2002 - American Refugee Committee

AMERICAN REFUGEE COMMITTEE INTERNATIONAL
Statements of Financial Position
DECEMBER 31, 2002
16
ASSETS
Current Assets:
Cash and cash equivalents
Headquarters cash $ 175,134
Overseas cash 1,751,687
Grants receivable 1,926,438
Micro-credit receivable 269,866
Pledges receivable 179,223
Prepaid expenses 121,804
Total current assets 4,424,152
Restricted Assets:
Headquarters cash 544,044
Overseas cash 215,010
Long-term investments 557,192
Accrued interest receivable on long-term investments 5,168
Total restricted assets
Office equipment (net of accumulated depreciation
1,321,414
of $229,795 and $173,679 respectively) 59,242
Total assets $ 5,804,808
LIABILITIES AND NET ASSETS
Current Liabilities:
Accounts payable $ 420,126
Grants Payable 713,779
Micro-credit payable 484,876
Notes payable 400,000
Accrued expenses 497,372
Deferred revenue 1,444,098
Total current liabilities 3,960,251
Net Assets:
Unrestricted 738,153
Temporarily restricted 395,649
Permanently restricted 710,755
Total net assets 1,844,557
Total liabilities and net assets $ 5,804,808
Statements of Activities
YEAR ENDED DECEMBER 31, 2002
CHANGES IN UNRESTRICTED NET ASSETS
2002 ANNUAL REPORT
Revenues:
United States of America Government Grants $13,065,859
United Nations grants 6,290,364
Foreign Government Grants 5,693,376
Private support contributions 2,664,821
Interest 701
Other 65,852
Total revenues 27,780,973
Expenses:
International programs 25,678,673
General and administrative 1,426,441
Fund-raising 453,373
Total expenses 27,558,487
Increase in unrestricted net assets 222,486
CHANGES IN TEMPORARILY RESTRICTED NET ASSETS
Contributions 195,468
Investment return 15,713
Net unrealized gains on investments
Net assets released from restrictions and included in
9,186
changes in unrestricted net assets—private support contributions (460,632)
Decrease in temporarily restricted net assets (240,265)
DECREASE IN NET ASSETS (17,779)
NET ASSETS AT BEGINNING OF YEAR 1,862,336
NET ASSETS AT END OF YEAR $ 1,844,557
17