IFT Financials
The operating results from IFT’s fiscal year 2008–09 were positive, given the difficult financial times during the past 12 months. Operating income was $186K. There was a realized loss of investment income, including dividends and interest, which totaled approximately $2M. It was this realized loss of investment revenue that decreased IFT’s reserves by approximately $1.8M. IFT’s financial position remains very strong. Reserves (nets assets) are $16 million which represents 107% of operating expenses.
In December 2009, the Audit Committee discussed with the accounting firm of Clifton and Gunderson the annual audit results. IFT received an unqualified opinion, which is the highest opinion given by auditing firms. The audit was also completed without any adjusting journal entries required.
| |
Fiscal Year Ending 08/31/09 |
|
Fiscal Year Ending 08/31/08 |
| ASSETS |
| Cash & Cash Equivalents |
$762,310 |
|
$1,421,522 |
| Accounts Receivable |
$869,313 |
|
$666,908 |
| Prepaid Expenses |
$413,214 |
|
$407,376 |
| Deferred Charges |
$0 |
|
$0 |
| Total Current Assets |
$2,044,837 |
|
$2,495,806 |
| |
|
|
|
| Investments, Market Value |
$19,165,594 |
|
$20,076,531 |
| |
|
|
|
| Property & Equipment, Net |
$852,697 |
|
$787,452 |
| TOTAL ASSETS |
$22,063,128 |
|
$23,359,788 |
LIABILITIES & NET ASSETS
| LIABILITIES |
| Accounts Payable |
$638,149 |
|
$649,800 |
| Accrued Expenses |
$1,133,963 |
|
$1,030,804 |
| |
|
|
|
| Deferred Revenue |
|
|
|
| Members' Dues |
$1,128,847 |
|
$1,125,339 |
| Subscriptions |
$223,910 |
|
$221,939 |
| Annual Meeting/EXPO |
$2,349,388 |
|
$1,970,077 |
| Other |
$102,887 |
|
$43,180 |
| Sub-total Deferred Revenue |
$3,805,032 |
|
$3,360,535 |
| |
|
|
|
| Deferred Expenses |
|
|
|
| Deferred Rent Obligation |
$471,540 |
|
$467,797 |
| Deferred Council Fd. Admin. |
$4,208 |
|
$5,078 |
| Sub-total Deferred Expenses |
$6,052,891 |
|
$5,514,014 |
| TOTAL LIABILITITES |
|
|
|
| |
|
|
|
| NET ASSETS |
| Unrestricted: |
| IFT - Undesignated |
$15,841,525 |
|
$16,262,318 |
| IFT - Divisions |
$804,249 |
|
$804,249 |
| Net Income (Loss) YTD |
($1,835,537) |
|
($420,793) |
| Total Unrestricted Net Assets |
$14,810,237 |
|
$16,645,774 |
| TOTAL LIABILITIES & NET ASSETS |
$20,863,128 |
|
$22,159,788 |
IFT Sources of Revenue and IFT Allocation of Expenses FY 08/09
| Expenses |
FY 08/09 - $14,906,076 |
| Membership |
1,188,645 |
| Annual Meeting |
2,493,926 |
| Expo |
1,031,189 |
| Publications & Communications |
3,020,754 |
| Knowledge & Learning |
777,648 |
| Sci Tech, Sci Com, Sci & Reg Affairs |
1,870,911 |
| Governance |
1,429,882 |
| G & A |
3,093,121 |
| Revenue |
FY 08/09 - $15,092,652 |
| Membership |
2,866,171 |
| Annual Meeting |
2,321,190 |
| Expo |
5,181,612 |
| Publications & Communications |
3,256,531 |
| Knowledge & Learning |
481,465 |
| Sci Tech, Sci Com, Sci & Reg Affairs |
834,713 |
| Miscellaneous |
150,970 |
