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    14-Combining Financial Statements-Sept. 30, 07-Fin Com-A

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    The document summarizes the combined operating results for the Freedom Center for the nine months ended September 30, 2007. Total revenues were $9 million, with the largest sources being private support at $4.1 million, government funds at $2.9 million, and IFCA revenue of $1.1 million. Base operations expenses were $6.4 million, with the largest items being wages and benefits at $3.1 million and other operating expenses at $3.1 million. After other revenues and expenses, the total cash surplus was $1.1 million. Restricted contributions totaled $1.6 million as of September 30, 2007.

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    14-Combining Financial Statements-Sept. 30, 07-Fin Com-A

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    COAST
    92 views4 pages
    The document summarizes the combined operating results for the Freedom Center for the nine months ended September 30, 2007. Total revenues were $9 million, with the largest sources being private support at $4.1 million, government funds at $2.9 million, and IFCA revenue of $1.1 million. Base operations expenses were $6.4 million, with the largest items being wages and benefits at $3.1 million and other operating expenses at $3.1 million. After other revenues and expenses, the total cash surplus was $1.1 million. Restricted contributions totaled $1.6 million as of September 30, 2007.

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    14-Combining Financial Statements-Sept. 30, 07-fin com-A

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    The document summarizes the combined operating results for the Freedom Center for the nine months ended September 30, 2007. Total revenues were $9 million, with the largest sources being private support at $4.1 million, government funds at $2.9 million, and IFCA revenue of $1.1 million. Base operations expenses were $6.4 million, with the largest items being wages and benefits at $3.1 million and other operating expenses at $3.1 million. After other revenues and expenses, the total cash surplus was $1.1 million. Restricted contributions totaled $1.6 million as of September 30, 2007.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    92 views4 pages

    14-Combining Financial Statements-Sept. 30, 07-Fin Com-A

    Uploaded by

    COAST
    The document summarizes the combined operating results for the Freedom Center for the nine months ended September 30, 2007. Total revenues were $9 million, with the largest sources being private support at $4.1 million, government funds at $2.9 million, and IFCA revenue of $1.1 million. Base operations expenses were $6.4 million, with the largest items being wages and benefits at $3.1 million and other operating expenses at $3.1 million. After other revenues and expenses, the total cash surplus was $1.1 million. Restricted contributions totaled $1.6 million as of September 30, 2007.

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    Freedom Center

    2007 Combining Operating Results


    Nine Months Ended Sept. 30, 2007
    GAAP-Combining Finanacial Statements
    Current Temporarily Combined
    Fund Restricted Financials
    Earned Revenue 1,180,202 - 1,180,202
    Net assets released from restrictions-adm 76,299 (76,299) -
    Total Earned Revenue 1,256,501 (76,299) 1,180,202

    Private Support Revenue 2,731,167 1,393,685 4,124,852


    Net assets released from restrictions-base 300,242 (300,242) -
    Total Private Revenues 3,031,409 1,093,443 4,124,852

    IFCA Revenue 1,092,775 - 1,092,775


    IFCA Expenses (388,440) - (388,440)
    IFCA , net 704,335 - 704,335

    Government-
    Federal 1,087,000 - 1,087,000
    State of Ohio 1,000,000 - 1,000,000
    City of Cincinnati 800,000 - 800,000
    Total Government 2,887,000 - 2,887,000

    Miscellaneous Revenue 109,907 - 109,907

    Net assets released from restrictions-cc 227,249 (227,249) - (A)

    Total Revenues 8,216,401 789,895 9,006,296

    Investment Income (1,089,488) - (1,089,488)


    Interest Expense 1,884,841 - 1,884,841
    Net Interest Expense 795,353 - 795,353

    Base Expenses
    Wages & Benefits 3,057,962 - 3,057,962
    Other Operating Expenses 3,071,520 - 3,071,520
    Changing Exhibits 317,600 - 317,600
    Total Base Operations 6,447,082 - 6,447,082
    Base Operations Surplus (Deficit) 973,966 789,895 1,763,861

    Other Program Revenues


    Net assets released from rest.-other prog. 388,801 (388,801) -

    Other Program Expenses


    Wages & Benefits-Other Programs 180,592 - 180,592
    Other Operating Expenses-Other Programs 443,925 - 443,925
    Total Other Programs Expenses 624,517 - 624,517
    Other Programs,net (235,716) (388,801) (624,517)
    Total Cash Surplus (deficit) 738,250 401,094 1,139,344

    Non Cash
    In-Kind Revenues 33,675 - 33,675 (A)
    In-Kind Expenses (33,675) - (33,675) (A)
    Bad Debt (Expense) Income (5,000) - (5,000)
    Time (Discounts) Income 105,000 - 105,000 (A)
    Unrealized Gains (Losses)-Invest. & Swaps (478,654) - (478,654) (A)
    Total Non Cash Income (378,654) - (378,654)
    Change in Net Assets 359,596 401,094 760,690
    Net Assets Beginning of the Year 76,404,351 1,248,275 77,652,626
    Net Assets End of the Year 76,763,947 1,649,369 78,413,316

    Combining Financial Statements-Sept. 30, 07-fin com-A.xls


    Freedom Center
    2007 Combining Operating Results
    Nine Months Ended Sept. 30, 2007
    Bank Covenant Earnings
    Surplus Per Above 359,596
    Add Backs (Reductions)--Covenant Defined
    Transfer related to Capital Campaign (227,249) (A)
    In-Kind Revenue (33,675) (A)
    In-Kind Expenses 33,675 (A)
    Time Discount (105,000)
    Unrealized Gains on Investments & Swaps 478,654 (A)
    Total Net Add Backs 146,405
    Bank Covenant Earnings-Nine Months Ended 506,001
    Year End Requirement 796,000
    4th Quarter Requirement 289,999

    Restricted Contributions As of Sept, 2007 12/31/06 New 2007 09/30/07


    Related to Capital Campaign- Balance Contrib. (Release) Balance
    UPS--general education costs 93,500 - (93,500) -
    Knowledgeworks-educational 402,288 - (47,500) 354,788
    Cisco/3M--Beacon of Freedom 20,729 - (20,729) -
    Verizon-Digital Divide 100,000 - - 100,000
    Bachmann-scholarships 20,392 - (3,000) 17,392
    Coca Cola 62,520 - (62,520) -
    Total Capital Campaign Related 699,429 - (227,249) 472,180
    Related to General/School Admissions
    Banc One-School Program 7,468 - (7,468) -
    Lindner School Programs 38,831 - (38,831) -
    Target-Admissions - 15,000 (15,000) -
    John & Francie Pepper-Freedom Fest Day - 15,000 (15,000) -
    Total General/School Admissions 46,299 30,000 (76,299) -
    Related to Base Operations
    Lindner School Programs-Transportation/Fees 28,993 - (28,993) -
    Xerox-Underground Railroad Conference 50,000 - (50,000) -
    Anne Garber-Teacher Workshop 30,000 - (30,000) -
    HP-Teacher Institute 50,000 - (50,000) -
    Links-Docents 5,000 - (5,000) -
    Thomas Emory Memorial Fd.-Audio Tours 26,257 - (26,257) -
    Bahmann Foundation-Audio Tours-3 years 71,257 - (33,104) 38,153
    Interbrand-Join the Journey Sculpture 5,000 - (5,000) -
    Todd Sebastian-Join the Journey Sculpture 1,000 - (1,000) -
    John & Francie Pepper-Docent Trip - 23,888 (23,888) -
    John & Francie Pepper-7 Habits - 7,000 (7,000) -
    Fifth Third Foundation-West Point Choir - 10,000 (10,000) -
    George & Betty Schaeffer-West Point Choir - 15,000 (15,000) -
    Time Warner-Teacher Institute - 15,000 (15,000) -
    Knowledgeworks-Apple/educational project - 15,000 - 15,000
    Total Base Operations 267,507 85,888 (300,242) 53,153
    Related to Other Programs
    Pepsi Heroes-cover 2007 expenses 100,000 - (100,000) -
    eBay-Community Engagement 135,040 - (135,040) -
    eBay-Community Engagement - 250,000 (79,880) 170,120
    UBS-Smart Program - 400,000 (46,084) 353,916
    Coca Cola-Internship - 250,000 - 250,000
    The Anschultz Fd.-Contemporary Conference - 100,000 - 100,000
    The Nathan Cummings Foundation - 75,000 - 75,000
    American Express-Ohio Tourism - 150,000 - 150,000
    General Mills-Distance Learning - 25,000 - 25,000
    State of Ohio Tourism - 27,797 (27,797) -
    Total Other Programs 235,040 1,277,797 (388,801) 1,124,036
    Restricted Contributions--12/31/06 & 9/30/07 1,248,275 1,393,685 (992,591) 1,649,369

    Combining Financial Statements-Sept. 30, 07-fin com-A.xls


    Combining Financial Statements-Sept. 30, 07-fin com-A.xls
    Combining Financial Statements-Sept. 30, 07-fin com-A.xls

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