SSJ FY2020 Audited Financials

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION June 30, 2020 and 2019

Z IELINSKI & A SSOCIATES , P.C. ___________________________________________ C E R T I F I E D

P U B L I C

A C C O U N T A N T S

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION June 30, 2020 and 2019

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION June 30, 2020 and 2019

Table of Contents

FINANCIAL STATEMENTS Independent Auditor’s Report ........................................................................................ Page 1 Statements of Financial Position....................................................................................

3

Statements of Activities .................................................................................................

4

Statements of Functional Expenses ...............................................................................

5

Statements of Cash Flows ..............................................................................................

6

Notes to Financial Statements ........................................................................................

7

OTHER FINANCIAL INFORMATION Independent Auditor’s Report on Other Financial Information .....................................

16

Schedules of Expenses—Unrestricted—General...........................................................

17

FINANCIAL STATEMENTS

ZIELINSKI & ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS

Independent Auditor’s Report

Board of Directors Sisters of St. Joseph St. Joseph Convent St. Augustine, Florida We have audited the accompanying financial statements of Sisters of St. Joseph, St. Joseph Convent (a nonprofit organization), which comprise the Statements of Financial Position as of June 30, 2020 and 2019, and the related Statements of Activities, Functional Expenses, and Cash Flows for the years then ended, and the related notes to the financial statements.

Management’s Responsibility 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; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

1859 Bowles Avenue, Suite 100 | Fenton, MO 63026 | 1.800.489.2150 | 314.644.2150 | 314.644.7132 (f)

Board of Directors Page 2

Basis for Qualified Opinion As described in Note D, the costs of certain land, buildings, and equipment as of June 30, 2020 and 2019, in the amount of $3,860,852 and $3,955,798, respectively, have been recorded at appraisal values. The effect on the accompanying financial statements has not been determined Qualified Opinion In our opinion, except for the matter described in the Basis for Qualified Opinion paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of Sisters of St. Joseph, St. Joseph Convent as of June 30, 2020 and 2019, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

October 21, 2020

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA STATEMENTS OF FINANCIAL POSITION June 30, 2020 and 2019

General 2020 Assets Cash Temporary investments (Note B) Certificates of deposit Accounts receivable Prepaid expenses Investments—fair value (Note C) Property, plant, and equipment, less accumulated depreciation (Note D) TOTAL ASSETS Liabilities and Net Assets Liabilities Accounts payable and other liabilities Payroll Protection Program loan (Note K) Notes payable (Note E) Funds held for others (Notes F and G) TOTAL LIABILITIES Net assets Without donor restrictions Undesignated Designated (Note H) TOTAL NET ASSETS WITHOUT DONOR RESTRICTIONS With donor restrictions (Note H) TOTAL NET ASSETS TOTAL LIABILITIES AND NET ASSETS

See notes to financial statements.

$

2019

589,311 $ 386,630 $ 135,809 364,363 26,981 278,736 23,038 56,001 65,657 2,690 17,097,955 17,188,534 5,340,713

4,968,793

Patrimony 2020 2019

53,099 $ 64,079 887,052 -

Total 2020

2019

111,180 $ 642,410 $ 497,810 135,809 364,363 64,079 91,060 342,815 23,038 56,001 65,657 2,690 788,763 17,985,007 17,977,297 -

5,340,713

4,968,793

$ 23,279,464 $ 23,245,747 $ 1,004,230 $

964,022 $ 24,283,694 $ 24,209,769

$

180,452 $ 197,620 4,530 190,526

71,402 8,455 248,423 $ 1,004,230 $

- $ 180,452 $ 71,402 197,620 -04,530 8,455 964,022 1,194,756 1,212,445

573,128

328,280

1,004,230

964,022

1,577,358

1,292,302

21,850,303 323,992

22,683,023 226,595

-

-

21,850,303 323,992

22,683,023 226,595

22,174,295

22,909,618

-

-

22,174,295

22,909,618

532,041

7,849

-

-

532,041

7,849

22,706,336

22,917,467

-

-

22,706,336

22,917,467

$ 23,279,464 $ 23,245,747 $ 1,004,230 $

964,022 $ 24,283,694 $ 24,209,769

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA STATEMENTS OF ACTIVITIES For the years ended June 30, 2020 and 2019

General Revenues and Gains Sisters’ earned income Contributions Interest and dividend income Realized gains on sales of investments Villa Flora-Brown Center Other income Net assets released from restrictions TOTAL REVENUES AND GAINS

$

Without Donor Restrictions Designated 2020 2019

2020

2019

448,733 $ 288,890 339,033 133,524 71,803 -

498,533 171,553 $ 427,706 110,587 68,682 14,785 631,173

- $ 97,397 $ 339,215 (609,563)

1,281,983

1,923,019

97,397

Expenses Program services Management and general Fundraising

1,558,102 309,007 84,456

1,770,565 300,109 127,301

TOTAL EXPENSES

1,951,565

2,197,975

CHANGES IN NET ASSETS BEFORE OTHER CHANGES

(669,582)

(274,956)

Total

With Donor Restrictions 2020 2019

2020

2019

448,733 $ 386,287 339,033 133,524 71,803 -

498,533 510,768 $ 427,706 110,587 68,682 14,785 21,610

Total 2020

2019

448,733 $ 910,479 339,033 133,524 -071,803 -0-

498,533 516,271 427,706 110,587 68,682 14,785 -0-

524,192 $ -

- $ 5,503 (21,610) (16,107)

1,903,572

1,636,564

(270,348)

1,379,380

1,652,671

524,192

-

86,331 21,583 -

1,558,102 309,007 84,456

1,856,896 321,692 127,301

-

4,505 -

1,558,102 309,007 84,456

1,856,896 326,197 127,301

-

107,914

1,951,565

2,305,889

-

4,505

1,951,565

2,310,394

97,397

(378,262)

(572,185)

(653,218)

524,192

(20,612)

(47,993)

(673,830)

Other Changes Unrealized (losses) gains on investments Gain on sale of fixed assets

(225,792) 62,654

1,586,337 84,793

-

-

(225,792) 62,654

1,586,337 84,793

-

-

(225,792) 62,654

1,586,337 84,793

TOTAL OTHER CHANGES

(163,138)

1,671,130

-

-

(163,138)

1,671,130

-

-

(163,138)

1,671,130

CHANGES IN NET ASSETS

(832,720)

1,396,174

97,397

(378,262)

(735,323)

1,017,912

524,192

(211,131)

997,300

21,286,849

226,595

604,857

21,891,706

7,849

323,992 $

226,595 $22,174,295 $22,909,618 $

Net Assets, Beginning of Year NET ASSETS, END OF YEAR

See notes to financial statements.

22,683,023

$21,850,303 $22,683,023 $

22,909,618

532,041 $

(20,612) 28,461

22,917,467

21,920,167

7,849 $22,706,336 $22,917,467

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA STATEMENTS OF FUNCTIONAL EXPENSES For the years ended June 30, 2020 and 2019

Program Services Sisters’ support Formation Future retirement provisions Villa Flora Brown Center O’Reilly House Museum Continuing Community Support Trust Fund Administrative and general Plant Fundraising Depreciation TOTAL FUNCTIONAL EXPENSES

See notes to financial statements.

$

$

234,224 4,686 50,419 32,746 788,621 154,135 293,271 1,558,102

2020 Management and General Fundraising

$

$

197,155 38,534 73,318 309,007

$

$

Program Services

Total

84,456 -

$

84,456

$

234,224 4,686 50,419 32,746 -0-0985,776 192,669 84,456 366,589 1,951,565

$

$

387,345 9,651 102,011 47,659 3,291 2,149 720,706 339,462 244,622 1,856,896

2019 Management and General Fundraising

$

$

180,176 84,866 61,155 326,197

$

$

Total

127,301 -

$

387,345 9,651 102,011 47,659 3,291 2,149 900,882 424,328 127,301 305,777

127,301

$

2,310,394

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA STATEMENTS OF CASH FLOWS For the years ended June 30, 2020 and 2019 2020 Cash Flows from Operating Activities Changes in net assets Adjustments to reconcile changes in net assets to net cash provided by (used in) operating activities: Depreciation Unrealized losses (gains) on investments Realized gains on sales of investments Gains on sale of fixed assets Changes in: Temporary investments Certificates of deposit Accounts receivable Prepaid expenses Accounts payable and accrued expenses Funds held for others

$

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Cash Flows from Investing Activities Plant and equipment, net Investments, net NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES Cash Flows from Financing Activities Paycheck Protection Program loan Note payable—automobiles

(211,131)

2019

$

997,300

366,589 225,792 (133,524) (62,654)

305,777 (1,586,337) (110,587) (84,793)

228,554 251,755 32,963 (62,967) 109,050 (17,689)

194,512 (1,006) 48,245 16,369 (16,171) (52,396)

726,738

(289,087)

(675,855) (99,978)

434,273 (218,204)

(775,833)

216,069

197,620 (3,925)

(3,321)

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

193,695

(3,321)

NET INCREASE (DECREASE) IN CASH

144,600

(76,339)

497,810

574,149

Cash, Beginning of Year CASH, END OF YEAR

See notes to financial statements.

$

642,410

$

497,810

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS June 30, 2020 and 2019

NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Sisters of St. Joseph, St. Augustine, Florida, (the Congregation) is a not-for-profit corporation and is tax exempt under Internal Revenue Code 501(c)(3).

General Purpose The general purpose of the corporation is to operate, support, and promote the institutions and works of religion, education, health, charity, and any such work entrusted to the Sisters of St. Joseph of St. Augustine, Florida by the Ordinaries of the Diocese in which the Congregation has been called to serve.

Classification of Net Assets In order to ensure observance of limitations and restrictions on the use of resources available to the Congregation, its net assets are reported in one of two classes, without donor restrictions or with donor restrictions.

Net assets without donor restrictions include: General Funds Without Donor Restrictions These are the operating funds of the Congregation. All assets are available to be used at the discretion of the administration to conduct general operations and carry on routine services and programs of the Sisters of St. Joseph, St. Augustine, Florida.

Agency Funds Sisters’ Travel Funds These assets are composed of donations from Sisters which are later used to pay travel expenses. They are not available for use by the Congregational administration. Separate accounts have been set up to record travel transactions in the General Unrestricted Funds.

Patrimony In accordance with Canon Law, the Congregational administration acts as custodian of the personal inheritances of the Congregation’s members. These funds are not available for use by the Congregation.

Net assets with donor restrictions may be used only after the passage of a donor-stipulated period of time or for a donor-specified purpose. The assets realized from this fund are used to assist the Congregation to maintain a healthy and viable stance, therefore, to enable its members to continue its ministry to the People of God within the mission of the Church. Assistance for personnel development, for meeting the needs of retired and infirmed Sisters, and construction and maintenance of congregational properties are a part of this enablement process.

7 of 18

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 2020 and 2019

NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Property, Plant, and Equipment Prior to September 1, 1981, it was Congregation policy to charge as expense for the current year, any outlays for property, plant, and equipment. On September 1, 1981, the necessary adjustments were made to capitalize all assets. Some of the assets do not have adequate cost records; consequently, appraisal values based on insurance records and property appraisals were used to determine capitalization of all assets acquired prior to September 1, 1981. Acquisitions on or after that date were recorded at cost, or at fair market value on the date of donation. All expenditures for property and equipment in excess of $10,000 are capitalized. Depreciation is provided over the estimated useful lives of the respective assets on a straight-line basis.

Cash The Congregation considers all highly liquid debt instruments and short-term investments purchased with original maturities of three months or less to be cash equivalents. Temporary investments are considered to be cash equivalents. The Congregation places its cash and temporary cash investments with high credit quality institutions. Periodically, such investments may exceed the FDIC insurance limits.

Investments Investments are recorded at fair value using quoted prices in active markets. The Congregation follows the practice of diversifying its portfolio to mitigate the concentration of credit risk. Unrealized gains and losses on investments are included in other changes on the Statements of Activities.

Investments, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investments, it is reasonably possible, based on the markets’ fluctuations, that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

Accounts Receivable The Congregation considers accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts is required. If amounts become uncollectible, they will be charged to operations when that determination is made.

Funds Held for Others Funds held for others consist of Patrimony and Sisters’ travel funds.

Contributions The Congregation reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a 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.

8 of 18

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 2020 and 2019

NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Functional Allocation of Expenses The Congregation allocates its expenses on a functional basis among its various programs and supporting services. Expenses that can be identified with a specific program or supporting service are allocated directly according to their natural expenditure classification. Other expenses that are common to several functions are allocated by management’s estimate of the resources devoted to the program or supporting service activity.

Subsequent Events In preparing these financial statements, the Congregation has evaluated events and transactions for potential recognition or disclosure through October 21, 2020, the date the financial statements were available to be issued.

NOTE B—TEMPORARY INVESTMENTS Temporary investments consisted of the following: 2020 Bank of America—General Savings Wachovia money market Northwestern Access Fund Institutional Investors Income Fund

$

$

2019

103,823 29,372 2,614

$

26,052 103,758 28,374 206,179

135,809

$

364,363

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 2020 and 2019

NOTE C—INVESTMENTS The Congregation adopted FASB Accounting Standards Codification (ASC) Topic 820. Topic 820 defines fair value as 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. Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value.

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables present the fair value measurements of investments recognized in the accompanying Statements of Financial Position measured at fair value on a recurring basis and the level within the ASC 820 fair value hierarchy in which the fair value measurements fall at June 30, 2020 and 2019: Fair Value 2020 Money market (Level 1) Common stock (Level 1) Mutual funds (Level 1) Corporate bonds (Level 2)

$

566,322 9,699,214 5,102,221 2,617,250

$ 17,985,007

2019 $

430,159 9,434,907 5,309,867 2,802,364

$ 17,977,297

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 2020 and 2019

NOTE C—INVESTMENTS (Continued) Investment return for the years ended June 30, 2020 and 2019 consisted of: 2020 Realized gains on sales of investments Interest and dividend income Unrealized (losses) gains on investments Investment fees

$

133,524 339,033 (225,792) (62,544)

$

184,221

2019 $

110,587 427,706 1,586,337 (137,677)

$ 1,986,953

NOTE D—PROPERTY, PLANT, AND EQUIPMENT The following schedules show the amounts capitalized and the basis at June 30, 2020 and 2019: 2020 Capitalization Basis Cost Appraisal Total Assets Land and land improvements Buildings Equipment Automobiles TOTAL ASSETS Less: accumulated depreciation TOTAL

$

350,444 $ 1,170,842 $ 1,521,286 5,518,943 2,315,781 7,834,724 564,069 374,229 938,298 502,629 502,629 6,936,085

3,860,852

10,796,937

(2,956,830)

(2,499,394)

(5,456,224)

$ 3,979,255 $ 1,361,458 $ 5,340,713

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 2020 and 2019

NOTE D—PROPERTY, PLANT, AND EQUIPMENT (Continued) 2019 Capitalization Basis Cost Appraisal Total Assets Land and land improvements Buildings Equipment Automobiles TOTAL ASSETS Less: accumulated depreciation TOTAL

$

350,444 $ 1,195,788 $ 1,546,232 4,829,018 2,385,781 7,214,799 476,483 374,229 850,712 476,130 476,130 6,132,075

3,955,798

10,087,873

(2,680,681)

(2,438,399)

(5,119,080)

$ 3,451,394 $ 1,517,399 $ 4,968,793

NOTE E—NOTES PAYABLE During the year ended June 30, 2016, the Congregation obtained two non-interest-bearing loans for automobiles. Monthly payments are $570 and the loans are due in 2022.

NOTE F—PATRIMONY ACTIVITY The following is a summary of patrimony activity: 2020 Balances, Beginning of Year Additions Deposits Net, investment gain

Deductions Members’ withdrawals BALANCES, END OF YEAR

$

964,022

2019 $

969,371

24,235 48,221

16,833 56,959

72,456

73,792

(32,248)

(79,141)

$ 1,004,230

$

964,022

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 2020 and 2019

NOTE G—SISTERS’ TRAVEL FUNDS ACTIVITY The following is a summary of the activity in the Sisters’ travel funds: 2020 Balances, Beginning of Year

$

Additions Members’ transmittals

Deductions Members’ withdrawals BALANCES, END OF YEAR

$

2019

248,423

$

295,470

11,055

89,783

259,478

385,253

(68,952)

(136,830)

190,526

$

248,423

NOTE H—DESIGNATED AND NET ASSETS WITH DONOR RESTRICTIONS 2020 With Donor Restrictions

O’Reilly House Museum Lourdes Hall Motherhouse Villa Flora-Brown Center Patterson Scholarship Retired SSJ Vocations Sisters’ ministries Craft sales Dear Neighbor/Hurricane Archives Jubilee Development promotional materials Kitchen renovation St. Joseph Renewal Center

Designated

2019 Total

With Donor Restrictions

- $ 1,440 $ 1,440 $ 471,074 63,520 534,594 540 19,560 20,100 1,000 1,000 4,951 4,951 $ 24,298 1,402 25,700 -0220,248 220,248 914 914 50 50 600 600 4,800 50 4,850 31,329 -

20 10,237

20 31,329 10,237

$ 532,041 $ 323,992 $ 856,033 $

Designated

Total

- $ 1,274 $ 1,274 109,934 109,934 844 844 109,852 109,852 5,375 5,375 -0500 500 -01,281 1,281 2,910 2,910 510 510 1,964 1,964 -

-

-0-0-0-

7,849 $ 226,595 $ 234,444

13 of 18

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 2020 and 2019

NOTE I—SISTERS OF ST. JOSEPH CONTINUING COMMUNITY SUPPORT TRUST FUND During the years ended June 30, 2020 and 2019, the following amounts were donated to the Sisters of St. Joseph Continuing Community Support Trust Fund, a related entity: 2020 Contributions from Development Office/other Future retirement contributions—active Sisters

2019

$

25,700 22,528

$

47,403 32,318

$

48,228

$

79,721

This Trust Fund is primarily, but not exclusively, intended to help provide for the needs of the aging and infirmed members of the Sisters of St. Joseph of St. Augustine, Florida.

The net amounts due from (to) the Sisters of St. Joseph Continuing Community Support Trust Fund at June 30, 2020 and 2019 were $(8,644) and $46,764, respectively.

NOTE J—CONTINGENCIES The Congregation has been notified that it has been designated as a beneficiary in certain wills, which are considered to be conditional promises as designation can be changed at any time until the death of the donor. Information about the amounts of these designations is not currently available.

NOTE K—PAYCHECK PROTECTION PROGRAM Because of the COVID-19 pandemic, the Congregation applied for and received a Paycheck Protection Program (PPP) loan from the U.S. Federal Government Coronavirus Aid Relief and Economic Security (CARES) Act on May 4, 2020 to help pay the salaries of its employees. The loan totaled $197,620 and is expected to be forgiven as the conditions were met for forgiveness.

The funds received were included in the Statements of Financial Position under Liabilities. The funds expended were included in the Statements of Functional Expenses under Administrative and General.

14 of 18

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA NOTES TO FINANCIAL STATEMENTS (Continued) June 30, 2020 and 2019

NOTE L—LIQUIDITY AND AVAILABILITY OF RESOURCES The Congregation’s financial assets available within one year of the Statement of Financial Position for general expenditures are as follows: Cash Temporary investments Certificates of deposit Accounts receivable Investments Total Financial Assets Available Within One Year

$

642,410 135,809 91,060 23,038 17,985,007

$ 18,877,324

Less: Liabilities payable within one year and net assets with donor restrictions: Accounts payable and other liabilities Notes payable Funds held for others Net assets with donor restrictions

$

(180,452) (4,530) (1,194,756) (532,041) (1,911,779)

Total Financial Assets Available to Management for General Expenditure Within One Year

$ 16,965,545

NOTE M—CORONAVIRUS GLOBAL PANDEMIC The COVID-19 outbreak in the United States has caused business disruption through mandated and voluntary closing of businesses and has drastically affected the financial markets. While the disruption is currently expected to be temporary, there is considerable uncertainty around the duration of the closings and the continued effect on the markets. Therefore, the Congregation expects this matter to negatively impact its future contribution and investment income. The related financial impact and duration cannot be reasonably estimated at this time.

NOTE N—RECLASSIFICATION As of June 30, 2019, certain balances have been reclassified for comparative purposes.

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OTHER FINANCIAL INFORMATION

ZIELINSKI & ASSOCIATES, P.C. CERTIFIED PUBLIC ACCOUNTANTS

Independent Auditor’s Report on Other Financial Information

Board of Directors Sisters of St. Joseph St. Joseph Convent St. Augustine, Florida

We have audited the financial statements of the Sisters of St. Joseph as of and for the years ended June 30, 2020 and 2019, and have issued our report thereon dated October 21, 2020, which contained a qualified opinion on those financial statements. Our audits were performed for the purpose of forming an opinion on the financial statements as a whole. The Schedules of Expenses—Without Donor Restrictions—General is presented for the purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

October 21, 2020

1859 Bowles Avenue, Suite 100 | Fenton, MO 63026 | 1.800.489.2150 | 314.644.2150 | 314.644.7132 (f)

SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA SCHEDULES OF EXPENSES—WITHOUT DONOR RESTRICTIONS—GENERAL (See Independent Auditor’s Report on Other Financial Information) For the years ended June 30, 2020 and 2019

2020 Sisters’ support Active member support Medical

$

TOTAL SISTERS’ SUPPORT Total Formation Future Retirement Provisions Administrative and general Salaries and benefits Travel and auto repair Professional fees Investment fees Computer and internet Telephone Office supplies, postage, and bank charges Archives Workshops Jubilees Membership fees Donations and under-funded ministries Publications Councilors Payroll expenses Funeral expense Miscellaneous TOTAL ADMINISTRATIVE AND GENERAL

$

226,773 7,451

2019 $

381,520 5,825

234,224

387,345

4,686

9,651

50,419

102,011

729,949 1,873 52,741 62,544 13,219 20,814 8,989 2,055 6,008 4,931 10,216 32,542 2,664 12,737 10,074 (1,873) 16,293 985,776

$

325,481 300 45,853 137,677 140 4,699 8,816 4,244 20,262 10,529 2,813 189,341 536 15,099 5,571 9,363 7,739 788,463

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SISTERS OF ST. JOSEPH ST. AUGUSTINE, FLORIDA SCHEDULES OF EXPENSES—WITHOUT DONOR RESTRICTIONS—GENERAL (Continued) (See Independent Auditor’s Report on Other Financial Information) For the years ended June 30, 2020 and 2019

2020 Plant Utilities Repairs and maintenance Designated plant expenses Contracted services Insurance (property, automobiles, W.C., etc.)

Property taxes Computer updating

$

2019

48,666 45,055 89,544 8,004 1,400

$

37,482 107,238 173,908 54,260 38,670 6,876 5,894

TOTAL PLANT

192,669

424,328

Villa Flora-Brown Center

32,746

47,659

O’Reilly House Museum

-

3,291

Donation to Sisters of St. Joseph Continuing Community Support Trust Fund

-

2,149

Fundraising

84,456

127,301

Depreciation

366,589

305,777

$ 1,951,565

$ 2,197,975

TOTAL EXPENSES—WITHOUT DONOR RESTRICTIONS

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