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AFBAmerican Foundation®
for the Blind

Expanding possibilities for people with vision loss

Financial Statements

Consolidated Statements of Financial Position
Consolidated Statement of Financial Position
Consolidated Statement of Activities and Changes in Net Assets
Consolidated Statement of Functional Expenses
Consolidated Statement of Cash Flows
Schedule of Expenditures for Federal Awards
Notes to Consolidated Financial Statements
Notes to the Schedule of Expenditures of Federal Awards
Report on Internal Control Over Financial Reporting and on Compliance and other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards
Independent Auditors' Report on Compliance with Requirements that Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133
Independent Auditors' Report

American Foundation for the Blind, Inc.

Consolidated Statement of Financial Position
JUNE 30, 2011 and 2011

(in thousands of dollars)

2011

2010


ASSETS

   

Cash and cash equivalents

$ 3,756

$ 4,542

Investments, at fair value

37,503

32,362

Accounts receivable, net

377

313

Pledges and grants receivable, net

3,250

3,661

Other receivables

199

551

Inventories, net

344

353

Prepaid expenses and other assets

154

322

Property and equipment, net

1,919

2,052

 

TOTAL ASSETS

$ 47,502

$ 44,156


LIABILITIES AND NET ASSETS

   

Accounts payable and accrued expenses

$ 1,364

$ 935

Accrued postretirement benefit liability

153

212

Deferred revenue

226

132

Deferred rent obligation

495

476

Obligations under capital leases

38

78

 

TOTAL LIABILITIES

$ 2,276

$ 1,833



Net Assets

   

Unrestricted

26,457

22,548

Temporarily restricted

14,879

15,996

Permanently restricted

3,890

3,779

 

Total Net Assets

45,226

42,323


TOTAL LIABILITIES AND NET ASSETS

$ 47,502

$ 44,156



American Foundation for the Blind, Inc.

Consolidated Statement of Activities and Changes in Net Assets
FOR THE YEAR ENDED JUNE 30, 2011 AND 2010

(in thousands of dollars)

Unrestricted

Temporarily
Restricted

Permanently
Restricted

Total
2011

Total
2010


Revenues, gains and other support:


Public support

1,788 1,229 78 3,095 2,840

Legacies and bequests

4,007

1

33

4,041

1,657

Grants from government agencies

557

557

146


Total Public Support

5,795

1,787

111

7,693

4,643


Other Revenue:

         

Sales, primarily Text Book and other publications

787

3

790

1,533

Investment activity

4,396

1,766

6,162

4,927

Royalty and other income, net

Miscellaneous revenue

436

188

624

2,882


Total other revenue before discontinued operations

5,619

1,957

7,576

9,342

Less revenues from discontinued operations

(24)

(24)

(864)


Total other revenue from continuing operations

5,595

1,957

7,552

8,478


Net assets released from restrictions

4,861

(4,861)


Total revenues, gains and other support from continuing operations

16,251

(1,117)

111

15,245

13,121


EXPENSES

         


Program services:

         

Knowledge Building and information dissemination

4,0721

4,072

3,981

Technology solutions

3,618

3,618

3,148

Advocacy and public policy

818

818

770

Production, sale, and distribution of audio material

(5)

(5)

1,189


Total program services

8,503

8,503

9,088


Supporting services:

         

Management and general

1,073

1,073

1,572

Fundraising

2,785

2,785

3,201


Total supporting services

3,858

3,858

4,773


Total expenses before discontinued operations

12,361

12,361

13,861

Less expenses from discontinued operations

5

5

(1,189)


Total expenses from continuing operations

12,366

12,366

12,672


Changes in net assets before loss on discontinued operations and postretirement related changes

3,885

(1,117);

111

2,879

449

Gain (Loss) on discontinued operations (Note 16)

29

29

(325)

Postretirement related changes other than net periodic costs

(5)

(5)

8


Changes in net assets

3,909

(1,117)

111

2,903

132

Net assets, beginning of year

22,548

15,996

3,779

42,323

42,191


Net assets, end of year

26,457

14,879

3,890

45,226

42,323



American Foundation for the Blind, Inc.

Consolidated Statement of Functional Expenses
FOR THE YEAR ENDED JUNE 30, 2011 and 2010

Program Services


(in thousands of dollars)

Knowledge
Building &
Information
Dissemination

Technology
Solutions

Advocacy
and
Public
Policy

Production,
Sale and
Distribution of
of Audio
Materials

Total
Program
Services


Salaries and related expenses

$ 2,347

$ 2,410

$ 481

$ —

$ 5,238

Occupancy

362

316

119

797

Cost of materials sold

260

192

6

13

471

Office and operating expenses

95

114

25

(31)

203

Postage and shipping supplies

13

8

1

22

Other selling expenses

322

5

11

338

Readers fees

9;

9

Professional services

236

223

30

489

Printed materials

33

15

11

59

Travel and meetings

113

123

43

279

Project expenses

74

5

52

131

Depreciation and amortization

198

126

17

9

350

Other expenses (Note 10A)

19

72

22

4

117


Total expenses before discontinued operations

4,072

3,618

818

(5)

8,503


Less expenses from discontinued operations

5

5


Total expenses from continuing operations

$ 4,072

$ 3,618

$ 818

$ 8,508


Supporting Services


(in thousands)

Management
and
General

Fundraising

Total
Supporting
Services

TOTAL
EXPENSES
2011

TOTAL
EXPENSES
2010


Salaries and related expenses

$ 612

$ 875

$ 1,487

$ 6,725

$ 7,130

Occupancy

136

110

246

1,043

1,088

Cost of materials sold

471

679

Office and operating expenses

73

134

207

410

590

Postage and shipping supplies

2

522

524

546

371

Other selling expenses

1

6

7

345

319

Readers fees

9

83

Professional services

71

274

345

834

1,297

Printed materials

2

670

672

731

579

Travel and meetings

59

62

121

400

438

Project expenses

4

2

6

137

332

Depreciation and amortization

64

9

73

423

630

Other expenses

49

121

170

287

325


Total expenses before discontinued operations

$ 1,073

$ 2,785

$ 3,858

$ 12,361

$ 13,861


Less expenses from discontinued operations

$ —

$ —

$ —

$ 5

$ (1,189)


Total expenses from continuing operations

$ 1,073

$ 2,785

$ 3,858

$ 12,366

$ 12,672


American Foundation for the Blind, Inc.

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED JUNE 30, 2011 AND 2010

(in thousands of dollars)

2011

2010


CASH FLOWS FROM OPERATING ACTIVITIES

   

Change in net assets

$2,903

$132

Adjustments to reconcile change in net assets
to net cash provided (used) by operating activities:

   

Depreciation and amortization

423

630

Realized (gain) loss on sales of investments

(49)

611

Unrealized (gain) loss on investments

(4,768)

(4,412)

Increase (decrease) in pledge discount

23

62

Bad debt expense

100

105

Contributions restricted for investment in endowment

(111)

(217)

(Gain) Loss on disposal of equipment

(75)

Decrease (increase) in:

   

Accounts and pledges receivable

366

2,299

Other receivables

352

(260)

Inventories

9

89

Prepaid expenses and other assets

168

(75)

Increase (decrease) in:

   

Accounts payable and accrued expenses

429

(630)

Accrued postretirement benefit liability

(59)

(56)

Deferred revenue and rent obligation

113

438


Net Cash Provided (Used) In Operating Activities

(101)

(1,359)


Cash Flows from Investing Activities

   

Proceeds from sales of investments

838

9,897

Purchases of investments

(1,162)

(5,333)

Proceeds from sales of property and equipment

94

Purchases of property and equipment

(290)

(821)


Net Cash Provided (Used) in Investing Activities

(614)

3,837


Cash Flows from Financing Activities

   

Contributions restricted for endowment

111

217

Principle payments under capital lease obligations

(40)

(39)


Net Cash Provided (Used) by Financing Activities

71

178


Net Increase (Decrease) in Cash and Cash Equivalents

(644)

2,656


Beginning Cash and Cash Equivalents

4,542

1,886


Ending Cash and Cash Equivalents

$3,898

$4,542


Supplemental Disclosures:

   

Cash payments for interest

$2

$3




American Foundation for the Blind, Inc.

Schedule of Expenditures of Federal Awards
for the Year Ended June 30, 2011

Federal Grantor/Pass-Through
Grantor/Program Title

Federal
CFDA
Number

Pass-Through
Entity identifying
Number

Federal
Expenditures


U.S. DEPARTMENT OF EDUCATION

 

 

 

Direct Programs

 

 

 

National Institute on Disability and Rehabilitation Research

84.133G

 

$ 164,378

Special Projects and Demonstrations for Providing Vocational Rehabilitation Services to Individuals With Severe Disabilities

84.235K

 

327,315


Subtotal of Education Direct Programs

 

 

491,693

Department of Education Pass-Through Program From:

 

 

 

Mississippi State University-RRTC on Employment Outcomes for Individuals who are Blind or Visually Impaired

84.133B

H133B100022

65,513


Total U.S. Department of Education

 

 

$ 557,206


Total Expenditures of Federal Awards

 

 

$ 557,206


The accompanying notes are an integral part of these financial statements.

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