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Thread: Annual Report

  1. #21
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    Quote Originally Posted by Brad
    I am assuming the summit operations and staff salaries are in the $1,526,090 expense line. We all gave $590,844 between membership dues and contributions. So, I think we are still a bit short in our giving. The next level up is needed.
    I don't know about salaries, I'm just going by what is shown on the chart on page 4. It says that summit operations runs a quarter mil. per year which is roughly what memberships are accounting for.
    Steve
    Is there really any BAD weather???

  2. #22
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    I was reading the Financials section and not that small insert on page 4. My $590k figure is both memberships and contributions. I have had years where I wanted to give more after the membership drive, so I sent another check. To me it is the same. According to MWO's bookkeeper it may be counted different.
    Brad (a 6288 club member)
    http://bradstreet.zenfolio.com Personal Photo sales site
    http://public.fotki.com/bradbradstreet Personal photo web site
    http://public.fotki.com/MWO/saved/2012/ MWO image & video archive site 2006-2012

  3. #23
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    I don't look at a lot of non-profit financial statements. Can anybody explain what the permanent and temporary restrictions are all about?
    Bill
    Next up: Vermont City Marathon: May, 2011
    EasternLight

  4. #24
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    Quote Originally Posted by Bill O
    I don't look at a lot of non-profit financial statements. Can anybody explain what the permanent and temporary restrictions are all about?
    I found this in an article written to explain terms in financial documents:

    NET ASSETS

    1. NATURE AND DEFINITION
    Net assets are the residual interest in an entity’s assets remaining after liabilities are
    deducted.
    2. CLASSIFICATION
    Net assets are classified as either unrestricted, permanently restricted and
    temporarily restricted.
    a. Unrestricted – include those net assets whose use is not restricted by donors,
    even though their use may be limited in other respects, such as by contract or by
    board designation. Changes in net assets arising from exchange transactions
    should be included in the unrestricted class except income and gains on assets
    that are restricted by donor or by law. Unrestricted net assets maybe further
    classified as follows:
    1. Unappropriated – use of assets is not designated by center management for
    special purposes.
    2. Appropriated – use of assets has been restricted by center management for
    specific purposes such as capital build-up, reserve for replacement of
    property and equipment, special endowment, etc. Appropriation from
    unrestricted net assets maybe done on an annual basis based on board of
    trustees’ resolution.
    b. Permanently restricted – increases when the organization receive grants for
    which donor-imposed restrictions limiting the organization’s use of the asset or its
    economic benefits neither expire with the passage of time nor can be removed
    by the organization’s meeting certain requirements.
    c. Temporarily restricted – these are net assets whose use by the organization has
    been limited by donors to:
    1. later periods of time or after specified dates; or

    2. to specified purpose.
    It may also change as a result of increases and decreases in existing assets or
    the economic benefits embodied in those assets that are subject to donor-imposed
    temporary restrictions.
    Last edited by Steve M; 09-14-2007 at 11:57 PM.
    Steve
    Is there really any BAD weather???

  5. #25
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    I have been on the Board of a summer camp. It is quite normal to get donations that "must be used for the tennis program" or must be added to the "Campership Fund". In some cases people will say the principal can not be touched and the income generated has restrictions on how it can be used.
    Brad (a 6288 club member)
    http://bradstreet.zenfolio.com Personal Photo sales site
    http://public.fotki.com/bradbradstreet Personal photo web site
    http://public.fotki.com/MWO/saved/2012/ MWO image & video archive site 2006-2012

  6. #26
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    Thanks, makes sense now.
    Bill
    Next up: Vermont City Marathon: May, 2011
    EasternLight

  7. #27
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    well i don't know what happened to mine in the mail but i did look at it on line .maybe it went out to all the people that did seak the peak ?
    i am a Summit Club member
    http://public.fotki.com/hvachawk/new pictures and videos

    If your not a OBS member yet then what are you waiting for

  8. #28
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    Hawk,

    it should have gone out to all current members of MWO. Mine came in the same day as Bill O's.
    Brad (a 6288 club member)
    http://bradstreet.zenfolio.com Personal Photo sales site
    http://public.fotki.com/bradbradstreet Personal photo web site
    http://public.fotki.com/MWO/saved/2012/ MWO image & video archive site 2006-2012

  9. #29
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    Quote Originally Posted by Brad
    Hawk,

    it should have gone out to all current members of MWO. Mine came in the same day as Bill O's.
    As did mine and it had to travel farther to get to me.
    Steve
    Is there really any BAD weather???

  10. #30
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    It is possible your donation was counted as a "contribution" and not as a "membership". I have had that happen in prior years.
    Brad (a 6288 club member)
    http://bradstreet.zenfolio.com Personal Photo sales site
    http://public.fotki.com/bradbradstreet Personal photo web site
    http://public.fotki.com/MWO/saved/2012/ MWO image & video archive site 2006-2012

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