DO SOMETHING, INC.
FINANCIAL STATEMENTS
DECEMBER 31, 2014
(WITH DECEMBER 31, 2013 SUMMARIZED COMPARATIVE TOTALS)
DO SOMETHING, INC.
CONTENTS
Page
Independent Auditors' Report
1-2
Financial Statements
Statement of Financial Position at December 31, 2014
(With Summarized Comparative Totals at December 31, 2013)
3
Statement of Activities for the Year Ended December 31, 2014
(With Summarized Comparative Totals for the Year Ended
December 31, 2013)
4
Statement of Functional Expenses for the Year Ended
December 31, 2014 (With Summarized Comparative Totals
for the Year Ended December 31, 2013)
5
Statement of Cash Flows for the Year Ended December 31, 2014
(With Summarized Comparative Totals for the Year Ended
December 31, 2013)
6
Notes to Financial Statements
7-15
INDEPENDENT AUDITORS' REPORT
To The Board of Directors
Do Something, Inc.
New York, New York
Report on the Financial Statements
We have audited the accompanying financial statements of Do Something, Inc., which comprise the
statement of financial position at December 31, 2014, and the related statements of activities, functional
expenses, and cash flows for the year 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.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit 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.
1
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of Do Something, Inc. at December 31, 2014, and the changes in its net assets and its
cash flows for the year then ended in accordance with accounting principles generally accepted in the
United States of America.
Report on Summarized Comparative Information
We have previously audited Do Something, Inc.’s 2013 financial statements, and our report dated
June 30, 2014, expressed an unmodified opinion on those audited financial statements. In our opinion,
the summarized comparative information presented herein at and for the year ended December 31,
2013, is consistent, in all material respects, with the audited financial statements from which it has been
derived.
GRASSI & CO., CPAs, P.C.
Jericho, New York
April 30, 2015
2
DO SOMETHING, INC.
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2014
(WITH SUMMARIZED COMPARATIVE TOTALS AT DECEMBER 31, 2013)
ASSETS
2014
2013
Cash and cash equivalents
Investments
Contributions receivable
Other receivables
Prepaid expenses
Security deposits
Fixed assets, net
$
10,315,136
550,123
3,771,828
114,550
75,671
118,221
559,654
$
10,989,368
548,741
306,254
95,060
24,256
114,760
404,919
TOTAL ASSETS
$
15,505,183
$
12,483,358
290,206
1,528,500
40,994
519,335
$
263,325
113,500
38,529
2,731,942
LIABILITIES AND NET ASSETS
Liabilities
Accounts payable and accrued expenses
Grants payable
Deferred rent
Other liabilities
$
TOTAL LIABILITIES
2,379,035
3,147,296
Net assets
Unrestricted
Temporarily restricted
10,501,187
2,624,961
6,278,411
3,057,651
TOTAL NET ASSETS
13,126,148
9,336,062
TOTAL LIABILITIES AND NET ASSETS
$
15,505,183
$
12,483,358
The accompanying notes are an integral part of these financial statements.
3
DO SOMETHING, INC.
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2014
(WITH SUMMARIZED COMPARATIVE TOTALS FOR THE YEAR ENDED DECEMBER 31, 2013)
2014
Temporarily
Restricted
Unrestricted
OPERATING SUPPORT AND REVENUE:
Contributions
Foundations
Corporations
Individuals
Special events (net of direct expense of $126,125)
Donated services and materials
Consulting fees
Licensing fees
Investment income
Miscellaneous income
Net assets released from restrictions
$
Total Operating Support and Revenue
3,062,000
2,343,624
128,692
959,034
11,224,088
990,499
15,000
37,884
30,000
5,712,590
24,503,411
OPERATING EXPENSES:
Program services
Supporting services
Management and general
Fundraising
Total Operating Expenses
$
(432,690)
3,792,000
6,893,524
128,692
959,034
11,224,088
990,499
15,000
37,884
30,000
-
$
841,000
5,585,679
97,968
970,336
7,794,254
407,500
475,000
55,675
279
-
24,070,721
16,227,691
-
19,381,462
13,327,091
738,849
160,324
-
738,849
160,324
555,866
263,591
20,280,635
-
20,280,635
14,146,548
3,790,086
2,081,143
3,057,651
9,336,062
7,254,919
2,624,961
$ 13,126,148
4,222,776
NET ASSETS, BEGINNING OF YEAR
6,278,411
$
730,000
4,549,900
(5,712,590)
2013
19,381,462
CHANGE IN NET ASSETS
NET ASSETS, END OF YEAR
$
Total
10,501,187
(432,690)
$
The accompanying notes are an integral part of these financial statements.
4
$
9,336,062
DO SOMETHING, INC.
STATEMENT OF FUNCTIONAL EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2014
(WITH SUMMARIZED COMPARATIVE TOTALS FOR THE YEAR ENDED DECEMBER 31, 2013)
Supporting Service
Management
and General
Program Service
Salaries
Payroll taxes and employee benefits
Professional fees
Professional fees - in-kind
Program communications, marketing and promotion
Public service outreach - in-kind
Website
Catering and conferences
Fundraising event expenses-indirect
Grants and scholarships
Occupancy
Equipment rental and maintenance
Insurance
Telephone and Internet
Mobile apps and technology
SMS/MMS text products
Dues and subscriptions
Conferences and meetings
Travel, meals and entertainment
Travel - in-kind
Office expenses and supplies
Postage, printing and reproduction
Staff development
Bank and finance charges
Licenses, permits and fees
Bad debt expense
Miscellaneous
Depreciation and amortization
$
3,128,897
684,093
80,313
436,900
617,227
10,650,627
1,931,652
342,601
295,469
11,083
53,607
17,386
586,814
26,075
16,266
168,331
69,540
63,676
10,446
53,902
11,905
124,652
$
19,381,462
Cost of direct benefits of special events
Total Expenses Reported by Function
on the Statement of Activities
$
19,381,462
393,368
86,005
47,117
54,927
43,072
1,393
6,740
21,163
8,006
1,313
6,777
3,964
20,412
1,000
27,921
15,671
$
738,849
-
738,849
86,613
18,937
2,224
12,094
17,327
9,484
307
1,484
4,660
1,763
289
1,492
199
3,451
$
160,324
-
$
Direct Costs of
Special Events
Fundraising
-
$
160,324
-
Total 2014
$
126,125
-
3,608,878
789,035
129,654
503,921
617,227
10,650,627
126,125
17,327
1,931,652
395,157
295,469
12,783
61,831
17,386
586,814
26,075
16,266
194,154
69,540
73,445
12,048
62,171
3,964
32,516
1,000
27,921
143,774
126,125
20,406,760
(126,125)
$
-
The accompanying notes are an integral part of these financial statements.
5
Total 2013
$
14,248,948
(126,125)
$
20,280,635
2,970,952
662,981
259,730
201,627
458,924
7,505,257
28,492
102,400
434,150
304,642
161,599
13,947
68,233
6,633
400,850
23,534
20,062
205,635
54,000
74,901
7,981
35,524
13,622
12,398
3,000
28,625
189,249
(102,400)
$
14,146,548
DO SOMETHING, INC.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2014
(WITH SUMMARIZED COMPARATIVE TOTALS FOR THE YEAR ENDED DECEMBER 31, 2013)
2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Change in net assets
Adjustments to reconcile change in net assets
to net cash provided by operating activities:
Bad debt expense
Deferred rent
Depreciation and amortization expense
Donated stock
Realized gain on investments
Unrealized loss (gain) on investments
Changes in assets (increase) decrease:
Contributions receivable
Other receivables
Prepaid expenses
Security deposits
Changes in liabilities increase (decrease):
Accounts payable and accrued expenses
Grants payable
Other liabilities
$
3,790,086
2013
$
2,081,143
1,000
2,465
143,774
(22,262)
(10,691)
5,246
3,000
6,903
189,249
(184,007)
(4,776)
(24,207)
(3,466,574)
(19,490)
(51,415)
(3,461)
218,437
(7,442)
532
-
26,881
1,415,000
(2,212,607)
983
(20,900)
2,716,512
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
(402,048)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments
Purchase of investments
Purchase of fixed assets
202,228
(175,903)
(298,509)
209,877
(34,425)
(12,530)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
(272,184)
162,922
NET CHANGE IN CASH
(674,232)
5,138,349
CASH, BEGINNING OF YEAR
CASH, END OF YEAR
4,975,427
10,989,368
5,851,019
$ 10,315,136
$ 10,989,368
The accompanying notes are an integral part of these financial statements.
6
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 1 - Nature of Organization
Do Something, Inc. (the “Organization") is a not-for-profit organization founded in 1993.
DoSomething.org makes the world suck less. We are one of the largest global organizations for
young people and social change. Our members tackle campaigns that impact every cause,
from poverty to violence to the environment to literally everything else. Any cause, anytime,
anywhere.
Our Campaigns: These are calls-to-action that do not require money, an adult or a car. The
measurable action has a material effect on a social problem or the well-being of another
person. In 2014, DoSomething.org produced over 200 campaigns. The following elements are
included in our campaigns:

Simple Call to Measurable Action - This is something that young people can do that
does not require money, an adult or a car.

Campaign Types - Our members can choose campaigns based on what they would like
to do: Donate Something, Make Something, Face to Face, Share Something, Host an
Event, Start Something, Improve a Space, or Take a Stand.

Corporate Sponsor - More than just a source of funds, these companies help our rent
pole campaigns reach more young people and maximize social impact.

Co-Branded Microsite on DoSomething.org - Our site is always the primary home of
campaign information and resources. We build in-house.

Cause-Specific Strategic Partner Organizations - These experts help us ensure that our
call to actions will have the strongest impact.
The Organization’s primary source of revenue is from contributions, special events, contributed
services, and fees. The Organization is exempt from income tax under Section 501(c)(3) of the
Internal Revenue Code.
Note 2 - Summary of Significant Accounting Policies
Basis of Accounting
The financial statements are prepared on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Summarized Comparative Totals
The financial statements include certain prior-year summarized comparative information in total
but not by net asset class. Such information does not include sufficient detail to constitute a
presentation in conformity with U.S. GAAP. Accordingly, such information should be read in
conjunction with the Organization’s financial statements for the year ended December 31,
2013, from which the summarized information was derived.
7
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 2 - Summary of Significant Accounting Policies (cont’d.)
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. To
increase the comparability of fair value measurements, a three-tier fair value hierarchy, which
prioritizes the inputs used in the valuation methodologies, is as follows:
Level 1 - Valuations based on quoted prices for identical assets and liabilities in active
markets.
Level 2 - Valuations based on observable inputs other than quoted prices included in Level 1,
such as quoted prices for similar assets or liabilities in active markets, quoted prices for
identical or similar assets and liabilities in markets that are not active, or other inputs that are
observable or can be corroborated by observable market data.
Level 3 - Valuations based on unobservable inputs reflecting the Organization’s own
assumptions, consistent with reasonably available assumptions made by other market
participants. These valuations require significant judgment.
At December 31, 2014, the cost basis of the Organization’s financial instruments including
cash and cash equivalents, contributions receivable, other receivables, accounts payable and
accrued expenses, grants payable, and other liabilities approximated fair value due to the
short maturity of these instruments.
Refer to Note 4 - Fair Value Measurements for assets measured at fair value.
Cash and Cash Equivalents
Cash and cash equivalents include highly liquid investments with initial maturities when
acquired of three months or less.
Investments
Investments are stated at the readily determinable fair value in accordance with the Not-forProfit Entities topic of the Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”). All interest, dividends and realized and unrealized gains and
losses are reported in the statement of activities as increases or decreases in unrestricted net
assets.
8
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 2 - Summary of Significant Accounting Policies (cont’d.)
Contributions Receivable
Unconditional promises to give that are expected to be collected within one year are recorded
at net realizable value. Unconditional promises to give that are expected to be collected in
future years are recorded at the present value of their estimated future cash flows. The
discounts on those amounts are computed using risk free interest rates applicable to the years
in which the promises are received. Conditional promises to give are not included as support
until the conditions are substantially met. At December 31, 2014, all contributions receivable
are due in less than one year.
Allowance for Doubtful Accounts
The Organization determines whether an allowance for uncollectibles should be provided for
receivables. Such estimates are based on management’s assessment of the aged basis of its
contributions and other sources, current economic conditions and historical information.
Receivables are written off against the allowance for doubtful accounts when all reasonable
collection efforts have been exhausted. The Organization has determined that an allowance
for doubtful accounts for receivables was not necessary at December 31, 2014.
Fixed Assets
Fixed assets are recorded at cost, except for donated assets which are recorded at fair market
value at the date of donation. The Organization capitalizes all purchases of property and
equipment equal to or in excess of $1,000. Repairs and maintenance are charged to expense
in the period incurred. Leasehold improvements are amortized over the shorter of the life of the
asset or the term of the lease.
Depreciation of fixed assets is provided utilizing the straight-line method over the estimated
useful lives of the respective assets as follows:
Computer software
Website and membership platform
Computer equipment
Furniture and fixtures
Leasehold improvements
3 years
5 years
3 years
3 years
5 years
Deferred Rent
Rent expense is recorded on the straight-line basis over the life of the lease. Rent expense
recognized in excess of cash payments is reflected as deferred rent. As future payments
exceed the annual expense, deferred rent will be reduced to zero by the end of the lease
term.
9
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 2 - Summary of Significant Accounting Policies (cont’d.)
Grants Payable
Grants payable represent unpaid commitments made by the Organization at December 31,
2014. Grants payable that are expected to be paid within one year are recorded at net
realizable value. Grants payable to give that are expected to be paid in future years are
recorded at the present value of their estimated future cash flows. The discounts on those
amounts are computed using risk free interest rates applicable to the years in which the
promises are received. All grants are payable within one to four years.
Licensing and Consulting Fees
Licensing fees are recorded based on executed agreements entered into between the
Organization and third parties. Consulting fees are earned based on the provision of services
that the Organization is providing to other companies based on executed agreements.
Net Assets
Unrestricted net assets include funds having no restriction as to use or purpose imposed by
donors. Temporarily restricted net assets are those whose use has been limited by donors to
a specific time period or purpose.
Contributions
The Organization reports gifts of cash or other assets as restricted support, if they are
received with donor stipulations that limit the use of the donated assets. When a donor
restriction expires, that is, when a stipulated time restriction ends or purpose restriction is
accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and
reported in the statement of activities as net assets released from restrictions. Temporarily
restricted contributions that originate in a given year, and are released from restriction in the
same year by meeting the donors' restricted purposes, are reflected in unrestricted net assets.
Donated Services
The Organization received donated print, radio and television public service announcements
of approximately $10,650,627 for the year ended December 31, 2014. Such amounts, which
are based upon information provided by third-party media services, are recorded at their
estimated fair value determined on the date of contribution and are reported as revenue and
expense in the statement of activities. As indicated in the statement of functional expenses,
the related expenses are reported in accordance with the function benefited.
A number of volunteers have made significant contributions of their time in furtherance of the
Organization’s program and support functions. The value of this contributed time does not
meet the criteria for recognition as contributed services in accordance with generally accepted
accounting principles and, accordingly, is not reflected in the accompanying financial
statements.
10
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 2 - Summary of Significant Accounting Policies (cont’d.)
Functional Expenses
The costs of providing the Organization's services have been summarized on a functional
basis. Accordingly, certain costs have been allocated among the programs and supporting
services benefited.
Advertising
Advertising expense is recognized as the expense is incurred. Advertising expense for the
year ended December 31, 2014 was $339,622.
Accounting for Uncertainty in Income Taxes
The Organization has adopted the provisions pertaining to uncertain tax provisions (FASB
ASC Topic 740) and has determined that there are no material uncertain tax positions that
require recognition or disclosure in the financial statements. The Organization is subject to
routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods
in progress. The Organization believes it is no longer subject to income tax examinations prior to
2011.
New Accounting Pronouncement
On May 28, 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09,
Revenue from Contracts with Customers (Topic 606), which will apply to all companies that
report financial statements in accordance with U.S. GAAP and will supersede the current
general revenue recognition guidance and most industry-specific guidance. The issuance of
this standard will result in a significant change that creates a common revenue recognition
model for all companies that generate revenue from contracts with customers to transfer
goods or services. This accounting framework expects to provide more useful information to
users of the financial statements about how revenue is recognized and offers a more
consistent approach across all industries.
For nonpublic companies, the standard will be effective for fiscal years beginning after
December 15, 2017.
Note 3 - Concentration of Credit Risk
The Organization maintains cash balances in several financial institutions which are insured
by the Federal Deposit Insurance Corporation (“FDIC”) for up to $250,000 per institution.
From time to time, the Organization’s balances may exceed these limits.
11
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 4 - Fair Value Measurements
The Organization measures its marketable securities at fair value. Fair value is an exit price,
representing the amount that would be received on the sale of an asset or that would be paid
to transfer a liability in an orderly transaction between market participants. As a basis for
considering such assumptions, a three-tier fair value hierarchy is used which prioritizes the
inputs in the valuation methodologies in measuring fair value.
Fair Value Hierarchy
The methodology for measuring fair value specifies a hierarchy of valuation techniques based
upon whether the inputs to those valuation techniques reflect assumptions other market
participants would use based upon market data obtained from independent sources
(observable inputs) or reflect the Organization’s own assumptions of market participant
valuation (unobservable inputs).
Items Measured at Fair Value on a Recurring Basis
The following table presents the Organization’s assets that are measured at fair value on a
recurring basis at December 31, 2014:
Total
Marketable securities:
Mutual funds - U.S. equity based
Mutual funds - U.S. fixed income
Equities
Total Assets Measured
at Fair Value
$
6,508
438,978
104,637
$ 550,123
Level 1
$
Level 2
Level 3
6,508
438,978
104,637
$
-
$
-
$ 550,123
$
-
$
-
Note 5 - Investments
During the year ended December 31, 2014, investment income consisted of the following:
Interest and dividend income
Realized gain on investments
Unrealized loss on investments
12
$
32,439
10,691
(5,246)
$
37,884
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 6 - Fixed Assets
Fixed assets, net, at cost, consists of the following at December 31, 2014:
Computer software
Website and membership platform
Computer equipment
Furniture and fixtures
Leasehold improvements
$
281,908
651,506
130,686
42,839
123,063
1,230,002
670,348
$
559,654
Less: Accumulated depreciation and amortization
Depreciation and amortization expense related to fixed assets amounted to $143,774 for the
year ended December 31, 2014.
Note 7 - Temporarily Restricted Net Assets
Temporarily restricted net assets are available for the following:
Grants and awards
Cause campaigns
Time restricted
$
1,738,700
236,261
650,000
$
2,624,961
Temporarily restricted net assets were released from restrictions by the passage of time and by
incurring expenses and capital expenditures satisfying the following:
Grants and awards
International expansion
Cause campaigns
Jewish youth development
Time restricted
13
$
1,586,200
200,000
1,751,390
75,000
2,100,000
$
5,712,590
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 8 - Other Liabilities
During 2012, the Organization entered into a fiscal sponsorship agreement with Crisis Text
Line, Inc., an unrelated sponsored third party. Accordingly, the Organization performed
specific functions based on the agreement, including the collecting and disbursing of monies
on behalf of Crisis Text Line, Inc. The Organization ended this fiscal sponsorship
arrangement in June 2014 and disbursed $2,731,942 to Crisis Text Line, Inc. when they spun
off. At December 31, 2014, $19,335 remains due to Crisis Text Line, Inc. and will be paid
during 2015. This amount is included in other liabilities on the statement of financial position.
During 2014, the Organization entered into a fiscal sponsorship agreement with Civic Hall,
LLC, an unrelated sponsored third party. Accordingly, the Organization performs specific
functions based on the agreement, including the collecting and disbursing of monies on behalf
of Civic Hall, LLC. The net difference of $500,000 has been accounted for as other liabilities
on the statement of financial position at December 31, 2014. It is expected that this amount
will be paid to Civic Hall, LLC during 2015.
Note 9 - Donated Services and Materials
The Organization received donated public service announcements, legal services and travel
vouchers. The schedule below outlines how the costs are reflected on the statement of
functional expenses:
Program
Services
Public Service Outreach
Legal (1)
Travel (2)
$ 10,650,627
436,900
69,540
$ 11,157,067
Management
and General
Fundraising
$
$
$
54,927
54,927
$
12,094
12,094
Total
$ 10,650,627
503,921
69,540
$ 11,224,088
(1) The donated legal services were performed by a law firm of which one of the members of
the board of directors is a partner.
(2) The donated travel vouchers were donated by a company of which one of the members of
the board of directors is an executive.
Several media companies provided additional promotional service announcements but were
unable to provide an estimate of its value. As a result, no amounts have been included in the
financial statements for these services.
Note 10 - Retirement Plan
The Organization has a tax deferred annuity plan under Internal Revenue Code Section
403(b) for all employees. Under the plan, the Organization may make a contribution to the
employee plan on a discretionary basis. For the year ended December 31, 2014, the total plan
expense was $27,844.
14
DO SOMETHING, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2014
Note 11 - Lease Commitments
The Organization leases office space under a lease which expires in June 2017. The
commitments are as follows:
Years Ending December 31:
2015
2016
2017
$
364,483
375,417
191,922
$
931,822
Rent expense was $356,331 for the year ended December 31, 2014. During the year ended
December 31, 2014, actual cash paid for rent was $353,866.
Note 12 - Subsequent Events
The Organization has evaluated all events or transactions that occurred after December 31,
2014 through the date of these financial statements, which is the date that the financial
statements were available to be issued. During this period, there were no material subsequent
events requiring disclosure.
15