2003 Annual Report to Members
Financial Highlights
These figures are summarized from NWREL's audited financials for the year ended August 31, 2003. NWREL received an unqualified opinion from Hoffman, Stewart & Schmidt, P.C., our external auditor. For a copy of NWREL's complete financial statements for the year ended August 31, 2003, please contact our Finance office.
| August 31, 2003 (With Comparative Amounts for 2002) | 2003 | 2002 | ||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | ||||
| Contracts receivable | 351,231 | 1,269,772 | ||
| Unbilled expenditures on contracts | 417,547 | 1,039,585 | ||
| Other receivables | 78,505 | 162,091 | ||
| Inventories | 195,630 | 203,501 | ||
| Prepaid expenses | 90,071 | 75,235 | ||
| Cumulative underabsorbed indirect costs | 176,204 | 266,393 | ||
| Total current assets | 5,970,990 | 5,364,752 | ||
| Investments | 5,312,568 | 4,890,859 | ||
| Property and equipment | 234,859 | 315,694 | ||
| Total assets | ||||
| LIABILITIES AND NET ASSETS | ||||
| Current liabilities: | ||||
| Advance funding on contracts | $ 2,275,384 | $ 1,549,809 | ||
| Accounts payable and accrued liabilities | 546,644 | 1,146,479 | ||
| Accrued payroll liabilities | 697,617 | 570,057 | ||
| Total current liabilities | 3,519,645 | 3,266,345 | ||
| Accrued postretirement benefit obligation | 218,453 | 218,453 | ||
| Total liabilities | ||||
| Net assets: | ||||
| Unrestricted: | ||||
| Available for general operations | 2,232,892 | 1,879,954 | ||
| Designated by Board of Directors | 5,312,568 | 4,890,859 | ||
| Net investment in property and equipment | 234,859 | 315,694 | ||
| Total unrestricted net assets | ||||
| Total liabilities and net assets | ||||
| August 31, 2003 (With Comparative Amounts for 2002) | 2003 | 2002 | ||
|---|---|---|---|---|
| Support and revenue: | ||||
| Federal grants and contracts | ||||
| Other grants and contracts | ||||
| Sales of materials | ||||
| Conferences | ||||
| Investment FMV gain (loss) | ||||
| Other revenue and net gains | ||||
| Total support and revenue | ||||
| Expenses: | ||||
| Personnel compensation | ||||
| Personnel benefits | 2,830,067 | 2,783,636 | ||
| Travel and transportation | 1,341,145 | 1,496,143 | ||
| Postage and shipping | 271,357 | 273,217 | ||
| Occupancy | 1,915,263 | 2,170,457 | ||
| Printing and reproduction | 790,345 | 1,103,932 | ||
| Other services | 3,627,601 | 3,737,619 | ||
| Supplies and materials | 516,419 | 431,178 | ||
| Subcontracts and non-IDC | 1,754,178 | 2,372,148 | ||
| Total expenses allocable to contracts | 21,698,032 | 22,986,621 | ||
| Expenses not allocable to contracts: | ||||
| Contract advocacy (2003) | 74,431 | |||
| Postretirement benefits (2002) | (10,260) | |||
| Total expenses | $ 21,772,463 | $ 22,976,361 | ||
| Excess of support and revenue over expenses before overabsorbed indirect costs |
784,001 | 65,557 | ||
| Overabsorbed indirect costs | (90,189) | (413,820) | ||
| Increase (decrease) in net assets | 693,812 | (348,263) | ||
| Net assets at beginning of year | 7,086,507 | 7,434,770 | ||
| Net assets at end of year | $7,780,319 | $ 7,086,507 |
