Current audited financial statements and IRS Form 990.
YWCA Seattle | King | Snohomish believes in being accountable to the community we serve. Posting current audited financial statements and IRS Form 990 on our website is one way we do that.
The following information may help the reader better understand the content of these documents.
The audited financial statements are prepared on a consolidated basis. The statements include the accounts of YWCA Seattle | King | Snohomish (“YWCA”) and its controlled subsidiary organizations.
The controlled organizations include two other 501c3 organizations (Young Women’s Service Association of Seattle-King County and Dress for Success® Seattle), various single member LLC’s (Summerfield Housing LLC, YW AHF Mountlake Terrace LLC, YW AHF Lynnwood LLC, YW AHF Everett LLC, YW Home Now LLC, Passage Point Housing Limited Partnership, YWCA Greenbridge LLC, YWCA Family Village at Issaquah LLC, and YWCA Family Village at Redmond LLC.), and two tax credit entities in which the YWCA is the managing member (Angeline’s LLC and YWCA Family Village at Issaquah II LLC). More information on these entities is included in footnote 2 of the audit.
The Form 990 includes only the activity of the YWCA and the single member LLC’s.
The annual financial statement audit is usually final by the mid-June each year. The Form 990 is filed later in the year and is usually completed by late summer.
There are several things to keep in mind when reviewing financial statements of a non-profit entity.
- Accounting for contributions/restricted gifts
Accounting principles require reporting for pledges in the year the pledge is received. Restricted gifts may also be received in one year and spent in the following year. These accounting requirements can lead to differences in the year the revenue is reported and the related expenses are incurred.
- WE Campaign
The Women Empowered, or "WE" Campaign, is a $26.5 million unified approach to fundraising for fiscal years 2010 through 2012. The campaign includes four components: Annual Fund, Capital Fund, Endowment Fund, and Capacity/Campaign Costs. The Annual Fund is operating funds dedicated to the YWCA’s core programs. The Capital Fund will go toward the building of Family Village at Issaquah. The Endowment funds create a lasting legacy for future generations. The Capacity/Campaign Costs include new staffing and one-time hard campaign costs. The revenue for the campaign is recorded in the year it is pledged with payments being received over several years. The amounts paid for the capital portion will not show up as expenses but have been capitalized and show up under buildings and equipment is the asset section of the balance sheet.
- Non-cash transactions
Buildings and equipment are depreciated over the useful lives of the assets. Depreciation is an expense of the organization. The source of funds to purchase most building and equipment comes from capital campaigns or organization reserves. Therefore operating income is not needed to cover the cost of the depreciation for buildings and equipment.
If you have any questions about these documents, please email our Chief Financial Officer, Kris Lambright.