Financial Highlights
“This year, we had a greater focus around upgrading talent, restructuring our policies and procedures, and realigning our internal resources to enhance and improve the customer experience across our products, services, and outreach. We would not have been able to accomplish these goals and fulfill our mission to strengthen the social sector without the generous support of our donors and our loyal customers.”
Listen to Monisha de Quadros, Vice President for Financial Strategy, speak more about our 2017 Financial Highlights.
0:00
0:00
Year Ended December 31, 2017
Revenues and Expenses
- 50.5% ($11,627,587)Product Revenues
- 36.1% ($8,309,627)Foundations and Corporate Contributions
- 12.8% ($2,942,348)Program Service and Other Fees
- 0.6% ($143,372)Investment Return
- 32.2% ($7,203,448)Data collection and publications
- 21.8% ($4,879,877)Research and other programs
- 21.1% ($4,717,115)Regional hubs and other public services
- 20.8% ($4,655,873)Management and general
- 4.1% ($905,539)Fundraising
Balance Sheets
| Assets | 2017 | 2016 | |
|---|---|---|---|
| Cash | $ | 155,612 | 159,360 |
| Investments | 29,576,980 | 25,130,775 | |
| Accounts and grants receivable, net | 2,853,965 | 3,608,402 | |
| Prepaid expenses and other assets | 351,749 | 584,080 | |
| Property and equipment, net | 9,716,899 | 11,515,309 | |
| TOTAL ASSETS | $ | 42,655,205 | 40,997,926 |
| Liabilities and Net Assets | 2017 | 2016 | |
|---|---|---|---|
| LIABILITIES: | |||
| Accounts payable and accrued expenses | $ | 932,186 | 845,233 |
| Deferred revenue | 6,698,220 | 5,896,680 | |
| Loan payable | 1,268,260 | 1,546,377 | |
| Deferred rent | 4,206,769 | 4,364,564 | |
| Postretirement healthcare benefits | 1,935,333 | 1,913,304 | |
| TOTAL LIABILITIES | 15,040,768 | 14,566,158 | |
| NET ASSETS: | |||
| Unrestricted | 18,742,786 | 18,369,348 | |
| Temporarily restricted | 7,157,651 | 6,348,420 | |
| Permanently restricted | 1,714,000 | 1,714,000 | |
| TOTAL NET ASSETS | 27,614,437 | 26,431,768 | |
| TOTAL LIABILITIES AND NET ASSETS | $ | 42,655,205 | 40,997,926 |
ASSETS
Liabilities and Net Assets
Statements of Change in Unrestricted Net Assets
| Operating Fund | Capital Fund | Long-Term Investment and Special Purpose Fund | 2017 | 2016 | ||
|---|---|---|---|---|---|---|
| REVENUE AND SUPPORT: | ||||||
| Foundation and corporate contributions | $ | 2,961,813 | – | – | 2,961,813 | 2,360,443 |
| Product revenues | 11,627,587 | – | – | 11,627,587 | 11,193,704 | |
| Program service and other fees | 2,942,348 | – | – | 2,942,348 | 3,192,282 | |
| Investment return | 20,331 | – | 2,097,680 | 2,118,011 | 975,779 | |
| Rental income | 123,041 | – | – | 123,041 | – | |
| Net assets released from restrictions | 5,347,814 | 12,286 | – | 5,360,100 | 7,517,476 | |
| TOTAL REVENUE AND SUPPORT | $ | 23,022,934 | 12,286 | 2,097,680 | 25,132,900 | 25,239,684 |
| EXPENSES: | ||||||
| PROGRAM SERVICES: | ||||||
| Data collection and publications | 7,203,448 | 853,108 | – | 8,056,556 | 9,006,388 | |
| Library/learning centers and other public services | 4,717,115 | 346,268 | – | 5,063,383 | 5,488,868 | |
| Research and other programs | 4,879,877 | 553,227 | – | 5,433,104 | 5,127,573 | |
| TOTAL PROGRAM SERVICES | 16,800,440 | 1,752,603 | – | 18,553,043 | 19,622,829 | |
| SUPPORTING SERVICES: | ||||||
| General and administrative | 4,655,873 | 473,272 | – | 5,129,145 | 6,512,350 | |
| Fundraising | 905,539 | 128,161 | – | 1,033,700 | 1,065,424 | |
| TOTAL SUPPORTING SERVICES | 5,561,412 | 601,433 | – | 6,162,845 | 7,577,774 | |
| TOTAL EXPENSES | 22,361,852 | 2,354,036 | – | 24,715,888 | 27,200,603 | |
| Excess/(Deficiency) of Revenue and Support Over Expenses Before Other Items | 661,082 | (2,341,750) | 2,097,680 | 417,012 | (1,960,919) | |
| Transfer of acquisition of furniture, equipment, capitalized software and leasehold improvements funded from operations | (543,340) | 543,340 | – | – | – | |
| Postretirement changes other than net periodic benefit cost | − | – | (43,574) | (43,574) | 216,690 | |
| CHANGE IN UNRESTRICTED NET ASSETS | $ | 117,742 | (1,798,410) | 2,054,106 | 373,438 | (1,744,229) |
REVENUES AND SUPPORT:
Excess/(Deficiency) of Revenue and Support Over Expenses Before Other Items
$661,082
$(2,341,750)
$2,097,680
$417,012
$(1,960,919)
$(543,340)
$543,340
–
–
–
Statements of Change in Net Assets
| 2017 | 2016 | ||
|---|---|---|---|
| Change in unrestricted net assets | $ | 373,438 | (1,744,229) |
| Changes in temporarily restricted net assets: | |||
| Foundation and corporate contributions | 5,649,303 | 6,327,153 | |
| Investment return | 25,943 | 26,036 | |
| Net appreciation (depreciation) on donor-restricted endowment | 494,085 | 122,408 | |
| Net assets released from restrictions: | |||
| For operating activities | (5,347,814) | (7,209,311) | |
| For capital purposes | (12,286) | (308,165) | |
| Change in Temporarily Restricted Net Assets | 809,231 | (1,041,879) | |
| Change in Net Assets | 1,182,669 | (2,786,108) | |
| NET ASSETS AT BEGINNING OF YEAR | 26,431,768 | 29,217,876 | |
| NET ASSETS AT ENDING OF YEAR | $ | 27,614,437 | 26,431,768 |
Net appreciation (depreciation) on donor-restricted endowment
$494,085
$122,408