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2006 Report to the Community Annual Report
Lighthouse for the Blind, Inc. and Its Foundation FY 2006 Financials
The financial information contained in the Balance Sheet and Statement of Activities is taken from our most recent annual financial statements as independently audited by the accounting firm of Moss-Adams. The Five Year Financial Summary is taken from our internal financials. Complete financial statement is available upon request.
BALANCE SHEET
Fiscal years ended September 30, 2006 and 2005
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2006
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2005
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CURRENT ASSETS
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Cash
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$ 261,700
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$ 214,217
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Investments
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7,033,377
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5,832,333
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Accounts receivable, net of allowance for doubtful accounts of $77,619 in 2006 and $80,892 in 2005
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2,806,941
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3,271,645
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Other receivables
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180,316
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263,358
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Inventory
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5,116,974
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5,905,475
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Other assets
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222,834
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192,772
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Total current assets
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15,622,142
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15,679,800
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LONG-TERM INVESTMENTS
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10,374,343
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9,754,880
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PREPAID PENSION COST
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2,765,496
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2,979,489
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PROPERTY, PLANT, AND EQUIPMENT, net
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6,562,955
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6,341,514
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$ 35,324,936
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$ 34,755,683
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LIABILITIES AND UNRESTRICTED NET ASSETS
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CURRENT LIABILITIES
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Accounts Payable
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$ 1,500,873
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$ 2,155,666
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Deferred Revenue
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272,405
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156,132
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Accrued vacation and sick leave
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729,797
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657,867
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Other liabilities
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273,446
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265,437
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Total current liabilities
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2,776,521
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3,235,102
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UNRESTRICTED NET ASSETS
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General
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22,174,072
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21,765,701
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Board designated
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10,374,343
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9,754,880
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32,548,415
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31,520,581
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$ 35,324,936
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$ 34,755,683
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STATEMENT OF ACTIVITIES
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2006
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2005
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NET SALES
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$ 33,348,110
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$ 31,518,816
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COST OF SALES
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$ 26,750,715
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$ 24,252,575
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COSTS AND EXPENSES
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Warehouse and shipping
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530,297
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484,656
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Selling
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348,963
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449,694
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Administrative
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4,450,017
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4,466,622
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OPERATING EXPENSE
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5,329,277
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5,400,972
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INCOME FROM MANUFACTURING AND BASE SUPPLY OPERATIONS
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1,268,118
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1,865,269
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OTHER INCOME (EXPENSE)
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Investment Return
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895,733
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142,674
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Excess of program expenses over support and revenue
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(1,555,194)
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(1,354,806)
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Other income, net
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112,562
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203,115
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Bequests, contributions, grants, and charitable trust distributions
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306,615*
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267,960*
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(240,284)
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(741,057)
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CHANGE IN UNRESTRICTED NET ASSETS
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1,027,834
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1,124,212
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UNRESTRICTED NET ASSETS
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Beginning of year
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31,520,581
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30,396,369
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End of year
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$ 32,548,415
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$ 31,520,581
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* This number excludes in-kind donations totaling $183,092 in 2006 and $16,228 in 2005. Refer to pages ___ for details on Seattle Lighthouse for the Blind Foundation charitable contributions.
LIGHTHOUSE FOR THE BLIND, INC. FIVE YEAR FINANCIAL SUMMARY
Fiscal years ended September 30, 2002 - 2006
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2006
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2005
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2004
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2003
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2002
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Net Sales
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$ 33,348,110
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$31,518,816
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$30,921,492
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$29,302,987
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$22,565,437
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Cost of Sales
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$ 26,750,715
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24,252,575
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23,797,369
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22,768,142
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17,706,927
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Gross Margin
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6,597,395
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7,266,241
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7,124,123
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6,534,845
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4,858,510
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Operating Expense
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5,329,277
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5,400,972
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5,305,863
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4,750,716
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4,169,565
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Net Operating Income
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1,268,118
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1,865,269
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1,818,260
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1,784,129
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688,945
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Other Income (Expense)
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(240,284)
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(741,057)
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467,610
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424,025
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(902,072)
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Net Income (Expense)
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$ 1,027,834
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$ 1,124,212
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$2,285,870
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$2,208,154
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$ (213,127)
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