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AFBAmerican Foundation®
for the Blind

Expanding possibilities for people with vision loss

2017 Financials

Consolidated Statements of Financial Position

as of JUNE 30, 2017 and 2016 (amounts expressed in thousands)

2017

2016


Assets

   

Cash and cash equivalents

$1,067

$542

Investments, at fair value

26,405

29,688

Accounts receivable, net

147

275

Pledges and grants receivable, net

1,168

1,443

Other receivables

14

14

Inventories, net

20

3

Prepaid expenses and other assets

528

483

Property and equipment, net

1,201

1,315

 

Total Assets

$30,536

$33,749


Liabilities

   

Accounts payable and accrued expenses

$926

$1,252

Accrued postretirement benefit liability

232

232

Deferred revenue

166

183

Deferred rent obligation

151

134

 

Total Liabilities

$1,557

$1,939



Net Assets

   

Unrestricted

$16,655

$18,421

Temporarily restricted

7,013

8,092

Permanently restricted

5,311

5,297

 

Total Net Assets

$28,979

$31,810


TOTAL LIABILITIES AND NET ASSETS

$30,536

$33,749


Consolidated Statement of Activities and Changes in Net Assets

as of June 30, 2017 and 2016 (amounts expressed in thousands)

Unrestricted

Temporarily
Restricted

Permanently
Restricted

2017

2016


Revenues, Gains, and Other Support


Public support

$4,078 $728 $14 $4,280 $3,048

Legacies and bequests

1,526

1

1,527

4,296

Grants from government agencies

347

347

316


Total public support

5,604

1,076

14

6,694

7,660

Other Revenue

 

Sales, primarily textbooks and other publications

705

11

716

757

Investment activity

1,834

451

2,285

(574)

Miscellaneous revenue

611

200

811

721

Total other revenue from continuing operations

3,150

662

3,812

904

Net assets released from restrictions

2,817

(2,817)


TOTAL REVENUES, GAINS, AND OTHER SUPPORT

$11,571

$(1,079)

$14

$10,506

$8,564


Expenses

         

Program Services

         

Knowledge building and information dissemination

$5,659

$5,659

$4,777

Technology solutions

2,605

2,605

2,362

Advocacy and public policy

1,558

1,558

1,318

Total program services

9,822

9,822

8,457

Supporting Services

         

Management and general

1,610

1,610

1,467

Fundraising

1,890

1,890

1,921

Total supporting services

3,500

3,500

3,388


TOTAL EXPENSES FROM CONTINUING OPERATIONS

$13,322

$13,322

$11,845


Change in Net Assets Before Loss on Discontinued Operations and Postretirement Related Changes

$(1,751)

$(1,079)

$14

$(2,816)

$(3,281)

Postretirement-related changes other than net periodic costs

(15)

(15)

20

Change in Net Assets

(1,766)

(1,079)

14

(2,831)

(3,261)

Net assets, beginning of year

18,421

8,092

5,297

31,810

35,071


NET ASSETS, END OF YEAR

$16,655

$7,013

$5,311

$28,979

$31,810


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