FP Report -- November 1998
Financial SummaryThis financial summary has been prepared to present an overall picture of AAFP's financial condition and operations.
Consolidated Statements of Financial Position
Assets May 31, 1998 May 31, 1997 Cash and cash equivalents $ 11,363,479 $ 8,847,754 Receivables 5,909,966 4,228,098 Income tax refund receivable 1,895,547 1,895,547 Inventory of publication materials 96,251 112,150 Prepaid expenses and other assets 1,405,757 998,927 Marketable securities at fair value 39,138,830 31,313,700 Property and equipment: Land 495,000 495,000 Office buildings, improvements 2,793,757 2,571,909 Office equipment, furniture, fixtures 8,250,236 7,803,292 11,538,993 10,870,201 Less allowances for depreciation (5,953,357) ( 5,753,390) 5,585,636 5,116,811 Note receivable from 1740 Partners -- 1,925,000 Investments in deferred compensation plan 1,807,594 1,284,356 Total assets $67,203,060 $55,722,343 Liabilities and Net Assets Liabilities and deferred revenue: Accounts payable $ 3,153,472 $ 2,619,767 Accrued expenses and other liabilities $ 3,573,728 $ 3,525,456 Unearned revenue 15,109,824 14,686,417 Liability for deferred compensation plan 1,807,594 1,284,356 Income taxes and related interest payable 2,051,358 2,024,176 Deferred rent concessions 933,788 1,325,997 Deferred gain -- 976,087 Deferred credit __-- 646,242 Total liabilities 26,629,764 27,088,498 Net assets: unrestricted 40,573,296 28,633,845 Total liabilities and net assets $67,203,060 $55,722,343 Consolidated Statements of Activities Year Ended May 31 Revenues 1998 1997 Membership dues and fees $ 13,462,957 $ 12,479,915 Publications 18,912,931 19,498,113 Programs and miscellaneous 22,767,506 21,390,983 Investment income 5,252,020 2,168,892 60,395,414 55,537,903 Expenses Membership services and programs 28,643,208 25,163,819 Publications 10,985,565 10,255,839 General and administrative 10,311,372 11,353,642 Income taxes and related interest 1,902,182 2,496,885 51,842,327 49,270,185 Revenues in excess of expenses 8,553,087 6,267,718 Income tax refunds and related interest -- 4,433,080 Net unrealized gains on marketable securities 989,360 1,757,163 Gain on sale of partnership interest 2,397,004 __-- Change in net assets 11,939,451 12,457,961 Net assets at beginning of year 28,633,845 17,671,514 Restatement of prior period financial statements __-- (1,495,630) Net assets at beginning of year, as restated 28,633,845 16,175,884 Net assets at end of year $40,573,296 $28,633,845 The above data are only a part of the complete financial statements examined by PricewaterhouseCoopers LLP, certified public accountants.
FP Report is published by the AAFP News Department. Copyright © 1998 by American Academy of Family Physicians.
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