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  • APPALACHIAN MOUNTAIN CLUB

    CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31,2011 AND 2010

    tonneson + CO Certified Public Accountants & Consultants

  • APPALACHIAN MOUNTAIN CLUB

    TABLE OF CONTENTS

    INDEPENDENT AUDITORS' REPORT

    FINANCIAL STATEMENTS

    CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

    CONSOLIDA TED STATEMENTS OF ACTNITIES

    CONSOLIDA TED STATEMENTS OF CASH FLOWS

    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    PRINTED ON RECYCLED PAPER

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    5 - 13

  • INDEPENDENT AUDITORS' REPORT

    Board of Directors Appalachian Mountain Club Boston, Massachusetts

    We have audited the accompanying consolidated statements offmancial position of the Appalachian Mountain Club and affiliates as of December 31, 2011 and 2010, and the related consolidated statements of activities and cash flows for the years then ended. These fmancial statements are the responsibility of Appalachian Mountain Club's management. Our responsibility is to express an opinion on these fmancial statements based on our audits.

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

    In our opinion, the consolidated fmancial statements referred to above present fairly, in all material respects, the consolidated financial position of the Appalachian Mountain Club and affiliates as of December 31,2011 and 2010, and the changes in their net assets and cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.

    Tonneson + Co

    May 17,2012

    tonneson co Certified Public Accountants & Consultants

    401 Edgewater Place, Suite 300, Wakefield, MA 01880-6208 t. 781.245.9999 f . 781.245.8731 www.tonneson.com

    - 1 -

  • APPALACHIAN MOUNTAIN CLUB

    CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

    DECEMBER 31,2011 AND 2010

    2011 2010 Assets:

    Cash and Cash Equivalents $ 5,249,275 $ 3,655,624 Accounts Receivable, less allowance for doubtful accounts

    of$23,730 in 2011 and $24,000 in 2010 516,384 431,364 Pledges Receivable 907,349 4,155,136 Prepaid Expenses 300,291 441 ,963 Inventories 656,485 576,200 Notes Receivable 11,065,000 23 ,065,000 Propelty and Equipment, net 40,282,103 41,035,142 Investments, at market 53 ,852,213 53 ,488,309

    Total Assets $ 112,829,100 $ 126,848,738

    Liabilities: Accounts Payable $ 546,180 $ 469,719 Accrued Expenses and Other Liabilities 850,082 1,993,073 Annuity Payments Liability 576,131 614,144 Deferred Revenue 844,614 708,626 Loans Payable 14,550,000 31,050,000

    Total Liabilities 17,367,007 34,835,562

    Net Assets: Unrestricted 80,099,267 71,559,034 Temporarily Restricted 12,131,167 17,289,502 Permanently Restricted 3,231,659 3,164,640

    Total Net Assets 95,462,093 92,013 ,176

    Total Liabilities and Net Assets $ 112,829,100 $ 126,848,738

    See Notes to Conso lidated Financial Statements. - 2 -

  • APPALACHIAN MOUNTAIN CLUB

    CONSOLIDATED STATEMENTS OF ACTIVITIES

    YEARS ENDED DECEMBER 31, 2011 AND 2010

    2011 2010

    Unrestricted Temporarily Permanently Unrestricted Tempo,-arily Permanently

    O~erating Other Restricted Restricted Total O~erating Other Restricted Restricted Total

    Reve nues:

    Contributions and Gifts $ 2,710, 109 $ 5, 127,652 $ 894,869 $ 110,984 $ 8,843 ,614 $ 2,536,399 $ 701 ,585 $ 2,056,883 $ 257,585 $ 5,552,452

    Debt Forgiveness 4,072,962 4,072,962

    Membership 2,965, 136 2,965, 136 2,879,314 2,879,314

    Outdoor Program Centers 9,241 ,654 14,442 9,256,096 9,154,800 912 9,155,712

    Programs 2,572,219 326,884 2,899,103 2,561 ,230 351 ,634 8, 188 2,921 ,052

    Publications 710,969 710,969 722,267 722,267

    Income from Investments 1,092,674 178,365 1,271 ,039 1,095,918 161 ,250 1,257, 168

    Gains (Losses) from Investments, net (714,925) (359,209) (43,965) (1 ,118,099) 3,634,023 1, 187,087 37,689 4,858,799

    Endowment Spending Allocation 1,861 ,551 (1 ,861 ,551) 1,809,044 (1 ,809,044)

    Special Project Funding 1,889,288 (1 ,889,288) 938,222 (938,222)

    Total Revenues 21 ,950,926 6,168,850 714,025 67,019 28,900,820 20,601 ,276 3,036,806 3,4 13,408 295,274 27,346,764

    Expenses:

    Member Services 2,742,287 2,742,287 2,469,946 8,343 2,478,289

    Outdoor Program Centers 9,654,398 172,935 9,827,333 9,325,741 143,944 9,469,685

    Programs 5,782,176 7, 105 5,789,281 5,217,749 5,121 5,222,870

    Publications 643,454 4,968 648,422 613 ,555 6,235 6 19,790

    Administrative 1,950,045 88,028 2,038,073 1,786,454 59,330 1,845,784

    Fundraising 1,073,159 158,097 1,231 ,256 1,066,260 178,954 1,245,214

    Interest Expense 675,251 675,251 706,501 706,501

    Reduction in Land Carrying Value 2,500,000 2,500,000

    Total Expenses 21 ,845,519 3,606,384 25,451 ,903 20,479,705 1,108,428 21 ,588,133

    Cha nge in Net Assets Before Transfers and Releases 105,407 2,562,466 714,025 67,019 3,448,917 121 ,571 1,928,378 3 ,413 ,408 295,274 5,758,631

    Transfers and Releases:

    Transfer of Operating Surplus (105,407) 105,407 (121 ,571) 121 ,571

    Releases of Restricted Net Assets 5,872,360 (5 ,872,360) 2,482,640 (2,482,640)

    Total C hange in Net Assets 8,540,233 (5, 158,335) 67,019 3,448,917 4,532,589 930,768 295 ,274 5,758,63 1

    Net Assets, Beginning of Year 71 ,559,034 17,289,502 3,164,640 92,013,176 67,026,445 16,358,734 2,869,366 86,254,545

    Net Assets, End of Yea r $ $ 80,099,267 $ 12,131 ,167 $ 3,231 ,659 $ 95,462,093 $ $ 71 ,559,034 $ 17,289,502 $ 3,164,640 $ 92,013,176

    See Notes to Consolidated Financial Statements_ - 3 -

  • APPALACHIAN MOUNTAIN CLUB

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    YEARS ENDED DECEMBER 31,2011 AND 2010

    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

    Cash Flows from Operating Activities: Change in Net Assets Adjustments to Reconci le Change in Net Assets

    to net cash provided by Operating Activities: Depreciation Investment Income and Realized Gains, net Loss on Disposal of Property and Equipment, net Reduction in Land Carrying Value Net Unrealized (Gains) Losses on Investments Debt Forgiveness Contributions of Investments Changes in Certain Assets and Liabilities:

    Accounts Receivable Pledges Receivable Prepaid Expenses Inventories Accounts Payable Accrued Expenses and Other Liabilities Annuities Payments Liability Deferred Revenue

    Net cash provided by Operating Activities

    Cash Flows from Investing Activities: Additions to Property and Equipment Changes in Planned Giving Agreements Purchases of Investments Proceeds from Sale of Investments

    Net cash used in Investing Activities

    Cash Flows from Financing Activities: Proceeds from Contributions Restricted for Investments

    Subject to Annuity Agreements Proceeds from Notes Receivable Repayment of Loans Payable

    Net cash provided by (used in) Financing Activities

    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

    CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

    CASH AND CASH EQUIVALENTS, END OF YEAR

    2011

    $ 3,448,9 17

    1,282,293 (1 ,965 ,239)

    5,069 2,500,000 1,912,358

    ( 4,072,962)

    (85 ,020) 3,247,787

    141,672 (80,285) 76,461

    (1,142,991) (38,013) 135,988

    5,366,035

    (3,034,323) 29,562

    (7,444,478) 7,103 ,893

    {3 ,345,346}

    12,000,000 {12,427,038}

    {427,038}

    1,593 ,651

    3,655 ,624

    $ 5,249,275

    2010

    $ 5,758,631

    1,253,780 (2,187,297)

    235,431

    (3,554,096)

    (109,585)

    (13,624) 341,223

    17,746 (13,158) 158,446 500,539

    31,124 {28,732}

    2,390,428

    (3,597,077) (55 ,099)

    (4,050,687) 1,466,054

    {6,236,809}

    14,834

    14,834

    (3,831,547)

    7,487,171

    $ 3,655,624

    Supplemental Data: Cash paid for interest during the years ended December 31, 2011 and 2010 amounted to $675,251 and $706,501, respective ly.

    See Notes to Consolidated Financial Statements. - 4 -

  • APPALACHIAN MOUNTAIN CLUB

    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    YEARS ENDED DECEMBER 31, 2011 AND 2010

    A. Organization:

    The Appalachian Mountain Club, together with its consolidated affiliates (collectively, the "AMC"), is a not-for-profit environmental conservation and recreation corporation with the mission of promoting the protection, enjoyment and understanding of the mountains, forest, waters, and trails of the Appalachian Region. In pursuit of this aim it provides educational and experiential opportunities to its membership and the general public in the belief that successful conservation depends on this experience. Backcountry shelter and lodging facilities, trail maintenance programs, land stewardship, scientific research, environmental conservation, and local chapter activities together with the publication of guidebooks, maps, and a variety of other publications further this mission .

    B. Summary of Significant Accounting and Reporting Policies:

    The significant accounting policies followed by the AMC are as follows:

    Basis of Presentation

    The accompanying consolidated financial st

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