STATEMENTS OF ACTIVITES
June 30, 2012
June 30, 2011
Revenues and other support:
Program registration fees
$ 16,746,773
$ 14,074,525
Contributions and grants
19,529,408
15,615,389
Rental income, net of expenses
137,050
158,845
Other income
905,849
429,425
Special project, net of expenses
42,001
25,017
Net assets released from restrictions
13,099,941
11,007,189
Total revenues and other support
50,461,022
41,310,390
Expenses:
FIRST
Robotics Competition (FRC)
34,754,397
29,310,219
FIRST
LEGO League (FLL) and
Junior
FIRST
LEGO League (Jr.FLL)
4,786,963
3,989,305
FIRST
Tech Challenge (FTC)
1,792,989
1,301,130
FIRST
Place (FP)
100,947
110,022
General, administrative and fundraising
6,339,921
4,677,870
Operation of building
334,865
192,786
Depreciation
374,820
382,435
Total expenses
48,484,902
39,963,767
Operating surplus
1,976,120
1,346,623
Statements of Financial Position
Assets:
Cash and cash equivalents*
13,194,985
$10,937,861
Short-term investments*
8,475,693
6,559,528
Pledges, receivables, and other assets
7,747,006
8,183,290
Net property, plant, and equipment
3,663,438
3,579,012
Total assets, end of year
33,081,122
29,259,691
Liabilities and net assets:
Total liabilities
4,389,434
4,015,048
Net assets:
Unrestricted
16,523,793
14,547,673
Temporarily restricted
12,167,895
10,696,970
Total net assets, end of year
28,691,688
25,244,643
Total liabilities and net assets, end of year
$ 33,081,122
$ 29,259,691
*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, 2012, is equivalent to approximately 4 months of FIRST operating expenses.
For each of the two fiscal years summarized above,
FIRST
received an unqualified opinion from its independent auditors, BerryDunn.
Significant
program expansion was achieved in fiscal year 2011-2012 with
balanced growth in revenues and expenses. Contributions remained strong,
as many individuals, small businesses, corporations — including over 200 of
the Fortune 500 companies — and foundations continued or increased
their support and new Sponsors joined FIRST. This support provided
meaningful experiences to more than 280,000 youth engaged in the
FIRST Progression of Programs.
In keeping with long-time practices, FIRST continued to apply
the maximum percentage of funds possible to directly benefit
FIRST teams.
For the fourth consecutive year, FIRST
achieved a 4-star rating from Charity
Navigator, certifying our commitment to accountability, transparency,
and responsible fiscal management. This rating places FIRST in the top
7% of all charities evaluated by Charity Navigator.
Financials
Application of Funds
87
%
11
%
2
%
Team services
& growth of
programs
G&A expenses
Fundraising costs
Board of Directors
Chief Executive Officer, Retired
Science Applications International Corporation (SAIC)
– Vice Chairman
Founding Chairman, Retired
Boston Scientific Corporation
Interim President, Vice Chairman & Treasurer
General Partner
1848 Associates
– Founder
President
DEKA Research and Development Corporation
Chairman & Chief Executive Officer
Time Warner Cable
Chairman & CEO
Xerox Corporation
Francois J. Castaing
President
Castaing & Associates
President
Gordon J. Homer Advisory Services
CEO & Founder
The MASIE Center
Chief Executive Officer & Director
Avon Products, Inc.
President, Chairman of the Board &
Chief Executive Officer
The Boeing Company
Chairman & CEO
Baxter International Inc.
President, Chief Executive Officer & Chairman
Microchip Technology, Inc.
Eric Schmidt
Executive Chairman
Google Inc.
Vice Chairman,
Global Chief Technology Officer, Retired
General Motors
Chief Executive Officer
jcpenney
Partner
Whitestone Capital, LLC
Honorary Directors
Chairman & Chief Executive Officer, Retired
Xerox Corporation
J.T. Battenberg III
Chairman & CEO, Retired
Delphi Corporation
L. John Doerr III
Partner
Kleiner Perkins Caufield & Byers
Gary L. Tooker
Chairman of the Board, Retired
Motorola, Inc.
Executive Advisory Board
– Chairman
Pappalardo Professor Emeritus of
Mechanical Engineering
Massachusetts Institute of Technology
Vice President,
Product Marketing Core Platforms
National Instruments
Tom Arseneault
Executive Vice President, Product Sectors
& Chief Technology Officer
BAE Systems, Inc.
Joe Astroth, Ph.D.
Executive Vice President &
Chief Education Strategist
Innovation First International
Dr. Dennis Berkey
President & Chief Executive Officer
Worcester Polytechnic Institute
Michael J. “Micky” Bly
Vice President GME Powertrain Engineering
General Motors
Mark Breadner
Executive Director
FIRST Robotics Canada
Sujeet Chand
Chief Technology Officer & Senior VP
Rockwell Automation
Cosema (Connie) Crawford, P.E.
SVP
The Louis Berger Group, Inc.
Michael Dubno
Head of Global Markets &
Research Technology
Bank of America Merrill Lynch
Greg Hale
Vice President and Chief Safety Officer
Walt Disney Parks & Resorts
Erik Halleus
President & Chief Executive Officer
EuroScandia Enterprises
Michael A. Heffron
President & CEO
DeLorme
James E. Heppelmann
CEO, Director, President
PTC
Marc Hodosh
Co-Creator
TEDMED
Kent H. Hughes
Director, Program on Science, Technology,
America and the Global Economy
Woodrow Wilson Center
Jacob Kragh
President
LEGO Education
David Lavery
Program Executive for Solar System
Exploration
NASA
Dr. Paul N. Lazarus III
President
White Dwarf Productions
Rey Moré
Chief Quality Officer, Retired
Motorola, Inc.
Ceci Neumann
Independent Law Practice Professional
Josh S. Weston
Honorary Chairman
Automatic Data Processing, Inc.
Vincent Wilczynski, Ph.D.
Deputy Dean, School of Engineering &
Applied Science
Yale University
Senior Advisors
Dr. Shirley Ann Jackson
President
Rensselaer Polytechnic Institute
Kjeld Kirk Kristiansen
Chairman of the Board
LEGO Foundation and KIRKBI A/S
Gordon Lankton
Chairman of the Board
Nypro Inc.
Dr. William P. Murphy, Jr.
Founder
Cordis Corporation
Dr. Roland Schmitt
President Emeritus
Rensselaer Polytechnic Institute
The Hon. Jeanne Shaheen
United States Senator
New Hampshire
Listing current as of February, 2013
Championship photography by Adriana M. Groisman and Argenis Apolinario. Official White House photo, page 2.
Other images courtesy of FIRST teams, Volunteers, and Sponsors.
Leadership
The financial information presented here is condensed and does not include the value of all donated services and materials.
Certain amounts reported for 2011 have been restated. For details, please refer to the accompanying notes which are an integral
part of the Audited Financial Statements (AFS).
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