October 2002 • Volume 8 • Number 10 |
This financial summary has been prepared to present an overall picture of AAFP's financial condition and operations.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| May 31, 2002 | May 31, 2001 | |
| Assets | ||
| Cash and cash equivalents | $12,150,890 | $3,946,507 |
| Receivables, net of allowance for doubtful accounts of $621,218 in 2002 and $878,162 in 2001 | 8,909,201 | 6,849,057 |
| Income tax refund receivable | -- | 6,697,900 |
| Interest receivable on income tax refund | -- | 6,848,661 |
| Inventories | 55,893 | 81,039 |
| Prepaid expenses and other assets | 2,747,485 | 2,410,217 |
| Marketable securities | 44,495,124 | 38,762,996 |
| Deferred tax assets | 111,815 | 345,487 |
| Property and equipment, at cost | ||
| Land | 5,781,848 | 5,781,848 |
| Office buildings | 30,626,918 | 30,609,715 |
| Office equipment, furniture and fixtures | 10,609,451 | 9,725,298 |
| 47,018,217 | 46,116,861 | |
| Accumulated depreciation | (8,794,777) | (6,664,997) |
| 38,223,440 | 39,451,864 | |
| Investments in deferred compensation plan at fair value | 1,544,838 | 1,689,294 |
| $108,238,686 |
$107,083,022 |
|
| Liabilities and net assets | ||
| Liabilities | ||
| Accounts payable | 1,911,628 | 2,737,918 |
| Accrued expenses | 5,895,956 | 5,634,079 |
| Unearned revenue | 20,450,182 | 19,260,888 |
| Income taxes payable | 2,873,320 | 2,363,402 |
| Mortgage note payable | 21,547,537 | 22,554,192 |
| Liability for deferred compensation plan | 1,544,838 | 1,689,294 |
| 54,223,461 | 54,239,773 | |
| Net assets | ||
| Unrestricted | 54,015,225 | 52,843,249 |
| $108,238,686 |
$107,083,022 |
|
| CONSOLIDATED STATEMENTS OF ACTIVITIES | ||
| Revenue | ||
| Membership dues and fees | $14,654,995 | $14,571,271 |
| Publications | 18,892,455 | 18,971,763 |
| Programs and miscellaneous | 25,352,817 | 25,488,855 |
| Investment income | 1,461,352 | 1,312,188 |
| 60,361,619 | 60,344,077 | |
| Expenses | ||
| Membership services and programs | 36,554,405 | 37,805,864 |
| Publications | 11,305,123 | 12,516,731 |
| General and administrative | 15,374,138 | 16,075,999 |
| Income taxes | 1,520,186 | 953,658 |
| 64,753,852 | 67,352,252 | |
| Other income (expense) | ||
| Income tax refunds | -- | 4,426,593 |
| Interest on income tax refunds | 335,246 | 6,848,661 |
| Income from insurance company demutualization | 6,778,308 | -- |
| Net unrealized gains (losses) on marketable securities | (1,549,345) | 968,426 |
| 5,564,209 | 12,243,680 | |
| Change in net assets | 1,171,976 | 5,235,505 |
| Net assets, beginning of year | 52,843,249 | 47,607,744 |
| Net assets, end of year | $54,015,225 |
$52,843,249 |
The above data are only a part of the complete financial statements examined by Grant Thornton LLP, certified public accountants.
FP Report is published by the
AAFP News Department.
Copyright © 2002 by
American Academy of Family Physicians.