Financial Statements and Supplementary Data November 30, 2012 and 2011
Table of Contents Financial Statements Page Independent Auditors Report 1 Statements of Financial Position 2 Statements of Activities 3 Statements of Cash Flows 5 Notes to Financial Statements 6 Supplementary Data Independent Auditors Report on Supplementary Data 17 Comparative Schedule of Functional Revenues and Expenses 18
Statements of Financial Position November 30, 2012 and 2011 Assets Current Assets 2012 2011 Cash and cash equivalents $ 1,197,058 $ 969,803 Receivables: Trade 65,039 71,820 Life members 53,300 64,410 Pledge 24,695 Other 199 368 Inventory 327,151 437,345 Prepaid expenses 134,735 103,645 Total current assets 1,802,177 1,647,391 Property and Equipment net 4,758,155 4,422,318 Other Assets cash equivalents and marketable securities designated 2,496,224 2,313,002 $ 9,056,556 $ 8,382,711 Notes to financial statements form an integral part of these statements. 2
Liabilities and Net Assets Current Liabilities 2012 2011 Accounts payable and accrued expenses $ 378,741 $ 588,145 Current maturities of postemployment retirement benefits former executive director 94,782 89,276 Current maturities of long term debt 71,039 Current portion of unearned and deferred revenue 453,787 367,072 Long Term Liabilities Total current liabilities 998,349 1,044,493 Postemployment retirement benefits former executive director less current maturities 431,013 525,794 Long term debt less current maturities 263,871 Unearned and deferred revenue less current portion 135,803 111,317 Net Assets Total long term liabilities 830,687 637,111 Total liabilities 1,829,036 1,681,604 Unrestricted 6,826,872 6,547,124 Temporarily restricted 400,648 153,983 Total net assets 7,227,520 6,701,107 $ 9,056,556 $ 8,382,711
Statement of Activities Year Ended November 30, 2012 Temporarily Unrestricted Restricted Total Revenues, support, and other changes: Membership dues individual and clubs $ 1,133,850 $ $ 1,133,850 Event registration, tickets, and entry fees 3,084,084 3,084,084 Registered target fees 1,029,438 222,622 1,252,060 Advertising 252,138 252,138 Donations, sponsorships, and affinity programs 352,933 202,463 555,396 Instructor school 157,990 157,990 Open shooting/practice 346,869 346,869 Rental income 261,844 261,844 Sales 741,736 65,290 807,026 Investment income 172,860 172,860 Net assets released from restrictions 243,710 (243,710) Total revenues, support, and other changes 7,777,452 246,665 8,024,117 Expenses: Association expenses 1,532,068 1,532,068 Shooting complex expenses 4,226,536 4,226,536 Support services 1,739,100 1,739,100 Total expenses 7,497,704 7,497,704 Increase in net assets 279,748 246,665 526,413 Net assets at beginning of year 6,547,124 153,983 6,701,107 Net assets at end of year $ 6,826,872 $ 400,648 $ 7,227,520 Notes to financial statements form an integral part of these statements. 3
Statement of Activities Year Ended November 30, 2011 Temporarily Unrestricted Restricted Total Revenues, support, and other changes: Membership dues individual and clubs $ 1,085,929 $ $ 1,085,929 Event registration, tickets, and entry fees 2,954,021 2,954,021 Registered target fees 981,172 93,806 1,074,978 Advertising 254,186 254,186 Donations, sponsorships, and affinity programs 336,852 101,224 438,076 Instructor school 130,310 130,310 Open shooting/practice 280,655 280,655 Rental income 265,205 265,205 Sales 934,759 934,759 Investment income 43,378 43,378 Net assets released from restrictions 89,933 (89,933) Total revenues, support, and other changes 7,356,400 105,097 7,461,497 Expenses: Association expenses 1,349,599 1,349,599 Shooting complex expenses 4,166,748 4,166,748 Support services 1,473,863 1,473,863 Total expenses 6,990,210 6,990,210 Increase in net assets 366,190 105,097 471,287 Net assets at beginning of year 6,180,934 48,886 6,229,820 Net assets at end of year $ 6,547,124 $ 153,983 $ 6,701,107 Notes to financial statements form an integral part of these statements. 4
Statements of Cash Flows Years Ended November 30, 2012 and 2011 2012 2011 Cash Flows From Operating Activities Increase in net assets $ 526,413 $ 471,287 Adjustments to reconcile increase in net assets to net cash provided by operating activities: Depreciation 350,038 319,128 (Gain) loss on disposal of equipment (12,603) 37,924 Net unrealized and realized gains on marketable securities (117,721) (17,551) Changes in: Receivables (6,635) (20,903) Inventory 110,194 (170,837) Prepaid expenses (31,090) 11,600 Accounts payable and accrued expenses (209,404) 288,824 Unearned and deferred revenue 111,201 (44,081) Net cash provided by operating activities 720,393 875,391 Cash Flows From Investing Activities Capital expenditures (685,876) (423,003) Purchases of investments (2,774,162) (1,241,766) Sales and maturities of investments 2,708,661 1,302,214 Proceeds from disposition of property and equipment 12,604 Net cash used in investing activities (738,773) (362,555) Notes to financial statements form an integral part of these statements. 5
Statements of Cash Flows Years Ended November 30, 2012 and 2011 (Continued) 2012 2011 Cash Flows From Financing Activities Postemployment retirement benefits former Executive Director $ (89,275) $ (84,089) Proceeds from long term debt 334,910 Net cash provided by (used in) financing activities 245,635 (84,089) Net increase in cash and cash equivalents 227,255 428,747 Cash and cash equivalents at beginning of year 969,803 541,056 Cash and cash equivalents at end of year $ 1,197,058 $ 969,803 Supplemental Disclosures of Cash Flow Information Cash paid for interest $ 8,785 $ 1,497 Supplemental Disclosures of Noncash Flow Information Fair market value of donated inventory and fixed assets $ 117,135 $ 160,511
Notes to Financial Statements 1. Summary of Significant Accounting Policies Reporting Entity and Nature of Operations Founded in 1946 and headquartered in San Antonio, Texas, the ( NSSA ) is a nonprofit organization owned and operated by its members. Its purpose is to foster national and international amateur sports competition in shotgun target shooting, particularly skeet and sporting clay shooting. A few of the means by which NSSA accomplishes its purpose are: (1) educating individuals in the proper conduct and effective techniques of shotgun target shooting and the safe and efficient handling of shotguns; (2) assisting other organizations in promoting amateur shotgun target shooting by maintaining a standard set of rules and regulations, keeping records, and publicizing activities; (3) sponsoring an annual World Skeet Shooting and National Sporting Clays Championship; and (4) publishing a monthly magazine called Skeet Shooting Review. In addition, National Sporting Clays Association ( NSCA ) is a division of NSSA and accomplishes many of the same objectives indicated above through the competition in sporting clays. Financial Statement Presentation NSSA is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Unrestricted Net Assets Unrestricted net assets represent expendable funds available for operations that are not otherwise limited by donor restriction. Temporarily Restricted Net Assets Temporarily restricted net assets consist of contributed funds subject to specific donor imposed restrictions contingent upon specific performances of a future event or a specific passage of time before NSSA may spend the funds. Permanently Restricted Net Assets Permanently restricted net assets, including endowments received by NSSA, are subject to irrevocable donor restrictions requiring that the assets be maintained in perpetuity, usually for the purpose of generating investment income to fund annual operations. As of November 30, 2012 and 2011, there were no permanently restricted net assets. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ( GAAP ) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the accompanying financial statements include the allowance for doubtful accounts and deferred revenue. 6
Notes to Financial Statements 1. Summary of Significant Accounting Policies (continued) Inventory Inventory is stated at the lower of cost (first in, first out method) or market (net realizable value). Property and Equipment Property and equipment are stated at cost or fair market value for donated assets. Depreciation is calculated on the straight line method based on the following estimated useful lives: buildings and improvements 5 to 35 years and equipment and furniture 3 to 30 years. Assets from capital leases are included in property and equipment, and the related amortization is included with depreciation in the financial statements. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income as incurred. Significant renewals and betterments are capitalized. Marketable Securities Marketable securities consist primarily of investments in stocks, mutual funds, exchange traded funds, and certificates of deposits. All investments are carried at fair value in accordance with Not for Profit Entities of the Accounting Standards Codification ( ASC ). Life Membership Dues In the period life memberships are initiated and the dues become receivable, the life membership dues are recognized as revenue. Unearned Exhibitor Buildings and Camper Rental Revenue NSSA leases two buildings to exhibitors and rental space to campers who have prepaid for the use of those facilities over five and ten year periods, respectively. During the years ended November 30, 2012 and 2011, NSSA recognized $17,450 and $20,670 of revenue, respectively, leaving a balance of $70,350 and $59,675 as unearned, respectively. Unearned Annual Membership Dues Annual dues received in the current year that relate to a future year are deferred and recorded as revenue in the year earned. 7
Notes to Financial Statements 1. Summary of Significant Accounting Policies (continued) Unearned Six Year Membership Dues Six year membership dues are recognized as revenue ratably over the six year period to which the dues relate. Federal Income Taxes NSSA is exempt from federal income taxes pursuant to Section 501(c)(3) of the Internal Revenue Code ( IRC ), except for federal income taxes on net unrelated business income, if any. Furthermore, NSSA is not classified as a private foundation; therefore, contributions to it are qualified as tax deductible charitable contributions. Advertising Advertising costs are expensed as incurred. Advertising expenses totaled $45,464 and $15,439 for the years ended November 30, 2012 and 2011, respectively. Recognition of Donor Restriction Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized. All other donor restricted support is reported as an increase in temporarily or permanently restricted net assets depending on the nature of the restriction. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets. Temporarily restricted net assets at year end consist of donors contributions for Team USA, scholarships, youth education, and other items. There are no permanently restricted net assets. Donated Property and Equipment Donations of property and equipment are recorded as support at their estimated fair value. Such donations, if any, are reported as unrestricted support unless the donor has restricted the donated asset to a specific purpose. Assets donated with explicit restrictions regarding their use and contributions of cash that must be used to acquire property and equipment are reported as restricted support. Absent donor stipulations regarding how long those donated assets must be maintained, NSSA reports expirations of donor restrictions when the donated or acquired assets are placed in service as instructed by the donor. NSSA reclassifies temporarily restricted net assets to unrestricted net assets at that time. Property and equipment are depreciated using the straight line method. 8
Notes to Financial Statements 1. Summary of Significant Accounting Policies (continued) Contributions In accordance with Not for Profit Entities of the ASC, contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or nature of any donor restrictions. Under this ASC topic, contributions are required to be reported as temporarily restricted support and are then reclassified to unrestricted net assets upon expiration of the time restriction. Accounts Receivable The allowance for doubtful accounts is established as losses are estimated to have occurred through a provision for bad debts charged to earnings. Losses are charged against the allowance when management believes the uncollectibility of a receivable is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for doubtful accounts is evaluated on a regular basis by management and is based on historical experience and specifically identified questionable receivables. The evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. Subsequent Events NSSA has evaluated subsequent events through January 22, 2013, the date the financial statements were available to be issued. Reclassification Certain reclassifications have been made in the prior year s financial statements to conform to the current year s presentation. 2. Designated Cash Equivalents and Marketable Securities As of November 30, 2012 and 2011, cash equivalents and marketable securities with a total fair market value of $2,496,224 and $2,313,002, respectively, have been designated by NSSA s executive committee and approved by the Board of Directors (the Board ) to be funds which will be kept in an investment capacity and not used for operations during the next year. The investments will be used for life members to help defray the cost of providing life members information and other nonroutine matters. All securities are valued at market, as determined by their closing sales prices at November 30, 2012 and 2011. All balances are unrestricted. 9
Notes to Financial Statements 2. Designated Cash Equivalents and Marketable Securities (continued) The following are the major categories of assets measured at fair value on a recurring basis as of November 30, 2012 and 2011, using quoted prices in active markets for identical assets: November 30, 2012 November 30, 2011 Fair Fair Market Market Cost Value Cost Value Cash $ 84,116 $ 84,116 $ 118,907 $ 118,907 Sweep account 59,328 59,328 47,997 47,997 Stocks and exchange traded funds 618,090 647,412 111,787 117,927 Mutual funds 1,485,015 1,705,368 1,902,728 2,028,171 $ 2,246,549 $ 2,496,224 $ 2,181,419 $ 2,313,002 During the years ended November 30, 2012 and 2011, NSSA had brokerage fees of $23,091 and $27,778, respectively, on these investments and other cash balances. These have been netted against investment income in the statements of activities. 3. Fair Value Measurements and Disclosures The requirements of Fair Value Measurements and Disclosures of the ASC apply to all financial instruments and all nonfinancial assets and nonfinancial liabilities that are being measured and reported on a fair value basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair Value Measurements and Disclosures also establishes a fair value hierarchy that prioritizes the inputs used in valuation methodologies into the following three levels: Level 1 Inputs Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that can be corroborated by observable market data for substantially the full term of the assets or liabilities. 10
Notes to Financial Statements 3. Fair Value Measurements and Disclosures (continued) Level 3 Inputs Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or other valuation techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. At November 30, 2012 and 2011, all investments were classified as Level 1. 4. Profit Sharing Plan The Board approved a profit sharing plan effective January 1, 1993 in which substantially all full time employees become qualified participants after attaining 21 years of age and completing 1 year of continuous employment with NSSA. NSSA s contribution was determined annually by the Board, but could not exceed the maximum allowable deduction permitted under the IRC at the time of the contribution. This plan was restated effective January 1, 2005 as the 401(k) Profit Sharing Plan. A nonelective matching contribution up to 1% of the participants base compensation for the plan year is made. Total contributions for the years ended November 30, 2012 and 2011 were $7,056 and $8,193, respectively. 5. Commitments and Contingent Liabilities Lease Commitments NSSA leases various equipment pursuant to noncancellable operating lease agreements. minimum lease payments for these leases are as follows: Future Year ending November 30, 2013 $ 57,714 2014 34,413 2015 24,426 $ 116,553 Lease expense for these and other leases for the years ended November 30, 2012 and 2011 totaled $62,653 and $62,276, respectively. 11
Notes to Financial Statements 5. Commitments and Contingent Liabilities (continued) Environmental Remediation NSSA has instituted a lead management program to control and contain lead migration and to take all practical steps to remove and recycle lead. In the event the real estate of NSSA is sold, further remediation might be required. Because the extent of remediation would be dependent upon the future use of the property, the amount of any contingent liability is not determinable. 6. Line of Credit NSSA has a $250,000 unsecured line of credit, which expires February 2013, available with a local bank at prime rate plus 0.25%. There was no balance outstanding on this line of credit at November 30, 2012 and 2011. 7. Long Term Debt Long term debt at November 30, 2012 consists of the following: Note payable to a bank in monthly installments of $6,890, including interest at 3.85%; due April 2017; collateralized by investment account $ 334,910 Less current maturities 71,039 $ 263,871 Aggregate maturities required on long term debt at November 30, 2012 were as follows: Year ending November 30, 2013 $ 71,039 2014 73,823 2015 76,716 2016 79,722 2017 33,610 $ 334,910 Interest expense totaled approximately $8,800 and $1,500 for the years ended November 30, 2012 and 2011, respectively. 12
Notes to Financial Statements 8. Property and Equipment A summary of property and equipment is as follows: November 30, 2012 2011 Land $ 2,314,031 $ 2,261,095 Buildings and improvements 5,193,472 4,525,308 Equipment and furniture 1,921,550 1,804,265 Construction in progress 17,020 204,260 9,446,073 8,794,928 Less accumulated depreciation 4,687,918 4,372,610 $ 4,758,155 $ 4,422,318 9. Inventory Inventory consisted of the following: November 30, 2012 2011 General store merchandise $ 7,295 $ 14,197 Club and member supplies 70,300 41,478 Targets 137,592 108,641 Ammunition 13,577 10,788 Guns 98,387 80,289 Trap machine parts 18,650 Wildlife art and prints 31,785 Sporting Arrows Traps 131,517 $ 327,151 $ 437,345 13
Notes to Financial Statements 10. Unearned and Deferred Revenue Unearned and deferred revenue consisted of the following: November 30, 2012 2011 Annual dues: Sporting clays $ 212,720 $ 186,403 Clubs 33,300 24,200 Six year membership dues 109,392 105,702 Prepaid exhibitor buildings and camper rentals 70,350 62,675 Advanced deposits subsequent year shoots 154,387 96,565 Gift cards 9,441 2,844 589,590 478,389 Less current portion 453,787 367,072 $ 135,803 $ 111,317 11. Postemployment Retirement Benefits NSSA entered into a deferred compensation agreement with a former Executive Director ( ED ) that increased in value (as a percentage of his final salary) each year he served as the ED. After more than 15 years as the ED, per the details of the agreement, NSSA is obligated to pay $10,313 per month for 15 years beginning November 1, 2002. The liability postemployment retirement benefit of $525,795 and $615,070 as of November 30, 2012 and 2011, respectively, was derived using a present value calculation with an assumed interest rate of 6%. Future annual obligations regarding this agreement are as follows: Principal Interest Total Year ending November 30, 2013 $ 94,782 $ 28,968 $ 123,750 2014 100,628 23,122 123,750 2015 106,834 16,916 123,750 2016 113,424 10,326 123,750 2017 110,127 3,331 113,458 $ 525,795 $ 82,663 $ 608,458 14
Notes to Financial Statements 12. Major Suppliers For the year ended November 30, 2012, approximately $468,000 of NSSA s purchases was purchased from one supplier. At November 30, 2012, approximately 10% of trade payables were due to this supplier. Other suppliers would be available if needed. 13. Temporarily Restricted Net Assets Net assets and changes in net assets are as follows: Net Assets Balance at Released Balance at November 30, From November 30, 2011 Donations Restriction 2012 Team USA $ 20,461 $ 240,648 $ 188,449 $ 72,660 Scholarships 20,019 10,000 6,750 23,269 Youth education 7,197 2,105 830 8,472 NSCA Marketing Fund 93,806 222,622 35,181 281,247 Clays Cart Storage Fund 2,500 2,500 Krieghoff All American Program 12,500 12,500 12,500 12,500 $ 153,983 $ 490,375 $ 243,710 $ 400,648 Net Assets Balance at Released Balance at November 30, From November 30, 2010 Donations Restriction 2011 Team USA $ 4,017 $ 71,142 $ 54,698 $ 20,461 Scholarships 27,519 10,000 17,500 20,019 Youth education 4,850 7,582 5,235 7,197 NSCA Marketing Fund 93,806 93,806 Krieghoff All American Program 12,500 12,500 12,500 12,500 $ 48,886 $ 195,030 $ 89,933 $ 153,983 15
Notes to Financial Statements 14. Credit Risk NSSA maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. NSSA has not experienced any losses in such accounts. 15. Related Party Transactions The current Executive Director s wife is a principal at Synergy, and NSSA has a contract with Synergy to market sponsorship opportunities and advertising. This contract is in effect until March 14, 2015. The contract provides Synergy with a commission of 30% of cash and/or net resale or nonresale of product value depending on the type of sponsorship that is achieved through Synergy s services. Synergy also receives a 15% commission on advertising sales for existing advertisers and a 20% commission on advertising sales for new advertisers. During the fiscal year, $82,884 was billed and expensed in relation to this contract ($72,875 in 2011). 16
Supplementary Data
Comparative Schedule of Functional Revenues and Expenses Years Ended November 30, 2012 and 2011 Program Services Support Services Sporting National Fundraising Management Skeet Clays Shooting and and Membership 2012 2011 Association Association Complex Development General Magazines Total Total Revenues: Membership Dues (Individuals/Clubs) $ 339,810 $ 778,100 $ 15,940 $ $ $ $ 1,133,850 $ 1,085,929 Event Registration/Tickets/Entry Fees 129,060 7,005 2,948,019 3,084,084 2,954,021 Registered Target Fees Collected 355,982 673,456 222,622 1,252,060 1,074,978 Advertising Revenue 35,039 217,099 252,138 254,186 Donations/Sponsorship/Affinity Programs 49,054 50,356 253,523 202,463 555,396 438,076 Instructor School/Referee Certification 21,255 136,735 157,990 130,310 Open Shooting/Practice 346,869 346,869 280,655 Rental Exhibitors 158,694 158,694 162,660 Rental RV Spaces 103,150 103,150 102,545 Sales Ammunition 380,263 380,263 395,861 Sales Merchandise 8,082 3,396 112,290 17,290 7,886 148,944 130,868 Sales/Revenue Other 5,125 1,610 218,824 48,000 4,260 277,819 408,030 Investment Income Less Brokerage Fees 66,898 66,943 39,019 172,860 43,378 Total Revenues $ 975,266 $ 1,717,601 $ 4,611,630 $ 490,375 $ $ 229,245 $ 8,024,117 $ 7,461,497 See independent auditors report on supplementary data. 18
Comparative Schedule of Functional Revenues and Expenses Years Ended November 30, 2012 and 2011 (Continued) Program Services Support Services Sporting National Fundraising Management Skeet Clays Shooting and and Membership 2012 2011 Association Association Complex Development General Magazines Total Total Expenses: Salaries $ 192,051 $ 267,002 $ 715,401 $ $ 322,425 $ 2,563 $ 1,499,442 $ 1,441,860 Employee Benefits and Payroll Taxes 73,687 97,920 119,541 60,867 939 352,954 328,606 Accounting/Auditing Fees 44,350 44,350 36,850 Advertising and Promotional 35,093 65,259 47,863 87,437 235,652 148,243 Banking/Financial Services 30,695 44,880 21,374 96,949 95,915 Board Expenses 7,108 3,326 226 10,660 15,176 Club and Member Expenses 22,625 31,294 271 12,500 66,690 47,163 Consultants 10,000 10,000 4,000 Contracted Services Events 62,880 602,023 664,903 729,585 Contracted Services Other 6,600 6,600 5,600 59,608 45,566 123,974 92,992 Cost of Sales Ammunition 346,682 346,682 358,753 Cost of Sales Merchandise 3,754 75,128 8,330 87,212 116,573 Cost of Sales/Revenue Other 104,610 104,610 101,306 Dues/Fees/Subscriptions 1,877 3,380 4,202 11,702 849 22,010 15,121 Equipment Rental/Lease 39,030 62,653 101,683 96,728 Event Preparation and Cleanup Outside Services 22,249 22,249 19,617 Food/Ice/Parties/Banquets 18,011 16,667 109,453 144,131 130,481 Grants/Donations/Scholarships 31,568 11,625 9,255 7,580 60,028 85,696 Instructor School/Referee Certification 11,618 78,659 90,277 83,263 Insurance 16,818 127,885 144,703 126,932 Interest Expense 8,785 8,785 1,497 Legal 3,096 10,512 14,719 28,327 12,760 See independent auditors report on supplementary data. 19
Comparative Schedule of Functional Revenues and Expenses Years Ended November 30, 2012 and 2011 (Continued) Program Services Support Services Sporting National Fundraising Management Skeet Clays Shooting and and Membership 2012 2011 Association Association Complex Development General Magazines Total Total Expenses: (continued) Maintenance and Repairs $ 13,617 $ 19,216 $ 288,051 $ $ $ $ 320,884 $ 211,029 Printing and Editing 20,608 545,149 565,757 546,624 Prizes and Awards 69,468 34,801 615,649 310 720,228 712,129 Shipping and Postage 27,445 38,713 8,775 14 41,664 116,611 139,842 Supplies and Materials 17,135 16,193 31,094 31,439 901 96,762 87,511 Other Expenses 3,316 3,578 61,194 34,474 102,562 96,707 Staff Development 395 395 334 Targets 435,135 435,135 337,351 Telephone 31,445 31,445 44,044 Travel 15,914 18,598 39,607 110,237 184,356 101,330 Utilities 37,900 72,218 110,118 108,009 Depreciation and Amortization 47,237 53,278 249,523 350,038 319,128 Property Taxes 7,886 7,886 181,370 197,142 197,055 Total Expenses $ 702,681 $ 829,387 $ 4,226,536 $ 243,710 $ 857,759 $ 637,631 $ 7,497,704 $ 6,990,210 See independent auditors report on supplementary data. 20