Finances
* Income and expense figures for the fiscal year ending June 30, 2011 are preliminary and subject to change when this year's audit is completed. Income figure does not include in-kind support.
Income
In spite of the depressed economic conditions that continue to prevail in our region, our overall income was up by 10% for the fiscal year ending June 30, 2011, to $237,536. Expenses were up by 4%, to $215,948, leaving us with a healthy operating surplus. *
For the first time in three years, grants outpaced programs as our largest source of income. Income from grants accounted for 33% of total income, up from 27% last year, while program income accounted for 27%, down from 33% last year.
This shift stemmed primarily from two major new grants: one to construct a handicapped accessible trail at our Yankauer Nature Preserve and another to assist the City of Ranson in developing their new Flowing Springs Park.
Donations accounted for 20% of income during the fiscal year. Last winter's annual fundraising appeal yielded $31,581 undefined an increase of nearly 6% over the year before and a new record. A total of 180 families and individuals contributed (also a new record), and the average contribution was an impressive $174.48. Another 25 families and individuals contributed an additional $7,197 to PVAS during the same period through the United Way and Combined Federal Campaign appeals.
Special events accounted for 18% of income. The remainder of our income came from membership dues (2%) and earned interest (1%).
Expenses
Because of the economy, we continue to strive to hold expenses down. As in the past, the vast majority (66%) of our expenses during the fiscal year ending June 30, 2011 were for programs, a category that includes staff salaries. Our next highest expense category was nature preserve maintenance and improvements, which accounted for 13%. Administrative costs (which include payroll taxes and worker’s compensation) accounted for 10% of expenses. Special events, most of which are mission-related, accounted for 8% of expenses. Fundraising expenses accounted for only 2% of our total expenses.
Assets and Reserves
Our overall financial position continues to be strong. We follow very conservative budget practices and have consistently achieved operating surpluses throughout the economic turmoil of recent years. And because we also manage our financial resources very conservatively we have not suffered any investment losses during the period. Our last audit, which covered the fiscal year ending June 30, 2010, showed net assets of $369,751, including real estate. We have since received a gift of additional real estate that brings our net asset total to more than $450,000. We are free of debt and maintain healthy cash reserves.
Special Funds
The Potomac Valley Audubon Society Fund, an endowment established by the Eastern West Virginia Community Foundation in 2004 in honor of PVAS founder Jean Neely and managed by the Bank of Charles Town, has continued to rebound from the losses it suffered during 2008-2009. In any case, the PVAS Board remains committed to reinvesting any and all proceeds from this fund back into the fund in order to grow it for the future, so we are not dependent on the fund as a source of immediate income.
Last year, PVAS founder and Board member emerita Jean Neely made a generous donation to PVAS to establish a new Liz Neely Memorial Education Fund in memory of her stepdaughter Liz. The fund is supporting our Audubon Discovery Day Camp by providing a full, $2,000 stipend for one camp instructor per year for as long as its monies last. Friends of Liz have made additional donations, and the Fund now totals $17,734. This means it will currently support nearly nine years of a camp-instructor stipend. Others who would like to donate to the fund to extend its reach are welcome to do so.
Financial Administration & Oversight
Our treasurer, Alexander Miller, is a retired research actuary who is a Fellow of the Society of Actuaries. We continue to employ a very capable part-time bookkeeper, Elizabeth Lowe. She works closely with our treasurer on payroll, disbursements, tax reports, and monthly financial statements. On all financial matters, they and our Board and staff follow a Fiscal Operations Policy Manual that we have developed to guide our financial procedures and recordkeeping. Our accountant is Chad Lawyer, CPA, of the Martinsburg firm of Ours, Lawyer, Lewis & Company. Our most recent professional audit, covering the fiscal year that ended June 30, 2010, found that our books and procedures are in good order.
Form 990 Tax Filings
Audited Financial Reports