FINANCIAL STATEMENTS
STATEMENT OF FUNCTIONAL EXPENSES For the year ended December 31, 2024
STATEMENTS OF CASH FLOWS For the years ended December 31,
2024
2023
Programs Publications and Memberships
Cash flows from operating activities Change in net assets.............................................................. $ 11,411,380 $ 19,059,467 Adjustments to reconcile change in net assets to net cash provided by operating activities: Pension related adjustment other than service cost.............................................................................. (842,627) 979,829 Depreciation and amortization................................................... 5,764,604 4,867,994 Amortization of right of use assets............................................ 4,336,353 4,259,180 Bad debts.................................................................................... 112,500 130,000 Realized and unrealized gains on investments, net.................. (10,281,789) (18,538,884) Changes in operating assets and liabilities: Interest and dividends receivable ............................................... 63,384 (33,753) Accounts receivable.................................................................... 72,918 23,903 Inventories................................................................................. (14,330) 92,518 Prepaid expenses and other assets........................................ (837,134) (122,380) Accounts payable and accrued expenses.............................. (487,607) (406,504) Deferred revenues..................................................................... 964,268 3,338,903 Decrease in deferred rent payable........................................................- - Lease liability........................................................................ (5,401,921) (5,052,803) Accrued postretirement benefits............................................... 539,627 409,171 Net cash provided by operating activities...................... 5,399,626 9,006,641 Cash flows from investing activities Capital expenditures .................................................................. (8,084,766) (8,328,542) Purchases of investments......................................................... (15,386,177) (15,778,491) Proceeds from sales of investments........................................... 17,631,947 18,289,578 Net cash used in investing activities.............................. (5,838,996) (5,817,455) Cash flows from financing activities Repayments of borrowings........................................................ (1,000,000) (1,000,000) Net cash used in financing activities............................. (1,000,000) (1,000,000) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,439,370) 2,189,186
General and Administrative
Total
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.
Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year
20,904,245
18,715,059 $ 20,904,245
$ 19,464,875
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, 2023
498,637 $ 1,113,374
190,980
$ 212,207
Programs Publications and Memberships
General and Administrative
Total
Compensation
$ 45,633,142 $ 5,698,201 $ 51,331,343
The accompanying notes are an integral part of these financial statements.
Professional fees
1,441,334
521,539
1,962,873
Advertising and promotion
2,031,121
-
2,031,121
Office expenses
867,480
101,633
969,113
Technology maintenance
6,204,605
399,154
6,603,759
Royalties
727,636
-
727,636
Occupancy
5,543,360
346,368
5,889,728
Travel
1,005,783
40,547
1,046,330
Training
270,429
32,864
303,293
Program expenses
4,859,039
1,100
4,860,139
Depreciation and amortization
4,689,373
178,621
4,867,994
Insurance
492,952
43,229
536,181
Other post retirement employee benefit
834,859
78,141
913,000
Interest
229,340
-
229,340
Office equipment
88,553
6,894
95,447
Telecommunication
314,061
23,057
337,118
Other expenses
601,787
-
601,787
Total expenses
$ 75,834,854 $ 7,471,348 $ 83,306,202
The accompanying notes are an integral part of this financial statement.
9
2024 Annual Report
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