Audited Financial Statement 2008
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Our audited financial statements show that we ended FY2008 (October 1, 2007 – September 30, 2008) with net assets valued at just over $16.5 million. This is almost $3 million less than the Council’s net assets at the beginning of FY2008. There are 4 primary reasons for this reduction in net assets in this first year of our merger:
Operating deficit: The less-than-budgeted $360,000 operating deficit approved by our Board.
Depreciation: The Council’s depreciation expense is approximately $817,000 per year. This non-cash expense is not included in our operating budget, but it does diminish the value of our “net assets.”
Net assets released from restrictions: The council released over $916,000 from restrictions– this is contributed income, such as grant dollars, that the council received subject to restrictions on how it would be spent. During the course of the year, the council spent these dollars on funded programs in accordance with the grant terms. This is a good thing.
Investment losses: During FY2008, the Council experienced losses of approximately $860,000 on the value of its investments. It is important to note that our asset value at the start of FY2008, of course, reflected many prior years’ appreciation of investments. Just as with any portfolio, we need to anticipate ups and downs when we are monitoring year-to-year returns. In light of market conditions, we expect further losses on investments for FY2009. Our Board and Investment Committee are monitoring the Council’s investment portfolio.
A picture of our year would look like this:
If you have questions about any of this information please contact the Chief Financial Officer, abride@girlscoutsnorcal.org