54 55 |  2017 Annual Impact Report 2017 Annual Impact Report  | Financials Our programs’ participation growth and mission successes continued once again in fiscal year 2017. 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, Diversity & Inclusion Program, and our 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 approximately a half-million youth engaged worldwide in the FIRST Progression of Programs. As noted in the graph, 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 G&A expenses are several significant investments in infrastructure enhancements, including those noted above. FIRST achieved its twelfth 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 percent of the U.S. charities annually evaluated by Charity Navigator. STATEMENTS OF ACTIVITES JUNE 30, 2017 JUNE 30, 2016 Revenues and other support: Program registration fees $ 28,433,710 $ 26,625,176 Contributions and grants 14,720,452 15,760,543 Other income, net of expenses of $102,065 in 2017 and $98,515 in 2016 1,313,487 934,573 Special event income, net of expenses of $395,911 in 2017 and $434,286 in 2016 529,054 483,854 Net assets released from restrictions 27,339,944 22,253,335 Total revenues (losses) and other support 72,336,647 66,057,481 Expenses: FIRST Robotics Competition 43,886,704 38,649,008 FIRST LEGO League and FIRST LEGO League Jr. 9,056,033 7,097,363 FIRST Tech Challenge 8,339,600 8,590,482 Net cost of building space occupied by unrelated not-for-profit organizations 268,304 257,648 General, administrative and supporting services, and fundraising 8,849,470 8,584,578 Operation of FIRST facilities 417,706 416,527 Depreciation 718,742 604,220 Total expenses 71,536,559 64,199,826 Operating surplus 800,088 1,857,655 STATEMENTS OF FINANCIAL POSITION JUNE 30, 2017 JUNE 30, 2016 Assets: Cash and cash equivalents* 16,612,801 17,029,618 Short-term investments* 10,750,000 11,000,000 Pledges, receivables, program supply inventory, and other assets 15,572,532 12,684,582 Net property, plant, and equipment 5,294,793 5,060,032 Total assets, end of year 48,230,126 45,774,232 Liabilities and net assets: Total liabilities, end of year 4,391,581 3,095,896 Net assets: Unrestricted 25,434,899 24,634,811 Temporarily restricted 18,403,646 18,043,525 Total net assets, end of year 43,838,545 42,678,336 Total liabilities and net assets, end of year $ 48,230,126 $ 45,774,232 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, 2017, is equivalent to approximately four 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 the website at www.firstinspires.org under “About/Annual Report.” Certain amounts reported for 2016 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 ■ G&A expenses ■ Fundraising costs 87% 10% 3% Leadership BOARD OF DIRECTORS Robert K. Ortberg – Co-Chair Chairman, President & Chief Executive Officer Rockwell Collins Robert M. Tuttle – Co-Chair General Partner 1848 Associates Dr. Laurie Leshin – Vice Chair President Worcester Polytechnic Institute Dr. Vincent Wilczynski – Treasurer Deputy Dean, School of Engineering & Applied Science Yale University Dr. Donald E. Bossi – Secretary President FIRST ® Dean Kamen – Founder President DEKA Research & Development Corporation John E. Abele Founding Chairman, Retired Boston Scientific Corporation Virginia Addicott President & Chief Executive Officer FedEx Custom Critical, Inc. Dr. Robin N. Coger Dean, College of Engineering North Carolina A&T State University Walter P. Havenstein Chief Executive Officer, Retired Science Applications International Corporation (SAIC) Karen Horting Executive Director and CEO Society of Women Engineers Dr. Paul E. Jacobs Chairman & Chief Executive Officer XCOM Lonnie Johnson President and Founder Johnson Research and Development Corporation John H. Lynch Former Governor State of New Hampshire Scott McKay Former Executive Vice President of Business & Product Strategy Genworth Financial Dennis A. Muilenburg Chairman, President & Chief Executive Officer The Boeing Company Dr. David Siegel Co-Chairman Two Sigma Investments Myron (Mike) E. Ullman, III Chairman Starbucks; Chairman & CEO, Retired JCPenney HONORARY DIRECTORS Paul A. Allaire FIRST Chairman: 1995-2000 Chairman & Chief Executive Officer, Retired Xerox Corporation J.T. Battenberg III Chairman & Chief Executive Officer, Retired Delphi Corporation François J. Castaing Executive Vice President, Retired Chrysler Corporation L. John Doerr III Chairman Kleiner Perkins Caufield & Byers Gary L. Tooker Chairman of the Board, Retired Motorola, Inc. James R. Utaski FIRST Chairman: 2000-2002 Corporate Mergers & Acquisitions Officer, Retired Johnson & Johnson SENIOR ADVISORS Dr. Shirley Ann Jackson President Rensselaer Polytechnic Institute Kjeld Kirk Kristiansen Deputy Chairman of the Board LEGO Foundation & KIRKBI A/S Dr. William P. Murphy, Jr. Founder Cordis Corporation Steve Sanghi Chairman of the Board, President, and Chief Executive Officer Microchip Technology, Inc. The Honorable Jeanne Shaheen United States Senator New Hampshire Josh S. Weston Honorary Chairman Automatic Data Processing, Inc. EXECUTIVE ADVISORY BOARD Dr. Woodie Flowers – Co-Chair & Distinguished Advisor Pappalardo Professor Emeritus of Mechanical Engineering Massachusetts Institute of Technology Kevin Ross – Co-Chair Founder Washington FIRST Robotics Ray Almgren Chairman FIRST in Texas Gail Alpert President FIRST in Michigan Mark Breadner President FIRST Robotics Canada Sujeet Chand Chief Technology Officer & Senior Vice President Rockwell Automation, Inc. Cosema (Connie) Crawford, P.E. Senior Vice President The Louis Berger Group, Inc. Michael Dubno Head of Global Markets & Research Technology, Retired Bank of America Merrill Lynch Greg Hale Vice President & Chief Safety Officer Walt Disney Parks & Resorts Erik Halleus President & Chief Executive Officer EuroScandia Enterprises Luan Heimlich Manager, Technology-based Outreach, Dept. of Engineering Macquarie University James E. Heppelmann President & Chief Executive Officer PTC Marc Hodosh Co-Creator TEDMED Kent H. Hughes Public Policy Scholar Woodrow Wilson International Center for Scholars Esben Stærk Jørgensen President LEGO ® Education David Lavery Program Executive for Solar System Exploration NASA Paul Lazarus President White Dwarf Productions Susie Mathieu Partner Spirit Hockey, LLC Ceci Neumann Independent Law Practice Professional Nancy Quan Chief Technical Officer, North America The Coca-Cola Company Heidi Sipe Superintendent Umatilla Public Schools Robert Sobolewski President & Chairman ingenuityNE Dave Wilson Vice President of Product Marketing, Academic National Instruments LEADERSHIP TEAM Donald E. Bossi President FIRST Terry Durkin Vice President, Finance FIRST Erica Fessia Vice President, Field Operations FIRST Mark Giordono Vice President, Development FIRST Mark Greenlaw Vice President, Strategy and Impact FIRST Listing current as of June 30, 2018