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AMERICAN WINE SOCIETY STATEMENT OF INCOME AND FUND BALANCE
FOR THE FISCAL YEARS ENDING AUGUST 31, 2011, 2010, 2009
2011 % Total Rev 2010 % Total Rev 2009 % Total Rev
Revenue
Membership Dues $127,494 36.4% $132,602 43.0% $160,833 37.6%
Conference Fees and Income 191,265 54.7% 138,439 44.9% 198,934 46.5%
Book & Resale Items 665 0.2% 745 0.2% 1,369 0.3%
Journal Advertising 3,307 0.9% 1,852 0.6% 2,803 0.7%
Interest Income 157 0.0% -205 -0.1% 627 0.1%
Wine & Label Competitions 24,770 7.1% 33,695 10.9% 53,688 12.6%
Other Income 2,167 0.6% 1,528 0.5% 9,195 2.2%
Total Revenue $349,825 100.0% $308,656 100.0% $427,449 100.0%
Expenses
Conference $132,023 37.7% $119,486 38.7% $237,285 55.5%
Wine Competitions 22,410 6.4% 28,624 9.3% 41,999 9.8%
Journal:
Printing Graphics and Art/Photo 14,545 4.2% 19,325 6.3% 25,335 5.9%
Mailing/ Delivery 3,688 1.1% 1,870 0.6% 2,287 0.5%
Editor and Asst. Editor Compensation 2,500 0.7% 2,500 0.8% 2,500 0.6%
Total Journal Expenses $20,733 5.9% $23,695 7.7% $30,122 7.0%
Administrative Expenses:
Director/ Officer Travel $9,278 2.7% $22,113 7.2% $12,479 2.9%
Telephone & Internet 3,285 0.9% 5,327 1.7% 5,010 1.2%
Printing/ Copying 2,233 0.6% 12,425 4.0% 7,693 1.8%
Mailing/ Delivery 1,700 0.5% 6,120 2.0% 9,359 2.2%
Membership Certifications (See Note 4) 7,562 2.2% 0 0.0% 0 0.0%
Office Supplies 1,068 0.3% 1,920 0.6% 4,439 1.0%
Books for Resale 0 0.0% 0 0.0% 3,181 0.7%
Executive Assistant 13,605 3.9% 6,606 2.1% 17,027 4.0%
Executive Director Salary (See Note 5) 40,500 11.6% 46,307 15.0% 44,100 10.3%
Payroll Taxes 5,011 1.4% 5,801 1.9% 4,693 1.1%
Executive Director Expenses 0 0.0% 2,165 0.7% 5,877 1.4%
Newsletter & Special Publications 4,435 1.3% 2,240 0.7% 8,391 2.0%
Insurance 7,236 2.1% 9,328 3.0% 9,462 2.2%
Depreciation 564 0.2% 2,096 0.7% 1,470 0.3%
Website & Database Development 9,464 2.7% 10,889 3.5% 10,182 2.4%
Bank and Credit Card Fees 7,763 2.2% 5,439 1.8% 8,185 1.9%
Office Rent & Utilities 0 0.0% 12,661 4.1% 24,674 5.8%
Miscellaneous (See Note 6) 6,412 1.8% 13,986 4.5% 10,130 2.4%
Total Administrative Expenses $120,116 34.3% $165,423 53.6% $186,352 43.6%
Total Expenses $295,282 84.4% $337,228 109.3% $495,758 116.0%
Surplus (Deficit) $54,543 15.6% ($28,572) -9.3% ($68,309) -16.0%
Fund Balance Beginning of Year $27,305 $55,877 $122,646
Restricted Donations 0 0 1,540
Fund Balance End of Year $81,848 $27,305 $55,877
Financial Statement Notes
1. The Society operates on a fiscal year ending August 31st, and the Financial Statements are prepared on the accrual basis.
2. Membership dues are collected on a calendar year basis and recognized as income on a prorata basis during the fiscal year.
Lifetime dues are amortized yearly based on annual dues amounts until exhausted.
3. Depreciation is on a straight line basis over 3 and 5 years.
4. The Membership Certifications account was started in 2011 to show the cost of items denoting membership sent to members.
5. During the 2010 transition of Executive Directors, 1 month termination was paid to the previous Executive Director.
6. The 2010 Miscellaneous category includes $ 4,202 of extraordinary expenses related to the transition of Executive Directors.
7. In 2010 old fully depreciated assets in the amount of $33,723 were written off as they had been disposed of and had no economic value.
AWS News—December 2011
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