IOWA ASSOCIATION OF ELECTRIC COOPERATIVES STATEMENTS OF FINANCIAL POSITION - AUGUST 31, 2005 AND 2004
|
ASSETS
|
2005* |
2004 |
| Assets |
|
|
| Cash and cash equivalents |
$ 946,899 |
$ 997,113 |
| Accounts receivable |
24,031 |
60,657 |
| Accrued interest |
622 |
1,064 |
| Prepaid expenses |
25,049 |
23,384 |
| Investment securities |
386,580 |
307,227 |
| Other investments |
66,140 |
65,770 |
Property and equipment,
net of accumulated depreciation |
353,869 |
403,099 |
| TOTAL ASSETS |
$1,803,190 |
$1,858,314 |
|
LIABILITIES AND NET ASSETS
|
2005* |
2004 |
| Liabilities |
|
|
Accounts payable and
accrued expenses |
$ 237,784 |
$ 271,225 |
| Deferred revenue |
- |
117,252 |
Health care plan subscriber
premiums payable |
39,542 |
48,402 |
| Total Liabilities |
277,326 |
436,879 |
| |
| Net Assets - Unrestricted |
|
|
Membership certificates,
$5 stated value; 44 certificates
authorized and issued |
$ 220 |
$ 220 |
| Allocated deferred patronage |
132,611 |
132,611 |
| Board designated: |
|
|
| Contingency reserve |
965,662 |
870,287 |
| Educational assistance reserve |
102,923 |
97,903 |
| Undesignated |
324,448 |
320,414 |
| Total Unrestricted Net Assets |
1,525,864 |
1,421,435 |
| |
TOTAL LIABILITIES AND NET ASSETS |
$1,803,190 |
$1,858,314 |
| * Chart represents 2005 asset figures only |
|
STATEMENTS OF ACTIVITIES
|
|
2005* |
2004 |
| Revenue and Support |
|
|
| Assessments |
$ 1,465,352 |
$ 1,410,272 |
| Rent |
36,337 |
39,867 |
| Subscriptions |
376,541 |
393,079 |
| Advertising |
118,566 |
125,920 |
| Special pages and inserts |
65,420 |
66,705 |
| Education and training |
296,802 |
315,474 |
| Safety and loss control |
511,637 |
489,115 |
| Communications programs |
263,392 |
160,765 |
| Rates and member services |
6,400 |
33,425 |
| Investment income |
57,326 |
35,427 |
| Other |
14,794 |
16,961 |
| Total Revenue and Support |
3,212,567 |
3,087,010 |
|
|
2005* |
2004 |
| Expenses |
|
|
| Program services: |
|
|
| Education and training |
$ 329,684 |
$ 350,574 |
| Rates and member services |
261,549 |
219,907 |
| Safety |
507,017 |
479,599 |
| Communications |
491,509 |
317,285 |
| Government relations |
277,482 |
276,979 |
| Iowa REC news |
543,501 |
560,924 |
| Total program services |
2,410,742 |
2,205,268 |
| General and administrative expenses: |
|
|
| General office |
533,425 |
643,215 |
| Accounting |
163,971 |
137,659 |
| Interest expense |
- |
471 |
Total general
and administrative |
697,396 |
781,345 |
| Total expenses |
3,108,138 |
2,986,613 |
| |
INCREASE IN
UNRESTRICTED
NET ASSETS |
$ 104,429 |
$ 100,397 |
|
The preceding condensed presentation of the 2005 and 2004 financial statements of the Iowa Association of Electric Cooperatives has been
extracted from the organization's annual financial statements. The complete presentation of those financial statements, along with the
independent auditor's report of McGowen, Hurst, Clark & Smith, P. C. is available by contacting the Iowa Association of Electric Cooperatives. |
