the american numismatic society financial...

THE AMERICAN NUMISMATIC SOCIETY

FINANCIAL STATEMENTS

SEPTEMBER 30, 2002 AND 2001


CONTENTS


Page

Independent auditor's report

1

Financial statements:

Statement of financial position

2

Statement of activities, 2002

3 - 4

Statement of activities, 2001

5 - 6

Statement of changes in net assets

7

Statement of cash flows

8

Notes to financial statements

9 - 17

Additional information:

Schedule of changes in unrestricted, temporarily restricted,

and permanently restricted net assets, 2002

19 - 22

Schedule of functional expenses, 2002

23

Schedule of functional expenses, 2001

24

INDEPENDENT AUDITOR'S REPORT

To the Council

The American Numismatic Society

New York, New York

We have audited the accompanying statement of financial position of The American Numismatic Society(a nonprofit corporation) as of September 30, 2002 and 2001, and the related statements of activities,changes in net assets and cash flows for the years then ended. These financial statements are theresponsibility of the Society's management. Our responsibility is to express an opinion on these financialstatements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audits to obtain reasonableassurance about whether the financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of The American Numismatic Society as of September 30, 2002 and 2001, and thechanges in its net assets and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements takenas a whole. The accompanying schedules of changes in unrestricted, temporarily restricted andpermanently restricted net assets and functional expenses are presented for the purpose of additionalanalysis and are not a required part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basic financial statements taken as awhole.

November 18, 2002

1.


STATEMENT OF FINANCIAL POSITION


2002

2001

ASSETS

Cash

$ 132,309

$ 190,409

Pledges receivable

340,932

362,860

Other receivables and prepaid expenses

250,541

235,104

Investments in marketable securities,

at fair value (note 5)

10,585,759

11,572,493

Beneficial interest in perpetual trusts

1,866,330

2,166,932

Society collections

-

-

Property and equipment, net (note 7)

9,082,338

8,744,962

Total assets

$ 22,258,209

$ 23,272,760

LIABILITIES AND NET ASSETS

Liabilities:

Accounts payable

$ 88,594

$ 78,501

Net assets:

Unrestricted:

Undesignated

3,225,683

2,948,030

Designated for property and equipment

8,869,153

8,744,958

Total unrestricted net assets

12,094,836

11,692,988

Temporarily restricted

4,474,980

5,616,267

Permanently restricted

5,599,799

5,885,004

Total net assets

22,169,615

23,194,259

Total liabilities and net assets

$ 22,258,209

$ 23,272,760

See notes to financial statements.

2.


STATEMENT OF ACTIVITIES

YEAR ENDED SEPTEMBER 30, 2002

Unrestricted

Undesignated

Designated

Total

unrestricted

Temporarily

restricted

Permanently

restricted

TotalRevenues, gains and other support:

Contributions

$ 1,193,117

$ -

$ 1,193,117

$ 34,755

$ 15,397

$ 1,243,269Sales, membership dues and other income

235,606

-

235,606

47,381

-

282,987

Rental income

150,000

-

150,000

-

-

150,000Investment income

(121,157)

(3,485)

(124,642)

(554,800)

-

(679,442)

Unrealized gain (loss) in perpetual trusts

-

-

-

-

(300,602)

(300,602)Net assets released from restrictions:

Satisfaction of program restrictions

597,956

-

597,956

(597,956)

-

-Satisfaction of building acquisition and

improvement restrictions

-

70,667

70,667

(70,667)

-

-

Total revenues, gains and other support

2,055,522

67,182

2,122,704

(1,141,287)

(285,205)

696,212

Expenses:

Program services

1,396,255

54,856

1,451,111

-

-

1,451,111Management and general

208,747

-

208,747

-

-

208,747

Fundraising

117,435

-

117,435

-

-

117,435

Total expenses

1,722,437

54,856

1,777,293

-

-

1,777,293

Change in net assets before changes in collection

items not capitalized

333,085

12,326

345,411

(1,141,287)

(285,205)

(1,081,081)

(continued)

3.



(continued)


Unrestricted

Undesignated

Designated

Unrestricted

Temporarily

restricted

Permanently

restricted

Total



$ 333,085

$ 12,326

$ 345,411

$ (1,141,287)

$ (285,205)

$ (1,081,081)

Changes in collection items not capitalized:

Sale of collection items

-

86,869

86,869

-

-

86,869Purchase of collection items

(30,432)

-

(30,432)

-

-

(30,432)

Change in net assets

$ 302,653

$ 99,195

$ 401,848

$ (1,141,287)

$ (285,205)

$ (1,024,644)


4.




Unrestricted

Undesignated

Designated

Total

unrestricted

Temporarily

restricted

Permanently

restricted

TotalRevenues, gains and other support:

Contributions

$ 163,923

$ 1,000

$ 164,923

$ 1,022,584

$ 218,949

$ 1,406,456Sales, membership dues and other income

362,005

-

362,005

196,910

-

558,915

Investment income

(139,000)

-

(139,000)

(982,560)

-

(1,121,560)Unrealized gain (loss) in perpetual trusts

-

-

-

-

(756,329)

(756,329)

Net assets released from restrictions:

Satisfaction of program restrictions

606,963

-

606,963

(606,963)

-

-Satisfaction of building acquisition and

improvement restrictions

-

147,683

147,683

(147,683)

-

-

Total revenues, gains and other support

993,891

148,683

1,142,574

(517,712)

(537,380)

87,482

Expenses:

Program services

1,149,676

57,244

1,206,920

-

-

1,206,920Management and general

240,109

-

240,109

-

-

240,109

Fundraising

219,919

-

219,919

-

-

219,919

Total expenses

1,609,704

57,244

1,666,948

-

-

1,666,948



(615,813)

91,439

(524,374)

(517,712)

(537,380)

(1,579,466)

(continued)

5.



(continued)


Unrestricted

Undesignated

Designated

Unrestricted

Temporarily

restricted

Permanently

restricted

Total



$ (615,813)

$ 91,439

$ (524,374)

$ (517,712)

$ (537,380)

$ (1,579,466)

Changes in collection items not capitalized:

Purchase of collection items

(10,881)

-

(10,881)

-

-

(10,881)


$ (626,694)

$ 91,439

$ (535,255)

$ (517,712)

$ (537,380)

$ (1,590,347)


6.


STATEMENT OF CHANGES IN NET ASSETS

YEARS ENDED SEPTEMBER 30, 2002 AND 2001

Unrestricted

Undesignated

Designated

Total

unrestricted

Temporarily

restricted

Permanently

restricted

Total

Net assets, October 1, 2000

$ 3,594,223

$ 8,634,020

$ 12,228,243

$ 6,133,979

$ 6,422,384

$ 24,784,606


(626,694)

91,439

(535,255)

(517,712)

(537,380)

(1,590,347)

Transfers

(19,499)

19,499

-

-

-

-

Net assets, September 30, 2001

2,948,030

8,744,958

11,692,988

5,616,267

5,885,004

23,194,259


302,653

99,195

401,848

(1,141,287)

(285,205)

(1,024,644)

Transfers

(25,000)

25,000

-

-

-

-

Net assets, September 30, 2002

$ 3,225,683

$ 8,869,153

$ 12,094,836

$ 4,474,980

$ 5,599,799

$ 22,169,615


7.


STATEMENT OF CASH FLOWS

YEARS ENDED SEPTEMBER 30, 2002 AND 2001

2002

2001Cash flows from operating activities:


$ (1,024,644)

$ (1,590,347)Adjustments to reconcile change in net assets to net cash

provided by (used in) operating activities:

Net (gains) losses on marketable securities

795,207

1,365,231Unrealized (gains) losses on perpetual trusts

300,602

756,329

Depreciation and amortization

54,856

57,244Contributions restricted for endowments

(15,397)

(218,949)

(Increase) decrease in operating assets:

Pledges receivable

21,928

150,602Other receivables and prepaid expenses

(15,437)

(80,436)

Increase (decrease) in operating liabilities:

Accounts payable and accrued expenses

10,093

(279,113)

Net cash provided by (used in) operating activities

127,208

160,561

Cash flows from investing activities:

Purchase of marketable securities

(52,898,687)

(35,817,200)Proceeds from sales of marketable securities

53,090,214

35,467,558

Purchase of property and equipment

(392,232)

(168,184)

Net cash (used in) investing activities

(200,705)

(517,826)

Cash flows from financing activities:

Contributions permanently restricted for endowments

15,397

218,949

Net cash provided by financing activities

15,397

218,949

Net (decrease) in cash

(58,100)

(138,316)

Cash, beginning of year

190,409

328,725

Cash, end of year

$ 132,309

$ 190,409


8.


NOTES TO FINANCIAL STATEMENTS


1.

Organization and purpose:

The American Numismatic Society ("the Society") is a nonprofit organization organized in 1858and incorporated in 1865. The mission of the Society is to be the pre-eminent national institutionadvancing the study and public appreciation of coins, medals and related objects of all cultures ashistoric and artistic documents, by maintaining the foremost numismatic collection and library; bysupporting scholarly research and publications; and by sponsoring educational and interpretiveprograms for diverse audiences. Items in the Society collections are available for loan to othermuseums for exhibits on particular themes. The Society's revenues are primarily derived fromcontributions and investment income.

2.

Summary of significant accounting policies:

Basis of accounting:

The accompanying financial statements have been prepared on the accrual basis. Accordingly,revenues and their related assets are recognized when earned, and expenses and their relatedliabilities are recognized when incurred.

Net assets:

The Society reports information regarding its financial position and activities according to threeclasses of net assets: unrestricted net assets, temporarily restricted net assets, and permanentlyrestricted net assets.

Unrestricted net assets are neither permanently restricted nor temporarily restricted by donor-imposed restrictions. As reflected in the accompanying statement of financial position, theSociety has designated its unrestricted net assets into the following two categories:

Undesignated net assets are net assets that are an integral part of the Society's programs andsupporting activities and include realized capital gains and unrealized appreciation onpermanently restricted net assets in the absence of donor imposed restrictions on eitherincome or capital appreciation. These net assets are resources over which the Council hasdiscretionary control to use for operations.

Designated net assets are net assets which the Council has established a restriction forspecified purposes. These net assets are differentiated from temporarily restricted net assetsinasmuch as the Council can remove the restrictions it imposed.

Net assets (continued):

Temporarily restricted net assets contain donor imposed restrictions that permit the Society to useup or expend the donated assets as specified. These restrictions may or will be met either byactions of the Society and/or the passage of time.

9.




2.

Summary of significant accounting policies (continued):

Permanently restricted net assets contain donor-imposed restrictions that stipulate the resourcesbe maintained permanently but permit the Society to use or expend part or all of the income fromthe donated assets for specified or unspecified purposes.

Contributions:

Contributions, including promises to give, are recorded as restricted support if they are receivedwith donor stipulations that limit the use of the donated assets. When a donor restriction expires,that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarilyrestricted net assets are reclassified to unrestricted net assets and reported in the statement ofactivities as net assets released from restrictions. It is the Society's policy to record temporarilyrestricted contributions received and expended in the same accounting period in the temporarilyrestricted net asset category.

The Society recognizes contributions restricted by a donor for the acquisition or construction oflong-lived assets as temporarily restricted support and reclassifies such support to unrestricted netassets, as net assets released from restriction, when the asset is acquired or placed in service.

Nonmonetary contributions (stocks, bonds, etc.) are recorded at estimated fair value at date ofreceipt.

Use of estimates in the preparation of financial statements:

The preparation of financial statements in conformity with accounting principles generallyaccepted in the United States of America requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of the financial statements and the reported amount of income andexpenses during the reporting period. Actual results could differ from those estimates.

Investments in marketable securities:

The Society carries investments in debt securities and equity securities that have readilydeterminable fair values, at fair value in the statement of financial position and recognizesincreases and decreases in fair values in the statement of activities. Realized gains and losses andunrealized appreciation and depreciation on security transactions are allocated among individualrestricted and unrestricted funds on the basis of the respective percentage share in the fundbalance which exists at the beginning of each quarter in which income and realized and unrealizedgains or losses are earned. Purchases and sales of fixed-income and equity securities arereflected on a trade-date basis. Investment income is recorded on an accrual basis. Dividendsare recorded based upon ex-dividend dates.

10.




2.


Beneficial interest in perpetual trusts held by third parties:

The Society is the beneficiary of certain perpetual trusts under which the trust income is receivedannually for unrestricted use. The assets are held by trustees, which are separate entities. TheSociety's beneficial interest in these perpetual trusts is recorded based on the fair value of theassets held in the trusts as reported by the trustees and is reported as permanently restricted netassets. Annual changes in such amounts are shown as permanently restricted unrealized gains orlosses.

Society collections:

The Society's collections consist primarily of coins, medals and manuscripts. They are cataloged,preserved, and cared for, and activities verifying their existence and assessing their condition areperformed. The Society's collections, acquired through purchase and contributions, are notrecognized as assets on the statement of financial position. Purchases of collection items arerecorded in the year in which the items were acquired as decreases in unrestricted, temporarilyrestricted or permanently restricted net assets if the assets used to purchase the items wererestricted by the donors. Contributed collection items are not reflected in the financial statements.Proceeds from deaccessions, which are reflected as increases in the appropriate net asset class,are used to acquire other items for the collection. Collection items include coins, medals, papercurrency, library books and other objects and documents. The current value of the collections isnot readily determinable.

Property and equipment:

Property and equipment are recorded at cost less accumulated depreciation. The cost ofmaintenance and repairs is charged to expense as incurred. Significant renewals andreplacements which substantially extend the lives of the assets are capitalized.

Depreciation is provided principally using straight-line methods over the estimated useful lives ofthe assets as follows:

Computer equipment

5-10 Years

Furniture and office equipment

5-10 Years

Building - Broadway

100 Years

The estimated useful life of the William Street building will be determined after the completion ofthe renovations and the building is placed in service.

11.




2.


The land underlying the Broadway building was acquired by deed in 1906, 1914 and 1924. Theland has been carried at a nominal value, which amount has not been adjusted in connection withthe adoption of Statement of Financial Accounting Standards No. 116 Accounting forContributions Received and Contributions Made (SFAS No. 116) in 1995. The Societybelieves that the original fair value of the land when deeded is not material to the financialstatements.

Income taxes:

No provision for federal and state income taxes has been provided on the earnings of the Societysince it has received an exemption from income taxes under Section 501(c)(3) of the InternalRevenue Code. The Society has been classified as an organization that is not a private foundationunder Section 509(a)(2) of the Internal Revenue Code.

Donated services:

The Society received donated services from its officers, directors and other volunteers. Noamounts are reflected in the financial statements for these services, as there is no objective basisavailable by which to measure the value of such services.

Wholly-owned subsidiary:

The Society incorporated its wholly-owned subsidiary, NUMSOC Corp. (NUMSOC), to act asthe general contractor on the William Street renovations. Since NUMSOC is acting as an agentfor the Society, all costs incurred by NUMSOC are funded by the Society and as the funds arespent, the appropriate costs are transferred back to the Society and recorded on the books ofthe Society.

3.

Concentrations:

Financial instruments that potentially subject the Society to concentrations of credit risk consistprincipally of cash and money market accounts in financial institutions, which may exceed thefederal depository insurance coverage limit, brokerage accounts, which may exceed insurancecoverage limits, and investments. The Society maintains the cash accounts with high qualityfinancial institutions to minimize risk. Additionally, the Society reviews its investment portfoliosthroughout the year in order to minimize risk.

The Society receives its contributions primarily from its members, Council members, andfoundations interested in its programs. There is no assurance that the funding will continue at itspresent levels in the future.

12.




4.

Pledges receivable:

Pledges receivable consist of the following:

2002

2001

Restricted to:

Publications

$ 20,000

$ -

Building purchase and renovation

320,932

362,860

Total

$ 340,932

$ 362,860

Amounts due in:

Less than one year

$ 72,494

$ 175,000

One to five years

260,000

259,075 Six to ten years

100,000

-

432,494

434,075 Less discounts to present value

91,562

71,215

Total pledges receivable

$ 340,932

$ 362,860

A discount rate of 6% was used to determine the net present value of pledges receivable in morethan one year.

5.

Investments in marketable securities:

Marketable securities consist of the following:

2002

2001

Cost

Fair value

Cost

Fair value

Common stocks

$ 6,875,929

$ 6,469,862

$ 8,614,769

$ 9,071,772

Government

agency bonds

1,015,000

1,015,000

760,280

779,581

Corporate bonds

2,409,375

2,434,375

-

-

Mutual funds

-

-

314,432

324,369

Money market

funds

666,522

666,522

1,396,771

1,396,771

$ 10,966,826

$ 10,585,759

$ 11,086,252

$ 11,572,493

13.




5.

Investments in marketable securities (continued):

The following is a summary of the relationship between the carrying values and fair values ofinvestment assets:

2002

2001

Cost

Fair value

Excess

(deficiency)

of fair value

over cost

Excess

(deficiency)

of fair value

over cost

Balance, beginning of year

$ 11,086,252

$ 11,572,493

$ 486,241

$ 1,392,273

Balance, end of year

$ 10,966,826

$ 10,585,759

(381,067)

486,241

Net change in fair value

(867,308)

(906,032)

Net realized gains (losses)

on sales of marketable

securities

72,101

(459,199)

Net (loss) on marketable

securities

$ (795,207)

$ (1,365,231)

Investment income for the years ended September 30, 2002 and 2001 consists of the following:

2002 2001

(Loss) on marketable securities, net

$ (795,207) $ (1,365,231) Interest and dividend income

162,087 284,109

Management fees paid

(100,582) (106,946) (733,702) (1,188,068)

Distributions from perpetual trusts

54,260 66,508

$ (679,442) $ (1,121,560)

6.

Society collections (unaudited):

Various coins were lent to the Society by several organizations. The collection of coins lent to theSociety had a current value assigned by the lenders of approximately $36,200 and $36,200 atSeptember 30, 2002 and 2001, respectively, not including coins loaned by the Hispanic Societyof America which have not been valued.

14.




6.

Society collections (continued):

The Society also has coins on loan with several organizations. Those coins that were lent tovarious organizations by the Society had a management estimated current value of approximately$20,091,700 and $2,123,000 at September 30, 2002 and 2001, respectively.

7.

Property and equipment:

Property and equipment are summarized as follows:

2002

2001

Building - Broadway and 155th Street $ 911,787

$ 911,787

Building - 140 William Street 4,973,438

4,973,438

Furniture and office equipment 710,320

683,179

Construction in progress 840,513

475,422

7,436,058

7,043,826

Accumulated depreciation

(1,353,721)

(1,298,865)

6,082,337

5,744,961

Land - 140 William Street

3,000,000

3,000,000

Land - Broadway and 155th Street

1

1

Net book value $ 9,082,338

$ 8,744,962

Depreciation and amortization expense amounted to $54,856 and $57,244 for the years endedSeptember 30, 2002 and 2001, respectively.

The building at Broadway and 155th Street is listed on the National Register of Historic Places.In accordance with that listing, approval from the National Park Service is required prior to anysubstantial modifications to the existing building. The Society is examining the possibility of sellingthis building in connection with the proposed relocation to the William Street building.

The Society is performing renovations to the William Street building through NUMSOC.Currently, NUMSOC is negotiating with contractors for the renovation of certain portions of theproperty. The Council has approved expenditures of up to approximately $2,770,000 for therenovations and planned move. As of September 30, 2002, the Society has no commitmentsbeyond the $840,513 previously incurred.

15.




8.

Designated unrestricted net assets:

The Council established the following designated funds from the unrestricted net assets as ofSeptember 30, 2002 and 2001:

2002 2001 Property and equipment

$ 8,760,769 $ 8,744,958

Library salary support

108,384 -

$ 8,869,153 $ 8,744,958

During the year ended September 30, 2002, the Council designated a portion of the unrestrictednet assets to fund the salaries of the Society's librarians. The initial amounts transferred into thisfund came from the sale of duplicate items from the library collection and the partial payment tothe Society of $25,000 from the Huntington Free Library settlement (see Note 14).

9.

Temporarily restricted net assets:

As of September 30, 2002 and 2001, temporarily restricted net assets are available for thefollowing purposes:

2002

2001

Coin and medal purchases $ 559,792

$ 615,752

Library purchases 141,984

167,558 Education 305,001

499,988

Departmental support 1,560,156

2,152,517 140 William Street:

Museum renovations 1,880,697

2,180,452 Other 27,350

-

$ 4,474,980

$ 5,616,267

16.




10.

Permanently restricted net assets:

As of September 30, 2002 and 2001, permanently restricted net assets are available for thefollowing purposes:

2002

2001

Program activities:

Museum operations

$ 2,191,748

$ 2,478,753 Library purchases

112,668

112,668

Coin purchases

76,701

76,701 Education

640,023

640,023

Computer related activities

780,600

780,600 Medals purchases

8,001

8,001

Curators

1,750,058

1,748,258 Other

40,000

40,000

$ 5,599,799

$ 5,885,004

11.

Retirement plan:

The Society maintains a retirement benefits plan that covers all eligible employees through definedcontributions by the Society for the purchase of individual annuity contracts with TeachersInsurance and Annuity Association/College Retirement Equities Fund. The plan is funded asaccrued, and all full-time employees are eligible to participate. Contributions to the planamounted to $75,571 and $74,518 for the years ended September 30, 2002 and 2001,respectively.

12.

Related party transactions:

The Society paid investment advisory fees of $100,582 and $106,946 for the years endedSeptember 30, 2002 and 2001, respectively, to a firm in which a member of the Council is aprincipal.

13.

Rental income:

In January 2002, the Society leased the first floor of the William Street building to the City ofNew York Economic Development Corporation for a period of six months with an option torenew for an additional six month period at a monthly rental of $18,750 during the initial andoption periods. Rental income for the year ended September 30, 2002 totaled $150,000. Thetenant exercised the renewal option in June. Future rental income under this lease agreementapproximates $75,000.

17.




14.

Litigation:

Society collections:

The Society had been involved in litigation to recover early date U.S. cents that were switchedand/or removed illicitly from its possession many years ago. During the year ended September30, 2001, the aforementioned case was settled. As part of the settlement, the Society receivedthe return of 38 coins, 20 other coins were previously sold by the defendant, and a $255,000refund of legal fees, which is included in sales, membership dues and other income. Eighteenillicitly taken coins have been voluntarily returned by others. The Society continues its efforts torecover an additional 53 coins.

Huntington Free Library:

The Huntington Free Library (the "Library") invaded a perpetual trust in which the Society was abeneficiary. The Society agreed to settle with the Library for $75,000, subject to court approval,and received an inital payment of $25,000. Subsequent to year-end, the court rejected thesettlement. Any funds received pursuant to this settlement are designated for the support oflibrary salaries.

18.


SCHEDULE OF CHANGES IN UNRESTRICTED, TEMPORARILY RESTRICTED,

AND PERMANENTLY RESTRICTED NET ASSETS


Contributions

Investment

income

Other income

Expenses

Transfers

Net change in

fund

Net assets,

October 1,2001

Net assets

September 30,

2002

Unrestricted:

Undesignated

$ 1,193,117

$ (121,157)

$ 472,475

$ (1,154,913)

$ (25,000)

$ 364,522

$ 2,948,030

$ 3,312,552

Designated

Property and equipment

-

-

-

(54,856)

70,667

15,811

8,744,958

8,760,769

Library salary support

-

(3,485)

86,869

-

25,000

108,384

-

108,384

Total designated funds

-

(3,485)

86,869

(54,856)

95,667

124,195

8,744,958

8,869,153

Total unrestricted funds

1,193,117

(124,642)

559,344

(1,209,769)

70,667

488,717

11,692,988

12,181,705

Temporarily restricted:

Designated for coin and medal

purchases:

A. S. Sullivan Medal fund

-

(953)

-

-

-

(953)

12,108

11,155Avery Coin Purchase fund

-

(3,970)

-

-

-

(3,970)

62,911

58,941

Edward P. Groh Memorial fund

-

(789)

-

-

-

(789)

12,502

11,713Fecht Coin Purchase fund

-

(8,130)

-

-

-

(8,130)

128,852

120,722

George H. Clapp Coin Purchase

fund

-

(1,996)

-

-

-

(1,996)

26,634

24,638Gale Coin Purchase fund

-

(4,611)

-

-

-

(4,611)

51,383

46,772

General Coin Purchases including

E.T. Newell Coin Purchase

fund

-

(20,351)

-

(11,600)

-

(31,951)

272,517

240,566J. Sanford Saltus Medal fund

-

(1,535)

-

-

-

(1,535)

19,317

17,782

John & Mary Lhotka Memorial

Purchase fund

-

(661)

-

-

-

(661)

7,903

7,242Memorial Decorations fund

-

(1,006)

-

-

-

(1,006)

15,946

14,940

Revolving Coin Purchase fund

-

(358)

-

-

-

(358)

5,679

5,321

Total designated for coin and

medal purchases

-

(44,360)

-

(11,600)

-

(55,960)

615,752

559,792

19.




(continued)


Contributions

Investment

income

Other income

Expenses

Transfers

Net change in

fund

Net assets,

October 1,2001

Net assets

September 30,

2002

Temporarily restricted (continued):

Designated for library purchases:

Bass Library fund

$ 9,500

$ (11,550)

$ -

$ (18,832)

$ -

$ (20,882)

$ 94,309

$ 73,427W. Gedney Beatty Library fund

-

(2,143)

-

-

-

(2,143)

33,953

31,810

Merritt Library fund

-

(2,018)

-

-

-

(2,018)

31,994

29,976Michael Louis Backowske

Memorial Purchase fund

-

(531)

-

-

-

(531)

7,302

6,771

Total designated for library

purchases

9,500

(16,242)

-

(18,832)

-

(25,574)

167,558

141,984

Designated for education:

Donald Groves fund

-

(7,850)

-

(100,000)

-

(107,850)

124,401

16,551EPN - Education fund

-

(48,164)

-

(19,052)

-

(67,216)

238,274

171,058

Frances M. Schwartz Memorial

fund

-

(5,868)

-

(3,120)

-

(8,988)

52,995

44,007Harry W. Fowler Memorial Lecture

fund

783

(3,423)

-

-

-

(2,640)

3,673

1,033Krause fund

5,000

(1,389)

-

-

-

3,611

4,493

8,104

Roman Studies fund

-

(155)

-

-

-

(155)

2,448

2,293Scher Lecture fund

-

(2,789)

-

(3,944)

-

(6,733)

(5,806)

(12,539)

Sheikh Hamad Islamic Award fund

-

(60)

-

-

-

(60)

944

884Thompson Memorial fund

-

(4,956)

-

-

-

(4,956)

78,566

73,610

Total designated for education

5,783

(74,654)

-

(126,116)

-

(194,987)

499,988

305,001

20.




(continued)


Contributions

Investment

income

Other income

Expenses

Transfers

Net change in

fund

Net assets,

October 1,2001

Net assets

September 30,

2002

Temporarily restricted funds (continued):

Designated for new building:

New Century fund

$ (11,878)

$ (137,749)

$ -

$ (79,461)

$ (70,667)

$ (299,755)

$ 2,180,452

$ 1,880,697

Total designated for new building

(11,878)

(137,749)

-

(79,461)

(70,667)

(299,755)

2,180,452

1,880,697

Departmental support funds:

Eidlitz Building Maintenance fund

-

(15,632)

-

(52,908)

-

(68,540)

247,740

179,200General Publications including E.T.

Newell Publications fund

-

(51,632)

47,381

(82,074)

-

(86,325)

793,260

706,935Harry Bass Endowment for

Computers fund

4,000

(49,381)

-

(90,233)

-

(135,614)

340,821

205,207Margaret Thompson Curator of

Greek Coins fund

-

(99,868)

-

(45,262)

-

(145,130)

664,393

519,263Administrative salary support fund

-

(6,099)

-

-

-

(6,099)

-

(6,099)

U. S. Chair fund

-

(54,135)

-

(91,470)

-

(145,605)

106,923

(38,682)Islamic Chair fund

-

(5,048)

-

-

-

(5,048)

(620)

(5,668)

Total departmental support funds

4,000

(281,795)

47,381

(361,947)

-

(592,361)

2,152,517

1,560,156

Other designations:

Development

-

-

-

-

-

-

-

-Short term special purpose

27,350

-

-

-

-

27,350

-

27,350

Special events

-

-

-

-

-

-

-

-

Total other designations

27,350

-

-

-

-

27,350

-

27,350

Total temporarily restricted funds

34,755

(554,800)

47,381

(597,956)

(70,667)

(1,141,287)

5,616,267

4,474,980

21.




(continued)


Contributions

Investment

income

Other income

Expenses

Transfers

Net change in

fund

Net assets,

October 1,2001

Net assets

September 30,

2002

Permanently restricted:

Operations:

Operations

$ -

$ -

$ -

$ -

$ -

$ -

$ 215,162

$ 215,162 Salary support

Administrative

-

-

-

-

-

-

96,659

96,659 Library

13,597

-

-

-

-

13,597

-

13,597

Perpetual trusts

-

(300,602)

-

-

-

(300,602)

2,166,932

1,866,330Total operations

13,597

(300,602)

-

-

-

(287,005)

2,478,753

2,191,748

Bass Library fund

-

-

-

-

-

-

84,000

84,000EPN - Education fund

-

-

-

-

-

-

525,023

525,023

Frances M. Schwartz Memorial fund

-

-

-

-

-

-

40,000

40,000Gale Coin Purchase fund

-

-

-

-

-

-

21,701

21,701

George H. Clapp Coin Purchase fund

-

-

-

-

-

-

5,000

5,000General Coin Purchases including E. T.

Newell Coin Purchase fund

-

-

-

-

-

-

50,000

50,000General Publications including E. T.

Newell Publications fund

-

-

-

-

-

-

25,000

25,000Harry Bass Endowment fund

-

-

-

-

-

-

780,600

780,600

Harry W. Fowler Memorial Lecture

fund

-

-

-

-

-

-

50,000

50,000John & Mary Lhotka Memorial

Purchase fund

-

-

-

-

-

-

2,568

2,568J. Sanford Saltus Medal fund

-

-

-

-

-

-

5,000

5,000

A. S. Sullivan Medal fund

-

-

-

-

-

-

3,001

3,001Margaret Thompson Curator of Greek

Coins

-

-

-

-

-

-

918,290

918,290Michael Louis Backowske Memorial

Purchase fund

-

-

-

-

-

-

1,100

1,100Scher Lecture fund

-

-

-

-

-

-

50,000

50,000

Krause fund

-

-

-

-

-

-

15,000

15,000U. S. Chair fund

-

-

-

-

-

-

751,000

751,000

Islamic Chair fund

1,800

-

-

-

-

1,800

78,968

80,768Total permanently restricted

15,397

(300,602)

-

-

-

(285,205)

5,885,004

5,599,799

Total

$ 1,243,269

$ (980,044)

$ 606,725

$ (1,807,725)

$ -

$ (937,775)

$ 23,194,259

$ 22,256,484

22.


SCHEDULE OF FUNCTIONAL EXPENSES


Program services

Management and

general

Fundraising

Total

Salaries, benefits and payroll taxes

$ 881,385

$ 57,720

$ 103,976

$ 1,043,081Professional and consulting fees

46,656

35,623

594

82,873

Supplies

11,110

9,929

3,504

24,543Telephone

8,953

2,502

170

11,625

Postage and shipping

7,423

2,074

391

9,888Occupancy, Broadway

125,870

12,802

-

138,672

Occupancy, William Street

-

73,977

-

73,977Printing and publications

121,398

-

8,317

129,715

Conferences, conventions, meetings and travel

9,788

2,983

483

13,254Membership dues

5,285

-

-

5,285

Awards and grants

3,120

-

-

3,120Rental and maintenance of equipment

12,312

7,287

-

19,599

Depreciation and amortization

54,856

-

-

54,856Exhibition and lecture

162,955

-

-

162,955

Other service fees

-

3,850

-

3,850

$ 1,451,111

$ 208,747

$ 117,435

$ 1,777,293

23.


SCHEDULE OF FUNCTIONAL EXPENSES


Program services

Management and

general

Fundraising

Total

Salaries, benefits and payroll taxes

$ 840,055

$ 91,518

$ 113,629

$ 1,045,202Employee severance package

-

(17,414)

-

(17,414)

Professional and consulting fees

45,794

35,603

68,052

149,449Supplies

8,225

6,660

26,324

41,209

Telephone

11,376

3,179

216

14,771Postage and shipping

4,295

1,200

96

5,591

Occupancy, Broadway

100,922

7,047

-

107,969Occupancy, William Street

4,577

89,796

-

94,373

Printing and publications

50,166

3,771

6,607

60,544Conferences, conventions, meetings and travel

6,630

8,129

4,995

19,754

Membership dues

4,986

-

-

4,986Awards and grants

3,000

-

-

3,000

Rental and maintenance of equipment

17,109

6,361

-

23,470Depreciation and amortization

57,244

-

-

57,244

Exhibition and lecture

52,541

-

-

52,541Other service fees

-

4,259

-

4,259

$ 1,206,920

$ 240,109

$ 219,919

$ 1,666,948

24.

the american numismatic society financial...

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