Almost 3000residents, participants, and students ... - Nikkei Concerns

financials
2010 Board of Directors
David Hayasaka, President
Executive Director, Washington
Schools Risk Management Pool
Ted Tomita, Vice President
Owner, West Coast Printing, Inc.
Neill Urano, Secretary
CEO (Retired), Otsuka America, Inc.
Kathy Hasegawa, Treasurer
Controller, InSpa Corporation
Jan Tsutsumoto Gokami
Manager, Office of Scott F.
Kanemori, DDS
Taro Kusunose
Principal, Lasher Holzapfel Sperry &
Ebberson, PLLC
Tomio Moriguchi
Chairman, Uwajimaya, Inc.
Kevin Nagai
Principal, First Northwest
Development
Julie Ann Oiye, Ayame Kai Guild
Youth Services Manager, The
Seattle Public Library
Noriko Goto Palmer
President, Jen, Inc.
Teresa Sato
Human Resources Director,
PACCAR Parts
Sharon Sobie Seymour
Event Specialist, Sobie Seymour
Project & Event Management
Harold Taniguchi
Director, King County Department
of Transportation
Joe Yabuki
Director, Quality & Business
Excellence, Philips
Dennis Yamashita
Chief Administrative Officer, Aon
Risk Services - Japan Group,
Americas
CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
Years Ended December 31st 2010 2009
Current assets
Cash and cash equivalents $ 715,246 $ 608,684
Funds held in trust 42,399 37,571
Short-term assets whose use is limited 2,780,724 3,135,085
Accounts receivable, net 818,536 1,174,647
Deferred rents receivable 61,644 55,421
Endowment pledges receivable, net — 27,910
Inventory 56,166 74,535
Prepaid expenses 92,425 121,974
Total current assets 4,567,140 5,235,827
Other assets
Long-term assets whose use is limited 7,899,913 6,450,459
Endowment pledges receivable, net — 16,345
Land, buildings and equipment, net 8,399,979 8,826,353
Debt issuance costs, net 162,130 178,968
Total assets $ 21,029,162 $ 20,707,952
CURRENT LIABILITIES
Accounts payable $ 433,012 $ 729,628
Accrued expenses 592,677 671,398
Funds held in trust 42,399 37,571
Other current liabilities 57,440 135,624
Current portion of capital leases 50,766 39,702
Current portion of long-term debt 445,000 380,000
Total current liabilities 1,621,294 1,993,923
Long-term debt, net of current portion
Capital leases 96,022 127,846
Long-term debt 4,725,000 5,170,000
Total long-term debt, net of current portion 4,821,022 5,297,846
Other liabilities
Deferred federal income tax 83,033 84,638
Swap investment 144,596 153,993
Total other liabilities 227,629 238,631
Total liabilities 6,669,945 7,530,400
Net assets
Unrestricted net assets 3,779,674 3,669,266
Unrestricted - board designated 5,629,233 4,715,681
Total unrestricted net assets 9,408,907 8,384,947
Temporarily restricted net assets 1,935,405 1,792,605
Permanently restricted general
endowment fund 3,014,905 3,000,000
Total net assets 14,359,217 13,177,552
Total liabilities and net assets $ 21,029,162 $ 20,707,952
contributions DISTRIBUTION
CONSOLIDATED STATEMENTS OF
activities
Years Ended December 31st 2010 2009
Changes in unrestricted net assets
Net resident service revenue
Seattle Keiro $ 13,653,742 $ 12,838,578
Nikkei Manor 2,488,598 2,306,577
Other program revenue 396,067 271,460
Investment income 133,026 160,945
Net realized gains (losses) on investments (116,603) 112
Contributions 883,868 912,390
17,438,698 16,490,062
Net assets released –
restricted purposes met 158,095 —
Total operating revenue and support 17,596,793 16,490,062
Operating expenses
Seattle Keiro 12,710,031 12,900,737
Nikkei Manor 1,896,304 1,944,771
Other programs and fundraising 1,218,327 388,136
Interest expense 115,416 118,882
Bad debts 117,867 24,472
Financing fees 65,457 69,521
Depreciation 776,891 658,221
Amortization 16,839 16,839
Nikkei Manor land lease 332,500 323,233
Other lease expense — 18,753
Total operating expenses 17,249,632 16,463,565
Change in net assets from operations 347,161 26,497
Net unrealized gain (loss) from investments 669,246 867,620
Unrealized gain (loss) from swap investment 9,397 23,353
Change in net assets
before for-profit subsidiaries 1,025,804 917,470
For-profit subsidiaries
NC Enterprises, Inc. expenses (15,275) (14,359)
NC Ent. & Washington Medical depreciation (9,524) (17,631)
Washington Medical Clinic, Inc. rental income 48,099 39,021
Washington Medical Clinic, Inc. expenses (25,144) (22,902)
Change in net assets
from for-profit subsidiaries (1,844) (15,871)
Change in unrestricted net assets 1,023,960 901,599
Changes in temporarily restricted net assets
Contributions 142,800 1,792,605
Change in temporarily restricted net assets 142,800 1,792,605
Change in permanently restricted net assets
Contributions 14,905 —
Net realized gain on investments 158,095 —
Net assets released - restricted purposes met (158,095) —
Change in permanently restricted net assets 14,905 —
Change in net assets 1,181,665 2,694,204
Net assets, beginning of year 13,177,552 10,483,348
Net assets, end of year $ 14,359,217 $ 13,177,552
82% individuals
11% businesses
4% organizations
1% foundations
2% workplace
campaigns