Page 1

TRAIL BLAZER CAMPS, INC. FlNANCIAL STATEMENTS

ocToBER 31, 2015 AND 2014

(With lndependent Auditors' Report)


TRAIL BLAZER CAMPS, INC' ocToBER 31,2015 AND 2014

CONTENTS

Page

Independent Auditors' RePort Financialstatementsl Statements of Financial Position Statements of Activities Statements of cash Flows Statements of FLrnctional Expenses Notes to Financial Statements

3

4 5 6

714


@ Y

BEDERSON: Accountanls and Advisots since 1937

INDEPENDENT AUDITORS' REPORT

To the Board ofTrustees of Trail Blazer CamPs, Inc

Trail Blazer Camps' Inc (a nonprofit have audited the accompanylng financial statements of position as of October 31' 2015 and 2014' and organization), which comprise the statements of financial forthe years then ended, andthe ,il,.iru,"o ri*"r"*rofactivities, cashflows, and functionalexpenses related notes to the financial statemen$

we

Management's Responsibility for the Financial Statements presentation of these financial statements in Management is responsible ior the preparatlon and fair includes principles generally accepted in the United States of America; this titt ".aornting relevant to the preparation and fair ".aoiiun." the design, implemeniatlon, and marntenance of internal control to fraud or ti""".l"l statements that are free from material misstatement' whether due

0r".""i",i"" "i error.

Auditors' ResPonsibilitY statements based on our audits we or, r."to""tii',nu is to express an opinion on these financial in the United siates of .*or.iuo ou', urai,, in accordance with auditing standards generally accepted perform the audit to obtain reasonable assurance America. Those standards require that we plan and misstatement about whether the financial statements are free from material evidence about the amounts and disclosures in An audit involves performinS procedures to obtain audit

on the audiiors'judgment' including the the financial statements. The procedures selected depend financial statements' whether due to fraud or assessment of the risks of material mlsstatement of the the auditor considers internal control relevant to the entity's

error. In making those risk assessments, procedures that are p|,"sentation ofthe financial statements in order to design audit ir"pur",lon on the effectiveness "nifui|. purpose of expressing an opinion appropriate in the circumstances, but not for the audit.also includes evaluating no such opinion of the entity's internal control. Accordingly, we express .An reasonableness of significant accounting ii" "pp."p,i""** of accounting policies used and thethe overall presentation of the financial estimates macle by managemen!, as well as evaluating statements. and appropriate to provide a basis for We believe that the audit evidence we have obtained is sufficient our audit opinion

100 Passaic Avenue,

faiihld, ltew le6ey 07004

973.736.3333 . www-bedeEon.can

(11


opinion AsdiscussedinNotegtothetinanc|aIstarements,theorganizationdidnotincIudethefairVajueofits statements ln our opinlon' ,""i-ir""i".ir,,*. tp""icularly land) as revenue and expense in the financial require the donated use of States of America accounting principles generally accepted 'n tn" Unit"a facilities to be recorded at lair value. l!wasnotpracticabletodeterminetheeffectsofthisdepartureon Basis for Qualilied

the accompanying financial statements Qualified Opinion opinion paragraph' ior the effects of the matter described in the Basis for Qualified il o* opinion, "*."p, present fairly, in all material respects' the tn" ii*nai"r statements referred to in the first paragraph iin"nlirt po.ition ofroil Blazer camps, Inc asofoctober31'2015and2014'andthechangesinitsnet principles generally itr ar.rr flo*s for the years then ended in accordancâ‚Ź with accoLrnting

"no "rrli. accepted in the united states ofAmerica

Otat"-,-"XXP Fairfield, New JerseY september 12, 2016

\2)


TRAIL SLAZER CAMPS, INC. STATEMENTS OF FINANCIAL POSITION

ocroBER 31, 2015 AND 2014

ASSETS

2074

CURRENT ASSETS

5

Cash and cash equivalents

Investments, at fair value Accounts and other receivables

s

1,100,208

3s3,279 7,734,616

49,77 4

92,O52

1,,439,230

1,saa,822

455,082

48a,175

246,623

Other TOTAL CURRENT ASSETS PROPERTY AND EQUIPMENT, net of accurnulated

depreciation and amortization of 5952,648 and 5890,878

5

TOTAL ASSETS

],8r!;n

tL,o1ry2!

TIABITITIES AND NET ASSETS

CURRENT LIABILITIES:

Accounts payable and accrued expenses Note payable - current Portion

66,223

69,621

TOTAL CURRENT LIABILITIES

LONG-TERM LIABILITIES:

Note payable - non-current portlon

65,622

9,62L

13,768 83,389

TOTAL LIABIIITIES NET ASSETS:

Unrestricted: Operating

(830,707)

Board designated Property and equipment

Permanently restricted TOTAL NET ASSETS

TOTAL I"IABILITIES AND NET ASSETS

222,73r

\789,776) 327,951 484,77 5

455,082 7,961,198

'1,961,198

1,874,3O4

1,994,208

! ,!994,31' t ,2p7l;r7

The accompanying notes are an integral part of these financial statements'


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TRAIL BLAZER CAMPS, INC. STATEMENTS OF CASH FLOWS

YIARS LNDI D OC IOBLR 3

i, 2015 AND 20I4

2014

2015 CASH FLOWS FROM OPERATING ACTIVITIES:

Change in net assets

s

cash Adjustments to reconcile change in net assets to net f rom oPerating activities: Depreciation and amortizatjon (lncrease) decrease in:

Accounts and other receivables Security dePosit expenses Increase {decrease) in accounts payable and accrued NET CASH PROVIDED BY {USED BY) OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and equipment

Investments received (made) NET CASH PROVIDED BY {USED BY) INVESTING ACTIVITIES

(179,904)

S

65,144

50,978

42,874

41,a96

5,650 500

{3,000) \77,4A7)

(65,032)

269,O95

(32,0s1) 34,436

\1.61,723)

2,38s

(3s4,ss7)

CASH FLOWS FROM FINANCING ACTIVITIES:

20,996

Proceeds from borrowings

\3,229)

Payments on notes PaYable

17,767

NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES

(67,69s)

(66,6s6)

NET DECREASE IN CASH AND CASH EQUIVALENTS

420,974

CASH AND CASH EQUIVALENTS - beginning

CASH AND CASH EQUIVALENTS - ending

244,628

5

246,623

SUPPLEMENTAT DISCTOSURES OF CASH FLOW INFORMATION:

Interesl paid during the Year

statements' The accompanying notes are an integral part ofthese financial

S

3s3,279


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TRAIL BLAZER CAMPS, INC. NOTES TO FINANCIAL STATEMENTS

ocToBER 31, 2015 AND 2014

POLICIES NOTE 1 . ORGANIZATION AND SIGNIFICANT ACCOUNTING

Organization

values and life a"n1*, Inc- (the "organization") facilitates the development of

i*li JL.", ur,l"iiuii"r.

p.l"ai""

skills

expeliential education' .itizenship in inner-cjty youngsters through outdoor

year-roLnd mentor;ng and leddershrp training cash and Cash Equivalents considers allinvestments' purcnaseo For purposes ofthe statement ofcash flows, the Organization with a maturity ofthree months or less, to be cash equivalents'

if," Orgi.ution r"tf".ts

;;;r";;

l;;.;.

unrealized investments at fairvalue in the statement of financialposition and increases as of activities reflected in the statement

on investments are

permanently restricted by explicit donor iecr"ases in unrestricted net assets unless their use is siipulatlons or law.

contributions and Promises to Give

contributionsarerecognizedwhenthedonormakesapromisetogivetotheorganizatjonthat|s, bythe donor are reported as increases in ruurtuna", rnaonditional. contributionsthatare restricted year in which the conlributions are in unrestricted net assets, if the restrictions expire in the fiscal increases in temporarily or recognized, All other donor-restricted contributions are reported as When a restrictlon permanently restricted net assets depending on the nature of the restrictions net assets' expires, temporarily restricted net assets are reclassified to unrestricted Property and EquiPment usingthe straight-line method Propertyand equipment arestated at cost and are beingdepreciated overthe estimated useful life ofthe asset. Financial Statement Presentation

position and activities The Organization is required to report informaiion regarding its financial restricted net assets, according to three classes of net assetsj unrestricted net assets, temporarily to presenl a is required the Organization and permanently restricted net assets In addition, statement of cash flows income taxes under section The OrganDation is a not-forprofit organization exempt from fedefal which is not a 501(c)(:) of the Internal Revenue Code and has been designated as an organization private foundation. jurisdiction and the State of New Trail Blazer camps, Inc files income tax returns in the U s federal York. Tax returns priorto fiscalyear 2oll are closed understatute oflimitations

(7)


TRATL BLAZER CAMPS, INC. NOTES TO FINANCIAL STATEMENTS ocToBER 31, 2015 AND 2014

ACCOUNTING POLICIES (CONtiNUEd) NOTE X - ORGANIZATION AND SIGNIFICANT AccoLrnts Receivable

accounts receivable at year end' as well as It is the policy of management to review the outstanding an allowance for doubtful accounts the bad debt write_ofts experlenced in the past' and establish necessary at October amounts. No allowance fo; doubtful accounts was deemed

for uncollectible 31,2015 and 2014. Reclassifications

to conform to the 2015 presentation Such Certain amounts forthe year 2Ot4 have been reclassified 2014 increase in net assets' reclassificaiion had no effect on the previously feported subsequent Events September 12, 2016, which is the date The organization has evaIuated subsequent events through the financial statements were available to be issued NOTE2-NETASSETS Board Designated Endowment of restricted endowment funds' The Board ofTrustees voted tha! all bequests, with the exception for the Organization revenues be placed in a Board Designated Fund to ensure future PermanendY Restricted Net Assets permanenfly restricted net assers consist of contributions received, specificallyto help ensureTrail

within the lncome earned on these assets is available for general operations remain intact restrictions of these endowment funds whereas the principal must

Blazers'

future

Restricted Net Asset Advances to unrestricted funds' Any restricted net assets In excess of assets are considered advances NOTE 3 .INVESTMENTS

FairValue HierarchY

for an asset or paid to transfer a Fair value is defined as the exchange price that would be received price) in the principal or most advantageous market for the asset or liability in an

liability {an exit Generally accepted orderlv transaction between market participants on the measurement date maximize ihe use entity to an which requires accou;tlng principles establishes a fairvalue hierarchy, fair value The measuring when of observJle inputs and minimize the use of Lrnobservable inputs fair value: standard describes three levels of inputs that may be Lrsed to measure assets Levell:Quoted prices in active marketsfor identicalassets or liabilities Levell exchange in active an traded that are and liabilities include debt and equity securities mar\el,3s wellas U S lreasJrY secJr:ties

quoted prices for similar Level 2: Obsenr'able inputs other than Level 1 prices such as or other inputs ihai assets or liabilities; quoted prices in markets that are not active; the are observable or can be corroborated by observable market data for substantially fullterm ofthe assets or liabilities. Level 2 assets and liabilities include debt securities

with quoted market prices that are traded less frequently than exchange-traded instruments, This category generally includes cerlain U S Government and agencv alternative mortgage-backed debt securities, corporate-debt securities and investments (8)


TRAIL BLAZER CAMPS, INC. NOTES TO FINANCIAL STATEMENTS

ocToBER 31,201s AND 2014

NOTE 3 - INVESTMENTS (Continued)

Fair value HierarchY (continued)

little or no market activitv and that Level3i Unobservable inputs that are supported by Level3assetsand liabilities are significant to the tair value ofthe asset or liabilities vallle is determined using pricing models'

include financial instruments whose discountedcashf|owmethodo|ogies,orsimi|artechniques,aswe||asinstrumentsfor management judgment or which the determination of fair value requires significant private debt and equity estimation. lhis category generally includes certain instruments and alternative investments'

based on available market information Fair value estimaies are made at a specific point in time' future ,o"ra*e financial as;et, lncluding estimates of timing' amount of expected

tltt""i.

""0 c*tr ito"*s

ana tne creait standing ofthe issuer' lnsomecases'thefairvalueestimatescannotbe mavnot ,uiro",i*"a uv *.purison to i;dependent markets' In addition'thedisclosedfairvalue the disclosedfairvalues l"r""l'rJin,f't"iln."aiatesettlementofthefinancialasset' In addition' at one time an entire for sale offering from could result

do not reft"at any

pr"airm or discount that

other expenses that would be incufred holding of a panicular flnancial asset Potentialtaxes and ln an aitual iale or settlement are not reflected in amounts disclosed' based upon the net asset The fair value of the Organization's mutualfunds is determined

v'lue of

hierarchy' the shares held at vear-end in accordance with Levell ofthe fair value

basis are summarlze0 lnvestments at October 31, 2015, measured at fairvalue on a recurring ASSetS

Measured DescrLptron

Levell

Fair Value

MutualFunds:

5

266,414 44,744

44,184

Domestic Equity

385,492

InternationalEquitY complementary Strategies

r10,4LO

38s,492 770,414

L19,136

119,136

RealAsset Funds

113,968

113,968

1,100,208

1,100,208

L1!94q

911qq;99

TotalAssets of Fair Value

s

(e)

2

Level 3

266,414

Domestic Fixed Income lnternational Fixed lncome

Total mutualfunds

Level

s- -

9

-


TRAIL BLAZER CAMPS, INC. NOTES TO FINANCIAL STATEMENTS

ocToBER 31, 2015 AND 2014

NoTE 3 - INVESTMENTS (Continued) Fair Value HierarchY (Continued)

on a recurring basis are summarlzeo lnvestments at October 31, 2014, measured atfairvalue Measured

at rpver

FairValue MutualFunds: Domestic Fixed Income lnternational Fixed Income

236,377

s

1

236,377

95,956

9s,956

Domestic EquitY

342,100

342,74O

InternationalEquitY

196,325

796,325

Complementary Strategies

735,121

135,121

RealAsset Funds

r28,73-1

128,137

Total mutualfunds TotalAssets of Fair value

1.134,616

Levei2

1,134,61t6

E r.134.616 S 1,134,616

5-

Mutua|fundsareexposedtoVar|ousriskssuchasinterestrate,market,andcreditrisks'|ti5at

securities will occur ]n the near least reasonably pos;ible that changes in ihe values of investment reported in the statemeni of amounts on the term and those changes could have a material effect

financialPosition. NOTE

4.

BOARD DESIGNATED FUNDS

board As required funds are classified with these by generally accepted accounrrng principles, net asseis associated October 31' 2015 based upon the existence of board designated restrictions- As of

approved bY the The Organization's board designated firnds consist of bequests

anJreponed ancl2014,thebalancefortheboarddesignatedfundis5222'731and5327'951'respectNely'

designated endowment Subsequent to year end, the Organization transferred S50'000 to the board increasing the balance to 5272,731-

NOTE5-ENDOWMENTFUNDS The Organization's The Organization has received funds that are restricted endowment funds permanently Restrtcted Assets. They endow;ent fund consists of funds received and inctuded in policies are not subiect to are subiect to specific investment and spending policies and these potential board revision.

(10)


TRAIL BLAZER CAMPS, INC. NOTES TO FINANCIAL STATEMENTS

ocroBER 31, 2015 AND 2014

NOTE 5 - ENDOWMENT FUNDS (CONtiNUEd)

endowment fund permanently restricted net assets at October 31, 2015 and 2014' consist of an the endowment fund are subiect to established ;n 2012 to strpport camp services Contributionsto gift is to be held and invested bV the 40"", i"*id'"* af'", ttipulate the original principal of the camp services As ina"lnit"tv una income from the fund is to be expended for ;;;;,;; endowment funds with associated r."qrir"Jlv g"""tlrv *.epted accounting principles, net assets of donor_imposed restrictions are classifieJ and reported based on the existence or absence

of Institutional Funds Act The Organization has interpreted the Staie Prudent l\4anagement |.*rir'* *e preservation of the fair value of the original gift as of the gift date oi

iittiiii".

donor.restricte.lendowmentiundsabsentexp|icitdonolstipulationstolhecontraryAs'aresu|tof permanently restricted net a,ssets (1)the original if,-i. int"rp r"t"tlon, tt,u organization classifies as (2) the original value of subsequent gifts to value of gifts donated to the permanent endowment, endowment made In ,t," p"r,i"n"* endowment, and (3) accumulations to the permanent

gjft instrument at the time the accumulatlon accorJance witn tne airection of the applicable donor endowment fund that is not is added to the fund. The remaining portion of the donorrestricted as temporarily restricted net asseis until classified in permanently restricted net asse$ is classified with for expenditure by the Organization in a manner consistent ilor" .rnorna organization the "pp.priated sPlvllFA' "r" with pr,-rden.e prescribed by sPMlFA ln accordance

il'," .trnaura of considersthefo||owingfactorsinmakingadeterminationtoappropriateoraccumu|atedonor. restricted endowment funds: 1)

2l 3) s) 6) 7)

The duration and preservation of the endowment fund' The purpose ofthe institution and the endowmentfund' General economic conditions, The possible effect of inflation and deflation The expected total return ffom income and the appreciation of investments

Other resources ofthe institution

Where appropriate and circumstances would otherwise warrant' alternatives to expenditure of the endowment fund, giving due the consideration to the effect that such alternatives may have on insiitution.

8)

The investment policy ofthe institution

policies for endowment assets that The Organization has adopted investment and spending program with current attempi io subject the fund to low investment risk and provide its camp

income'EndowmentassetsareInvestedInadiversifiedportfo|io'Theorganizationseekstobui|d endowmentassetsthroughadditiona]contributions.Thecur|entspendingpo|icyisnotexpected returns This is to allow the Organization's endowment fund to grow as a result of investment consistentwiththeorganization,sobjectivestoprovideincomeforitscampprogram,preserve provide additionaI realglowth endowment assets without subjecting them to substantiaI rkk, and through new gifts.

(11)


TRAIL BLAZER CAMPS, INC. NOTES TO FINANCIAL STATEMENTS

ocToBER 31, 2015 AND 2014

NOTE 5 - ENDOWMENT FUNDS (CONtiNUEd)

composition ofthe Endowment Funds by Net Asset class

as of October 31, 20151

Temporarily

Pe'manenuy

unrestricted Restricted Restricted s

s1,967198

-16310

Total

s1860'8!8

year ended October31,2015, are as Changes in the Endowment Funds bY NetAssets Classforthe

Endowment Funds beginning oiYear lnvestment retum

ss

s1,967,198

-

{6,310)

57,961,794 {6,310)

Appropriation of endowment assets for expenditure Endowment Funds'end

ofvear

S 15.310)

$L96J-198

of October 31' 20141 Composition of the Endowment Funds by Net Asset class as

TemPorarily

unrestricted Restrlcted Endowment

Funds

Permanently

Restricted

Tota'

Sl.957l98

year ended october 31' 2014 are as Changes in the Endowment Funds by Net Assets Class for the

Endowment Funds- beginning oi l]ear lnvestment returr Appropriation of endowment

assetsforexpenditure

Endowment Funds - end

SS'57,76J,79a57'767'L9a 70,75r 200,000 {70.7s1) _ $1162198

ofYear

JO,15I 200,000 {70 7s1)

51161-198

the ope ratio n5, PermanentIy restricted endowment net assets consist offunds to sUpport and programs of Trail Blazer Camps, Inc.

5e

rVices

NOTE 5 - UNCONDITIONAL PROMISESTO GIVE

tJnconditionaIpromisestogjveareunrestrictedandaredUeduringthesubsequentfiscaIyear' Uncollectible promises to give are expected to be insignificant

(12)


TRAIL BLAZER CAMPS, INC. NOTES TO FINANCIAL STATEMENTS

ocToBER 31, 2015 AND 2014

NOTE 7

'

PROPERTY AND EqUIPMENT

Property and equipment consist of the following: 2014

2015

5

Furnlture, fixtures and equipment Leasehold imProvements Websjte development costs Total Less: Accumulated depreciation and amortizatron

213,s67

2s2,375 197,347

901,900

894,12:L

7,401,730 952.644

1,379,653

s

Net Property and Eq'riPment

5

257,041

890.878

s_488Ji5

4l5p82

2014, was 555,744 and Depreciation and amortization for the years ended October 31, 2015 and S50,978, respectivelY. NOTE8-NOTESPAYABLE

truck and financed On December 30, 2013, the Organization acquired a 2013 GMC Sierra Pick up of 9387, including annual interest of 4 05%' S20,996 with sussex Bank, due in monthly installments This is Itexpires in November20ls. As ofOctober3l,2015,the remaining unpaid balance S13'785 obligation is collateraiized by the financial equipment The maturities of the note payable are as follows: Years Ending october 31.

s4,164

2016 20L7

4,5L5

2018 2019

770

NOTE 9 - COMMITMENTS

TheNewlersevcampfaciIities(|and)usedbytheorganizationare|easedforanominaIannuaIfee' the option The lease provides for an initial term through luly 31, 2040, and gives the Organization toautomaticallyrenewforsuccessivetermsoften(10)yearseaâ&#x201A;Źhforthe|ifeoftheorganization' Theorganizat|onpaystnereaIestatetaxesattributab|etothesefacilitieswhichamountedto years, respectively The annualfair rentalvalLle of S21,026 and S13,265 in the 2015 and 2014 fiscal these facilities is not determined and recorded in the financial statements

(13)


TRAIL BLAZER CAMPS, INC. NOTES TO FINANCIAL STATEMENTS

ocToBER 31, 2015 AND 2014

^

NOTE 9 - COMMTTMENTS (Conrinued)

The Organization entered into the following office space leese located in Brookiyn, New Vork:

A five {5) year lease commencing lvarch 1,2014, and ending Febtuary 27,2019. In January 2015, the lease was amended to increase the monthiy rent by S800 a year. The following is a schedule offuture minimum rental payments:

October 31. 2016

528,6s0 29,250

201/ 2418

29,850 10,000

February 2019 NOTE lO.TRUST FUND INCOME

.^

The Organization is ihe income beneficiary of the Trait Blazer Camps Tfust which is administered by Deutsche Bank. NOTE 11 - CONCENTRATIONS

The Organization maintains cash balances at various financial institutions, which may at times exceed balance insured by the Federar Deposit Insurance corporation. The organization has not experienced losses on such amoun$. During the years ended October 31, 2015 and 2014, the Organization received forty-one (41%) percent and fifty two (52%) percent of its contributions from one (1)

trust, respectively.

NOTE 12 - FUNCTIONAL ATLOCATJON OF EXPENSES

The cost of providing various programs and supporting services has been summarized on a functionalbasis in the statement of activities_ Accordingty, certain costs have been allocated among the programs and the supporting services in reasonable ratios determined bv manaaement,

(14)

Trail Blazers Audited Statements 2015 and 2014  
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