Corporate Treasurer

2002 Financial Statement

Greetings to All!

One of the duties of the Treasurer is to publish our financial information to the membership annually. The information used for this report is taken directly from the SCA's tax report (the 990) that is filed with the Internal Revenue Service.

Many Society members have asked why the prior year report is published almost a year later. The reason you are seeing 2002 information published in 2003 because of the scheduling of this report. It takes almost an entire year to collect, balance and correct all the information from all our reporting branches. All SCA, Inc. branches that holds money in the name of the SCA, Inc., who uses our tax-exempt ID. This includes all publications and the Corporate Office. This information is given to our certified public accountant, who then produces the report for the Internal Revenue Service. This report is filed late in the year following the one which is being reported on.

The following statement is a summary of the SCA's 2002 Form 990, Parts I and IV, as filed with the Internal Revenue Service in October 2003.

Revenue, Expenses, and Changes in Net Assets or Fund Balances
Contributions, gifts, grants, and similar amounts received: (Direct public support)			$247,189
Program Service Revenue (Event related income)			$2,942,815
Membership Dues and assessments			$796,036
Interest on savings and temporary cash investments			$34,661
Gross income from sale of assets other than inventory			$7,214
Net income or (loss) from special events			$37,389
Gross sales of inventory, less return and allowances		$59,611
Less: Cost of goods sold		($21,688)
Gross profit or (loss) from sales of inventory			$37,923
Other revenue			$62,466
Total Revenue			$4,165,693

Program services (event related expenses)			$2,781,276
Management and general			$991,096
Fundraising			$46,758
Total Expenses			$3,819,130

Net Income			$346,563

Balance Sheets
		Beginning of year	End of year
Cash non-interest bearing		$1,494,088	$1,658,296
Savings and temporary cash investments		$2,232,048	$2,335,661
Accounts receivable		$79,463	$85,204
Inventories for sale or use		$79,456	$82,459
Land, buildings, and equipment: basis	$752,977
Less: accumulated depreciation	($488,143)	$242,080	$264,834
Other assets		$199,392	$214,796
Total Assets		$4,326,527	$4,641,250

Accounts Payable and accrued expenses		$100,337	$68,871
Deferred revenue		$166,805	$167,590
Other liabilities		$9,490	$8,331
Total Liabilities		$276,632	$244,792

Paid-in or capital surplus, or land building, and equipment fund		$1,039,921	$1,039,921
Retained earnings, endowment, accumulated income or other funds		$3,009,974	$3,356,537
Total Net Assets or Fund Balances		$4,049,895	$4,396,458

Total Liabilities & Net Assets or Fund Balances		$4,326,527	$4,641,250

Change in Net Assets			$346,563

By Tom Bilodeau, Corporate Treasurer - treasurer@sca.org