2016-17 Annual Report
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STATEMENT OF FINANCIAL POSITION<br />
AS OF FEBRUARY 28, 20<strong>17</strong> (UNAUDITED)<br />
Dear NNW Membership,<br />
Below is the financial report for the most recently completed fiscal year, with draft adjustments by our independent auditors—<br />
the accounting firm of McDonald Jacobs, PC. The full audit and accompanying statements of financial position will be completed<br />
by September 30, <strong>2016</strong>. Ongoing financial reports of Nordic NW are available on request.<br />
Profit and Loss - March 1, <strong>2016</strong> to February 28, 20<strong>17</strong> (unaudited)<br />
Income<br />
Expense<br />
Contributions $ 1<strong>17</strong>,780 Administrative Expense $ 496,242<br />
Membership $ 97,680<br />
Property Income (rentals & restaurant) $ 136,305 Property Expense $ 36,579<br />
ScanFeast $ <strong>17</strong>5,778 ScanFeast Expense $ 39,442<br />
ScanFair $ 68,545 ScanFair Expense $ 28,780<br />
Programs $ 36,538 Program Expense $ 81,554<br />
Capital Campaign Revenue $ 148,883 Capital Campaign $ 92,655<br />
Midsummer $ <strong>17</strong>,756 Midsummer Expense $ 14,620<br />
Investment Income (Prof/Loss) $ 3,220 PSU Cluster Program $ 13,780<br />
Fogelbo Contributions $ 22,565 Miscellaneous Expense $ 2,215<br />
Other Fundraising $ 7,697<br />
Other Income $ 2,804<br />
Total Income $ 835,551 Total Expense $ 805,867<br />
Net Ordinary Income $ 29,684<br />
Other Income/Expense<br />
Cash Surrender Expense (life insurance) $ (11,997)<br />
Non Cash Expense (depreciation) $ (154,954)<br />
Net Other Income/Expense $ (166,951)<br />
Net Income $ (137,267)<br />
Balance Sheet as of February 28, 20<strong>17</strong><br />
Assets<br />
Liabilities<br />
Current Assets<br />
Current Liabilities<br />
Cash Accounts $ 72,800 Accrued Expenses $ 19,693<br />
Accounts Receivable $ 9,280 Accounts Payable $ 60,587<br />
Deposits & Prepaid Expenses $ 14,790 Short Term Loans Payable $ 354,000<br />
Pledges Receivable $ 138,673 BOTC Loan - 4266 $ 271,469<br />
Outside Theater Manager $ 1,484 BOTC Loan - 7478 $ 298,306<br />
Total Current Assets $ 237,027 BOTC Loan - Construction $ 1,330,136<br />
Fixed Assets Deferred Space Rental $ 23,933<br />
Cultural Center $ 5,122,913 Other Deferred $ 2,994<br />
Fogelquist House $ 723,113 Total Current Liabilities $ 2,361,118<br />
Equipment $ 11,449 Equity<br />
Accumulated Depreciation $ (296,705) Retained Earnings $ 4,050,164<br />
Total Fixed Assets $ 5,560,770 Net Income $ (137,270)<br />
Other Assets $ 476,215 Total Equity $ 3,912,894<br />
Total Assets $ 6,274,012 Total Liabilities & Equity$ 6,274,012
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