 |
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, 2004 | May 31, 2003 | |||
| Assets | ||||
| Cash and cash equivalents | $8,884,808 | $13,522,129 | ||
| Receivables, net of allowance for doubtful accounts of $682,833 in 2004 and $745,112 in 2003 | 8,923,248 | 8,393,638 | ||
| Inventories | 47,110 | 50,108 | ||
| Prepaid expenses and other assets | 2,733,463 | 2,178,124 | ||
| Marketable securities | 51,489,053 | 44,317,171 | ||
| Property and equipment, at cost | ||||
| Land | 5,781,848 | 5,781,848 | ||
| Office buildings | 30,647,873 | 30,638,272 | ||
| Office equipment, furniture and fixtures | 11,576,369 | 11,203,942 | ||
48,006,090 |
47,624,062 |
|||
| Less accumulated depreciation | 12,706,679 | 10,857,609 | ||
35,299,411 |
36,766,453 |
|||
| Investments in deferred compensation plan, at fair value | 1,759,403 | 1,367,957 | ||
$109,136,496 |
$106,595,580 |
|||
| Liabilities and net assets | ||||
| Liabilities | ||||
| Accounts payable | 2,964,311 | 2,322,822 | ||
| Accrued expenses | 6,901,102 | 6,365,230 | ||
| Unearned revenue | 21,843,208 | 21,894,759 | ||
| Income taxes payable | 2,176,086 | 2,217,508 | ||
| Mortgage note payable | 19,290,308 | 20,461,654 | ||
| Liability for deferred compensation plan | 1,759,403 | 1,367,957 | ||
54,934,418 |
54,629,930 |
|||
| Net assets | ||||
| Unrestricted | 54,202,078 | 51,965,650 | ||
$109,136,496 |
$106,595,580 |
|||
| CONSOLIDATED STATEMENTS OF ACTIVITIES | ||||
| Revenue | ||||
| Membership dues and fees | $16,607,732 | $15,344,100 | ||
| Publishing activities | 23,738,304 | 20,548,867 | ||
| Programs and miscellaneous | 27,684,639 | 28,297,161 | ||
| Investment income | 1,531,721 | 223,207 | ||
69,562,396 |
64,413,335 |
|||
| Expenses | ||||
| Membership services and programs | 41,517,791 | 36,735,860 | ||
| Publishing activities | 15,009,913 | 12,041,957 | ||
| Organizational business services | 10,871,312 | 15,602,427 | ||
| Income taxes | 2,323,578 | 1,830,994 | ||
69,722,594 |
66,211,238 |
|||
| Other income (expense) | ||||
| Interest on income tax refunds | -- | 248 | ||
| Other | (340,000) | -- | ||
| Net unrealized gains (losses) on marketable securities | 2,736,626 | (251,920) | ||
2,396,626 |
(251,672) |
|||
| Change in net assets | 2,236,428 | (2,049,575) | ||
| Net assets, beginning of year | 51,965,650 | 54,015,225 | ||
| Net assets, end of year | $54,202,078 |
$51,965,650 |
||
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 © 2004 by American Academy of Family Physicians.