Advancing Education, Providing Better Care - FAAO
Advancing Education, Providing Better Care - FAAO
Advancing Education, Providing Better Care - FAAO
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FINANCIAL STATEMENTS<br />
STATEMENT OF FINANCIAL POSITION<br />
March 31, 2004 March 31, 2003<br />
ASSETS<br />
CASH AND CASH EQUIVALENTS $ 757,812 $ 1,310,495<br />
RECEIVABLES:<br />
Pledges, net 2,006,629 608,895<br />
Other 6,393,609 -<br />
Investment Income 17,366 -<br />
PREPAID EXPENSES AND OTHER ASSETS 102,511 7,626<br />
INVESTMENTS 12,033,215 3,720,115<br />
LONG-TERM PROMISE TO GIVE 1,000,000 1,000,000<br />
PROPERTY AND EQUIPMENT (net of accumulated<br />
depreciation of $9,626,323 and $8,186,638, respectively) 9 18,794,4014,481<br />
TOTAL ASSETS $ 41,105,551 $ 6,661,612<br />
LIABILITIES AND NET ASSETS<br />
LIABILITIES:<br />
Accounts payable and accrued expenses $ 898,158 $ 341,717<br />
Mortgage payable 9,445,185 -<br />
Total liabilities 10,343,343 341,717<br />
NET ASSETS:<br />
Unrestricted 23,314,175 485,944<br />
Board designated 50,000 50,000<br />
Total unrestricted 23,364,175 535,944<br />
Temporarily restricted 3,231,062 1,616,980<br />
Permanently restricted 4,166,971 4,166,971<br />
Total net assets 30,762,208 6,319,895<br />
TOTAL LIABILITIES AND NET ASSETS $ 41,105,551 $ 6,661,612<br />
STATEMENT OF CHANGES IN NET ASSETS<br />
for the year ended March 31, 2004 (with comparative information as of March 31, 2003)<br />
March 31, 2004 March 31, 2003<br />
UNRESTRICTED NET ASSETS:<br />
Revenues and support $ 1,589,563 $ 1,789,111<br />
Net assets released from restrictions 1,474,338 1,249,145<br />
Operating expenses (3,228,926) (3,055,725)<br />
Non-operating income (expense) 144,902 (290,022)<br />
Transfer of net assets from AAO 22,848,354 -<br />
Increase (decrease) in unrestricted net assets 22,828,231 (307,491)<br />
TEMPORARILY RESTRICTED NET ASSETS:<br />
Contributions 2,044,930 416,870<br />
Net assets released from restrictions (1,474,338) (1,249,145)<br />
Investment income 145,237 146,813<br />
Net realized and unrealized gains (losses) on investments 898,253 (309,549)<br />
Increase (decrease) in temporarily restricted net assets 1,614,082 (995,011)<br />
PERMANENTLY RESTRICTED NET ASSETS:<br />
Contributions - 151,000<br />
Increase (decrease) in permanently restricted net assets - 151,000<br />
INCREASE (DECREASE) IN NET ASSETS 24,442,313 (1,151,502)<br />
NET ASSETS, BEGINNING OF YEAR 6,319,895 7,471,397<br />
NET ASSETS, END OF YEAR $ 30,762,208 $ 6,319,895
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