INDEPENDENT AUDITOR’S REPORT

Board of Directors

Leave No Veteran Behind, Inc.

Chicago, Illinois

We have audited the accompanying financial statements of Leave No Veteran Behind, Inc., which comprise the statement of financial position as of December 31, 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 from 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.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Leave No Veteran Behind, Inc. as of December 31, 2020 and 2019, and the changes in its net assets and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Change in Accounting Principle

As discussed in Note 1 to the financial statements, Leave No Veteran Behind, Inc. adopted Financial Accounting Standards Board Accounting Standards Codification Topic 606 – Revenue from Contracts with Customers effective January 1, 2020, using the full retrospective method. Our opinion is not modified with respect to this matter.

November 15, 2021

See accompanying notes and independent auditor's report.

Change

Leave

No Veteran Behind, Inc. Statement of Activities

December 31,

Change

See accompanying notes and independent auditor's report.

Leave No Veteran Behind, Inc. Statement of Functional Expenses For the Year Ended December 31, 2020

See accompanying notes and independent auditor's report.

Leave No Veteran Behind, Inc.

Statement of Functional Expenses

For the Year Ended December 31, 2019

See accompanying notes and independent auditor's report.

Leave No Veteran Behind, Inc. Notes to the Financial Statements

1. Summary of Significant Accounting Policies

Purpose – Leave No Veteran Behind, Inc. (Organization) is an Illinois not-for-profit corporation. The Organization provides educational and employment services to veterans who face economic hardship. Through its innovative educational debt relief scholarship, community service, employment training, and job placement programs, Leave No Veteran Behind, Inc. invests in heroes who have honorably served our Nation and seek to continue their service as productive citizens in their communities.

Basis of Presentation – The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (hereafter referred to “U.S. GAAP”). In accordance with these principles, the Organization adheres to guidance provided by Accounting Standards Codification (ASC) No. 958-205. Under ASC 958-205, “Presentation of Financial Statements”, the Organization, if applicable, is required to report information regarding its financial position and activities according to two classes of net assets, namely without donor restrictions and with donor restrictions. Support that is restricted by donors as being available only in future accounting periods or for other specified events, is reported as with donor restrictions. Additionally, promises to give or pledges are recognized when the conditions of the promise or pledge have been substantially met by the Organization. Donor-restricted support whose restrictions are met in the same reporting period are reported as without donor restrictions support.

Revenue and Expense Recognition – The financial statements of the Organization have been prepared on the accrual basis of accounting and, accordingly, all significant receivables, payables, and other liabilities have been reflected. Thus, revenue is recognized when earned and expenses are recognized when incurred

Support Recognition – Contributions, received or pledged, are recorded as without donor restrictions unless specifically restricted by the donor. All donor-restricted contributions are reported as an increase in net assets with donor restrictions and are reclassified to net assets without donor restrictions as the restrictions are met

In-Kind Services – Contributions of donated services or use of facilities that create or enhance non-financial assets or that require specialized skills are provided by individuals possessing those skills and would typically need to be purchased if not provided by donation, are recorded at their fair values in the period received. There were no in-kind services recognized at December 31, 2020, and December 31, 2019

Use of Estimates – The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, activities, and the related disclosures at the date of the financial statements and during the reporting period. Actual results may differ from those estimates