2019 FIRST Annual Impact Report

50 2019 Annual Impact Report FINANCIALS Our programs’ participation growth and mission successes continued once again in fiscal year 2019. We continue to have relatively balanced growth in both operating revenues and expenses, including additional investments in our Youth Protection Program, Information Technology, Program Evaluations, Equity, Diversity, and Inclusion Program, and Education Initiative. Contributions remained strong, as many individuals, small businesses, corporations – including over 200 of the Fortune 500 companies – and foundations maintained or increased their support, while many new sponsors joined FIRST . This contributed support provided very meaningful experiences to more than a half-million youth engaged worldwide in the FIRST Progression of Programs. As noted in the chart above, and in keeping with long- time practices, FIRST continues to apply the maximum percentage of funds possible to directly benefit FIRST participants. Included within the modest general and administrative expenses are several significant investments in infrastructure enhancements, including those noted above. FIRST achieved its 14 th consecutive four-star rating from Charity Navigator, certifying our continued commitment to accountability, transparency, and sound fiscal management. This consecutive rating places FIRST in the top 1% of the U.S. charities annually evaluated by Charity Navigator. STATEMENTS OF ACTIVITIES JUNE 30, 2019 JUNE 30, 2018 Revenues and other support:  Program registration fees $32,718,347 $31,029,505  Contributions and grants 18,469,938 15,680,501  Other income 2,154,040 1,779,661  Special event income, net of expenses of $396,560 in 2019 and $404,980 in 2018 496,506 559,006  Net assets released from restrictions 30,951,062 27,968,209 Total revenues (losses) and other support $ 84,789,893 $ 77,016,882 Expenses: FIRST Program Expenses 71,557,755 63,997,525  Net cost of building space occupied by unrelated not-for-profit organizations 295,730 320,596  General, administrative, and supporting services 8,990,597 7,987,326  Funding and Development 2,387,833 2,312,412 Total expenses $ 83,231,915 $ 74,617,859 Operating surplus 1,557,978 2,399,023 STATEMENTS OF FINANCIAL POSITION JUNE 30, 2019 JUNE 30, 2018 Assets:  Cash and cash equivalents* 27,748,958 24,324,389  Short-term investments* 12,000,000 9,740,000  Pledges, receivables, program supply inventory, and other assets 15,498,863 14,215,014  Net property, plant, and equipment 5,176,264 5,179,524 Total assets, end of year $ 60,424,085 $ 53,458,927 Liabilities and net assets: Total liabilities, end of year $ 7,653,948 $ 5,764,527 Net assets:  Unrestricted 29,391,900 27,833,922  Temporarily restricted 23,378,237 19,860,478 Total net assets, end of year $ 52,770,137 $ 47,694,400 Total liabilities and net assets, end of year $ 60,424,085 $ 53,458,927 For each of the two fiscal years summarized above, FIRST received unmodified (unqualified) opinions from its independent auditor, BerryDunn. * NOTE : The cash and short-term investments are comprised of both unrestricted funds and donor temporarily restricted funds. The total liquid assets balance available to FIRST , for operating purposes, at June 30, 2019, is equivalent to approximately five months of FIRST operating expenses. The financial information presented here is condensed and does not include the value of all donated services and materials. Audited Financial Statements (AFS) are readily available on our website at www.firstinspires.org under “About/Annual Report & Financials.” Certain amounts reported for 2018 have been restated. For details, please refer to the accompanying notes which are an integral part of the AFS, at the above web address. ■ TEAM SERVICES & GROWTH OF PROGRAMS ■ GENERAL & ADMINISTRATIVE EXPENSES ■ FUNDRAISING COSTS 87% 10% 3%