Financial Position   <<Prev Page  |  Next Page>>

During the 2008-2009 fiscal year, conference revenue dropped by $853,000. Through strong budget management, even with this drop in revenue, the HEUG managed to end the fiscal year with a negative net income of only $62,000. Midway through fiscal year 2010 we see similar trends in conference revenues and anticipate a loss for this fiscal year, as well. Plans are in place for Fiscal Year 2011 to implement a membership fee which will reduce the HEUG’s dependence on conference revenue.

    2009     2008
ASSETS
  Cash and Cash Equivalents $  1,683,773   $  1,478,934
  Prepaid expenses   210     22,000
   
   
Total Current Assets $  1,683,983   $  1,500,934
           
LIABILITIES AND NET ASSETS
  Current Liabilities          
      Accounts payable $  286,021   $  40,828
           
  Net Assets –Unrestricted          
      Unrestricted   1,397,962     1,460,106
   
   
     Total Liabilities and Net Assets $  1,683,983   $  1,500,934
           
REVENUES
  Conference Revenue $ 3,080,190   $  3,932,911
  Revenue sharing income   54,673      64,010
  Interest Income   64,601     70,553
   
   
Total Revenue $  3,199,464   $ 4,067,474
           
OPERATING EXPENSES
  Program Expenses $ 2,947,684   $ 3,690,806
  Administrative Expenses   287,797      292,478
   
   
Total Operating Expenses $ 3,235,481   $ 3,983,284
   
 
   
 
Change in Net Assets
From Operating Activities
  (36,017)       84,190 
           
NON-OPERATING INCOME (EXPENSE)
  Foreign currency translation    (26,127)     14,899
           
CHANGE IN NET ASSETS
  $ (62,144)     99,089

Source: HEUG Audited Financial statement


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