* Income figure does not include in-kind support.
In spite of the continuing difficult economic conditions, we were able to raise $36,139
during last year’s annual appeal. That’s $2,000 more than the year before and a new
record. A total of 185 households contributed and the average contribution was an
impressive $195. In addition, another 20 households contributed nearly $4,000 to PVAS
during the same period through the United Way and Combined Federal Campaign
appeals. We're extremely grateful to all the families and individuals who continue to
support us financially.
Our overall cash income was $222,261 this year, with programs being our largest source
of income. This year grant income accounted for only 14% of total income, while
program income accounted for 34%. We will likely never be able to ask schools and
individuals to pay fees that are large enough to cover the full costs of our educational
programs, but we continue to strive to lessen our dependency on external grants and
make our programs as self-sustaining as possible.
Donations accounted for a significant 32% of cash income during the fiscal year and
special events accounted for 17%. The remainder of our income was from membership
dues (3%), with earned interest being less than .5%.
Our cash expenses were $199,198. As is typical, the vast majority (69%) of our
expenses during the fiscal year ending June 30, 2013 were for programs, a category
that includes staff salaries. Special events, most of which are mission-related, accounted
for 7% of expenses. Administrative costs (which include payroll taxes and worker’s
compensation) accounted for 6% of expenses, nature preserve maintenance and
improvements accounted for 16%, higher than last year due to the Eidolon cabin
restoration, and fundraising expenses accounted for only 2% of our total cash expenses.
Assets and Reserves
We are happy to report that our overall financial position continues to be strong. We
follow very conservative fiscal practices and consistently achieve operating surpluses.
Because we manage our financial reserves very conservatively we have not suffered any
investment losses. The recently completed 2013 audit reports net assets of $602,495
including real estate. We are free of debt and continue to maintain healthy cash reserves..
The Potomac Valley Audubon Society Fund, an endowment established by the Eastern West Virginia Community Foundation in 2004 in honor of PVAS founder Jean Neely and managed by the Bank of Charles Town, has continued to rebound from the
losses it suffered during 2008-2009. In any case, the PVAS Board remains committed to
reinvesting any and all proceeds from this fund back into the fund in order to grow it for
the future, so we are not dependent on the fund as a source of immediate income.
PVAS continues to manage the Liz Neely Memorial Education Fund, established two
years ago by Jean Neely in memory of her stepdaughter Liz. The fund is dedicated to
supporting our Audubon Discovery Day Camp by providing a full, $2,000 stipend for one
camp instructor per year for as long as its monies last. The fund now totals $12,925 after
supporting three years of camp interns. Donations specifically designated to the fund in
2013 have somewhat replenished the account. Others who would like to donate to the
fund to extend its reach are welcome to do so.
Financial Administration & Oversight
We are very fortunate to have an outstanding volunteer treasurer, Lex Miller. Lex is a
retired research actuary who is a Fellow of the Society of Actuaries. His attention to
detail and thorough understanding of PVAS’s programs and finances is remarkable.
We also employ a part-time bookkeeper, Elizabeth Lowe, who works closely with our
treasurer on payroll, disbursements, tax reports, and monthly financial statements. On
all financial matters, they and our staff and Board follow a Fiscal Operations Policy
Manual that was developed to guide our financial procedures and recordkeeping. Our
accountant is Chad Lawyer, CPA, of the Martinsburg firm of Ours, Lawyer, Lewis &
Company. Our most recent professional audit, covering the fiscal year that ended June
30, 2013, found that our books and procedures are in good order.
Form 990 Tax Filings
Audited Financial Reports