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AFBAmerican Foundation®
for the Blind

Expanding possibilities for people with vision loss

2018 Financials

Consolidated Statements of Financial Position

as of JUNE 30, 2018 and 2017 (amounts expressed in thousands)

2017

2016


Assets

   

Cash and cash equivalents

$1,273

$1,067

Investments, at fair value

23,154

26,405

Accounts receivable, net

477

147

Pledges and grants receivable, net

1,062

1,168

Other receivables

24

20

Prepaid expenses and other assets

189

528

Property and equipment, net

818

1,201

 

Total Assets

$26,997

$30,536


Liabilities

   

Accounts payable and accrued expenses

$840

$926

Accrued postretirement benefit liability

138

166

Deferred revenue

120

151

Deferred rent obligation

202

314

 

Total Liabilities

$1,300

$1,557



Net Assets

   

Unrestricted

$14,379

$16,655

Temporarily restricted

6,004

7,013

Permanently restricted

5,314

5,311

 

Total Net Assets

$25,697

$28,979


TOTAL LIABILITIES AND NET ASSETS

$26,997

$30,536


Consolidated Statement of Activities and Changes in Net Assets

as of June 30, 2018 and 2017 (amounts expressed in thousands)

Unrestricted

Temporarily
Restricted

Permanently
Restricted

2017

2016


Revenues, Gains, and Other Support


Public support

$1,363 $641 $3 $2,007 $4,820

Legacies and bequests

1,660

1

1,661

1,527

Grants from government agencies

224

224

347


Total public support

3,023

866

3

3,892

6,694

Other Revenue

 

Sales, primarily textbooks and other publications

783

8

791

716

Investment activity

1,638

268

1,906

2,285

Miscellaneous revenue

515

108

623

811

Total other revenue from continuing operations

2,936

384

3,320

3,812

Net assets released from restrictions

2,259

(2,259)


TOTAL REVENUES, GAINS, AND OTHER SUPPORT

$8,218

$(1,009)

$3

$7,212

$10,506


Expenses

         

Program Services

         

Knowledge building and information dissemination

$3,562

$3,562

$5,659

Technology solutions

1,708

1,708

2,605

Advocacy and public policy

1,192

1,192

1,558

Total program services

6,462

6,462

9,822

Supporting Services

         

Management and general

2,569

2,569

1,610

Fundraising

1,463

1,463

1,890

Total supporting services

4,032

4,032

3,500


TOTAL EXPENSES FROM CONTINUING OPERATIONS

$10,494

$10,494

$13,322


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

$(2,276)

$(1,099)

$3

$(3,282)

$(2,816)

Postretirement-related changes other than net periodic costs

(15)

Change in Net Assets

(2,276)

(1,009)

3

(3,282)

(2,831)

Net assets, beginning of year

16,655

7,013

5,311

28,979

31,810


NET ASSETS, END OF YEAR

$14,379

$6,004

$5,314

$25,697

$28,979


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