributions from other United Ways Interest and investment income

Donor designation processing fee

1,658,091

31,678,765

33,336,856

958,883

958,883

140,645

191,068 821,727

191,068 821,727

32,315,992

from restriction

TOTAL REVENUES, GAINS AND OTHER SUPPORT

52,465,240 3,514,186 (7,871,952) (13,445,203) (2,983,506)

140,645

1,745,764 assets released

$

592,324

592,324

Other

Net

52,465,240 3,514,186 (7,871,952) (13,445,203) (2,983,506)

35,719,847

2,704,647

958.883

Q2,315,992) 321,656

36,041,503

EXPENSES Grants and allocations Less allocations funded through designations

Net allocations

44,855,054

44,855,054

(18,113,793) 26,741,261

(18,1 13,793)

2,761,269 2,902,601 1,552,392 394,306

2,761,269

1,802,986 490,674

1,802,986 490,674

9,904,228

9,904,228

36,645,489

36,645,489

26,741,261

Functional expenses Management and general Resource development and fundraising

Community impact Community services Initiative program services Dues to United Way of America

TOTAL EXPENSES

J

CHANGE IN NET ASSETS

@s,642)_

See accompanying notes to financial statements

-3-

2,go2,60l 1,552,392 394,306

321,656

$

(603,986)

UNITED WAY OF CENTRAL OHIO. INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED MARCH 3I 2007

Temporarily Total

Restricted

Unrestricted

REVENUES, GATNS AND OTHER SUPPORT CAMPAIGN REVENUES

$

Campaign contributions, current period Grants for initiatives received through the campaign Less donor designations, affiliated agencies Less donor designations, other agencies Less estimated uncollectible pledges

Other campaign contributions

1,341,570 1,341,570

52,633,779 1,870,764

(9,279,564) (12,084,923) (2,909,001)

30,231,055

1,341,570 31,572,625

167,668 831,908 430.644 7,553,029

Other

Net assets released from restriction

1,282,693 122,809 167,668

122,809

Interest and investment income Donor designation processing fee

3I

TOTAL REVENUES, GAINS AND OTHER SUPPORT

,506,019

34,400,618

52,633,779 1,870,764

(9,279,s64) (12,084,923) (2,909,001)

OTHERREVENUES Special initiative program funding Contributions from other United Ways

$

83

1,282,693

I,908

430,644 2,835,722

(31,506,019) 7,729

34,408,347

EXPENSES Grants and allocations Less allocations funded through designations

Net allocations

41,874,989

41,874,989

(17,128,025)

(17,128,025) 24,746,964

24,',|46,964

Functional expenses Management and general Resource development and fundraising

2,534,959 2,628,125

2,534,959 2,628,125

Community impact Community services Initiative program services Dues to United Way of America

1,548,537

1,548,537

382,430 1,446,060 490,802

1,446,060

9,030,913

9,030,913

33,777,877

33,777,877

TOTAL EXPENSES

382,430 490,802

CHANGE IN NET ASSETS BEFORE MINIMUM PENSION LIABILITY ADruSTMENT

622,741

MINIMUM PENSION LIABILITY ADruSTMENT CHANGE IN NET ASSETS

7,729

(748,985)

(748,985)

_$

Q29?9

See accomparrt g ro,"lor_o financial stqtements.

630,470

7.729

_$__(tt8,5ts)_

UNITED WAY OF CENTRAL OHIO,INC. STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED MARCH

3

I

Temporarily

s

NET ASSETS, MARCH 31,2006 Change in net assets before minimum pension liability adjustment

s

622,74r

23,023,265

$ 26,598,505

7,729

630,470 (748,985)

(748,985)

Minimum pension liability adjustment NET ASSETS, MARCH 31,2007 Change in net assets

s

NET ASSETS, MARCH 31,2OO8

S e e a c c o mp

3,575,240

Total

Restricted

Unrestricted

a"r

rrt

no,

":r:_o

3,448,996

23,030,994

(925,642)

321,656

s

23,352,650

2,523,354

fi n anc i al s t at em ent s.

26,479,990 (603,986)

$

25,876,004

UNITED WAY OF CENTRAL OHIO. INC. STATEMENTS OF CASH FLOWS INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FORTHE YEARS ENDED MARCH 3I 2007

2008

CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets including minimum pension

$

(603,986)

(118,515)

liability adjustment Adjustments to reconcile change in net assets to net cash provided by operating activities: 748,985

Minimum pension liability adjustment

144,217

148,330 5,331

Depreciation and amortization Realized and unrealized losses (gains) on investments Investment income restricted for capital improvements

(45,604) (77,081)

(28,134)

(Increase) decrease in:

239,062

2,188,192 (51,849)

Contributions receivable Other assets Increase (decrease) in:

Allocations and designations payable Accounts payable and accrued expenses Pension payable Funds held for others

NET CASH PROVIDED BY OPERATING ACTIVITIES

(35,03 1)

151,520

150,564

228,338 (398,364) 92.128

(496,630) 390,824

(l7,lo2) 883,689

1,731,506

CASH FLOWS FROM INVESTING ACTIVITIES Purchases of equipment Utilization of cash restricted for capital improvements Contributions invested in funds held by others Proceeds from funds held bv others

(272,492)

(268,398) 248,718-

101,802

(5o,o0o) 7,505

9,414

NET CASH USED IN INVESTING ACTIVITIES

(213,185)

(t0,266',)

INCREASE IN CASH AND CASH EQUIVALENTS

1,721,240

CASH AND CASH EQUIVALENTS, beginning of year

6,251,590 $

CASH AND CASH EQUIVALENTS, end of year

7,972,830

6'10,504

$

5,581,086 6,251,590

SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING AND FINANCING TRANSACTIONS: The Organization entered into a capital lease for offrce equipment in the amount of $303 ,7 42 during March 2008.

(See Note F)

See accompanying notes to

-6-

financial

statements.

UNITED WAY OF CENTRAL OHIO, INC. NOTES TO FINANCIAL STATEMENTS NOTE A - Summary of significant accounting policies Organization

ffitea-Way of Central Ohio, Inc. (United Way) is a not-for_pr9!!

federated fund-raising of the Internal Revenue 501(c)(3) Section organization, exempt from federal income taxes under Code.

United Way of Central Ohio's mission statement is to ryeasurably -improve the quality of people's lives by bringing the community together to effectively address human need and potential.

United Way of Central Ohio is a volunteer-driven orgarrization,_governed by a volunteer Board of Trustees. ih" Otgunization brings together individuals, busilesses, .government and not-forprofit orgarizationi in central Ohio to work together to identiff solutions to health and human servlces lssues.

Financ ial statement pr

ese

ntatio n

ementshavebeenpreparedinaccordancewithSrafumentof Financial )ccoritfng Standards (SFAS) No. IIi, Financial Statements of .Not-fo.r-Profit Organizations. Net assets, revenues, expenses, gains and losses are classified based on the exiitence or absence of donor-imposed restrictions. Accordingly, the net assets of United Way and changes therein are classified and reported as follows:

Unrestricted net assets Net assets that are not subject to donor-imposed restrictions.

Temporarily restricted net assets

osedrestrictionsthatmayorwillbemetbyeitheractions of United Way and/or the passage of time.

Permanently restricted net assets

osedrestrictionsthattheybemaintainedpermanentlyby United Way. As of March 31, 2008 and2007, United Way had no permanently restricted net assets.

Cash and cash equivalents

@sconsistofcash,moneymarketfunds,repurchaseagIeements,and purchase. investments with original maturities of three months or less at the time of

Allowance -for doubtful accounts Ttrorry:lrj on reports receivables at estimated net realizable value. Provision for uncollectible pledgeJis computed based upon management estimates of current economic factors, applied to the gross campaign, including donor designations.

Revenue recoqnition

SFAS Noi16 requires organizations to record contributions received, including unconditional promises to give, as revenue in the year pledged. These amounts are recorded at their fair values It the time of the pledge. In addition, the statement requires not-for-profit organizations to record contributions based on their related restrictions.

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UNITED WAY OF CENTRAL OHIO, TNC. NOTES TO FINANCIAL STATEMENTS NOTE A - Summary of significant accounting policies Propertv and equipment Expenditures fre-ater than $500 for property, equipment, software and improvements ar9 capitalized at cost. Ordinary repairs and maintenance are charged to expenses when incurred.

Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets. When property and equipment are sold or retired, the cost and related accumulated depreciation and amortization are removed from the accounts, with any gail or loss reflected in operations. Donated assets are capitalized, and recorded as support, at their fair market value at tlie date of receipt. Such donations are reported as unrestricted support unless the donor has restricted the donated asset to a specific pu{pose.

Donated services

Contrib'utedlervices are recorded when they meet the criteria of (1) creating or enhancing nonfinancial assets or (2) that require specialized skills, and are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation.

Tfre Organization makes extensive use of volunteers in conducting its campaign and various program activities. Such services are not reflected in the financial statements, as those services do not meet this definition.

Agenqt transactions Unitea Way receives resources in certain transactions where it is acting as an intermediary for the resource providers. The resources are then delivered to third-party recipients and service providers.- In accordance with Statement of Financial Accounting StandardsNo. 136, transfers_of assets to a not-for-profit Organization or charitable trust that raises or holds contributions for others, these transactions are recognized as changes in assets and liabilities and do not affect the statement of activities. Amounts outstanding at March 31,2008 and2007, are classified on the statement of financial position as funds held for others. The United Way has agency relationships with the following:

. .

Use

o_f

New Albany Classic George Meany Banquet

I I

Labor Golf Outing Limited Brands Volunteer Fund

estimates

of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. United Way's most signihcant estimate is the allowance for uncollectible pledges.

The preparation

Functional expenses The Organization allocates its expenses on a functional basis among its various programs and support services. Expenses are charged to each category based on direct expenditures incurred or allocated on a full time employee basis.

Advertisinq Advertising costs are expensed as incurred. Advertising expense was $331,57I and $296,141 for the years ended March 31, 2008 and2007, respectively.

-8-

UNITED WAY OF CENTRAL OHIO, INC. NOTES TO FINANCIAL STATEMENTS NOTE A - Summary of significant accounting policies Reclassifications Certain 2007 amounts have been reclassified to conform to the 2008 presentation.

Donor desiqnations Designations to specific not-for-profit orgarizations other than United Way are deducted from contributions revenue. Processins fees to record and distribute designations are recorded in other revenues.

Concentration of credit risk SFAS No. 105, Financial Instruments with off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Rlsk requires disclosures of information about concentrations of credit risk for all financial instruments. The Organization's financial instruments that are exposed to concentrations of credit risk consists principally of cash. The Organization places its cash in a number of quality financial institutions and products to limit its risk. The Organization does from time to time have cash balances at financial institutions in excess of the FDIC insured maximum.

NOTE B - Cash and cash equivalents Cash and cash equivalents are carried at cost, which approximates market value and consists of the

following: 2007

2008

$

Savings accounts

Certificates of deposit Repurchase agreements Cash in bank held for agency contracts Other cash in bank

114,753 108,194 6,357,000 1,347,845

$

t 14,466 l02,ggg 3,947,000 1,262,084

45.038

825^t42

s___1,912,839

l___625_t-590

Cash in bank held for agency contracts include 51,129,219 and $1,031,222 for funds required to be maintained in separate bank accounts for the Combined Federal Campaign and the State Campaign AS of March 37,2008 and2007, respectively.

NOTE C - Contributions receivable Contributions receivable at March 31, 2008 and2007 are promises to give from various donors that are unconditional. The contributions receivable are due primarily within one year. The balance in contributions receivable at March 31, 2008 represents contributions from the 2007 and 2006 campaigns. The balance in contributions receivable at March 3I,2007 represents contributions from the 2006 and 2005 campaigns.

-9-

UNITED WAY OF CENTRAL OHIO, INC. NOTES TO FINANCIAL STATEMENTS NOTE C - Contributions receivable Contributions receivable as of March 31,2008 and 2007 consist of the following: 2007

2008 $ 37,240,676 (3.910,685)

Gross contributions receivable - 2007 campaign Allowance for estimated uncollectible accounts

33,329,991

Net 2007 campaign contributions receivable

$ 2,647,487

Gross contributions receivable - 2006 campaign Allowance for estimated uncollectible accounts

(2,381,792\ 265.69s

Net 2006 campaign contributions receivable

$ 39,201,361 (3.901.700)

35.299.66r

$ 3,080,177

Gross contributions receivable - 2005 campaign Allowance for estimated uncollectible accounts

Q.s9s.960\ 484.2r7

Net 2005 campaign contributions receivable

$33S95J86-

Total net contributions receivable

l_35J83-87&

NOTE D - Property and equipment The following is a summary of property and equipment, at cost as of March 2007

2008 Non-depreciable: Land

s

Depreciable: Building and building improvements Furniture and equipment Computer software

266,846

3,223,974 3,490,920

2,992,065

1.191,651

1.116.707

s 2.299.169

ll-825.358

12,767

Less: accumulated depreciation and amortization Property and equipment, net

-10-

266,846

2,160,903 541,842 22.474 2.725.219

2,288,402 922,805

Total cost

$

UNITED WAY OF CENTRAL OHIO, INC. NOTES TO FINANCIAL STATEMENTS NOTE E - Line of credit In June 2006, the Organization entered into a line of credit agreement with a bank in the amount of $1,000,000. This line'was last extended in JuJy 2007 and matures in August 2008. The line is collaterulized by all business assets. Interest is payable monthly at prime with principal due at maturity.

There was no outstanding balance on this obligation at March 3I,2007 or 2008 and no draws were made on the line or interest incurred during either year.

NOTEF-Capitalleases Capital leases

InMarch 2008, the Organization leased office equipment under acapital lease expiring in 2013. The capital lease is recorded at the lower of the present value of the minimum lease payments or the fair value of the assets. The equipment was placed in service on March 30, 2008 and will be amortized over the estimated useful lives of the equipment acquired.

Following is a summary of property held under capital lease and included in property and equipment at March 31, 2008:

s

Equipment at fair value

303,742

Less accumulated amortization

s__3-J12^ Minimum future lease payments under this capital lease as of March 31, 2008 through maturity are: Amount

Year ended March 31.

61,030 73,236 73,236 73,236 73,236

2009

20r0

20tr 20t2 2013 2014

12^206 366,1 80

62.438

Less amount representing interest (7.619%)

Capital lease obligation, net

s___3$J_A

The Organization has also leased a telephone system under a capital lease effective May 16, 2008 and expiring rn2}Il. The capital lease will be recorded at $55,711 which is the lower of the present value of the minimum lease payments or the fair value of the assets. Monthly payments of $1,784, including interest at 9.5oh will be made for a period of 36 months. The telephone system was placed in service on May 16, 2008 and will be amortized over its estimated useful life of five years. Amortization of equipment under the capital lease will be included in depreciation expenses beginning in fiscal year 2009.

-11-

UNITED WAY OF CENTRAL OHIO, INC. NOTES TO FINANCIAL STATEMENTS NOTE G - Employee benefit plans Effective November, 1998, United Way established a defined contribution plan pursuant to Section 401(k) of the Internal Revenue Code, which covers substantially all employees choosing to participate in the Plan. Participants may contribute a percentage of their compensation, but not more than the maximum allowed under the Code. United Way provides a matching contribution for individuals participating in the Plan of up to 3o/o of the participants' compensation. Th9 rya|gling contribution to inis pta" fo-r the years ended March 31,2008 andZOOT was-$86,769 and 590,477, re,spectively. The 401(k) plan also allows for an additional 3%o safe harbor contribution made to the Plan for each eligible empioy-ee, regardless of whether or not the employee is contributing t9 tlre Plan. The total safe harbor contri6ution t-o the Plan during the years ended March 31, 2008 and2007 was $104,086 and $130,843, respectively. As authorized by the Board and in accordance with the plan documen!, an addilional $li,lSg utia SZt,546 was confributed to the 401(k) plan during the years ended March 31,2008 and 2007 , respectively, for several employees in recognitibn of tenure and due to the loss of future benefits from the freezing of the defined benefit plan described below.

In addition, until December 3t,2005, substantially all employees were covered by a noncontributory defined benefit pension plan. The benefits were calculated by multiplying average, _annual compensation by l.7yo for each year of service up to a maximum of 35 yeals. An additional .650lo was added for any excess of the social security covered compensation level gveq Jhe_ average annual compensation. United Way's funding policy was to contribute amounts perm^ittedty Intemal Revenue Service guidelines. The Organizationused a December 31 measurement date for this plan.

During fiscal year 2006, the Board of Directors voted to freeze the defined benefit ^plan effective Deceriber 31,2005, with the intent to terminate the Plan. The Organization received a favorable final determination letter from the Internal Revenue Service dated June 15, 2007 which stated that termination of the Plan would not adversely affect its qualification for Federal tax purposes. During 2008, the Organization made regularly scheduled quarterly contributions tolaling $206,663. fiscal year -termination of the Plan during fisc-at year 2008, the Organization was required^to make an Upon ad^ditional $300,000 contribution to the Plan ior the difference between the aggregate of termination benefits for each participant and the fair market value of the plan assets as of the termination date.

Upon termination bf the Plan, the interest of each participant was distributed to. zuch participant, or his oiher beneficiary, in the manner prescribed by tht plan-terms and the Internal Revenue Code. Total distributions made by the plan duiing fiscal year 2008 were $7,652,224. Additional amounts that may be required to be paid from the plan are adequately covered by remaining plan assets.

issued SFAS No. 158, Empl-oyerl Accounting_{or D_eJjryed- p9nefit.

Pensibn and Other Postretirement Plans - An Amendment of FASB Statement No. 87, 88, 106, and 132(R). This statement requires entities to recognize a net liability or asset and an gf-fsgtting-adjustment to changes in unrestricted net assets to report the over or under funded status of defined benefit and pensioriand other postretirement benefit plans. The_statement requiTs prospective.application. The iecognition and disclosure requirements are effective for entities_with fiscal years_ending after June 15, 200I. Additionally, SFAS No. tSg requires entities to measure plan assets and_obligations at their yearend statement of-financial position clate. This requirement is effective for fiscal year,q endlng_after December 15, 2008. The Organizationdid not implement SFAS No. 158 for the year ending March 31, 2008 due to the fact that the Plan has been terminated.

In September 2006, the FASB

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UNITED WAY OF CENTRAL OHIO, INC. NOTES TO FINANCIAL STATEMENTS NOTE G - Employee benefit plans Information related to the defined benefit plan as of March 31.2001 is as follows: 2001 Pension Benefit Obligation:

Accumulated benefi t oblisation - vested - non-vested

$

(6,757,220) (.363.r44\ (7,120,364)

Additional benefits based on estimated future salary levels

(7,120,364)

Proj ected benefit obligation

6.722^000

Fair value of plan assets

s

Funded status

(398.364)

Included in the calculation of the accrued benefit cost as of March 31,2007 was $1,149,277 for the minimum pension liability adjustment. All prior service cost was fully recognized due to plan amendments to freeze benefit accruals and participation effective December 3I,2005. For fiscal year 2007, the minimum pension liability adjustment of $1,149,277 was recorded as a reduction of net assets.

2007

g

Benef,rt cost

Benefits paid Employer contributions

39,728 225,366 397,890

Major assumptions at December 31: 5.75%

Weighted-average discount rate Weighted-average rate of increase in compensation levels

N/A

Weighted-average expected long-term rate ofreturn on plan assets

7.5%

-13-

UNITED WAY OF CENTRAL OHIO, INC. NOTES TO FINANCIAL STATEMENTS NOTE H - Funds held by others

In 2002, United Way set up an account at the Columbus Foundation for endowment purposes

and

designated itself the beneficiary. The market value is $543,971 and $558,716 at March 31,2008 and 2001, respectively, and is included in the statement of financial position. Investment income is distributed to the United Way semi-annually.

In addition, several endowment funds are maintained at the Columbus Foundation for the benefit of United Way. These funds represent endowment funds of the Columbus Foundation established.by third-party donors. They are subject to the variance power of the Columbus Foundation's gov^erning body-and-are therefore excluded-from United Way's financial statements. The market value of these funds was approximately $3,088,055 and $3,306,000 at March 31, 2008 and2007, respectively.

NOTE I - Unrestricted net assets Unrestricted net assets designated by the Board of Trustees for special purposes at March 31, 2008 and 2007 are as follows: 2007 2008 Board designated funds: Agency support and measurement and evaluation Vision councils and strategic initiatives Operating reserve Quasi-endowment with Columbus Foundation Subtotal ofboard designated funds

$

77,238 1,335,197 5oo,o00 543,971 2,456,406 66,948

Undesignated unrestricted net assets

s

209,523 2,091,748 350,000 558.716 3,209,987 1,388,286

(.r.r49.217)

Minimum pension liability $ 2.523.354

Total unrestricted net assets

s3-44&996

NOTE J - Temporarily restricted net assets Temporarily restricted net assets represent pledges restricted to a future time period by donors. At March 31, 2008 and 2007, these pledges totaled $23,093,378 and $22,449,335 for the 2008 and2007 designation periods, respectively. At March 31,2008 and2007, temporarily restricted net assets also includes 5259,272 and $479,857, respectively, ofdonor contributions and accrued interest restricted for building renovations.

NOTE K - Restrictions released Net assets of $32,315,992 and $31,506,019 were released from donor restrictions for the years ending March 31, 2008 and2007, respectively, due to the time passage of the donor pledge collection period.

-14-

UNITED WAY OF CENTRAL OHIO, INC. NOTES TO FINANCIAL STATEMENTS NOTE L - Operating leases United Way leases certain vehicles and equipment under operating leases which expire in various months through April, 2009. There are no contingent rentals under any of the leases. Minimum future lease commitments under such leases for the year ending March 31,2009 total $7,153. Rent expense for the years ended March 31, 2008 and2007 under all leases amounts to $99,278 and$122,096, respectively.

-15-

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