This financial summary has been prepared to present an overall picture of AAFPs financial condition and operations.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| May 31, 2003 | May 31, 2002 | |
| Assets | ||
| Cash and cash equivalents | $13,522,129 | $12,150,890 |
| Receivables, net of allowance for doubtful accounts of $745,112 in 2003 and $621,218 in 2002 | 8,393,638 | 8,909,201 |
| Inventories | 50,108 | 55,893 |
| Prepaid expenses and other assets | 2,178,124 | 2,747,485 |
| Marketable securities | 44,317,171 | 44,495,124 |
| Deferred tax assets | -- | 111,815 |
| Property and equipment, at cost | ||
| Land | 5,781,848 | 5,781,848 |
| Office buildings | 30,638,272 | 30,626,918 |
| Office equipment, furniture and fixtures | 11,203,942 | 10,609,451 |
| 47,624,062 | 47,018,217 | |
| Less accumulated depreciation | (10,857,609) | (8,794,777) |
| 36,766,453 | 38,223,440 | |
| Investments in deferred compensation plan, at fair value | 1,367,957 | 1,544,838 |
| $106,595,580 |
$108,238,686 |
|
| Liabilities and net assets | ||
| Liabilities | ||
| Accounts payable | 2,322,822 | 1,911,628 |
| Accrued expenses | 6,365,230 | 5,895,956 |
| Unearned revenue | 21,894,759 | 20,450,182 |
| Income taxes payable | 2,217,508 | 2,873,320 |
| Mortgage note payable | 20,461,654 | 21,547,537 |
| Liability for deferred compensation plan | 1,367,957 | 1,544,838 |
| 54,629,930 | 54,223,461 | |
| Net assets | ||
| Unrestricted | 51,965,650 | 54,015,225 |
| $106,595,580 |
$108,238,686 |
|
| CONSOLIDATED STATEMENTS OF ACTIVITIES | ||
| Revenue | ||
| Membership dues and fees | $15,344,100 | $14,654,995 |
| Publishing activities | 20,548,867 | 18,892,455 |
| Programs and miscellaneous | 28,297,161 | 25,352,817 |
| Investment income | 223,207 | 1,461,352 |
| 64,413,335 | 60,361,619 | |
| Expenses | ||
| Membership services and programs | 36,735,860 | 36,331,685 |
| Publishing activities | 12,041,957 | 11,527,843 |
| Organizational business services | 15,602,427 | 15,374,138 |
| Income taxes | 1,830,994 | 1,520,186 |
| 66,211,238 | 64,753,852 | |
| Other income (expense) | ||
| Interest on income tax refunds | 248 | 335,246 |
| Income from insurance company demutualization | -- | 6,778,308 |
| Net unrealized gains (losses) on marketable securities | (251,920) | (1,549,345) |
| (251,672) | 5,564,209 | |
| Change in net assets | (2,049,575) | 1,171,976 |
| Net assets, beginning of year | 54,015,225 | 52,843,249 |
| Net assets, end of year | $51,965,650 |
$54,015,225 |
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 © 2003 by
American Academy of Family Physicians.