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Financial Overview Presented by: Don Gaudet RUNYON KERSTEEN OUELLETTE

FINANCIAL STATEMENT PRESENTATION October 31, 2009. Financial Overview Presented by: Don Gaudet RUNYON KERSTEEN OUELLETTE

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Financial Overview Presented by: Don Gaudet RUNYON KERSTEEN OUELLETTE

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  1. FINANCIAL STATEMENT PRESENTATION October 31, 2009 Financial Overview Presented by: Don Gaudet RUNYON KERSTEEN OUELLETTE Recently, Maine Humanities Council completed the financial audit process. We are pleased to report that the Council received an unqualified “clean” opinion. Simply, this means that Maine Humanities Council’s financial statements are fairly presented in all material respects. Congratulations on this accomplishment. The remainder of this publication is dedicated to providing you with the results of the audit. We hope you find this information useful and understandable. Finally, we wish to express our appreciation to Erik, Mary and all the other members of the Council’s staff who were so helpful to us during the audit process. KEY PERFORMANCE INDICATORS ASSETS SUMMARY OF SIGNIFICANT CHANGES • Decrease in cash is due to the timing of cash receipts and disbursements close to year end. • Investments rebounded over the prior year with net investment earnings approximating $120,000. These earnings, coupled with $54,000 of additions accounts for the $174,000 increase. • Significant drop in receivables is due to timing of grant receipts close to year end and lower overall grant revenue. • Net decrease in properly & equipment is due to new computer equipment purchases of $2,300 being more than offset by depreciation expense of $11,000. INSIDE 1. Assets 2. Liabilities and Net Assets 3-4. Revenues 5-6. Expenses 7. Ratio Analysis and Closing Remarks

  2. LIABILITIES • SUMMARY OF SIGNIFICANT CHANGES • Decrease in regrants payable is due to lower overall awards coupled with the timing of when those regrants were paid. • Accounts payable remained relatively flat with the prior year. • Decrease in accrued expenses is due to the pay down of roughly $28,000 toward the Dorothy Schwartz accrued compensation liability. • Decrease in deferred revenue is due to the recognition of a variety of unearned grant funds, including a portion of the Maine Infra Bond. NET ASSETS • SUMMARY OF SIGNIFICANT CHANGES • Permanently restricted net assets represent proceeds from contributions which must be held in perpetuity by the Council. • Temporarily restricted net assets increased due to positive investment returns of $82,000, offset by net assets whose restrictions have been released in the amount of $47,000. • Net investment in PP&E decreased due to annual depreciation expense of $11,000 offset slightly by current year additions of $2,300. • Unrestricted net assets represents what’s left over after backing out the other classifications.

  3. REVENUES • SUMMARY OF SIGNIFICANT CHANGES • National Endowment for the Humanities (NEH) grants decreased due to a reduction in the State Humanities grant. • Other grants increased due to higher U.S. Department of Education funding; in particular the TAH grant had approximately $120,000 of additional revenue. • Contributions and gifts have fallen due to lower foundation donations of roughly $53,000, offset by increased donations from individuals and organizations in the amount of $29,000. • Poor market performance was the driver behind 2008’s large investment losses. A partial market recovery has led to the $122,000 of net investment earnings in 2009. • In-kind revenue decreased as fewer donated resources were needed in order to meet various grant requirements. • Other income has remained consistently small and was fairly flat with the prior year.

  4. REVENUES, CONTINUED 2009 2008

  5. EXPENSES BY NATURAL CATEGORY • SUMMARY OF SIGNIFICANT CHANGES • Personnel costs remained relatively flat with prior year. • Decrease in consulting costs is due to a drop in costs associated with Special Audiences ($25k), General Audiences ($11k) and Marketing ($14k). • In-kind expenses correspond to in-kind revenues discussed earlier. • Decrease in regrants is consistent with decrease in overall grant revenue available for awarding. • Decrease in supplies is due to fewer book purchases, particularly in the Born to Read and New Books New Readers programs. • All other has decreased slightly, the most notable of which was Rent and Utilities which decreased by $9,665.

  6. EXPENSES BY FUNCTION 2009 2008

  7. RATIO ANALYSIS FINAL WORDS This presentation is intended as a tool to assist the Board of Directors and management of Maine Humanities Council in understanding its financial operating results. The information contained in this publication should be read in conjunction with the audited financial statements and related disclosures and should not be used for any other purposes without the expressed consent of RUNYON KERSTEEN OUELLETTE Please contact us at 207-773-2986 or 1-800-486-1784 20 Long Creek Drive, South Portland, ME 04106

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