* Income figure does not include in-kind support.
Last year’s annual appeal raised a record breaking $41,465. That’s about $3,600 more than the year before! A total of 197 households contributed and the average contribution was an impressive $210. In addition, another 19 households contributed over $3,142 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 $207,298 in the 2015 fiscal year, which ended June 30, 2015. Programs were our largest source of income. This year grant income accounted for 21% 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 24% 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 $213,964. As is typical, the vast majority (82%) of our expenses during the fiscal year ending June 30, 2015 went toward programs, a category that includes staff salaries. Special events, most of which are mission-related, accounted for 7% of expenses. Administrative costs accounted for 5% of expenses, nature preserve maintenance and improvements accounted for 3% and fundraising expenses accounted for only about 2% of our total cash expenses.
Our overall financial position continues to be strong. The recently completed 2015 audit reports net assets of $557,895 including real estate. We are free of debt and continue to maintain healthy cash reserves.
For the first time in 10 years we had a small deficit--about $6,600. We anticipated this shortfall (2.8% of our budget) based on increased investment in adult programs, an increase in fees related to the VISTA program and other factors. The decision to expend these funds was only made knowing we had available healthy reserves. The PVAS board and staff take the chapter's financial responsibilities very seriously.
Because of the allocation of these additional funds, we were able to serve 1,500 more people than last year. A very successful annual appeal and other fundraising events kept the deficit quite manageable. Nevertheless, deficit spending is not something PVAS will do often, and then only for the right reasons and when we're in a position to do so. We are constantly looking for new sources of income, for ways to cut costs, and to increase efficiency.
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 $9,976 after supporting five years of camp interns. Donations in 2015 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, Dan Cogswell, is a semi-retired software developer who is streamlining our accounting procedures. On all financial matters, our staff and Board follow a Fiscal Operations Policy Manual to guide all our financial procedures and record-keeping. This manual is reviewed and updated 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, 2015, found that our books and procedures are in good order.
Form 990 Tax Filings
Audited Financial Reports