The Great Salt Lake Council desires to be transparent to its volunteers, members and donors and have posted our Audited Consolidated Financial Statements and current budget here on our website. Along with those documents a short explanation is provided for certain significant transactions.
The Year ending December 31, 2012 was another solid financial year for the Council with a net increase in net assets in the unrestricted portion of the Operating Fund of $211,684, over budget by $1,065. Revenues came in $413,773 under budget primarily due to camping. Most other revenues categories came in very close to budgeted levels. This negative revenue variance was totally offset by expenses being under budget by $414,838. The three main expenses categories under budget were Supplies, Occupancy and Recognition expenses. Most of these are related to camp, which due to the short fall in revenue put into place various expenses controls to insure they came in close to budget.
The Capital Fund had fixed assets additions of just under $1,070,000. Most of the major additions took place up at East Fork of the Bear Scout Camp including the following: Rifle Range $50,000, improvements to the camp drinking and waste water systems for $160,000, Camp Evergreen shower house and dining hall $160,000 and Camp Rendezvous Meadows pavilion, kitchen and shower house for $406,000 all paid for in funds previously raised. The Tracy Training Center had $138,000 of improvements which included a new roof, carpet, paint and tile in the bathrooms.
The Endowment Fund had an increase of $248,652, which was made up of two main drivers the first unrealized/realized gains in the endowment investments of $201,313 and the balance of $47,339 from contributions.
All three funds had a positive increase in unrestricted/restricted net assets as follows: Operating Fund of $180,826, Capital Fund of $128,867 and Endowment Fund of $248,652 for a total increase for the Council of $558,345. Also, noteworthy was long-term debt of the Council was reduced from $2,188,607 down to $1,924,011 a reduction of $264,596 i.e. 12% due to some premature payments made on both loans, which was able to be paid without penalty.
If there are further questions about these documents you are welcome to contact Brian P. Sheets, CPA (the Council’s Chief Financial Officer) at firstname.lastname@example.org.
Audited Consolidated Financial Statements here
Great Salt Lake Council Audited Consolidated Financial Statement Explanations
To assist you in better understanding the Audited Consolidated Financial Statements for the Great Salt Lake Council, BSA for the year ending December 31, 2012 the following major points of explanation are made below.
1. Boy Scout Financial Policy requires all Councils to report in a three fund format. The funds are:
2. The Audited Consolidated Financial Statements are made up of 6 basic sections. The operations of the Council are consolidated with the operations of Teton Whitewater, LC a for–profit subsidiary. Those 6 sections are:
Post the December 31, 2013 Budget here.
The budgeting process for a year begins in the spring of 2012 and usually concludes in November of that year when the Board of Directors approves the upcoming year’s operating budget. The Budget was approved by the Board at their meeting on November 28, 2012.
- General Operating Fund, which includes all normal day to day operations of the Council for the year.
- Capital Fund, which includes all of the fixed assets for the Council based on their Capitalization Policy. It also includes the Capital Campaign income and expenses and any construction in progress for fixed assets the Council is going to keep.
- Endowment Fund, which holds funds that are to be invested, made up of unrestricted, temporarily restricted and permanently restricted funds with the interest, dividends and gains used to support the Boy Scout programs in the Operating Fund.
- Independent Auditors Report page 1, which gives the Great Salt Lake Council, BSA an unqualified opinion and was a clean audit, which means the Council Consolidated Financial Statements for the year ending December 31, 2012, presents fairly, in all material respects, the financial position of the Council. The Audit Committee of the Council approved the audit by Mayer, Hoffman & McCann, PC at their meeting on May 2, 2013.
- Consolidated Statement of Financial Position, page 2, which reflects all of the Assets, Liabilities and Net Assets (i.e. equity or retained earnings) for all three funds for the year ending December 31, 2012.
- Consolidated Statement of Changes in Net Assets, pages 3-5, which show the income and expenses for all three funds broken out by the type of restrictions placed on the revenue i.e. unrestricted, temporarily restricted and permanently restricted.
- Consolidated Statement of Cash Flows, page 6-7, shows the changes in cash for all three funds broken into three major sections of Cash Flows from Operations, Cash Flows from Investing Activities and Cash Flows from Financing Activities.
- Consolidated Statement of Functional Expenses, page 8 reflects the functional expenses of Program Services, Management and General and Fund Raising broken down to their natural classifications.
- Notes to Consolidated Financial Statements, page 9-30, which represents 17 notes giving further details on various aspects of the Consolidated Audited Financial Statements.
- Additional Information, page25-27 presents program expenses for the year categorized by the major programs they are associated with.
- Volunteers and Professionals together prepare initial budgets in the Summer
- Those are reviewed by their Supervisors, the Accounting Department and put into the accounting system.
- The Budget is then compiled and reviewed by the Cabinet, made up of the Scout Executive, Director of Support Services, Director of Development, Director of Field Services and the Chief Financial Officer.
- Changes recommended and approved by the Cabinet are implemented into the budget and the paperwork is prepared to present the budget to the Budget Committee.
- The Budget Committee meets and reviews the budget and further changes are usually recommended and, once made, the budget is approved by them.
- The Budget is presented to the Officers for approval and once they approve it, usually during the first part of November and the full Board approves it later that month.
- The Budget is monitored throughout the year by staff, Officers and Board.