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What public accounting firm performed the audit of the entity’s financial statements?

What public accounting firm performed the audit of the entity’s financial statements?. Audit/preparer

1) What public accounting firm performed the audit of the entity’s financial statements?

• K.L. Hoffman & Company, PC Certified Public Accountants

2) Is it possible to determine which firm/individual prepared the form 990? If so, who? Is it the same organization for both documents (990 and audited financials)?

• Yes

3) Does the form 990 have a schedule A. Does it identify the reason for the charity status? What is the reason?

• Yes. The charity reason is listed under part I, #7 which states “An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)”.

Financials

1) On the audited financials, what “Program” accounted for the largest expense? Is this what you would have expected.

• Per note 4 of the audited financials, it appears that $9,714,971 relates to program services.

2) Does the organization have “donor restricted” and “without donor restricted” net assets? No.

What is the nature of these restrictions? Note – before ASU 2016-14 these were entitled temporarily and permanently restricted net assets.

Ratios/performance

1) What is the program expense ratio of this organization? Program expense ratio = program service expenses/ total expenses. Calculate this number using both the audited financials and the form 990. Are the ratios different? Why? For most organizations, this number should be at least 65%. Please show us the numbers you used in your calculations.

• Program Expense Ratio = 87%, the ratio is the same using both the audited financials and the form 990.

Total expenses   14,123,983.00Program Expenses  12,315,496.00Ratio87%

2) What are the proportion of resources being used for fundraising activities (fundraising expenses divided by total expenses)? Please show us the numbers you used in your calculations.

• There is an immaterial amount of fund-raising expenses included in management
and general expenses.

3) What are your thoughts on the financial condition of this organization? You can look at liquidity, size of its liabilities, where is the entity receiving its revenue and support, its access to other fiscal resources.

• The overall 2019 financial condition for the City of Baltimore Development Corporation appears to be maintaining position. CBD received revenue from grants, program services, investments incomes as well as other revenue. Total revenue and expenses increased by $3,114,710 and $2,637,817 respectively in 2019.

Source:

Form 990 Years Ended June 30, 2018 and 2017 https://projects.propublica.org/nonprofits/display_990/521744007/05_2019_prefixes_51-53%2F521744007_201806_990_2019052816346292

Financial Statements with Schedule of Expenditures of Federal Awards Years Ended June 30, 2018 and 2017: https://projects.propublica.org/nonprofits/display_audit/21179920181

What public accounting firm performed the audit of the entity’s financial statements?

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