AMERICAN SOCIETY OF AGRONOMY, SOIL SCIENCE SOCIETY OF

27 Pages·2013·0.19 MB·English

AMERICAN SOCIETY OF AGRONOMY,
SOIL SCIENCE SOCIETY OF AMERICA,
CROP SCIENCE SOCIETY OF AMERICA,
ALLIANCE OF CROP, SOIL AND ENVIRONMENTAL
SCIENCE SOCIETIES, AND AGRONOMIC
SCIENCE FOUNDATION
Madison, Wisconsin
COMBINED FINANCIAL STATEMENTS
December 31, 2012and 2011
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS’ REPORT....................................................................................1
FINANCIAL STATEMENTS
Combined Statements of Financial Position..........................................................................3
Combined Statement of Activities - 2012..............................................................................4
Combined Statement of Activities - 2011..............................................................................5
Combined Statements of Cash Flows...................................................................................6
Notes to Combined Financial Statements.............................................................................7
SUPPLEMENTARY INFORMATION.....................................................................................24
Combined Schedules of Program Services.........................................................................25
CliftonLarsonAllen LLP
www.cliftonlarsonallen.com

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors
American Society of Agronomy,
Soil Science Society of America,
Crop Science Society of America,
Alliance of Crop, Soil and Environmental Science Societies,
and Agronomic Science Foundation
Madison, Wisconsin

Report on the Combined Financial Statements
We have audited the accompanying combined financial statements of American Society of
Agronomy, Soil Science Society of America, Crop Science Society of America, Alliance of Crop,
Soil and Environmental Science Societies, and Agronomic Science Foundation, which comprise
the combined statements of financial position as of December 31, 2012 and 2011, and the
related combined statements of activities and cash flows for the years then ended, and the
related notes to combined financial statements.

Management’s Responsibility for the Combined Financial Statements
Management is responsible for the preparation and fair presentation of these combined financial
statements in accordance with accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance of internal control relevant
to the preparation and fair presentation of combined financial statements that are free from
material misstatement, whether due to fraud or error.

Auditors’ Responsibility
Our responsibility is to express an opinion on these combined financial statements based on our
audits. We conducted our audits in accordance with auditing standards generally accepted in
the United States of America. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the combined financial statements are free from
material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the combined financial statements. The procedures selected depend on the
auditors’ judgment, including the assessment of the risks of material misstatement of the
combined financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair
presentation of the combined financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit
also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as
evaluating the overall presentation of the combined financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.

An independent member of Nexia International 1
To the Board of Directors
American Society of Agronomy,
Soil Science Society of America,
Crop Science Society of America,
Alliance of Crop, Soil and Environmental Science Societies,
and Agronomic Science Foundation
Opinion
In our opinion, the combined financial statements referred to above present fairly, in all material
respects, the financial position of American Society of Agronomy, Soil Science Society of
America, Crop Science Society of America, Alliance of Crop, Soil and Environmental Science
Societies, and Agronomic Science Foundation as of December 31, 2012 and 2011, and the
changes in their net assets and their cash flows for the years then ended in accordance with
accounting principles generally accepted in the United States of America.
Report on Supplementary Information
Our audits were conducted for the purpose of forming an opinion on the combined financial
statements as a whole. The accompanying supplementary information is presented for purposes
of additional analysis and is not a required part of the combined financial statements. Such
information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the combined financial statements. The
information has been subjected to the auditing procedures applied in the audits of the combined
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the combined
financial statements or to the combined financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the information is fairly stated in all material respects in relation to the
combined financial statements as a whole.
a
Middleton, Wisconsin
May 31, 2013
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AMERICAN SOCIETY OF AGRONOMY, SOIL SCIENCE SOCIETY OF AMERICA,
CROP SCIENCE SOCIETY OF AMERICA, ALLIANCE OF CROP, SOIL
AND ENVIRONMENTAL SCIENCE SOCIETIES,
AND AGRONOMIC SCIENCE FOUNDATION
COMBINED STATEMENTS OF FINANCIAL POSITION
December 31, 2012 and 2011
2012 2011
ASSETS
CURRENT ASSETS
Cash $ 1,403,245 $ 4,239,447
Accounts receivable 395,806 169,622
Inventories 185,615 149,655
Prepaid expenses 175,553 271,980
Total current assets 2,160,219 4,830,704
NONCURRENT ASSETS
Property and equipment - net 3,015,438 2,411,820
Investments 19,595,002 16,794,300
Total other assets 19,595,002 16,794,300
TOTAL ASSETS $ 24,770,659 $ 24,036,824
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts payable $ 357,530 $ 273,962
Deferred revenue 2,855,965 3,051,359
Other current liabilities 195,645 113,863
Accrued annual and sick leave 389,020 349,483
Total current liabilities 3,798,160 3,788,667
NONCURRENT LIABILITIES
Pension obligation - 1,285,757
Total liabilities 3,798,160 5,074,424
NET ASSETS
Unrestricted - General operating 12,370,793 11,124,845
Unrestricted - Board designated
Permanent reserve 2,913,899 2,775,566
CCA program reserve 2,042,124 1,931,366
Total unrestricted 17,326,816 15,831,777
Temporarily restricted 2,227,784 1,789,294
Permanently restricted 1,417,899 1,341,329
Total net assets 20,972,499 18,962,400
TOTAL LIABILITIES AND NET ASSETS $ 24,770,659 $ 24,036,824
The accompanying notes are an integral part of the combined financial statements.
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AMERICAN SOCIETY OF AGRONOMY, SOIL SCIENCE SOCIETY OF AMERICA
CROP SCIENCE SOCIETY OF AMERICA, ALLIANCE OF CROP, SOIL
AND ENVIRONMENTAL SCIENCE SOCIETIES,
AND AGRONOMIC SCIENCE FOUNDATION
COMBINED STATEMENT OF ACTIVITIES
Year Ended December 31, 2012
Temporarily Permanently
Unrestricted Restricted Restricted Total
TOTAL REVENUE AND OTHER SUPPORT
Subscriptions $ 2,250,040 $ - $ - $ 2,250,040
Sales - volumes and issues, reprints,
fees, and charges 1,729,774 - - 1,729,774
Registration fees and annual meeting 1,627,503 - - 1,627,503
Membership dues and activity fees 905,317 - - 905,317
Program income/branches 2,649,137 - - 2,649,137
Abstract submission fee 133,250 - - 133,250
Royalties 134,352 - - 134,352
Advertising 238,738 - - 238,738
Investment income (loss) - net 2,029,004 340,386 - 2,369,390
Contributions 49,734 255,650 76,570 381,954
Other revenue 19,730 - - 19,730
Satisfaction of program restrictions 157,546 (157,546) - -
Total revenue and other support 11,924,125 438,490 76,570 12,439,185
EXPENSES
Program services 8,861,045 - - 8,861,045
Supporting activities
Management and general 2,273,564 - - 2,273,564
Fundraising 213,669 - - 213,669
Total supporting activities 2,487,233 - - 2,487,233
Total expenses 11,348,278 - - 11,348,278
Change in net assets before pension
related charges 575,847 438,490 76,570 1,090,907
PENSION RELATED CHARGES OTHER
THAN NET PERIODIC PENSION COST 919,192 - - 919,192
CHANGE IN NET ASSETS 1,495,039 438,490 76,570 2,010,099
NET ASSETS - BEGINNING OF YEAR 15,831,777 1,789,294 1,341,329 18,962,400
NET ASSETS - END OF YEAR $ 17,326,816 $ 2,227,784 $ 1,417,899 $ 20,972,499
The accompanying notes are an integral part of the combined financial statements.
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AMERICAN SOCIETY OF AGRONOMY, SOIL SCIENCE SOCIETY OF AMERICA
CROP SCIENCE SOCIETY OF AMERICA, ALLIANCE OF CROP, SOIL
AND ENVIRONMENTAL SCIENCE SOCIETIES,
AND AGRONOMIC SCIENCE FOUNDATION
COMBINED STATEMENT OF ACTIVITIES
Year Ended December 31, 2011
Temporarily Permanently
Unrestricted Restricted Restricted Total
TOTAL REVENUE AND OTHER SUPPORT
Subscriptions $ 2,319,207 $ - $ - $ 2,319,207
Sales - volumes and issues, reprints,
fees, and charges 1,575,441 - - 1,575,441
Registration fees and annual meeting 1,723,656 - - 1,723,656
Membership dues and activity fees 874,107 - - 874,107
Program income/branches 2,412,436 - - 2,412,436
Abstract submission fees 136,300 - - 136,300
Royalties 76,717 - - 76,717
Advertising 268,322 - - 268,322
Investment income (loss) - net (18,039) (580) - (18,619)
Contributions 54,286 267,858 86,400 408,544
Other revenue 579,426 - - 579,426
Satisfaction of program restrictions 168,134 (168,134) - -
Total revenue and other support 10,169,993 99,144 86,400 10,355,537
EXPENSES
Program services 7,061,742 - - 7,061,742
Supporting activities
Management and general 1,955,520 - - 1,955,520
Fundraising 62,719 - - 62,719
Total supporting activities 2,018,239 - - 2,018,239
Total expenses 9,079,981 - - 9,079,981
Change in net assets before pension
related charges 1,090,012 99,144 86,400 1,275,556
PENSION-RELATED CHARGES OTHER
THAN NET PERIODIC PENSION COST (346,826) - - (346,826)
CHANGE IN NET ASSETS 743,186 99,144 86,400 928,730
NET ASSETS - BEGINNING OF YEAR 15,088,591 1,690,150 1,254,929 18,033,670
NET ASSETS - END OF YEAR $ 15,831,777 $ 1,789,294 $ 1,341,329 $ 18,962,400
The accompanying notes are an integral part of the combined financial statements.
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AMERICAN SOCIETY OF AGRONOMY, SOIL SCIENCE SOCIETY OF AMERICA,
CROP SCIENCE SOCIETY OF AMERICA, ALLIANCE OF CROP, SOIL
AND ENVIRONMENTAL SCIENCE SOCIETIES,
AND AGRONOMIC SCIENCE FOUNDATION
COMBINED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2012 and 2011
2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets $ 2,010,099 $ 928,730
Adjustments to reconcile change in net assets
to net cash provided by (used in) operating activities
Depreciation 184,217 195,571
Realized gain on sale of property and equipment - (564,318)
Realized loss on sale of investments 8,261 41,317
Unrealized (gain) loss on investments (1,915,150) 458,320
Change in operating assets and liabilities
Accounts receivable (226,184) (29,063)
Inventories (35,960) 12,278
Prepaid expenses 96,427 (50,969)
Other assets - 19,000
Accounts payable 83,568 22,029
Deferred revenue (195,394) 261,918
Other current liabilities 81,782 38,475
Accrued pension obligation (1,285,757) 601,913
Accrued annual and sick leave 39,537 16,546
Net cash provided by (used in)
operating activities (1,154,554) 1,951,747
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments (1,791,129) (1,872,889)
Proceeds from sales and maturities of investments 897,316 426,978
Proceeds from sale of property and equipment - 760,000
Purchases of property and equipment (787,835) (67,108)
Net cash used in investing activities (1,681,648) (753,019)
INCREASE (DECREASE) IN CASH (2,836,202) 1,198,728
CASH - BEGINNING OF YEAR 4,239,447 3,040,719
CASH - END OF YEAR $ 1,403,245 $ 4,239,447
The accompanying notes are an integral part of the combined financial statements.
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AMERICAN SOCIETY OF AGRONOMY, SOIL SCIENCE SOCIETY
OF AMERICA, CROP SCIENCE SOCIETY OF AMERICA, ALLIANCE OF CROP,
SOIL AND ENVIRONMENTAL SCIENCE SOCIETIES,
AND AGRONOMIC SCIENCE FOUNDATION
NOTES TO COMBINED FINANCIAL STATEMENTS
December 31, 2012 and 2011
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The founding purposes of American Society of Agronomy, Soil Science Society of America, Crop
Science Society of America, and Agronomic Science Foundation (the "Tri-Societies" and
"Foundation") were to make available new information on agronomy, crop science, and soil
science through technical journals to members, scientists, and the public in general. Sales of
publications are worldwide.
Beginning in 2009, the Alliance of Crop, Soil and Environmental Science Societies (ACSESS),
was organized and established to operate as a supporting organization as described in Section
509(a)(3) of the Internal Revenue Code (IRC). Consistent therewith, it operates exclusively for the
benefit of and to support the charitable, educational, and/or scientific purposes of or to carry out
functions of identified nonprivate,tax-exempt organizations described in Section 501(c)(3) IRC.
More specifically, ACSESS was established by founding members, the American Society of
Agronomy, Inc., Crop Science Society of America, Inc., and Soil Science Society of America, Inc.
ACSESS operates to support its members’ tax exempt purposes, advancing their common goals
and interests in the fields of agriculture, food, environment, and natural resources. The purpose of
ACSESS is to provide needed services and support for identified tax-exempt supported member
organizations qualified under Sections 501(c)(3) and 509(a)(1) or (a)(2) including, but not limited
to, the American Society of Agronomy, Inc., Crop Science Society of America, Inc., and Soil
Science Society of America, Inc.
The significant accounting policies followed are described below to enhance the usefulness of the
combined financial statements to the reader.
Combined Financial Statement Presentation
The accompanying combined financial statements have been prepared on the accrual basis of
accounting in accordance with accounting principles generally accepted in the United States of
America. Net assets and revenue, expenses, gains, and losses are classified based on the
existence or absence of donor-imposed restrictions. Accordingly, net assets of the Tri-Societies
and Foundation and changes therein are classified and reported as follows:
Unrestricted Net Assets - Net assets that are not subject to donor-imposed stipulations. Certain
unrestricted net assets have been designated by the board of directors. These designations
include a permanent reserve for future expenditures and a reserve for the Certified Crop Advisor
(CCA) program.
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AMERICAN SOCIETY OF AGRONOMY, SOIL SCIENCE SOCIETY
OF AMERICA, CROP SCIENCE SOCIETY OF AMERICA, ALLIANCE OF CROP,
SOIL AND ENVIRONMENTAL SCIENCE SOCIETIES,
AND AGRONOMIC SCIENCE FOUNDATION
NOTES TO COMBINED FINANCIAL STATEMENTS
December 31, 2012 and 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Combined Financial Statement Presentation(Continued)
Temporarily Restricted Net Assets - Net assets subject to donor-imposed stipulations that may
or will be met, either by actions of the Tri-Societies and Foundation and/or the passage of time.
When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net
assets and reported in the combined statements of activities as satisfaction of program
restrictions. Temporarily restricted net assets consist of net assets restricted for program
services.
Permanently Restricted - Net assets which require, by donor restriction, that the corpus be
invested in perpetuity and only the income be made available for program operations in
accordance with donor restrictions.
Revenues are reported as increases in unrestricted net assets, unless use of the related assets
is limited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted net
assets. However, donor-restricted contributions, whose restrictions are met during the same
year, are reported as increases in unrestricted net assets.
Accounts Receivable
The balance in accounts receivable consists primarily of money due to the Tri-Societies from
sales of inventory and is carried at the invoice amount. Account balances with invoices over a
year old are considered delinquent. Account balances with invoices over two years old are
written off. Payments of accounts receivable are applied to the specific invoices identified on the
customer’s remittance advice or, if unspecified, to the earliest unpaid invoices. The Tri-Societies
consider all receivables to be fully collectible, based on management’s assessment of
collectability and the aging of accounts receivable. Accordingly, no allowance for doubtful
accounts is considered necessary.
Investments
Investments are stated at fair value as determined by quoted market prices. The unrealized and
realized gains and losses on investments are reported as an increase or decrease in
unrestricted, temporarily restricted, or permanently restricted net assets based upon donor-
imposed restrictions.
Investment income is reported in the statement of activities as unrestricted, temporarily
restricted, or permanently restricted revenue based upon donor-imposed restrictions. Gains and
investment income that are limited to specific uses by donor-imposed restrictions are reported in
unrestricted net assets when the restrictions are met in the same reporting period as the gains
and income arerecognized.
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