C RATI - FAAO

FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION
as of March 31, 2005 ( with comparative Information as of March 31, 2004 )
March 31, 2005 March 31, 2004
ASSETS
CASH AND CASH EQUIVALENTS $ 1,530,349 $ 757,812
RECEIVABLES:
Pledges, net 2,161,677 2,006,629
Other 5,322,050 6,393,608
Investment Income 8,850 17,366
PREPAID EXPENSE AND OTHER ASSETS 194,592 102,511
INVESTMENTS 18,478,512 12,033,215
LONG-TERM PROMISE TO GIVE 1,000,000 1,000,000
PROPERTY AND EQUIPMENT (net of accumulated depreciation
of $5,735,345 and $4,928,309 respectively) 19,027,963 18,794,410
TOTAL ASSETS $ 47,723,993 $ 41,105,551
LIABILITIES AND NET ASSETS
LIABILITIES:
Accounts payable and accrued expenses $ 647,050 $ 898,158
Mortgage payable 8,680,663 9,445,185
Total Liabilities 9,327,713 10,343,343
NET ASSETS:
Unrestricted 28,510,433 23,314,175
Board designated 1,143,051 50,000
Total unrestricted 29,653,484 23,364,175
Temporarily restricted 3,575,825 3,231,062
Permanently restricted 5,166,971 4,166,971
Total net assets 38,396,280 30,762,208
TOTAL LIABILITIES AND NET ASSETS $ 47,723,993 $ 41,105,551
STATEMENT OF CHANGES IN NET ASSETS
for the year ended March 31, 2005 ( with comparative information as of March 31, 2004 )
March 31, 2005 March 31, 2004
UNRESTRICTED NET ASSETS:
Revenues and support $ 3,726,666 $ 1,589,563
Net assets released from restrictions 2,389,866 1,474,338
Operating expenses (6,063,068) (3,228,926)
Interest, Dividends, Realized and Unrealized Gains
Net of Management Fees 1,235,845 144,902
Transfer of net assets from AAO 5,000,000 22,848,354
Increase (decrease) in unrestricted net assets 6,289,309 22,828,231
TEMPORARILY RESTRICTED NET ASSETS:
Contributions 2,465,842 2,044,930
Net assets released from restrictions (2,389,866) (1,474,338)
Interest, Dividends, Realized and Unrealized Gains
Net of Management Fees 268,787 1,043,490
Increase (decrease) in temporarily restricted net assets 344,763 1,614,082
PERMANENTLY RESTRICTED NET ASSETS:
Contributions 1,000,000 -
Increase (decrease) in permanently restricted net assets 1,000,000 -
INCREASE (DECREASE) IN NET ASSETS 7,634,072 24,442,313
NET ASSETS, BEGINNING OF YEAR 30,762,208 6,319,895
NET ASSETS, END OF YEAR $ 38,396,280 $ 30,762,208