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16 FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $54,47 7 $50,000 Prepaid expenses 1,515 1,480 Restricted investments 15,215,405 14,855,831 Total assets $15,271,397 $14,907,311 LIABILITIES & NET ASSETS: Accounts payable $9,814 $9,362 NET ASSETS: Unrestricted 15,261,583 14,897,949 Total liabilities & net assets $15,271,397 $14,907,311 CEMETERIES PERPETUAL CARE TRUST During the years ended June 30, 2015 and 2014, the cemeteries did not contribute to the Perpetual Care Trust based on management's analysis of the adequacy of such funding. Effective Jan. 1, 2014, with the approval of the current trustees and the board of directors of the Archdiocese of Denver Management Corporation (the Management Corporation), the trust agreement was amended. While there was no alteration to the purpose of the trust, the trust agreement now specifically requires that an annual perpetual care study be conducted by an independent actuary to ensure that the trust is adequately funded. The trust is adequately funded as of June 30, 2015. In accordance with the purpose of the trust as amended, the trust funded various renovation costs of $250,000 at Mount Olivet Cemetery in both 2015 and 2014. ST. SIMEON CEMETERY ASSOCIATION St. Simeon provided burial services to 146 families in fiscal 2015 as compared to 106 in fiscal 2014. Of these burial services, Social Service cases totaled 83 and 71 in fiscal 2015 and fiscal 2014, respectively. In essence, St. Simeon contributed more than $265,000 in care services to the poor and their families in 2015. In addition, sales of pre-need burial contracts, for future services, totaling 89 and 63 were contracted for in 2015 and 2014, respectively. The board of directors of St. Simeon and its management have anticipated that the financial results of St. Simeon will generate operating losses until St. Simeon's advertising and referral efforts increase interest in the cemetery. The 2015 operating income of approximately $74,000 reflects the first profitable year in its history. This improvement is aributable to a significant increase in sales activity and ongoing cost containment efforts during 2015. STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $106,67 7 $12,726 Accounts receivable, net of allowances 224,147 110,602 Inventories & prepaid assets 781,757 810,124 Investments 155,718 133,020 Property & equipment, net 3,863,001 3,942,165 Total assets $5,131,300 $5,008,637 LIABILITIES: Accounts payable $23,512 $19,802 Note payable to Mt. Olivet 1,299,438 1,299,438 Pre need trust 201,804 156,674 Total liabilities 1,524,754 1,475,914 NET ASSETS: Unrestricted 3,601,441 3,527,618 Temporarily restricted 5,105 5,105 Total net assets 3,606,546 3,532,723 Total liabilities & net assets $5,131,300 $5,008,637 STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 SUPPORT & REVENUE: Cemetery sales $826,449 $620,629 Grants & contributions 8,761 1,000 Investment loss, net (273) (197) Other income 181 79 Total support & revenue 835,118 621,511 EXPENSES: Cemetery operating costs 608,566 543,293 Support & administrative expenses 152,729 163,648 Total expenses 761,295 706,941 Increase (decrease) in net assets $73,823 ($85,430) STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 SUPPORT & REVENUE: Investment income, net $455,799 $1,860,511 Total Support & revenue 455,799 1,860,511 EXPENSES: Gis & grants 75,578 250,000 Support & administrative expenses 16,587 45,008 Total expenses 92,165 295,008 Increase in net assets $363,634 $1,565,503 St. Simeon Cemetery was blessed on April 22, 2004 by Archbishop Charles J. Chaput.