Almost 3000residents, participants, and students ... - Nikkei Concerns
Almost 3000residents, participants, and students ... - Nikkei Concerns
Almost 3000residents, participants, and students ... - Nikkei Concerns
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financials<br />
2010 Board of Directors<br />
David Hayasaka, President<br />
Executive Director, Washington<br />
Schools Risk Management Pool<br />
Ted Tomita, Vice President<br />
Owner, West Coast Printing, Inc.<br />
Neill Urano, Secretary<br />
CEO (Retired), Otsuka America, Inc.<br />
Kathy Hasegawa, Treasurer<br />
Controller, InSpa Corporation<br />
Jan Tsutsumoto Gokami<br />
Manager, Office of Scott F.<br />
Kanemori, DDS<br />
Taro Kusunose<br />
Principal, Lasher Holzapfel Sperry &<br />
Ebberson, PLLC<br />
Tomio Moriguchi<br />
Chairman, Uwajimaya, Inc.<br />
Kevin Nagai<br />
Principal, First Northwest<br />
Development<br />
Julie Ann Oiye, Ayame Kai Guild<br />
Youth Services Manager, The<br />
Seattle Public Library<br />
Noriko Goto Palmer<br />
President, Jen, Inc.<br />
Teresa Sato<br />
Human Resources Director,<br />
PACCAR Parts<br />
Sharon Sobie Seymour<br />
Event Specialist, Sobie Seymour<br />
Project & Event Management<br />
Harold Taniguchi<br />
Director, King County Department<br />
of Transportation<br />
Joe Yabuki<br />
Director, Quality & Business<br />
Excellence, Philips<br />
Dennis Yamashita<br />
Chief Administrative Officer, Aon<br />
Risk Services - Japan Group,<br />
Americas<br />
CONSOLIDATED STATEMENTS OF<br />
FINANCIAL POSITION<br />
Years Ended December 31st 2010 2009<br />
Current assets<br />
Cash <strong>and</strong> cash equivalents $ 715,246 $ 608,684<br />
Funds held in trust 42,399 37,571<br />
Short-term assets whose use is limited 2,780,724 3,135,085<br />
Accounts receivable, net 818,536 1,174,647<br />
Deferred rents receivable 61,644 55,421<br />
Endowment pledges receivable, net — 27,910<br />
Inventory 56,166 74,535<br />
Prepaid expenses 92,425 121,974<br />
Total current assets 4,567,140 5,235,827<br />
Other assets<br />
Long-term assets whose use is limited 7,899,913 6,450,459<br />
Endowment pledges receivable, net — 16,345<br />
L<strong>and</strong>, buildings <strong>and</strong> equipment, net 8,399,979 8,826,353<br />
Debt issuance costs, net 162,130 178,968<br />
Total assets $ 21,029,162 $ 20,707,952<br />
CURRENT LIABILITIES<br />
Accounts payable $ 433,012 $ 729,628<br />
Accrued expenses 592,677 671,398<br />
Funds held in trust 42,399 37,571<br />
Other current liabilities 57,440 135,624<br />
Current portion of capital leases 50,766 39,702<br />
Current portion of long-term debt 445,000 380,000<br />
Total current liabilities 1,621,294 1,993,923<br />
Long-term debt, net of current portion<br />
Capital leases 96,022 127,846<br />
Long-term debt 4,725,000 5,170,000<br />
Total long-term debt, net of current portion 4,821,022 5,297,846<br />
Other liabilities<br />
Deferred federal income tax 83,033 84,638<br />
Swap investment 144,596 153,993<br />
Total other liabilities 227,629 238,631<br />
Total liabilities 6,669,945 7,530,400<br />
Net assets<br />
Unrestricted net assets 3,779,674 3,669,266<br />
Unrestricted - board designated 5,629,233 4,715,681<br />
Total unrestricted net assets 9,408,907 8,384,947<br />
Temporarily restricted net assets 1,935,405 1,792,605<br />
Permanently restricted general<br />
endowment fund 3,014,905 3,000,000<br />
Total net assets 14,359,217 13,177,552<br />
Total liabilities <strong>and</strong> net assets $ 21,029,162 $ 20,707,952<br />
contributions DISTRIBUTION<br />
CONSOLIDATED STATEMENTS OF<br />
activities<br />
Years Ended December 31st 2010 2009<br />
Changes in unrestricted net assets<br />
Net resident service revenue<br />
Seattle Keiro $ 13,653,742 $ 12,838,578<br />
<strong>Nikkei</strong> Manor 2,488,598 2,306,577<br />
Other program revenue 396,067 271,460<br />
Investment income 133,026 160,945<br />
Net realized gains (losses) on investments (116,603) 112<br />
Contributions 883,868 912,390<br />
17,438,698 16,490,062<br />
Net assets released –<br />
restricted purposes met 158,095 —<br />
Total operating revenue <strong>and</strong> support 17,596,793 16,490,062<br />
Operating expenses<br />
Seattle Keiro 12,710,031 12,900,737<br />
<strong>Nikkei</strong> Manor 1,896,304 1,944,771<br />
Other programs <strong>and</strong> fundraising 1,218,327 388,136<br />
Interest expense 115,416 118,882<br />
Bad debts 117,867 24,472<br />
Financing fees 65,457 69,521<br />
Depreciation 776,891 658,221<br />
Amortization 16,839 16,839<br />
<strong>Nikkei</strong> Manor l<strong>and</strong> lease 332,500 323,233<br />
Other lease expense — 18,753<br />
Total operating expenses 17,249,632 16,463,565<br />
Change in net assets from operations 347,161 26,497<br />
Net unrealized gain (loss) from investments 669,246 867,620<br />
Unrealized gain (loss) from swap investment 9,397 23,353<br />
Change in net assets<br />
before for-profit subsidiaries 1,025,804 917,470<br />
For-profit subsidiaries<br />
NC Enterprises, Inc. expenses (15,275) (14,359)<br />
NC Ent. & Washington Medical depreciation (9,524) (17,631)<br />
Washington Medical Clinic, Inc. rental income 48,099 39,021<br />
Washington Medical Clinic, Inc. expenses (25,144) (22,902)<br />
Change in net assets<br />
from for-profit subsidiaries (1,844) (15,871)<br />
Change in unrestricted net assets 1,023,960 901,599<br />
Changes in temporarily restricted net assets<br />
Contributions 142,800 1,792,605<br />
Change in temporarily restricted net assets 142,800 1,792,605<br />
Change in permanently restricted net assets<br />
Contributions 14,905 —<br />
Net realized gain on investments 158,095 —<br />
Net assets released - restricted purposes met (158,095) —<br />
Change in permanently restricted net assets 14,905 —<br />
Change in net assets 1,181,665 2,694,204<br />
Net assets, beginning of year 13,177,552 10,483,348<br />
Net assets, end of year $ 14,359,217 $ 13,177,552<br />
82% individuals<br />
11% businesses<br />
4% organizations<br />
1% foundations<br />
2% workplace<br />
campaigns