2018 Annual Report

2018 YEAR END
FINANCIALS
The 2018 year-end totals are generated in-house,
and come before a complete audit is conducted.
Clubs, in accordance with IRS regulations and
generally accepted accounting principles (GAAP),
operate in an accrual accounting system. The
I-990 is filed each year with the IRS, typically
in late summer. These and all recent audited
financial statements are available for review at the
Administration Office in Mount Vernon or can be
requested electronically from Sarah Arquitt, Director
of Administration, at sarquitt@skagitclubs.org.
As in all years, Personnel wages and benefits
comprise the vast majority of expenses for the
Boys & Girls Clubs of Skagit County. It is our
professionally trained staff who work on the front
lines with our Club members where the greatest
difference is made. The purchase of the minibus,
made possible by a restricted grant fund, is
a significant variance within the Transportation/
Travel line. If the vehicle was removed from the
category, the total expense line shows a decrease
against the year prior. Most other expense categories
remain close to the year previous, except
Occupancy, related to the major floor renovation
in Sedro-Woolley, and Program Delivery, which
includes start-up costs for the Concrete program.
Proud supporter of
In Income, a strong year for unrestricted personal
contributions, as well as the tremendous engagement
at the 2018 Great Futures Gala, provided
for a new gross revenue income record to be set.
Working toward further sustainability and preparation
in the event of an economic downturn, an
additional $50,000 was invested in the operating
reserve, growing that safety net to $100,000 in
total. Beyond these investments, a minor surplus
is available to reinvest in our mission: to enable all
young people, especially those who need us most,
to reach their full potential as productive, caring,
responsible citizens.
*Figures are rounded to the nearest dollar
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