Razoo Foundation: Audited Financial Statements For 2013-2014.pdf

Audited Financial Statements and Supplementary Information for December 31, 2014 and 2013

Independent Auditor’s Report

The financial statements of the Razoo Foundation (a nonprofit organization) include:

- Statements of Financial Position as of December 31, 2014 and 2013
- Statement of Activities and Changes in Net Assets for the years ended December 31, 2014 and 2013
- Statements of Cash Flows for the years ended December 31, 2014 and 2013

The auditor's responsibility is to express an opinion on these financial statements based on their audit. The management is responsible for preparing and presenting the financial statements in accordance with accounting principles generally accepted in the United States.

Financial Position (as of December 31):

- Assets: Cash and cash equivalents decreased from $10,138,505 in 2013 to $7,515,239 in 2014.
- Liabilities: Accounts payable and accrued expenses increased by $106,711 in 2014.
- Net Assets: Decreased from $9,763,177 in 2013 to $7,192,765 in 2014.

Activities and Changes in Net Assets:

For the year ended December 31, 2014:

- Revenues: Total revenues were $50,828,840, with contributions to donor-advised funds being the largest component.
- Expenses: Total expenses amounted to $53,346,252, primarily from program services.
- Net Assets Change: There was a decrease of $2,517,412 in net assets.

For the year ended December 31, 2013:

- Revenues: Total revenues were $61,578,063, with contributions to donor-advised funds being significant.
- Expenses: Total expenses amounted to $59,857,953, primarily from program services.
- Net Assets Change: There was an increase of $1,720,110 in net assets.

Cash Flows:

For the year ended December 31, 2014:

- Net cash used by operating activities was $(2,623,266).

For the year ended December 31, 2013:

- Net cash provided by operating activities was $1,996,040.

The financial statements are prepared following accounting principles generally accepted in the United States. The accompanying notes to the financial statements are an integral part of these statements.