Star Island Corporation December Balance Sheet

Transcription

1 Star Island Corporation December Balance Sheet Assets Current Year Prior Year Dec-16 Dec-15 Change Current Assets Cash - Operating 537, , ,063 Cash - Reserve 85,077 35,029 50,047 Cash - Restricted / memorial 156, , Accounts Receivable 6,641 3,545 3,096 Prepaid Expenses 247, ,194 (15,316) Pledges Receivable, net allowance 132,262 21, ,560 Total Current Assets 1,165, , ,599 Property and Equipment, Net 3,899,548 3,659, ,322 Star Island Permanent Trust 3,908,860 3,616, ,730 Total Assets 8,973,573 8,078, ,650 Liabilities and Net Assets Current Liabilities Accounts Payable 16,153 27,196 (11,042) Accrued Liabilities 45,514 34,112 11,402 Conference Deposits - 1,116 (1,116) Loans Payable, net discounts 1,057,034 1,093,439 (36,405) Credit Line Payable Total Current Liabilities 1,118,701 1,155,863 (37,161) Net Assets Unrestricted 3,434,946 3,048, ,831 Star Island Permanent Trust 3,863,568 3,586, ,722 Board Designated Operating Reserve 85,000 35,000 50,000 Temporarily Restricted 424, , ,258 Permanently Restricted 46,684 46,684 - Total Net Assets 7,854,871 6,923, ,811 Total Liabilities and Net Assets 8,973,573 8,078, ,650 1

2 Star Island Corporation Fiscal Year 2016 Report and 2017 Budget Projected Approved Unaudited Approved Actual Budget Actual Budget Variance Island Operating Revenue: Room & Board-Gross Conferences 2,442,546 2,442,546 2,333,077 2,296,244 36,833 Personal Retreat Revenue 46,400 46,400 50,070 52,000 (1,930) Discounts (66,000) (66,000) (67,872) (58,000) (9,872) Financial Aid (28,000) (28,000) (26,796) (22,000) (4,796) S/T Room & Board-Net 2,394,946 2,394,946 2,288,479 2,268,244 20,235 Parking Income 62,000 62,000 61,502 56,300 5,202 Appledore Lease Income 121, , , , Conference Income 23,105 23,105 23,020 27,200 (4,180) Snack Bar Revenue 73,000 73,000 71,293 75,000 (3,707) Interest and Dividend Income 1,000 1, Net realized gain (loss) on investments - - 4,159 4,159 Other Island Operating Income 137, , , ,100 (10,604) Island Operating Revenue: 2,813,372 2,813,372 2,688,669 2,676,109 12,560 Other Income & Support Annual Fund 490, , , ,000 19,864 Annual Permanent Trust Income 175, , , ,000 10,995 Transfer from Capital Campaign ,000 (2,000) less Capital campaign expenses Grant Income 42,500 42,500 54,872 30,000 24,872 Other Current Restricted Gifts 40,000 40, , ,000 (12,920) Special Events 43,000 43,000 40,421 40, Net Assets Released from Restrictions 215, , , ,474 82,012 ISAUU Contribution 30,000 30,000 30,000 30,000 0 Other Income & Support 1,036,015 1,036,015 1,102, , ,244 TOTAL REVENUES AND OTHER SUPPORT 3,849,387 3,849,387 3,791,387 3,655, ,804 2

3 Projected Approved Unaudited Approved Actual Budget Actual Budget Variance Operating expenses: Year Round Pay 513, , , ,927 (12,807) Seasonal Pay 738, , , ,495 (46,451) Gross pay 1,251,635 1,251,635 1,086,164 1,145,422 (59,258) Fringe Benefits 261, , , ,313 (7,440) Total Compensation & Benefits 1,512,902 1,512,902 1,327,037 1,393,735 (66,698) Travel and Education 3,550 3,550 3,146 5,700 (2,554) Professional services 245, , , ,354 20,186 Conference Operations 22,899 22,899 33,420 27,197 6,223 Corporate Insurance 189, , , ,635 (3,490) Administrative Expense 95,101 95,101 91, ,280 (14,926) Marketing & Publicity 52,900 52,900 48,466 50,620 (2,154) Fundraising 63,300 63,300 45,584 48,100 (2,516) Food 291, , , ,000 (7,046) Snack Bar Expenses 36,800 36,800 32,085 32, Transportation Costs 275, , , ,500 52,842 Island Fuel & Utilities 194, , , ,727 (28,723) Island Supplies & Equipment 132, , , ,000 (6,244) Bank Fees and Taxes 66,424 66,424 63,205 63,725 (520) Interest Expense 45,574 45,574 48,321 48,781 (460) Bad Debt Expense 2,500 2,500-2,500 (2,500) Net Depreciation & Amortization 334, , , ,000 (41,803) TOTAL OPERATING EXPENSES 3,565,446 3,565,446 3,354,556 3,454,854 (100,298) NET CHANGE IN OPERATING NET ASSETS 283, , , , ,102 3

4 Star Island Corporation Statement of Cash Flows Fiscal Year 2016 Report and 2017 Budget Projected Approved Unaudited Approved Actual Budget Actual Budget Analysis of Changes in Cash: Net change in Operating Net Assets 283, , , ,729 Add Back Depreciation 334, , , ,000 Net change in assets & liabilities Temporary restricted activity ,258 - Permanently restricted activity Board Designated Operating Reserves (25,000) (25,000) (25,000) (25,000) Change in Capital Loan Program Capital in Progress Purchases of plant and equipment (460,000) (460,000) (578,518) (467,950) Net change in Line of Credit Additional debt Debt repayments (36,536) (36,536) (36,405) (36,536) Total cash: Change during the period 96,628 96, ,062 51,243 Opening balance 537, , , ,851 Closing balance 633, , , ,094 4

5 2017 CAPITAL BUDGET Projected Approved Actual Budget Project Required fire safety / EPA upgrades: Other Projects per RFD and SFC recommendation 10,000 10,000 Diesel Tanks &/or Piping Upgrades 20,000 20,000 30,000 30,000 General Improvements: Atlantic - weatherization 6,000 6,000 Atlantic Porches & Railings 3,000 3,000 Drinking Water Storage & Filtration 4,000 4,000 Summer House Reconstruction 15,000 15,000 New loader 10,000 10,000 Vaughn Restoration, 2nd floor access, windows, doors, etc. 70,000 70,000 Kiddie Barn/Starloft Rehabilitation 161, ,000 Wastewater System Replacement 50,000 50,000 Bathroom Upgrades 30,000 30,000 Chapel Path Improvement 11,000 11,000 New Carpeting in Hotel 10,000 10, , ,000 Capital Contingency 60,000 60,000 Total Capital Expenses: 460, ,000 5

6 2016 Capital Budget Projected Approved Actual Budget Project Required fire safety / EPA upgrades: Atlantic Egress 155, , , ,250 General Improvements: Atlantic Weatherization 175, ,500 Atlantic Porches & Railings 50,335 82,200 New Waste Water Treatment 10,056 25,000 Bathroom Renovations 46,055 50,000 Cottage C Roof & Dormers 11,952 12,000 Drinking Water Storage & 14,479 12,000 Filtration Kitchen Equipment 27,634 20,000 Vaughn Capital 73,671 - Pier Walk and Deck 13, , ,700 Capital Contingency 30,000 30,000 Contingency Used (30,000) Total Capital Expenses: 578, ,950 6