Fiscal Year 2023
Financials
RATIOS
DEFINITIONS
Quick Ratio
Short term liquidity ratio that measures a company's immediate ability to cover its current liabilities with its most liquid assets. Ratio of 1 and above is considered good.
Receivables Turn Over Ratio
Average number of days it takes a company to collect its accounts receivable.
Change in Net Assets
Did the organization live within its means during the year? A positive number indicates revenues were greater than expenses.
Program Expense Ratio
Are expenses being used on core mission? A ratio of 50% means half of all expenditures were for programs related to the core mission.
Operating Margin
Ability to produce a potential surplus for future periods. A higher ratio indicates a stronger likelihood of increasing net assets.
Debt Ratio
The proportion of an organization’s assets which are financed through debt. The higher the ratio, the greater risk will be associated with the organization since more debt is needed. A ratio 50% or less indicates a good financial base.
TARGET
SLA FY2023
SLA FY2022
Quick Ratio
>1.0
11.03
4.56
Receivables Turn Over Ratio
<40
36.67
35.40
Change in Net Assets
Avoid two consecutive years of defaults
$7,577,185
$16,247,385
Program Expense Ratio
65-85%
75%
80%
Operating Margin
<50%
19%
41%
Debt Ratio
0-15%
6%
7%
Unaudited Statements of Financial Position
November 30,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$22,325,879
$5,745,326
Stamping fees receivable
$3,020,250
$3,944,403
Prepaid expenses
$542,321
$582,463
Total current assets
$25,888,450
$10,272,191
Investments at fair value
$24,744,921
$31,385,032
Property and equipment, net
$2,093,622
$2,556,105
Intangible asset, net (software)
$1,147,886
$1,878,571
Other assets
$66,210
$211,522
Total assets
$53,941,088
$46,303,420
Liabilities and Net Assets
Current liabilities:
Accounts payable
$343,180
$404,918
Accrued liabilities
$2,004,797
$1,847,973
Total current liabilities
$2,347,977
$2,252,891
Long-term liabilities:
Deferred rent
$306,562
$341,165
Accrued post-retirement benefit liability
$851,230
$851,230
Total liabilities
$3,505,769
$3,445,286
Commitments
Net Assets:
Unrestricted:
Undesignated
$30,725,319
$23,148,134
Board-designated
$19,710,000
$19,710,000
Total net assets
$50,435,319
$42,858,134
Total liabilities and net assets
$53,941,088
$46,303,420
Unaudited Statements of Cash Flows
Fiscal Years Ended November 30,
2023
2022
Cash Flows from Operating Activities:
Change in net assets
$7,577,185
$16,247,386
Adjustments to reconcile change in net assets to net cash provided by operating activities:
Depreciation of property and equipment
$583,326
$526,725
Amortization of intangible assets
$730,685
$1,003,459
Realized loss/(gain) on disposal of equipment
$3,032
-------------
Realized/unrealized loss/ (gain) on investments
($405,084)
$1,666,458
Unrealized gain on pension and post retirement benefits
-------------
($445,676)
Changes in operating assets and liabilities:
Stamping fees and other receivable
$924,152
$207,276
Prepaid expenses and other assets
$185,454
($235,421)
Accounts payable and accrued liabilities
$95,086
($37,305)
Deferred rent liability
($34,602)
($47,768)
Net cash provided by operating activities
$9,659,234
$18,885,134
Cash Flows from Investing Activities:
Proceeds from sales and maturities of investments
$16,704,457
$4,431,581
Purchase of investments
($9,659,262)
($20,446,062)
Proceeds from sale of property, equipment and software
-------------
-------------
Purchase of property and equipment
($123,876)
($749,897)
Additions to software
-------------
($516,105)
Net cash used in investing activities
$6,921,319
($17,280,483)
Cash Flows from Financing Activities:
Payment on note payable to bank
-------------
-------------
Net cash used in financing activities
-------------
-------------
Net Increase in Cash and Cash Equivalents
$16,580,553
$1,604,651
Cash and Cash Equivalents, beginning of fiscal year
$5,745,326
$4,140,675
Cash and Cash Equivalents, end of fiscal year
$22,325,879
$5,745,326
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Property and equipment additions:
Included in current liabilities
$10,832
$78,436
Interest paid
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