Dear Community,
We are pleased to provide you with a financial summary of the past two fiscal years ending June 30, 2009, and 2010. We want to thank you for your remarkable support of the Education Foundation's mission to ensure excellence in each of our five community schools by donating generously during an unprecedented economic downturn. While other districts have been forced to layoff teachers and eliminate programs, our schools have not. Over the past three years, BHEF has donated in excess of three million dollars to ensure excellence. Our actual grants and revenue have remained fairly consistent. Our summary represents an accrual method of accounting, as does our 990 filing. We have provided both the accrual and cash allocations to our schools to help you see what was actually provided through your donations in a given school year.
Our goal is to raise substantially more funds without increasing our expenses so that we can fulfill our promise to provide the very best possible education for our children.Strong public schools are not only good for our students but for our entire community and we ask you to help us. Because BHEF is part of the Beverly Hills Unified School District's budget, it is only through the ed foundation that you may donate to save teachers, maintain small class sizes, build an endowment, and enhance enrichment, artistic and athletic programs, so vital to our public schools' reputation of excellence.
The summary contains notes to explain the methods of accounting and provide a summary of our finances for the past two years. Should you have any further questions, please do not hesitate to contact us. We look forward to ensuring you that your dollars are working vigorously in our schools through your generosity to BHEF.
Thank you.
| Jonathan Prince | Annette Saleh | Larry Sternshein |
| Chariman | President | CFO |
| REVENUE: | 2010 | 2009 | ||||
| <6/30/10> | <6/30/09> | |||||
| Events & Programs | ||||||
| School Spirit | $48,211 | $54,576 | ||||
| Apple Harvest Faire | 71,459 | 74,867 | ||||
| Apple Ball | 377,389 | 382,749 | ||||
| Car Show | 0 | 70,312 | ||||
| Summer School | 424,615 | 423,003 | ||||
| BHAAA | 0 | 1,083 | ||||
| Namings | 0 | 10,000 | ||||
| Year End Mailing | 16,138 | 23,571 | ||||
| Other | 62,092 | 51,253 | ||||
| Total Events & Programs | $999,911 | $1,091,414 | ||||
| Total Investment & Endowment Income |
43,286 | 61,836 | ||||
| Restricted Donation | 0 | 275,000 | ||||
| (See Note #3 Below) | ||||||
| Total Public Contributions <Not related to specific Events or Programs> |
7,662 | 0 | ||||
| Total Revenue | $1,050,859 | $1,428,250 | ||||
| EXPENSES: | ||||||
| Events & Programs | $229,724 | $311,253 | ||||
| Supporting Services | 305,666 | 266,740 | ||||
| (credit card fees, insurance, office, payroll taxes, postage, professional services, salaries, etc.) |
||||||
| Total Events & Programs and Supporting Services | 535,390 | 577,930 | ||||
| Restricted Donation | 275,000 | |||||
| (See Note #3 Below) | ||||||
| Pledges to Support Schools | 689,137 | 678,469 | ||||
| Total Expenses | $1,224,527 | $1,531,462 | ||||
| |
||||||
| Revenue in Excess of Expenses <Expenses in Excess of Revenue> |
$(173,668) |
$(103,212) | ||||
| |
||||||
| Other Notes and Information: | ||||||
| 2010 | 2009 | |||||
| <6/30/10> | <6/30/09> | |||||
| Value of Endowment Funds at 6/30 | $3,121,883 | $2,902,198 | ||||
| Grants to Support Schools <Cash Basis - See Note #2 Below> |
$784,500 | $1,001,957 |
Notes
Financial Summary provided above reflects the accrual method of accounting which is the same method used for Income Tax Reporting.
Grants to Support Schools have been reported on the accural method. We have also provided the amount on the cash method of accounting. The cash method reflects the actual amount paid within the Fiscal Year.
BHEF has provided the total Grants to Support Schools utilizing both methods of accounting, with the intention that the user of the selected Financial Data is fully informed of its distributions.
3. BHEF received a donation in FYE 6/30/08 of $275,000 which was categorized as Unrestricted Income in that year. In FYE 6/30/09, the Gift was reclassified as Permanently Restricted Income and an Endowment Fund was created. In order to reclassify income from Unrestricted to Permanently Restricted in the subsequent year, an expense was journalized to offset the prior year reported Unrestricted Income. The effect to Net Income for FYE 6/30/09 is zero as a result of this adjustment and the type of income is now correctly categorized.