Dear Members of St. Columba’s:
We have made great progress in our effort to strengthen the foundation of St. Columba’s by completing reviews of our recent financial history. Attached you will find the following documents:
- Audit for the Fiscal Year Ended June 30, 2012
- Agreed-Upon Procedures Report for the Five Fiscal Years from July 1, 2012 thru June 30, 2017
- Audit for the Fiscal Year Ended June 30, 2018
- Summary of Capital Campaign Expenditures
- November 2019 Annual Meeting Finance Committee Report
A few words of explanation may be helpful:
Agreed Upon Procedures Report – when we began a concerted effort in 2017 to catch up on several years of not having our financial statements audited, we first completed the audit of FY 2012. It took a long time to do because of the age of the records, among other reasons. Therefore, our auditors recommended that we do an agreed upon procedures review of the 2012-2017 period, rather than year by year audits, because it could be done more quickly and would then enable us to do an audit of FY 2018. We worked with our auditors and accounting advisors to agree on a set of procedures that would give us assurance that account balances were accurate. The attached report describes what they did.
Consolidated Statements Include Nursery School – our audited financial statements are on a consolidated basis, which includes St. Columba’s Nursery School. The Nursery School is legally part of the Church; it is not separately incorporated although it has its own board of directors. Therefore, tuition, other nursery school revenue and nursery school expenses are included in these statements. The last page of the audit – Schedule of Supplemental Information – shows church and nursery school program expenses separately. In addition, note 3 shows nursery school and church mutual fund investments separately.
Summary of Capital Campaign Expenditures – this document summarizes the goals for the 2013 capital campaign, as well as how the funds were spent. Please note that there were more uses of funds than there were funds, and so some expenditures were funded from pre-existing savings. We felt it was best to include in this schedule to provide a complete picture. This information is not audited.
Finance Committee Chair
Audit for the Fiscal Year Ended June 30, 2012
Agreed-Upon Procedures Report for the Five Fiscal Years from July 1, 2012 thru June 30, 2017
Audit for the Fiscal Year Ended June 30, 2018
Summary of Capital Campaign Expenditures
November 2019 Annual Meeting Finance Committee Report