* Income figure does not include in-kind support.
In a challenging economy, we were able to raise $38,050 in last year’s annual appeal. That’s almost $2,000 more than the year before and a new record. A total of 193 households contributed and the average contribution was an impressive $197. In addition, another 19 households contributed over $3,600 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 $216,422 this year, with programs being our largest source of income. This year grant income accounted for 25% of total income, while program income accounted for 32%. 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 22% of cash income during the fiscal year and special events accounted for 18%. The remainder of our income was from membership dues (3%), with earned interest being insignificant.
Our cash expenses were $213,141. As is typical, the vast majority (82%) of our expenses during the fiscal year ending June 30, 2013 went toward programs, a category that includes staff salaries. Special events, most of which are mission-related, accounted for 6% of expenses. Administrative costs (which include payroll taxes and worker’s compensation) accounted for 7% of expenses, nature preserve maintenance and improvements accounted for 3% (lower than last year due to no major capital projects), and fundraising expenses accounted for only 2% of our total cash expenses.
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 2014 audit reports net assets of $559,336 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 all dividends into the fund to grow it for the future.
PVAS continues to manage the Liz Neely Memorial Education Fund, established three 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 $11,946 after supporting four years of camp interns. Donations in 2014 have somewhat replenished the fund. Others who would like to donate to the fund to extend its reach are welcome to do so.
Our treasurer, Alexander Miller, is a retired research actuary who is a Fellow of the Society of Actuaries. We continue to employ a very capable part-time bookkeeper, Elizabeth Lowe. She 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 we have adopted to guide all our financial procedures and recordkeeping and update regularly. 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, 2014, found that our books and procedures are in good order.
Form 990 Tax Filings
Audited Financial Reports