junior achievement of central virginia, inc. · 2017-06-30 · junior achievement of central...

JuniorAchievementofCentralVirginia,Inc.FinancialStatementsJune30,2017

Page

IndependentAuditor'sReport 1‐2

FinancialStatements

Statementoffinancialposition 3

Statementofactivities 4

Statementoffunctionalexpenses 5

Statementofcashflows 6

Notestofinancialstatements 7‐13

JuniorAchievementofCentralVirginia,Inc.

TableofContents

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IndependentAuditor’sReportBoardofDirectorsJuniorAchievementofCentralVirginia,Inc.Richmond,VirginiaReportontheFinancialStatementsWehaveauditedtheaccompanyingfinancialstatementsofJuniorAchievementofCentralVirginia, Inc.,whichcomprise thestatementof financialpositionasof June30,2017, therelatedstatementsofactivities,functionalexpensesandcashflowsfortheyearthenended,andtherelatednotestothefinancialstatements.Management’sResponsibilityfortheFinancialStatementsManagement is responsible for the preparation and fair presentation of these financialstatements in accordance with accounting principles generally accepted in the UnitedStates of America; this includes the design, implementation andmaintenance of internalcontrol relevant to thepreparationand fairpresentationof financial statements thatarefreefrommaterialmisstatement,whetherduetofraudorerror.Auditor’sResponsibilityOur responsibility is to express an opinion on these financial statements based on ouraudit.WeconductedourauditinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica.Thosestandardsrequirethatweplanandperformtheauditto obtain reasonable assurance about whether the financial statements are free frommaterialmisstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosures in the financialstatements. Theproceduresselecteddependontheauditor’sjudgment, including theassessmentof the risksofmaterialmisstatementof the financialstatements,whetherduetofraudorerror. Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’spreparationandfairpresentationofthefinancial statements in order to design audit procedures that are appropriate in thecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Accordingly,weexpressnosuchopinion.Anauditalsoincludesevaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimatesmade bymanagement, aswell as evaluating the overallpresentationofthefinancialstatements.

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We believe that the audit evidence we have obtained is sufficient and appropriate toprovideabasisforourauditopinion.OpinionIn our opinion, the financial statements referred to above present fairly, in all materialrespects,thefinancialpositionofJuniorAchievementofCentralVirginia,Inc.asofJune30,2017, and the changes in its net assets and its cash flows for the year then ended inaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.ReportonSummarizedComparativeInformationWehave previously audited JuniorAchievement of Central Virginia, Inc.’s 2016 financialstatements, and we expressed an unmodified audit opinion on those audited financialstatements in our report dated October 11, 2016. In our opinion, the summarizedcomparative informationpresentedhereinasofand for theyearended June30,2016, isconsistent,inallmaterialrespects,withtheauditedfinancialstatementsfromwhichithasbeenderived.

Mitchell Wiggins Richmond,VirginiaOctober12,2017


StatementofFinancialPositionJune30,2017,withComparativeTotalsasofJune30,2016

Assets 2017 2016CurrentAssetsCash 190,552$ 261,265$Cash,restrictedtocapitalcampaign 1,024,905 6,461

1,215,457 267,726Contributionsreceivable,net,currentportionOther 10,022 ‐Programsandothersupport 191,831 85,256Restrictedtocapitalcampaign 482,163 205,967

Inventory,programmaterials 10,052 13,258Prepaidexpensesandotherassets 14,362 10,584Totalcurrentassets 1,923,887 582,791

Long‐TermAssetsContributionsreceivable,net,lesscurrentportionRestrictedtocapitalcampaign 544,320 434,264

Propertyandequipment,net 26,977 41,368Totallong‐termassets 571,297 475,632

Totalassets 2,495,184$ 1,058,423$

LiabilitiesandNetAssetsCurrentLiabilitiesAccountspayable 3,483$ 10,462$DuetootherJuniorAchievementorganization 10,000 ‐Accruedliabilities 62,740 28,901Totalcurrentliabilities 76,223 39,363

Totalliabilities 76,223 39,363

NetAssetsUnrestricted 278,033 273,771Totalunrestrictednetassets 278,033 273,771

Temporarilyrestricted 2,140,928 745,289Totalnetassets 2,418,961 1,019,060

Totalliabilitiesandnetassets 2,495,184$ 1,058,423$

SeeNotestoFinancialStatements

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StatementofActivitiesYearEndedJune30,2017,withComparativeTotalsfortheYearEndedJune30,2016

TemporarilyUnrestricted Restricted 2017 2016

PublicSupportandRevenuesContributionsCorporate 202,017$ 62,500$ 264,517$ 278,128$Individual 94,333 ‐ 94,333 89,466Foundations 216,537 ‐ 216,537 221,188

512,887 62,500 575,387 588,782Capitalcampaign ‐ 1,493,294 1,493,294 669,364Totalcontributions 512,887 1,555,794 2,068,681 1,258,146

Specialevents,gross 402,772 23,000 425,772 326,750In‐kindcontributions 18,237 ‐ 18,237 10,896Otherincome 39,956 ‐ 39,956 30,619

973,852 1,578,794 2,552,646 1,626,411

NetAssetsReleasedfromRestrictionsSatisfactionofprogramrestrictions 183,155 (183,155) ‐ ‐Totalpublicsupportandrevenues 1,157,007 1,395,639 2,552,646 1,626,411

ExpensesProgramservicesHighschoolprograms 393,449 ‐ 393,449 346,907Middleschoolprograms 149,085 ‐ 149,085 166,438Elementaryschoolprograms 234,264 ‐ 234,264 246,524Totalprogramservices 776,798 ‐ 776,798 759,869

SupportingservicesManagementandgeneral 170,738 ‐ 170,738 161,765Fundraising 205,209 ‐ 205,209 148,559Totalsupportingservices 375,947 ‐ 375,947 310,324

Totalexpenses 1,152,745 ‐ 1,152,745 1,070,193

Changeinnetassets 4,262 1,395,639 1,399,901 556,218

Netassets,beginning 273,771 745,289 1,019,060 462,842

Netassets,ending 278,033$ 2,140,928$ 2,418,961$ 1,019,060$


Totals

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YearEndedJune30,2017,withComparativeTotalsfortheYearEndedJune30,2016

High Middle Elementary Total Management Fund TotalSchool School School Program &General Raising Supporting 2017 2016

Salaries 184,457$ 71,592$ 101,316$ 357,365$ 75,781$ 18,733$ 94,514$ 451,879$ 377,887$Payrolltaxes 13,935 2,554 10,217 26,706 7,642 1,889 9,531 36,237 35,627Employeeinsurance 24,121 4,421 17,684 46,226 13,227 3,270 16,497 62,723 54,847Pension/annuity 15,287 2,802 11,207 29,296 8,382 2,072 10,454 39,750 36,654Subtotal 237,800 81,369 140,424 459,593 105,032 25,964 130,996 590,589 505,015

Baddebts 124 23 92 239 69 17 86 325 165Capitalcampaign ‐ ‐ ‐ ‐ ‐ 76,238 76,238 76,238 32,872Computermaintenance 4,876 894 3,575 9,345 2,674 661 3,335 12,680 16,352Depreciation 13,050 13,050 ‐ 26,100 8,701 ‐ 8,701 34,801 80,417Duesandsubscription 990 182 726 1,898 543 134 677 2,575 2,144FinanceParkexpenses 1,519 1,520 ‐ 3,039 ‐ ‐ ‐ 3,039 8,279Generalinsurance 2,951 541 2,163 5,655 1,618 400 2,018 7,673 8,489Leasedequipment 1,436 263 1,052 2,751 787 195 982 3,733 4,284Meetings 374 69 275 718 205 51 256 974 1,560Miscellaneous 2,355 432 1,727 4,514 1,291 319 1,610 6,124 4,638Outsideservices ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 24,200Participationfees 16,601 3,043 12,170 31,814 9,103 2,250 11,353 43,167 45,536Postageanddelivery 551 101 405 1,057 303 75 378 1,435 1,979Printing 3,345 613 2,453 6,411 1,834 453 2,287 8,698 6,854Professionalfees 7,413 1,359 5,435 14,207 4,065 1,005 5,070 19,277 18,739Programmaterials 34,312 3,497 47,509 85,318 ‐ ‐ ‐ 85,318 80,356Propertytaxes 810 148 594 1,552 444 110 554 2,106 1,814Publicrelations 3,578 656 2,623 6,857 1,962 485 2,447 9,304 17,606Rent 30,340 30,340 ‐ 60,680 20,227 ‐ 20,227 80,907 61,607Repairsandmaintenance 2,601 2,601 ‐ 5,202 1,735 ‐ 1,735 6,937 10,660Scholarships 8,175 ‐ ‐ 8,175 ‐ ‐ ‐ 8,175 5,000Specialevents ‐ ‐ ‐ ‐ ‐ 95,379 95,379 95,379 85,786Stafftraining 3,381 620 2,479 6,480 1,854 458 2,312 8,792 4,848Stationeryandsupplies 3,859 697 2,914 7,470 2,046 506 2,552 10,022 7,747Telephone 2,876 527 2,108 5,511 1,577 390 1,967 7,478 6,556Travel 1,833 187 2,539 4,559 579 119 698 5,257 3,744Utilities 6,132 6,132 ‐ 12,264 4,089 ‐ 4,089 16,353 16,607Volunteertraining 2,167 221 3,001 5,389 ‐ ‐ ‐ 5,389 6,339Totalexpenses 393,449$ 149,085$ 234,264$ 776,798$ 170,738$ 205,209$ 375,947$ 1,152,745$ 1,070,193$


StatementofFunctionalExpenses

ProgramServices SupportingServicesTotals

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StatementofCashFlowsYearEndedJune30,2017

CashFlowsfromOperatingActivitiesChangeinnetassets 1,399,901$

Depreciation 34,801Contributionsrestrictedforlong‐termpurposes (1,493,294)

ChangesinoperatingassetsContributionsreceivable (116,597)Inventory,programmaterials 3,206Prepaidexpenses (3,778)

ChangesinoperatingliabilitiesAccountspayable (6,979)DuetootherJuniorAchievementorganization 10,000Accruedliabilities 33,839Netcash(usedin)operatingactivities (138,901)

CashFlowsfromInvestingActivitiesPurchaseofpropertyandequipment (20,410)Netcash(usedin)investingactivities (20,410)

CashFlowsfromFinancingActivitiesCashcontributionsforlong‐termpurposes 1,107,042Netcashprovidedbyfinancingactivities 1,107,042

Netchangeincash 947,731

Cash,beginning 267,726

Cash,ending 1,215,457$


Adjustmentstoreconcilechangeinnetassetstonetcashprovidedby(usedin)operatingactivities

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NotestoFinancialStatements

June30,2017

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Note1.NatureofOrganizationandSummaryofSignificantAccountingPoliciesNatureoftheorganizationJuniorAchievement of Central Virginia, Inc., (theOrganization) is a regional franchise ofJunior Achievement USA®, which is a national nonprofit organization. The primarypurpose of the Organization is to deliver educational programs about free enterprise,personal finance, and economics to public and private schools in Central Virginia topreparestudentsforkeyeconomicandworkforceissuestheywillface.AsummaryoftheOrganization'ssignificantaccountingpoliciesfollows:FinancialstatementpresentationUnder current accounting standards, the Organization is required to report informationregarding its financial position and activities according to three classes of net assets:unrestricted,temporarilyrestricted,andpermanentlyrestricted.Thenetassetclassesaresummarizedasfollows:

UnrestrictednetassetsincluderesourcesthatcanbeusedcurrentlyforthegeneraloperationsandprogramsoftheOrganization.TemporarilyrestrictednetassetsincludeamountsrestrictedbydonordesignationthatmayorwillbemeteitherbyactionsoftheOrganizationand/orthepassageoftime.Permanently restricted net assets include contributions restricted by donordesignation that they be maintained permanently by the Organization. TheOrganizationdidnothaveanypermanentlyrestrictednetassetsatJune30,2017.

Revenuesarereportedasincreasesinunrestrictednetassetsunlesstheuseoftherelatedassets is limited by donor‐imposed restrictions. Expenses are reported as decreases inunrestricted net assets. Realized and unrealized gains and losses on investments arereportedasincreasesordecreasesinunrestrictednetassetsunlesstheiruseisrestrictedbydonorsorstatelaw.Expirationsoftemporaryrestrictionsonnetassets(i.e.,thedonor‐stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) arereported as reclassifications from temporarily restricted net assets to unrestricted netassets.UseofestimatesThepreparationoffinancialstatementsinconformitywithgenerallyacceptedaccountingprinciples requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and disclosures of contingent assets andliabilitiesatthedateofthefinancialstatementsandthereportedamountsofrevenuesandexpensesduringthereportingperiod.Actualresultscoulddifferfromthoseestimates.



June30,2017

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Note 1. Nature of Organization and Summary of Significant Accounting Policies(continued)CashandcashequivalentsForpurposesof reporting thestatementofcash flows, theOrganization includesall cashaccounts,whicharenotsubjecttowithdrawalrestrictionsorpenalties,andallhighlyliquiddebt instruments purchased with a maturity of three months or less as cash and cashequivalentsontheaccompanyingstatementoffinancialposition.TheOrganizationmay,attimes, have cash in excess of insured limits. The Organization’s cash is in institutionswhose credit ratings are monitored by management to minimize the concentration ofcredit risk. At June30, 2017, theOrganizationhad cashbalances thatwere in excess ofinsuredlimits.ContributionsreceivableContributionsarerecognizedwhenthedonormakesapromisetogivetotheOrganizationthatis,insubstance,unconditional.Donationsorcontributionsofassetsotherthancashandgifts‐in‐kindarerecordedattheirestimatedfairmarketvalue.Giftsofpropertyandequipmentarereportedasunrestrictedsupportunlessexplicitdonorstipulationsspecifyhowthedonatedassetsmustbeused.Contributions receivable are carried at net present value less an estimate made fordoubtful accounts based on a review of all outstanding amounts on a regular basis.Management determines the allowanceby calculating the average of the actualwrite‐offpercentage for the preceding five‐year period. No allowancewas deemed necessary bymanagementatJune30,2017.Receivablesarewrittenoffwhendeemeduncollectible.The contributions receivable included as a long‐term asset are expected to be collectedbetween2019 ‐ 2022. At June30, 2017, a discount of $31,810was recordedutilizing adiscountrateof4%.InventoryInventory,consistingofprogramandmarketingmaterials,isrecordedatcost.PropertyandequipmentAcquisitionsofpropertyandequipmentarerecordedatcost.Depreciationofpropertyandequipment is computedusing the straight‐linemethodover the estimateduseful livesoftherespectiveassets.Estimatedusefullivesare2to10years.IncometaxesThe Organization is exempt from federal income taxes under Section 501(c)(3) of theInternalRevenueCode.Inaddition,theOrganizationqualifiesforcharitablecontributionsunder Section 170(b)(1)(A)(vi) and has been classified as an organization that is not aprivate foundation under Section 509(a)(1). The Organization is subject to tax on anyunrelatedbusinessincomethatitmaygenerate.



June30,2017

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Note 1. Nature of Organization and Summary of Significant Accounting Policies(continued)TheFinancialAccountingStandardsBoardissuedguidanceonaccounting foruncertaintyin income taxes. Management evaluated the Organization’s tax positions and concludedthattheOrganizationhadtakennouncertaintaxpositionsthatrequireadjustmenttothefinancialstatementstocomplywiththeprovisionsofthisguidance.Withfewexceptions,theOrganizationisnolongersubjecttoincometaxexaminationsbythetaxingauthoritiesforyearsendingbeforeJune30,2014.TheOrganizationincludespenaltiesandinterestassessedbyincometaxingauthoritiesinmanagementandgeneralexpenses. TheOrganizationdidnothavepenaltiesandinterestrelatingtoincometaxesfortheyearendedJune30,2017.SpecialeventsSpecialeventsrevenueisrecordedwhenearned,whichiswhentheeventisheld.AffiliationsandparticipationfeesTheOrganizationisaffiliatedwithJuniorAchievementUSA®,thenationalheadquartersforall Junior Achievement franchises. JuniorAchievementUSA®performs all research anddevelopmentoneducationalmaterialsandprovidesinformationonprogramming,training,marketing,andfundraisingforafee,atadiscount,toitsfranchises.Donationsin‐kindDonated materials, equipment, and services, which enhance financial assets or wouldotherwise be purchased, are reflected as contributions in the accompanying financialstatementsattheestimatedfairvalueofsimilargoodsandservicesatthedateofdonation.Asubstantialnumberofvolunteershavedonatedapproximately10,776hoursofvolunteertime during the current year to the Organization’s program services and its fundraisingcampaigns;however,theseservicesdidnotmeettherecognitioncriteriacontainedintheauthoritativeliterature.FunctionalexpensesThecostsofprovidingthevariousprogramsandotheractivitieshavebeensummarizedona functionalbasis in theaccompanyingstatementofactivities. Accordingly,certaincostshavebeenallocatedamongtheprogramsandsupportingservicesbenefitedandfunctionsserved.



June30,2017

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Note2.PropertyandEquipmentPropertyandequipmentconsistsofthefollowingatJune30,2017:Furnitureandfixtures 8,254$Equipment 161,086Leaseholdimprovements 46,046FinancePark 200,000

415,386Lessaccumulateddepreciation 388,409

26,977$

Note3.LineofCreditThe Organization has a revolving line of credit with a maximum borrowing amount of$110,000 and is secured by all of the Organization’s assets. Interest accrues on theoutstandingbalanceatarateoftheindex(primerate)plus2%(currently6.25%).TherewasnoamountoutstandingunderthelineofcreditduringtheyearandasofJune30,2017.Therearenofinancialcovenantsrequiredbythelendinginstitution.Note4.MultiemployerBenefitPlansPensionPlanEffective September 30, 2014, the Organization elected to freeze its participation in thenoncontributory defined benefit pension plan (the Plan) described below. The Plan isadministered by Junior Achievement USA® and covers all full‐time employees of JuniorAchievementUSA®,JAWorldwide,Inc.,andparticipatingJuniorAchievementchaptersinthe United States. The Plan is accounted for like a multiemployer plan. Benefits aredeterminedbasedonyearsofserviceandsalaryhistory.ThePlan’sassetsareinvestedinvariousinvestmentfunds.Therespectiveparticipants’employersarerequiredtofundthePlan,asdeterminednecessarybyJuniorAchievementUSA®’sBoardofDirectors,basedonan annual actuarial valuation. The Plan requires that participating members, whowithdrawfromthePlan,remainliableforanypreviousfundingobligationsunderthePlan.Accordingly,theOrganizationrecognizes,asnetpensioncost,therequiredcontributionforthe period and recognizes, as a liability, any contributions due and unpaid. There is norecognitionofthefundedstatusofthePlaninthefinancialstatementsoftheOrganization.The risks to the Organization of participating in this multiemployer pension plan aredifferentfromsingle‐employerplansinthefollowingaspects:



June30,2017

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Note4.MultiemployerBenefitPlans(continued)1. Assetscontributedtothemultiemployerplanbyoneemployermaybeusedtoprovide

benefitstoemployeesofotherparticipatingemployers;2. IfaparticipatingemployerstopscontributingtothePlan, theunfundedobligationsof

thePlanmaybebornebytheremainingparticipatingemployers;and3. IftheOrganizationchoosestostopparticipatinginthePlan,theOrganizationwouldbe

required to pay the Plan an amount based on the underfunded status of the Plan,referredtoasawithdrawalliability.

AsaresultoffreezingitsparticipationinthePlan,theOrganizationisrequiredtocontinuecontributingapproximately13%oftheeligibleemployees’salariesthatwereparticipatinginthePlanonSeptember30,2014untilthetimethatthePlanbecomesfullyfunded.TheOrganization’scontributionstothePlanareoutlinedinthetablebelow.TheOrganization’scontributions do not represent more than 5% of total contributions to the Plan. The“EIN/Pension PlanNumber” columnprovides the Employer IdentificationNumber (EIN)andthethree‐digitplannumber.ThePlan’sfundedstatusavailablein2017and2016isforyearsendedJune30,2017and2016,respectively.

PensionFund 2017 2016 2017 2016RetirementPlanforEmployeesofJuniorAchievementUSA® 13‐1635270/333 79% 68% 29,980$ 29,980$

FundedStatusEIN/PensionPlanNumber

ContributionofOrganization

The Organization has established an employer sponsored 401(k) retirement plan for alleligibleemployees. TheOrganizationwillmatchemployeecontributionsupto3%oftheemployee’seligiblesalary. TheOrganization’scontributionstotaled$9,769thefiscalyearendedJune30,2017.HealthandWelfareBenefitsTrustTheOrganizationhasaself‐fundedmedical,dental,andotherbenefitsplancovering full‐timeemployeesoftheOrganizationandtheirbeneficiariesandcovereddependents. Theplan is accounted for likeamultiemployerplan. Premiumsarepaid into theHealthandWelfare Plan for each participant by the Organization. All assets and liabilities of theHealth and Welfare Plan are held in the Junior Achievement USA Health and WelfareBenefits Trust (Benefits Trust). Accordingly, no balances or transactions of theBenefitsTrustarerecordedinthefinancialstatementsoftheOrganization.



June30,2017

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Note4.MultiemployerBenefitPlans(continued)PostretirementBenefitsPlanTheHealth andWelfare Plan also offers health care benefits to retired personnel of theOrganization. This creates an implicit rate subsidy, which is considered to be apostretirementbenefit.ManagementoftheOrganizationdoesnotbelievetheimplicitratesubsidy amount to be material to the Organization, especially since the Plan is amultiemployer plan. Accordingly, no balances or transactions of the PostretirementBenefitsPlanarerecordedinthefinancialstatementsoftheOrganization.TheOrganization’spremiumexpensefortheHealthandWelfareBenefitsPlanfortheyearendedJune30,2017was$62,723.Note5.LeaseCommitmentsEffectiveAugust1,2011, theOrganizationentered intoanoperating leaseagreement forspacetobeusedforFinanceParkandadministrativeoffices.Theleaseagreementwasforathree‐yearperiodendingJuly31,2014,withanoptiontorenew.Theleasewasrenewed,effective August 1, 2016, for a twelve‐month period ending July 31, 2017. The currentmonthly rental is $5,970. Rent expense on this lease for the year ended June 30, 2017amountedto$70,856ofwhich$11,939isincludedincapitalcampaignexpense.EffectiveMarch1, 2017, theOrganization entered into an operating lease agreement forspacetobeusedforadministrativeoffices.Theleaseagreementisfor123monthsendingMay31,2027.Rentexpense for theyearended June30,2017onthis leaseamounted to$21,990.The Organization also leases certain office equipment under a five‐year operating lease.Themonthlyleaseamountis$173.Future minimum lease payments, by year and in the aggregate, under these operatingleasesareasfollows:YearEndingJune30,2018 66,971$2019 62,7692020 64,5892021 66,4642022 67,876Thereafter 356,100

684,769$

TotalrentalexpensefortheyearendedJune30,2017was$96,579.



June30,2017

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Note6.TemporarilyRestrictedNetAssetsTemporarily restricted net assets at June 30, 2017 were available for the followingpurposes:Educationprograms 87,390$Capitalcampaign 2,053,538 2,140,928$

Net assets were released from donor restrictions for the year ended June 30, 2017 byincurringexpensessatisfyingtherestrictedpurposesasfollows:Educationprograms 66,275$Empoweredthroughethics 25,000Technologyandinfrastructure 3,349Capitalcampaign 88,531 183,155$

Note7.SubsequentEventsManagementhasevaluatedsubsequenteventsthroughOctober12,2017,thedatethatthefinancialstatementswereavailableforissue.TheOrganizationiscurrentlyinvolvedinnegotiationswiththeCountyofHenricotoleasespace in a county library inorder to relocate andenhance theOrganization’s JAFinancePark. ThenewspacewouldallowtheOrganizationtoprovideastateof theart financialliteracy education center for students in all the major school divisions in the MetroRichmond area. HenricoCountyhasmanaged the constructionof thenewFinanceParkandtheOrganizationisinthelatterstagesofacapitalcampaigntoraisefundstoreimbursetheCountyforthecostoftheConstruction.Note8.PriorYearSummarizedComparativeInformationThe financial statements includecertainprioryearsummarizedcomparative informationin totalbutnotbynetasset class. Such informationdoesnot include sufficientdetail toconstitute a presentation in conformity with generally accepted accounting principles.Accordingly, such information should be read in conjunction with the Organization’sfinancial statements for the year ended June 30, 2016, from which the summarizedinformationwasderived.

junior achievement of central virginia, inc. · 2017-06-30 · junior achievement of central...

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