FINANCIAL STATEMENTS
STATEMENT OF FUNCTIONAL EXPENSES For the year ended December 31, 2025
STATEMENTS OF CASH FLOWS For the years ended December 31,
2025
2024
Cash flows from operating activities Change in net assets.............................................................. $ 13,474,960 $ 11,411,380 Adjustments to reconcile change in net assets to net cash provided by operating activities: Pension related adjustment other than service cost................................................................................ 485,213 (842,627) Depreciation and amortization................................................... 7,060,915 5,764,604 Amortization of right of use assets............................................ 4,387,367 4,336,353 Bad debts......................................................................................... 2,500 112,500 Realized and unrealized gains on investments, net.................. (17,163,686) (10,281,789) Changes in operating assets and liabilities: Interest and dividends receivable ....................................................... 17 63,384 Accounts receivable................................................................ (445,666) 72,918 Inventories................................................................................... 23,483 (14,330) Prepaid expenses and other assets........................................ (776,061) (837,134) Accounts payable and accrued expenses................................ 390,367 (487,607) Deferred revenues.................................................................. 1,478,337 964,268 Lease liability........................................................................ (5,656,234) (5,401,921) Accrued postretirement benefits............................................... 495,787 539,627 Net cash provided by operating activities...................... 3,757,299 5,399,626 Cash flows from investing activities Capital expenditures .................................................................. (4,702,225) (8,084,766) Purchases of investments........................................................... (8,641,827) (15,386,177) Proceeds from sales of investments........................................... 14,731,927 17,631,947 Net cash provided by (used in) investing activities.............. 1,387,875 (5,838,996) Cash flows from financing activities Repayments of borrowings........................................................ (7,500,000) (1,000,000) Net cash used in financing activities............................. (7,500,000) (1,000,000) NET DECREASE IN CASH AND CASH EQUIVALENTS (2,354,826) (1,439,370)
Programs Publications and Memberships
General and Administrative
Total
Compensation
$ 54,193,111 $ 6,635,189 $ 60,828,300
Professional fees
1,564,962
898,157
2,463,119
Advertising and promotion
1,569,239
-
1,569,239
Office expenses
795,995
129,339
925,334
Technology maintenance
7,831,209
530,187
8,361,396
Royalties
726,361
-
726,361
Occupancy
5,674,720
335,147
6,009,867
Travel
1,374,246
72,462
1,446,708
Training
266,385
34,908
301,293
Program expenses
4,808,418
1,164
4,809,582
Depreciation and amortization
6,796,324
264,591
7,060,915
Insurance
462,767
39,098
501,865
Other post retirement employee benefit
971,960
86,040
1,058,000
Interest
81,711
-
81,711
Office equipment
116,715
7,359
124,074
Telecommunication
288,198
21,852
310,050
Other expenses
2,500
-
2,500
Total expenses
$ 87,524,821 $ 9,055,493 $ 96,580,314
Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year
19,464,875
20,904,245 $ 19,464,875
The accompanying notes are an integral part of this financial statement.
$ 17,110,049
Supplemental disclosure of cash flow information Capital expenditures included within accounts payable and accrued expenses........................................................ $ Cash paid for interest............................................................. $
STATEMENT OF FUNCTIONAL EXPENSES For the year ended December 31, 2024
285,457 67,211
$ 498,637 $ 190,980
Programs Publications and Memberships
General and Administrative
Total
The accompanying notes are an integral part of these financial statements.
Compensation
$ 49,489,755 $ 6,483,587 $ 55,973,342
Professional fees
1,202,973
615,603
1,818,576
Advertising and promotion
1,662,570
-
1,662,570
Office expenses
835,078
118,668
953,746
Technology maintenance
6,727,556
443,056
7,170,612
Royalties
743,887
-
743,887
Occupancy
5,656,569
337,015
5,993,584
Travel
1,187,620
64,263
1,251,883
Training
271,042
37,710
308,752
Program expenses
4,933,084
1,159
4,934,243
Depreciation and amortization
5,527,081
237,523
5,764,604
Insurance
476,878
40,090
516,968
Other post retirement employee benefit
971,431
86,569
1,058,000
Interest
207,593
-
207,593
Office equipment
121,166
8,199
129,365
Telecommunication
293,744
23,427
317,171
Other expenses
112,500
-
112,500
Total expenses
$ 80,420,527 $ 8,496,869 $ 88,917,396
The accompanying notes are an integral part of this financial statement.
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2025 Annual Report
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