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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