
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
|