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News (Noticias)

Financial Audit for the Year Ending June 30, 2017

Financial Audit for the Year Ending June 30, 2017

During the 2017 fiscal year (July 1, 2016 – June 30, 2017), Rocky Mountain Human Services (RMHS) provided services to children with developmental disabilities or delays, adults with a developmental or intellectual disability and military veterans who were homeless and/or seeking employment. Over 6,000 individuals received services, case management and resources from RMHS staff during fiscal year 2017 (FY17).

Kundinger, Corder & Engle, P.C provided an independent review of RMHS’ 2017 fiscal year financials. RMHS received an “unmodified” opinion for both the RMHS audit and the single audit, which focused on the federally funded Military & Veteran Programs.

Key results include the following:

  • The attached audits show FY17 net income of $1,308,942, including $411,969 of net income from operations. This continues an upward trend from the previous fiscal year, which had net income of $918,470 and a loss from operations of $188,404.

  • RMHS focused more dollars on clients, with operating expenses decreasing by $1,621,723 in FY17 and client expenses increasing by $836,522.

  • RMHS ended FY17 with net assets of $402,407, compared to a net deficit of $906,535 in the prior fiscal year.

  • The significant increase in accounts receivable is largely due to payment issues with the State of Colorado Medicaid payment systems affecting Community Centered Boards and other organizations throughout Colorado. Similarly, the increase in accrued liabilities is primarily due to a cash advance from the State to prevent potential cash flow issues resulting from these payment delays.

  • During FY17 RMHS was current on all debt payments and reduced debt by $1,263,277.

  • RMHS is committed to high quality reporting with our stakeholders and is making all elements of the fiscal year 2017 audit public, including the footnotes to the financial statements and supplementary compliance reporting for federal contracts required under federal circular OMB A-133 (“Single Audit”). Please note that the A-133 only reviews RMHS’ federally funded programs. There were no significant deficiencies or findings in the Single Audit.

You may review the fiscal year 2017 audit by following the link below and may visit the financial information section of the website to learn more about our financial progress during FY 2018.

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