WILD SALMON CENTER Audited Financial Statements For
WILD SALMON CENTERAuditedFinancial StatementsFor the Years EndedDecember 31, 2005 and 2004
INDEPENDENT AUDITOR'S REPORTTo the Board of DirectorsWild Salmon CenterPortland, OregonWe have audited the accompanying statements of financial position of WildSalmon Center as of December 31, 2005 and 2004, and the related statementsof activities and cash flows for the years then ended. These financialstatements are the responsibility of Wild Salmon Center's management. Ourresponsibility is to express an opinion on these financial statements based onour audits.We conducted our audits in accordance with U.S. generally accepted auditingstandards. Those standards require that we plan and perform the audits toobtain reasonable assurance about whether the financial statements are freeof material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.In our opinion, the financial statements referred to above present fairly, in allmaterial respects, the financial position of Wild Salmon Center as ofDecember 31, 2005 and 2004, and the changes in net assets and its cash flowsfor the years then ended in conformity with U.S. generally acceptedaccounting principles.February 15, 2006-1-
WILD SALMON CENTERSTATEMENTS OF FINANCIAL POSITIONDecember 31, 2005 and 2004ASSETSCash and cash equivalentsAccounts receivable, net of allowance for uncollectibleaccounts of 26,887 for 2005Pledges receivablePrepaid expenses, deposits, and suppliesRefundable advanceProperty and equipment, netLand held for preservationTOTAL ASSETS20052004 1,989,593 00,00015,562150,000542,175936,241 4,033,744 3,300,887 LIABILITIES AND NET ASSETSLiabilities:Accounts payable and accrued expensesNotes payableTotal liabilitiesNet assets:Unrestricted:UndesignatedLand, property and equipment, netBoard designatedTotal unrestrictedTemporarily restricted:Time and purpose restrictedRestricted property and equipment, netTotal temporarily restrictedTotal net assetsTOTAL LIABILITIES AND NET ASSETSSee notes to financial ,8291,728,1333,708,5042,747,180 4,033,744 3,300,887
WILD SALMON CENTERSTATEMENTS OF ACTIVITIESFor the years ended December 31, 2005 and 20042005Revenue:Grants and contributionsProgram revenueDonated materials and servicesInterest incomeOther incomeNet assets released from restrictions:Satisfaction of program restrictionsTotal revenueExpenses:Program services:Cascadia Salmon Biodiversity ProgramKamchatka Salmon Biodiversity ProgramState of the Salmon ProgramRussian Far East Salmon Biodiversity ProgramTillamook Rainforest CoalitionTotal program servicesGeneral and administrativeDevelopment and fundraisingTotal expensesIncome (loss) from operating activitiesContributions for purchase of landChange in net assetsNet assets:Beginning of yearEnd of year2004UnrestrictedTemporarilyRestrictedTotal 1,521,289442,4426,52812,20712,071 3,933,58922,361- 48(3,471,211)484,739-Unrestricted 672,880TemporarilyRestrictedTotal 4,441,01036,411- 28,1332,747,180303,246768,7571,072,003 1,495,632 2,212,872 3,708,504 1,019,047 1,728,133 2,747,180See notes to financial statements.-3-
WILD SALMON CENTERSTATEMENTS OF CASH FLOWSFor the years ended December 31, 2005 and 20042005Cash flows from operating activities:Cash received from grants, contracts, and contributionsOther cash receiptsInterest receivedCash paid to employees and suppliersCash paid for interestNet cash provided by operating activities2004 6,084,744 5,725,70611,6217,91512,2073,523(4,782,561) (4,499,091)(16,887)(6,685)1,309,1241,231,368Cash flows from investing activities:Proceeds from sale of propertyAdditions to land, property and equipmentNet cash used in investing ,589)Cash flows from financing activities:Contributions restricted for purchase of landProceeds from long-term debtPrincipal payments on long-term debtNet cash provided by (used in) financing 1,081,999623,990982,7781,365,603382,825 1,989,593 1,365,603 1,675,177Net increase in cash and cash equivalentsCash and cash equivalents - beginning of yearCash and cash equivalents - end of yearReconciliation of change in net assets to net cashprovided by operating activities:Change in net assetsAdjustments to reconcile change in net assets to netcash provided by operating activities:DepreciationLoss on disposition of property and equipmentContributions restricted for purchase of land(Increase) decrease in:Accounts and grants receivablePrepaid expenses, deposits, and suppliesIncrease in:Accounts payable and accrued expensesNet cash provided by operating activitiesSee notes to financial 37,424132,129175,150(1,978)9,73839,323 1,309,124 1,231,368
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTSDecember 31, 2005 and 20041.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESOrganizationWild Salmon Center, founded in 1992, is an incorporated association whosemission is to identify, understand and protect the best wild salmonecosystems of the Pacific Rim. The Organization devises and implementspractical strategies, based on the best science, to protect forever theseextraordinary places and their biodiversity. The Organization’s Board ofDirectors and staff include experts in salmon management and conservationfrom Canada, Russia and the United States. The Organization receivessupport primarily from various public and private foundations. Support tothe Organization from one private foundation approximated 47% for 2005and 40% for 2004. This private foundation has pledged future supporttotaling 2.3 million through 2006, subject to performance requirements.The Organization’s primary programs include: Cascadia Salmon Biodiversity Program: An effort to create a systemof sanctuaries for native salmon and steelhead in the United StatesPacific Northwest, focusing on the most productive and species-richsalmon ecosystems in Oregon and Washington. Kamchatka Salmon Biodiversity Program: A joint effort of theRussian government and Wild Salmon Center to support theconservation, study and economic development of salmon, trout, andsteelhead on Russia’s Kamchatka peninsula. State of the Salmon Program: The State of the Salmon program is acooperatively organized source of information and knowledge onNorth Pacific salmon—an integrated resource that will fostercollaborative policy progress toward a future in which wild salmon,and all life that depends on them, prosper. A joint program of WildSalmon Center and Ecotrust, the State of the Salmon also supports theIUCN/World Conservation Union Salmonid Specialist Group. Russian Far East Salmon Biodiversity Program: A collaboration withscientists and policy experts across the Russian Far East to developconservation strategies and action plans to protect the most speciesrich, healthy and unique salmon watersheds in the Russian Far East.-5-
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTS, ContinuedDecember 31, 2005 and 20041.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, ContinuedOrganization, Continued Tillamook Rainforest Coalition: Tillamook Rainforest Coalition is agroup of more than 130 small businesses, angler, commercial fishing,conservation, and landowner groups concerned about the fate of theTillamook and Clatsop State Forests. Founding organizations areWild Salmon Center, Audubon Society of Portland, Coast RangeAssociation, National Wildlife Federation, Sierra Club, and TroutUnlimited.Basis of PresentationThe Organization reports information regarding its financial position andactivities according to three classes of net assets: unrestricted net assets,temporarily restricted net assets, and permanently restricted net assets. Unrestricted net assets represent net assets not subject to donor-imposedstipulations. Temporarily restricted net assets represent net assets subject to donorimposed stipulations that may or will be met by actions of theOrganization and/or the passage of time. Permanently restricted net assets represent net assets subject to donorimposed stipulations that neither expire with the passage of time nor canbe fulfilled or otherwise removed by actions of the Organization.The Organization had only unrestricted and temporarily restricted net assetsat December 31, 2005 and 2004.Cash and Cash EquivalentsFor the purposes of the statement of cash flows, the Organization considersall highly liquid investments available for current use with maturities ofthree months or less, at the time of purchase, to be cash equivalents.-6-
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTS, ContinuedDecember 31, 2005 and 20041.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, ContinuedAccounts ReceivableAccounts receivable are reported at the amount management expects tocollect on balances outstanding at year-end. Management provides forprobable uncollectible amounts through a charge to the change in net assetsand a credit to a valuation allowance based on its assessment of the currentstatus of individual accounts. Balances that are still outstanding aftermanagement has used reasonable collection efforts are written off through acharge to the valuation allowance and a credit to accounts receivable.Changes in the valuation allowance have not been material to the financialstatements.Property and EquipmentAdditions to property and equipment with values exceeding 500 arecapitalized. Property and equipment are carried at cost, or, if donated, at theapproximate fair value at the date of donation. Depreciation is computedusing the straight-line method over the estimated useful lives of the assets.Grants and ContributionsGrants and other contributions of cash and other assets are reported asunrestricted support unless they are received with donor restrictions thatlimit their use. All donor-restricted support is reported as an increase intemporarily or permanently restricted net assets, depending on the nature ofthe restriction. When a restriction expires (that is, when a stipulated timerestriction ends or purpose restriction is accomplished), temporarilyrestricted net assets are reclassified to unrestricted net assets and reported inthe statement of activities as net assets released from restrictions.Donated Materials and ServicesIn-kind contributions of equipment and other materials are recorded wherethere is an objective basis upon which to value these contributions and wherethe contributions are an integral part of the Organization's activities.The Organization reports as revenue the fair value of contributed servicesreceived where the services require specialized skills, are provided byindividuals possessing these skills, and represent services that would havebeen purchased had they not been donated. For 2005, donated professionalservices for legal and accounting approximating 2,400 were charged togeneral and administrative expenses. For 2004, donated professional servicesprovided in connection with the purchase of land approximating 28,700were capitalized.-7-
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTS, ContinuedDecember 31, 2005 and 20041.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, ContinuedDonated Materials and Services, ContinuedThe Organization regularly receives contributed services from a variety ofvolunteers who assist the Organization in its programs and events. Thevalue of such services has not been recognized in the accompanying financialstatements since the criteria for recording these contributed services have notbeen met.Functional Allocation of ExpensesThe costs of providing the various programs and other activities have beensummarized on a functional basis in the statement of activities. Accordingly,certain costs have been allocated among the programs and supportingservices benefited.Income TaxesWild Salmon Center is exempt from federal and state income taxes underInternal Revenue Code Section 501(c)(3). For 2004, the Organization wassubject to excise taxes for excess lobbying expenses approximating 32,700.The Organization is not a private foundation.Use of EstimatesThe preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates andassumptions that affect certain reported amounts and disclosures.Accordingly, actual results could differ from those estimates.2.PLEDGES RECEIVABLEPledges receivable at December 31, 2005 and 2004 include unconditionalfoundation grants, which are expected to be received within one year.Conditional multi-year grants contingent on performance and matchingrequirements approximate 2,588,000 at December 31, 2005 and accordingly,are not reported in the financial statements.Subsequent to year end, the Organization was notified of a conditionalpromise to give of 500,000. The terms of the agreement require that theOrganization, in consultation with the donor, use the funds to acquire andmanage land in specified watersheds in Northwest Oregon.-8-
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTS, ContinuedDecember 31, 2005 and 20043.REFUNDABLE ADVANCEIn August 2001, the Organization advanced 150,000 to River Networktoward their purchase of the Schmidt Bar Tract. The advance was repaid onFebruary 8, 2005.4.PROPERTY AND EQUIPMENTProperty and equipment consist of the following:2005LandOffice furniture and equipmentComputer equipmentLeasehold improvementsBiostationsExpedition equipmentDisplay equipment ,114 195,738 820,595 542,175Less accumulated depreciationNet property and equipment5.2004LAND HELD FOR PRESERVATIONDuring 2004, the Organization acquired 255 acres of land along Elk Creek inClallam County, Washington. The land is subject to restrictive covenantswhich require that it be used only for salmon recovery and conservationpurposes.-9-
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTS, ContinuedDecember 31, 2005 and 20046.NOTES PAYABLENotes payable at December 31, 2005 and 2004 consist of the following:2005Note payable to The Conservation Fund;principal and interest at 6.25% was repaid onDecember 22, 2005; unsecured.2004- 181,507Note payable to The Conservation Fund; thenote plus interest at 6.25% was repaid onFebruary 3, 2005; unsecured.-27,500Note payable to founder and board memberin connection with deferred compensationagreement; payable in annual installments of 33,798 including interest at 3.76% throughDecember 31, 2008; unsecured. Interest isadjusted annually to the applicable federalrates.93,169122,367Total notes payableCurrent portionLong-term portion 93,169 331,374 29,58763,58293,169 238,20493,170331,374 Current maturities of long-term debt are as follows:December 31, 200620072008 29,58730,92432,65893,169Interest expense totaled 16,887 for 2005 and 6,685 for 2004.- 10 -
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTS, ContinuedDecember 31, 2005 and 20047.BOARD DESIGNATED NET ASSETSUnrestricted net assets totaling 275,000 have been designated as the"Opportunity Fund." The purpose of the Opportunity Fund is to provideavailable funds for special projects. During 2003, the Organization wasauthorized to use designated funds totaling 52,119 to cover operatingdeficits of Cascadia Salmon Biodiversity Program and Tillamook RainforestCoalition. The intention of the Organization is to restore the OpportunityFund back to the original 275,000 with future program surpluses. The fundwas restored in February 2005.During 2005, the Board of Directors established an Operating Reserve Fund.The purpose of this fund is to set aside funds as a contingency reserve forpotential future operating shortfalls. During 2005 the Board designated 125,000 for this account. No funds from the Operating Reserve fund wereused by the Organization during 2005A summary of Board designated net assets are as follows:2005Opportunity FundOperating Reserve FundTotal Board designated net assets- 11 -2004 275,000125,000 222,881- 400,000 222,881
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTS, ContinuedDecember 31, 2005 and 20048.TEMPORARILY RESTRICTED NET ASSETSTemporarily restricted net assets are restricted to the following programs:2005Kamchatka Salmon Biodiversity ProgramState of the Salmon ProgramRussian Far East Salmon BiodiversityProgramCascadia South Salmon BiodiversityProgramCascadia North Salmon BiodiversityProgramTotal temporarily restricted net assets9. 20041,518,757481,860 1,437,287--185,264-74,375212,25531,2072,212,872 1,728,133RELATED PARTY TRANSACTIONSThe Organization has contracts with two organizations in which a boardmember serves on both the Wild Salmon Center board and the contractingorganization's board. The Organization paid contract services approximating 260,000 to these two organizations during 2005 and 140,000 during 2004.As disclosed in Note 6, the Organization has a note payable to the founderand current board member in connection with a deferred compensationagreement. The Organization also paid this board member salary andbenefits approximating 55,000 during 2005 and 53,500 during 2004. Inaddition, in 2004, the Organization made a 50,000 grant to a nonprofitorganization in which this board member is the executive director. This samenonprofit organization also has an amount payable to the Organizationtotaling 53,774 at December 31, 2005 and 2004. An allowance of 26,887 hasbeen reserved against the amount due at December 31, 2005.- 12 -
WILD SALMON CENTERNOTES TO FINANCIAL STATEMENTS, ContinuedDecember 31, 2005 and 200410.EMPLOYEE BENEFIT PLANSThe Organization has defined contribution salary deferral plans (401k and403(b)) covering all full-time employees based in the United States. Under theplans, these employees are eligible to contribute to one of the plans after sixmonths of employment. Employees can contribute up to seven percent oftheir pre-tax earnings each period and the Organization will match employeecontributions up to seven percent. Plan contributions during 2005 and 2004were 73,256 and 53,982, respectively.11.LEASE COMMITMENTSThe Organization leases its Portland office facilities under a lease expiringOctober 31, 2007 and its Seattle office facilities under a lease expiringFebruary 28, 2006. The Portland lease can be terminated without penalty withfour months notification. The Organization entered into a lease agreement forfacilities in Port Angeles, Washington. The lease is for a 12-month periodbeginning November 2005. The Organization also leases a copier under anoperating lease expiring in July 2009. Total lease expense under theseagreements approximated 81,000 and 73,000 for 2005 and 2004, respectively.Future minimum lease payments under non-cancelable leases total 13,000 forthe year ending December 2006 through 2009.12.CONCENTRATIONS OF CREDIT RISK ARISING FROM CASHDEPOSITS IN EXCESS OF INSURED LIMITSThe Organization’s cash accounts are maintained in various financialinstitutions. The balances with each institution are insured by the FederalDeposit Insurance Corporation (FDIC) up to 100,000. At times, these balancesmay exceed the insured limit. Uninsured balances approximate 2,065,000 and 1,259,000 at December 31, 2005 and 2004, respectively.- 13 -
Wild Salmon Center Portland, Oregon We have audited the accompanying statements of financial position of Wild Salmon Center as of December 31, 2005 and 2004, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of Wild Salmon Center's management. Our
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