AFAS 2019 Annual Report

Condensed Financials

Statements of Activities as of December 31, 2019 and 2018

2019

2018

Operating revenues

Air Force Assistance Fund Contributions

$ 1,937,579

$ 2,310,671

Other Contributions

2,089,938

5,220,251

Investment return designated for operations 1

8,710,700

9,626,300

Other revenue

4,874

1,634

Total operating revenues

12,743,091

17,158,856

Expenses

Program services: 2

Emergency assistance 3

2,945,477

9,366,125

Educational assistance

5,605,383

6,591,685

Community enhancement

1,615,183

2,481,946

Total program services expenses

10,166,043

18,439,756

Supporting services 4

2,256,490

2,104,033

Total operating expenses

12,422,533

20,543,789

Change in net assets from operations

320,558

(3,384,933)

Non-operating activities: Investment return in excess (deficit) of amount designated for current operations

23,280,211

(15,749,509)

Change in total net assets

23,600,769

(19,134,442)

Beginning net assets

186,889,247

206,023,689

Ending net assets

$ 210,490,016

$ 186,889,247

Notes: 1. The Society follows a spending guideline based on a 36-month moving average of the investment portfolio’s market value. The spending guideline, which was set by the AFAS Finance Committee at 4.53% in 2019 and 5.18% in 2018, provides the basis for yearly investment returns designated for operations. 2. Program services expenses are reported on a functional basis. Certain costs have been allocated between programs and supporting services based on the percent of time an employee works on specific programs. 3. Emergency assistance expenses exclude loans receivable, which flow through the Statements of Financial Position. The 2018 results include $6.5M spent on grants to Airmen affected by Hurricane Michael – the most expensive disaster payout in AFAS history. 4. Supporting service expenses consist of management, general operating costs, and fundraising expenses.

The information above is extracted from our audited financial statements, which are audited by an independent audit firm. The final audit report will be made available on our web site at www.afas.org .

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