FIRST 2013 Annual Reportv2 - page 46-47

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46
STATEMENTS OF ACTIVITES
JUNE 30, 2013
JUNE 30, 2012
Revenues and other support:
Program registration fees
$ 19,060,850
$ 16,746,773
Contributions and grants
18,238,363
19,529,408
Other income, net of expenses of $86,580 in 2013 and $244,255 in 2012
1,062,714
1,232,861
Special project, net of expenses of $551,381 in 2013 and $731,625 in 2012
45,145
42,001
Net assets released from restrictions
12,501,544
13,099,941
Total revenues and other support
50,908,616
50,650,984
Expenses:
FIRST
Robotics Competition (FRC)
33,406,617
34,754,397
FIRST
LEGO League (FLL) and
Junior
FIRST
LEGO League (Jr.FLL)
5,853,938
4,786,963
FIRST
Tech Challenge (FTC)
2,178,267
1,792,989
FIRST
Place (FP)
63,451
100,947
Net cost of building space occupied by unrelated not-for-profit organizations
227,306
189,962
General, administrative and supporting services, and fundraising
6,399,969
6,339,921
Operation of building
377,549
334,865
Depreciation
471,183
374,820
Total expenses
48,978,280
48,674,864
Operating surplus
1,930,336
1,976,120
STATEMENTS OF FINANCIAL POSITION
Assets:
Cash and cash equivalents*
13,398,774
13,194,985
Short-term investments*
10,500,000
8,475,693
Pledges, receivables, and other assets
11,858,347
7,747,006
Net property, plant, and equipment
4,148,808
3,663,438
Total assets, end of year
39,905,929
33,081,122
Liabilities and net assets:
Total liabilities
3,914,962
4,389,434
Net assets:
Unrestricted
18,454,129
16,523,793
Temporarily restricted
17,536,838
12,167,895
Total net assets, end of year
39,905,929
33,081,122
Total liabilities and net assets, end of year
$ 39,905,929
$ 33,081,122
*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, 2013, is equivalent to approximately five months of
FIRST
operating expenses.
The financial information presented here is condensed and does not include the value of all donated services and materials.
View Audited Financial Statements (AFS)
. Certain amounts reported for 2012 have been restated. For details, please refer to the
accompanying notes which are an integral part of the AFS.
For each of the two fiscal years summarized above,
FIRST
received an unqualified opinion from its independent auditors, BerryDunn.
FINANCIALS
LEADERSHIP
Significant
program expansion was achieved in
fiscal year 2012-2013 with limited and 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 314,000 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.
FIRST achieved its eighth
consecutive
four-star rating
from Charity Navigator
,
certifying our commitment to accountability,
transparency, and responsible fiscal management.
This rating places FIRST in the top 1% of all charities
evaluated by Charity Navigator.
Team services
& growth of
programs
G&A expenses
Fundraising costs
87
%
11
%
2
%
Board of Directors
Sheri S. McCoy - Co-Chair
Chief Executive Officer and Director
Avon Products, Inc.
Robert M. Tuttle - Co-Chair
General Partner
1848 Associates
John E. Abele - Vice Chair
Founding Chairman, Retired
Boston Scientific Corporation
Walter P. Havenstein - Vice Chair
Chief Executive Officer, Retired
Science Applications International Corporation (SAIC)
Donald E. Bossi - Secretary
President
FIRST
®
Dean Kamen - Founder
President
DEKA Research and Development Corporation
Ursula M. Burns
Chairman & CEO
Xerox Corporation
Dr. Paul E. Jacobs
Executive Chairman of the Board
Qualcomm Incorporated
Muhtar Kent
Chairman of the Board and Chief Executive Officer
Coca-Cola Company
John H. Lynch
Former Governor of the State of New Hampshire
Elliott Masie
CEO & Founder
The MASIE Center
Scott McKay
CIO & Senior Vice President
Genworth Financial
Dennis A. Muilenburg
Vice Chairman, President
and Chief Operating Officer
The Boeing Company
Kelly Ortberg
CEO & President
Rockwell Collins
Robert L. Parkinson, Jr.
Chairman & CEO
Baxter International Inc.
Steve Sanghi
President, Chief Executive Officer & Chairman
Microchip Technology, Inc.
Myron (Mike) E. Ullman III
Chief Executive Officer
JCPenney
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 Honorable Jeanne Shaheen
United States Senator
New Hampshire
Honorary Directors
Paul A. Allaire
FIRST Chairman: 1995-2000
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
Dr. Woodie Flowers - Chairman
Pappalardo Professor Emeritus
of Mechanical Engineering
Massachusetts Institute of Technology
Ray Almgren
Vice President, Product Marketing Core Platforms
National Instruments
Tom Arseneault
Chief Operating Officer
BAE Systems, Inc.
Dr. Dennis Berkey
Former President
Worcester Polytechnic Institute
Michael J. “Micky” Bly
Vice President GME Powertrain Engineering
General Motors
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 at the
Walt Disney Parks & Resorts
Erik Halleus
President & Chief Executive Officer
EuroScandia Enterprises
Michael A. Heffron
President & CEO
DeLorme
James E. Heppelmann
President and Chief Executive Officer
PTC
Marc Hodosh
Co-Creator
TEDMED
Kent H. Hughes
Director, Program on Science, Technology, America
and the Global Economy
Woodrow Wilson Center
Kyle Hughes
Founder and Teacher
Clarkston High School Science, Mathematics,
and Technology Academy
Jacob Kragh
President
LEGO Education
David Lavery
Program Executive for Solar System
Exploration
NASA
Paul Lazarus
President
White Dwarf Productions
Susie Mathieu
Partner
Spirit Hockey, LLC
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
Leadership Team
Donald E. Bossi
President
FIRST
Steven R. Chism
Vice President, Programs
FIRST
Terry Durkin
Vice President, Finance
FIRST
Mark Giordono
Vice President, Development
FIRST
Mark Greenlaw
Vice President, Information Technology
FIRST
Roseann Stevens
Vice President, Field Operations
FIRST
Listing current as of March, 2014
Championship photography by Adriana M. Groisman and Argenis Apolinario. First in the Nation photo by S. Schons. White House photo, page 9. Other images courtesy of FIRST teams, Volunteers, and Sponsors.
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