American Philatelic Society. Balance Sheet / Statement of Activities

Transcription

1 American Philatelic Society Balance Sheet / December

2 Balance Sheet As of December 31, December 31, December 31, 2011 Current Assets Cash $ 1,486,769 $ 1,328,275 Accounts receivable 130, ,085 Intercompany receivable from APRL 1,195, ,519 Inventories 127, ,996 Prepaid expenses 185, ,885 Total Current Assets 3,124,940 2,917,761 Investments General Fund 435, ,958 Life Membership Fund 237, ,798 Insurance Fund 854, ,321 Tiffany Endowment Fund 542, ,450 Publications Fund 16,035 15,332 Total Investments 2,086,258 1,976,857 Equipment Office equipment 96, ,829 Computer systems 779,321 1,112,625 Auto 26,589 26,589 Total Equipment 901,994 1,251,043 Less depreciation (694,942) (969,316) Net of Depreciation 207, ,727 Other Assets Due from APRL 555, ,000 TOTAL ASSETS $ 5,973,250 $ 5,731,345 Current Liabilities Sales of stamps $ 1,537,999 $ 1,514,801 Less deferred commissions (296,102) (303,215) Net sales liabilities 1,241,898 1,211,586 Accounts payable / Accrued liabilities 331, ,190 Intercompany Payable to APRL 12,807 28,043 Dues collected in advance 1,273,282 1,334,381 Members' Web Account liability 37,686 12,607 Total Current Liabilities 2,897,330 2,833,807 Contingent liabilities Sales Books on Consignment 8,020,929 7,792,709 Value Due to Owners' (8,020,929) (7,792,709) Stamps for Sale on Internet 3,860,730 4,808,815 Value Due to Owners' (3,860,730) (4,808,815) Net Assets Unrestricted Undesignated 903, ,849 Board Designated 1,577,995 1,656,735 Temporarily Restricted 55,324 45,737 Permanently Restricted 539, ,217 Total Net Assets 3,075,920 2,897,538 TOTAL LIABILITIES & NET ASSETS $ 5,973,250 $ 5,731,345 Page 1

3 American Philatelic Society - Operations Year Ended December 31, Summary Year-to-Date YTD Budget 2011 Budget Variance Dues & Admissions $ 1,259,241 $ 1,301,508 $ 1,244,166 $ 15,075 Sales Commissions 580, , ,000 (59,835) American Philatelist 509, , ,250 (24,817) Book & Specialty Sales 83,554 86,712 95,550 (11,996) Investments 93, ,765 86,749 6,286 Show Revenue 480, , ,000 (32,592) Expertizing Service Fees 112, , ,130 (36,341) Life Membership Allocation 43,225 44,151 45,400 (2,175) Educational Services 135, , ,030 (10,050) Services to APRL-Fundraising 184, , ,105 43,348 CFP Funding-Fundraising 3,572 9,660 84,044 (80,472) Services to Book Publishing Miscellaneous (see page 40) 272, , ,400 38,011 Total Income 3,758,268 3,971,140 3,913,824 (155,556) EXPENSES: (# of Personnel) (0.9) Personnel 1,634,460 1,658,935 1,686,139 (51,679) Postage 161, , ,150 (7,473) Office 59,496 79,721 73,025 (13,529) Rent 120, , ,000 (0) Credit Card Costs 72,222 75,148 74,500 (2,278) AP Production\Distribution 460, , ,600 (19,667) Cost of Goods Resold 56,009 60,489 64,420 (8,411) Show Expenses 456, , ,200 14,592 Meetings 3,604 3,513 5,050 (1,447) Dues Collection 22,698 24,390 24,000 (1,302) Travel 36,586 36,607 39,700 (3,114) Recruiting & Promotion 122, , ,600 (22,438) Computer 108, ,368 99,000 9,540 Officers & Committees 17,541 20,182 17, Audit, Legal & Professional Serv. 44,613 42,384 92,500 (47,887) Dues, Subscriptions, & Educ. 1,581 3,487 3,200 (1,619) Seminars 52,664 53,339 50,850 1,814 DVD / Slide Programs ,000 (1,433) Miscellaneous 27,724 27,945 17,360 10,364 Youth Programs 2,693 1,672 4,370 (1,677) Total Expenses 3,462,562 3,491,951 3,610,014 (147,452) Operating Net 295, , ,810 (8,105) Depreciation (101,276) (19,899) (106,808) 5,532 Unrealized Investment Gains/(Losses) 5,817 (16,689) - 5,817 Contribution to Reserves $ 200,247 $ 442,601 $ 197,002 $ 3,245 Page 2

4 January February March April May June July August September October November December Year-to-Date INSURANCE FUND BEGINNING NET ASSETS: $ 1,092,077 $ 1,114,260 $ 1,134,180 $ 1,021,221 $ 1,030,599 $ 1,080,118 $ 1,103,855 $ 1,115,218 $ 1,132,491 $ 1,148,726 $ 1,144,067 $ 1,147,486 $ 1,092,077 2% Insurance Charge 3,803 4,849 4,725 6,173 4,804 6,145 4,187 5,879 5,575 4,072 5,384 3,971 59,567 Flat Insurance Fee 3,315 4,381 5,255 3,925 4,939 4,080 4,646 3,793 3,351 4,569 3,897 4,019 50,169 Club Insurance Fee ,419 Internet Sales Insurance Fees 1, ,190 APEX Guaranty Insurance Fee ,474 U. S. Postal Service Recoveries Other Recoveries (5,228) (1,585) Investment Income 1,868 23,329 47,875 1,473 1,328 1,821 1,847 5,232 1,068 3,031 1,256 7,118 97,245 Miscellaneous Income Gross Income 11,831 34,067 59,188 12,890 12,490 13,151 11,654 16,076 11,131 13,798 12,434 11, ,911 EXPENSES: Loss Claims - SD - 2,679 7,594 2,128 1,133 4, , ,570 4,439 33,826 Loss Claims - ISU 12-92,230 (10,000) (81,758) (84) Loss Claims - Expertizing 1,250 1, ,387 Damage\Substitution Claims - SD ,297 Damage\Substitution Claims - ISU Damage\Substitution Claims - Expertizing In House Inventory Insurance ,928 Business Insurance 2,019 2,019 2,019 2,019 2,019 2,019 2,066 2,273 2,273 2,393 2,273 2,273 25,664 Digitizing Sales Books/Postal Insurance 1,418 1,361 1,820 1,490 1,575 1,269 1,351 1,490 1,270 1,514 1,123 1,145 16,827 Sales books adjustments ,777 Collection Costs Write off Uncollectable Receivables , ,504 APEX Refunds - SD APEX Refunds - ISU Recirculation Costs Miscellaneous Expense Total Expenses 5,811 8, ,057 (3,001) (75,445) 8,780 4,531 5,276 8,417 6,273 12,204 8, ,983 4% Endowment transfer to General Fund (2,767) (2,659) (2,723) (2,364) (2,558) (2,639) (2,807) (2,846) (2,811) (2,960) (2,849) (2,956) (32,939) Unrealized Investment Gains/(Losses) 18,931 (3,329) (46,367) (4,149) (35,859) 22,004 7,047 9,320 16,332 (9,225) 6,038 3,989 (15,267) ENDING NET ASSETS: $ 1,114,260 $ 1,134,180 $ 1,021,221 $ 1,030,599 $ 1,080,118 $ 1,103,855 $ 1,115,218 $ 1,132,491 $ 1,148,726 $ 1,144,067 $ 1,147,486 $ 1,150,798 $ 1,150,798 LIFE MEMBERSHIP FUND BEGINNING NET ASSETS: $ 37,970 $ 46,426 $ 52,689 $ 52,494 $ 50,796 $ 39,503 $ 43,855 $ 46,879 $ 49,685 $ 52,650 $ 48,131 $ 47,310 $ 37,970 Life Membership Income Earned 1,736 1,736 1,736 1,736 1,736 1,736 1,736 1,736 1,736 1,736 1,736 1,736 20,833 Investment Income 379 (179) 12,285 (141) 6, (110) 10, (124) ,486 Gross Income 2,115 1,557 14,021 1,595 8,531 2,112 1,626 11,811 2,015 1,612 1,987 2,336 51,319 Transfer to General Fund (3,643) (3,634) (3,622) (3,615) (3,655) (3,653) (3,586) (3,582) (3,578) (3,571) (3,549) (3,538) (43,225) Unrealized Investment Gains/(Losses) 9,984 8,339 (10,594) 322 (16,169) 5,893 4,983 (5,422) 4,527 (2,559) ENDING NET ASSETS: $ 46,426 $ 52,689 $ 52,494 $ 50,796 $ 39,503 $ 43,855 $ 46,879 $ 49,685 $ 52,650 $ 48,131 $ 47,310 $ 46,108 $ 46,108 Page 3

5 January February March April May June July August September October November December Year-to-Date ENDOWMENT FUNDS JOHN K. TIFFANY FUND: BEGINNING NET ASSETS: $ 475,079 $ 488,205 $ 497,749 $ 496,640 $ 496,770 $ 479,376 $ 488,263 $ 493,206 $ 494,649 $ 501,026 $ 497,768 $ 501,413 $ 475,079 Donations - Restricted, Endowment 1, , ,451 4, ,001 Investment Income 2, ,548 (143) 2, (235) (194) 2,323 4,944 38,128 Miscellaneous Income Gross Income 4,086 1,111 25,048 1,082 3,138 1,909 3,900 1, (144) 2,698 5,684 50,129 EXPENSES: Miscellaneous Expense Total Expenses % Endowment transfer to General Fund (1,614) (1,552) (1,582) (1,578) (1,688) (1,576) (1,659) (1,676) (1,626) (1,702) (1,636) (1,703) (19,592) Unrealized Investment Gains/(Losses) 10,654 9,984 (24,574) 626 (18,844) 8,553 2,703 1,994 7,511 (1,412) 2, ENDING NET ASSETS: $ 488,205 $ 497,749 $ 496,640 $ 496,770 $ 479,376 $ 488,263 $ 493,206 $ 494,649 $ 501,026 $ 497,768 $ 501,413 $ 505,689 $ 505,689 Barbara Mueller AP Award Fund: BEGINNING NET ASSETS: $ 21,370 $ 21,970 $ 22,445 $ 22,443 $ 22,465 $ 21,719 $ 22,127 $ 22,239 $ 22,347 $ 22,707 $ 22,634 $ 22,858 $ 21,370 Donations - Restricted, Endowment Investment Income ,107 (6) (11) (9) ,723 Miscellaneous Income Gross Income ,107 (6) (11) (9) ,723 EXPENSES: Promotion Recognition Awards ,000 1,000 Total Expenses ,000 1,000 Unrealized Investment Gains/(Losses) (1,108) 28 (852) (64) ENDING NET ASSETS: $ 21,970 $ 22,445 $ 22,443 $ 22,465 $ 21,719 $ 22,127 $ 22,239 $ 22,347 $ 22,707 $ 22,634 $ 22,858 $ 22,096 $ 22,096 Tom Allen PLR Award Fund: BEGINNING NET ASSETS: $ - $ - $ - $ - $ - $ 15,000 $ 15,282 $ 15,359 $ 15,434 $ 15,683 $ 15,632 $ 15,787 $ - Donations - Restricted, Endowment , ,000 Investment Income (7) (6) Miscellaneous Income Gross Income , (7) (6) ,257 EXPENSES: Recognition Awards Total Expenses Unrealized Investment Gains/(Losses) (44) ENDING NET ASSETS: $ - $ - $ - $ - $ 15,000 $ 15,282 $ 15,359 $ 15,434 $ 15,683 $ 15,632 $ 15,787 $ 15,951 $ 15,951 TOTAL ENDOWMENT FUNDS ENDING BALANCE $ 510,175 $ 520,193 $ 519,084 $ 519,236 $ 516,095 $ 525,671 $ 530,804 $ 532,430 $ 539,416 $ 536,035 $ 540,057 $ 543,737 $ 543,737 Page 4

6 Less Transfers to Fund Balance January February March April May June July August September October November December Specified Funds Year-to-Date by Category CAMPAIGN FOR PHILATELY BEGINNING NET ASSETS: $ 511,356 $ 533,491 $ 538,903 $ 328,269 $ 287,158 $ 310,965 $ 321,345 $ 304,864 $ 310,028 $ 307,539 $ 327,209 $ 350,572 $ 511,356 DONATIONS: CFP Undesignated 31,109 (14,440) 2,041 2,934 4,503 9,769 3,019 12, ,192 10,745 62,974 (622) 127,922 $ 50,928 APRL Debt Reduction 1, ,570 (11,169) (7,559) - APRL Designated , ,482 (6,940) 1, ,314-6,140 (0) APS Designated ,594 (13,279) 13 11, (550) 12,793 58,458 APS Sustaining Member 1, ,700 23,725-34, ,139 APS Contributing Member 1,360 1, ,542 14,587-21,294 96,256 APS Centre Gifts Foundation , (6,980) 6,361 6,361 APS David straight Award ,700-2,700 2,700 Building Fund , (7,324) - - Education , , (5,542) - - Employee Appreciation , (1,650) - - Employee Bonuses Expertizing , (2,513) - - Expertizing Certificate Digitization , ,000 5,000 Donations - Headsville Post Office , ,000 (2,125) - - Donations - International Exhibitors F Donations - ISU - - 1, (1,000) - - Library Acquisitions (150) - - Library - Air Mail Society Room ,300 (2,300) - - Library Book Collection-Air Mail ,000 5,000 5,000 - (15,000) - - Library Book Collection-France - 5, (5,000) - - Library Book Collection-Germany Library Book Collection-Portugal , ,000 1,000 Library Book Collection-Russia ,000 (5,000) - - Library Carrels ,000 (1,000) - - Library Collection - Latin America , (10,000) - - Library Construction , , , ,647 (41,863) 1,304 - Library Digitization (105) - - Library Endowment Fund , (3,640) - - Library Founders/Patrons Fund (640) - - Library 2nd Floor Reference Desk , (10,000) - - Library Operations , (3,790) - - Library Park Benches , , (3,100) - - Library Rarities Gallery - 5, (5,000) - - Library Liberty Reading Lounge (1) - 5, (5,000) - - Library Row of Shelves ,250-1,000-1,335 (4,635) - - Library Stacks 1, (1,000) - - Mighty Buck Club ,489 9,090 2,563 1,523 1, ,249 (15,972) 37,418 29,806 Pavers Roof Renovations (402) - - St. Louis Patio (1,920) - - Sales Division (293) - - Shows Dept. 2, , (3,970) - - Technology Tiffany Endowment 1, ,225 15,800 1,451 4, (26,751) - - Teachers Lesson Plans (6,017) (6,017) 1,483 Page 5

7 Less Transfers to Fund Balance January February March April May June July August September October November December Specified Funds Year-to-Date by Category CAMPAIGN FOR PHILATELY Vooy's Fellow , , ,100 10, (33,271) - - Web Site , (132) 1,003 1,003 World Series Shows (800) - - YSCA (135) - - YPLF , , , , (26,919) - - Youth ,360 (5,320) 1, ,047 (2,985) - - You-tube Award Investment Income Gross Income 42,525 28,095 22,121 16,183 72,974 34,396 20,368 66,006 9,729 39,820 43, ,749 (276,264) 245,356 EXPENSES: $ 365,055 APS Fundraising Costs 8,837 2,789 (11,626) 0 10,653 3,628 (5,748) 4,673 3,814 5,334 8,667 (28,056) - 2,966 Total Expenses 8,837 2,789 (11,626) 0 10,653 3,628 (5,748) 4,673 3,814 5,334 8,667 (28,056) - 2,966 Transfer to APRL Bld. Fund for Interest Exp. (4,865) (4,532) (4,519) (4,216) (4,496) (3,241) (3,470) (3,350) (3,450) (3,439) (3,317) (3,415) - (46,310) (a) Transfer to APRL Bld. Fund-Bldg 14A Renov. - - (231,706) (39,674) - (1,426) (272,806) (b) Transfer to APRL Bld. Fund-Bldg 5-UCBH Ren (11,385) (26,761) (13,121) (51,268) (b) Transfer to APRL Bld. Fund-New Library (1,392) (16,914) (18,306) (c) ENDING NET ASSETS: $ 533,491 $ 538,903 $ 328,269 $ 287,158 $ 310,965 $ 321,345 $ 304,864 $ 310,028 $ 307,539 $ 327,209 $ 350,572 $ 487,727 $ (276,264) $ 365,055 (a) Transfers made 50% out of CFP Undesignated and 50% out of APRL Designated. (b) Transfers made out of CFP Undesignated Funds. (c) Transfers made out of Library Construction Funds. APRL Designated Funds APS Designated Funds Page 6

8 January February March April May June July August September October November December Year-to-Date YOUNG PHILATELIC LEADERS FELLOWSHIP BEGINNING NET ASSETS: $ 38,131 $ 34,852 $ 34,692 $ 34,037 $ 33,401 $ 33,329 $ 48,298 $ 46,264 $ 44,198 $ 43,887 $ 48,150 $ 43,531 $ 38,131 Sale of Donated Material Donations 1, , , , , ,194 32,959 Investment Income (1) Miscellaneous Income , ,613 Gross Income 1, , , , , ,277 58,501 EXPENSES: (# of Personnel) Personnel ,319 Promotion 1, (78) - 2,590 Free Dues Postage Supplies Travel / Meals / Hotel 2, , (340) - 1,818 8, ,294-24,028 Telephone Outside services Dues & Subscriptions Miscellaneous Expense , ,392 Total Expenses 4,265 1,152 6, ,828 2,674 8,926 1,253 1,470 4, ,032 Unrealized Investment Gains/(Losses) (41) 588 (939) (392) - ENDING NET ASSETS: $ 34,852 $ 34,692 $ 34,037 $ 33,401 $ 33,329 $ 48,298 $ 46,264 $ 44,198 $ 43,887 $ 48,150 $ 43,531 $ 48,209 $ 48,209 YPLF funds were removed from our investment portfolio and deposited into our money market account at FNB, therefore unrealized gains/losses are no longer applicable. Revenue and expenses associated with consignment sales at NOJEX & NAPEX. YPLF Fund comprised of: Cash available $ 35,888 Pledges receivable 12,321 Fund balance $ 48,209 Page 7