Live the Life Ministries, Inc. (the Organization) is a Florida not for profit corporation with headquarters in Tallahassee Florida. The primary purpose of the Organization is to strengthen marriages and families by providing classes and events to help build the foundation for a healthy marriage and provide resolutions to relationship conflicts. Ministries include marriage enrichment classes which teach communication and conflict resolution skills, a comprehensive premarital program for engaged couples, healthy relationships preparation courses for singles, mentoring program for young men and women, coaching/counseling sessions for troubled marriages and teens, relationship education for teenagers designed to help students make healthy life choices, navigate the challenges they face in adolescence, and successfully launch them into adulthood, and sexual risk avoidance (SRA) programs for middle and high school students.
The Organization follows standards of accounting and financial reporting prescribed for non-profit organizations. It uses the accrual basis of accounting, which recognizes revenues when earned and expenses as incurred. Federal, state and local government, and other public grants are recorded as support when performance occurs under the terms of the grant agreement. Assets and all liabilities associated with the operation of the Organization are included on the Statement of Financial Position.
The Organization reports information regarding its financial position and activities according to two classes of net assets that are based upon the existence or absence of restrictions on use that are placed by its donors; net assets without donor restrictions and net assets with donor restrictions. Net assets with donor restrictions are subject to donor-imposed restrictions. Some donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, such as those that the donor stipulates the resources be maintained in perpetuity. The Organization has no such restricted net assets at year end. Net assets without donor restrictions are resources available to support operations and not subject to donor restrictions. The only limits on the use of net assets without donor restrictions are the broad limits resulting from the nature of the Organization, the environment in which it operates, the purposes specified in its corporate documents and its applications for tax-exempt status, and any limits resulting from contractual agreements with creditors and others that are entered into in the course of its operations.
The costs of providing the various programs and other activities have been detailed in the Statement of Functional Expenses and summarized on a functional basis in the Statement of Activities. Salaries and other expenses which are associated with a specific program are charged directly to that program. Salaries and other expenses which benefit more than one program are allocated to the various programs based on the relative benefit provided.
Cash and cash equivalents consist of cash on hand, cash held in checking and savings accounts and short-term, highly liquid investments which are readily convertible into known amounts of cash with an original maturity of 90 days or less, without material penalties for early withdrawal.
In recognition of funding uncertainties which could result in substantial layoffs, the Organization has recorded a liability for costs associated with separated employees. The total liability for accrued compensated absences due employees was $53,091 at December 31, 2023.
Property and equipment are recorded at cost, or in the case of donated assets, at fair market value when received. Maintenance and repairs are expensed as they are incurred. Depreciation and amortization expense is computed using the straight-line method over the estimated useful lives of the assets. Property and equipment purchased with grant funds are considered to be owned while being utilized for the related programs, and depreciation expense is recorded on these assets. However, certain funding agencies (primarily from federal sources) retain a reversionary interest in the property and equipment, and may require the return of the assets upon termination of the grant contract. In computing expenses for grant purposes, the Organization follows the policies described in Note 2 of PDF.
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
The Organization receives its entire grant contract revenue from federal, state, and local agencies. The Organization recognizes contract revenue (up to the contract ceiling) from its contracts over a period which represents the service period for certain contracts, or to the extent of expenses. Revenue recognition depends on the contract. Amounts received but not earned are reported as deferred revenue. Additional amounts received for events (retreats, marriage confessions, ect.) in which the event has not yet occurred are also reported as deferred revenue. On January 1, 2019, the Organization adopted Accounting Standards Updated 2014-09: “Revenue from Contracts with Customers.” The Organization’s major categories of revenues, and their respective revenue recognition methods are discussed below.
Investments consist primarily of assets invested in marketable equity securities. The Organization accounts for investments in accordance with the FASB standard for investments held by not-for-profit organizations. This standard requires that investments in equity securities with readily determinable fair values be measured at fair value in the Statement of Financial Position. Fair value of marketable equity is based on quoted market prices. The realized and unrealized gain or loss on investments is reflected in the Statement of Activities.