Annual Report

[Steve M]

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.

[Brad]

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.

[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?

[Steve M]

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.

[Brad]

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.

[Bill O]

Thanks, makes sense now.

[Charlie]

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 ?

[Brad]

Hawk,

it should have gone out to all current members of MWO. Mine came in the same day as Bill O's.

[Steve M]

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.

[Brad]

It is possible your donation was counted as a "contribution" and not as a "membership". I have had that happen in prior years.