2006 NBAA Annual Report

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CONSOLIDATED STATEMENTS OF ACTIVITIESFor the Years Ended June 30, 2006 and 2005OPERATING REVENUE AND SUPPORT 2006 2005Annual meeting and conventions $ 13,386,411 $ 11,935,265Seminars and business forums 3,498,285 2,529,618Membership dues 2,740,804 2,659,604Investment income 629,868 423,485General aviation desk 506,319 411,926Equity in net income of unconsolidated joint venture and cooperation agreement 750,705 780,653Membership directory and other services 361,532 425,317Publication sales and other 175,957 41,429TOTAL OPERATING REVENUE AND SUPPORT $ 22,049,881 $ 19,207,297EXPENSES FROM OPERATIONSProgram ExpensesConvention, Seminars and Business Forums 8,973,366 7,266,124Operations 5,467,144 5,046,976Government Affairs 1,237,864 1,196,170Membership Marketing and Communications 3,149,393 3,877,866Total Program Expenses 18,827,767 17,387,136Supporting ServicesGeneral administration and governance 3,171,065 2,837,393TOTAL EXPENSES FROM OPERATIONS 21,998,832 20,224,529Change in Net Assets from Operations 51,049 (1,017,232)OTHER ACTIVITIESRealized and Unrealized Gains on Investments 694,774 775,370Net Activity of the BASIC Fund (171,110) –Change in Net Assets 574,713 (241,862)UNRESTRICTED NET ASSETS, BEGINNING OF YEAR 11,082,226 11,324,088UNRESTRICTED NET ASSETS, END OF YEAR $ 11,656,939 $ 11,082,226The accompanying notes are an integral part of these consolidated financial statements.14 2006 NBAA ANNUAL REPORT
CONSOLIDATED STATEMENTS OF CASH FLOWSFor the Years Ended June 30, 2006 and 2005Increase (Decrease) in Cash and Cash EquivalentsCASH FLOWS FROM OPERATING ACTIVITIES 2006 2005Change in Net Assets $ 574,713 $ (241,862)Adjustments to reconcile change in net assets to net cash provided by operating activitiesDepreciation and amortization 294,870 318,210Unrealized gains on investments (5,046) (607,673)Realized gains on investments (698,728) (167,697)Loss (gain) on disposal of equipment (7,831) 17,779Changes in assets and liabilities:Accounts receivable 296 (279,520)Prepaid expenses and other assets (706,326) (805,009)Accounts payable and accrued expenses 1,320,612 1,349,860Amounts held for Scholarship Fund 13,829 24,415Deferred revenue – membership dues 32,319 (41,066)Deferred revenue – annual meeting and conventions 882,931 1,539,361Deferred revenue – seminars and business forums (152,808) 75,378Accrued post-retirement benefits cost 306,901 660,161NET CASH PROVIDED BY OPERATING ACTIVITIES 1,855,732 1,842,337CASH FLOWS FROM INVESTING ACTIVITIESPurchases of furniture, equipment and improvements (224,652) (100,326)Proceeds from sales of fixed assets 13,300 -Purchases of investments (11,059,866) (15,079,146)Proceeds from sales of investments 10,597,341 7,669,795NET CASH USED IN INVESTING ACTIVITIES (673,877) (7,509,677)NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,181,855 (5,667,340)CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 10,186,518 15,853,858CASH AND CASH EQUIVALENTS, END OF YEAR $ 11,368,373 $ 10,186,518SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATIONIncome Taxes Paid $ 59,800 $ 30,907The accompanying notes are an integral part of these consolidated financial statements.2006 NBAA ANNUAL REPORT 15
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2006 NBAA Annual Report

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