You are on page 1of 10

Space Frontier Foundation, Inc.

Financial Statements
December 31, 2011
(With Independent Auditors’ Report thereon)

Space Frontier Foundation, Inc.
Table of Contents

Independent Auditors’ Report
Financial Statements
Statement of Financial Position
Statement of Activities
Statements of Changes in Net Assets
Statement of Cash Flows
Notes to Financial Statements

C.D. GIEDT, CPA

Member

BUSINESS DEVELOPMENT & TAX CONSULTANTS

American Institute and California
Society of Certified Public Accountants

www.cdgiedtcpa.com

FAX: 760.747.0588

1030 East Pennsylvania Avenue
Escondido, California 92025.4017
TELEPHONE: 760.747.0539

Independent Auditors’ Report
Board of Directors
Space Frontier Foundation, Inc.
Nyack, New York

We have audited the accompanying statement of financial position of the Space Frontier Foundation,
Inc. (a non-profit corporation) as of December 31, 2011 and the related statements of activities,
changes in net assets and cash flows for the year then ended. These financial statements are the
responsibility of the Space Frontier Foundation, Inc. management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards in the United States
of America. 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 financial
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 audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the Space Frontier Foundation, Inc. as of December 31, 2011 and the results of its
operations for the year then ended, in conformity with generally accepted accounting principles in the
United States of America.
Information for the year ended December 31, 2010 is presented for comparative purposes only and
was extracted from the financial statements presented by fund for the year, in which an unqualified
opinion dated November 20, 2011 was expressed.

CDGiedt,CPA
Escondido, California
October 19, 2012

Space Frontier Foundation, Inc.
Statement of Financial Position
December 31, 2011

Unrestricted

Temporarily
Restricted

Permanently
Restricted

2011
Total

2010
Total

$ 73,634

$103,403

Assets
Current assets
Cash and equivalents

$

Due from/(to)

73,634
(20,000)

Total current assets

$

-

$

-

20,000

53,634

Total assets

$53,634

-

-

-

-

20,000

73,634

103,403

$20,000

$73,634

103,403

Liabilities
Current liabilities
Accounts payable
Accrued liabilities

$

-

Total current liabilities

-

Total liabilities

-

Total net assets

Total liabilities &
net assets

$

$

53,634

-

53,634

$ -

$

-

$

-

$

-

20,000

73,634

103,403

20,000

$ 73,634

$103,403

See accompanying notes to financial statements.

Space Frontier Foundation, Inc.
Statement of Activities
For the year ended December 31, 2011

Unrestricted

Temporarily
Restricted

2010
Total

2011
Total

Income
Direct Support
Vision Project

$

Communications

-

$

-

General Operations

150

150

1,000

1,000

5,000

40,726

64,669

40,726

$

-

Space Enterprise

-

-

2000

Space Solar Power

-

-

1,341

Space Ventures
Teachers in Space

760

760

700

9,636

9,636

37,679

340

86

426

287

Total Direct Support

41,067

11,632

$52,698

111,676

Grants

64,501

163,001

227,502

50,000

-

111,207

111,207

65,071

Direct Support - Other

Program Service Revenue
NewSpace Conferences/BPC
Total Program Service Revenue

64,501

274,208

338,709

115,071

105,567

285,840

391,407

226,746

91,417

249

91,666

43,015

High Frontier

1,461

1,461

612

Communications

3,757

3,757

4,094

-

154

157,450

157,450

24,350

Total Income
Expense by Programs
Program support

Overview Institute
Teachers in Space
Space Enterprise
NewSpace conferences/BPC

82,153

Space Ventures
Vision Project
Total Expense
Increase (decrease) in net assets

173,570
$

(68,003)

$

2,112

2,112

77,865

160,018

4,345

4,345

368

368

247,607

421,176

38,232

$

(29,769)

101,152

173,376
$

See accompanying notes to financial statements.

53,370

Space Frontier Foundation, Inc.
Statement of Changes in Net Assets
For the year ended December 31, 2011

Unrestricted

Temporarily
Restricted

Permanently
Restricted

2011
Total

2010
Total

$118,753

$96,899

(48,600)

(80,116)

33,250

33,250

-

(29,769)

53,370

20,000

$ 73,634

$103,403

Net assets, beginning of year
Unrestricted net assets
$ 118,753
Temporarily restricted

$(48,600)

Permanently restricted

$

Released restrictions

(10,367)

33,250

10,367

13,250
Increase(decrease)
in net assets

Net assets, end of year

$

(13,250)

(68,003)

38,233

53,634

$( -)

$

See accompanying notes to financial statements.

Space Frontier Foundation, Inc.
Statement of Cash Flows
For the year ended December 31, 2011

Increase(decrease)net assets
Adjustments to reconcile
increase (decrease) in net assets
to net cash provided by
operating activities
Changes in:

2011
Total

2010
Total

($29,769)

$53,370

none
-

-

(29,769)

53,370

-

-

(29,769)

53,370

Beginning of year

103,403

50,033

End of year

$73,634

$103,403

Net cash provided(used) by operating
activities
Transfers/adjustments, net
Net increase (decrease)
in cash and cash equivalents
Cash & cash equivalents:

See accompanying notes to financial statements.

Space Frontier Foundation, Inc.
Notes to Financial Statements

December 31, 2011
Note A- Organization and nature of activities
The Space Frontier Foundation, Inc. (the “Foundation”) was incorporated on October 6, 1988 (reinstated
February 13, 1996) and began operations in 1988. The corporation is a Georgia non-profit public benefit
corporation and is not organized for the private gain of any person. It is organized under the Non-profit Public
Benefit Corporation Law for charitable purposes. The charitable purpose of the corporation is to engage in the
process of educating the public about scientific developments and promote active pursuit of scientific research
toward expansion of the human presence in a space faring civilization.
Some of its programs are as follows:
Advocates- this program involves key participants that commit $180 annually plus they actively engage in one
or more specific programs as discussed below.
New Space Conferences- annual 3-day conferences that focus on the current, near term and future potential and
challenges of the emerging commercial space industry.
Space Business Plan Competition(BPC) - Helping entrepreneurs create NewSpace start-ups and firms that
develop technologies in support of the NewSpace industry by competing for cash prizes.
Teachers in Space - Stimulating student interest in science, technology, engineering and mathematics
(STEM) by engaging their teachers through actual suborbital spaceflight for some teachers, and
extraordinary space-related experiences and unique teaching materials for others.
Space Ventures / TEDxMidTownNY – A multidisciplinary presentation / discussion series, featuring
speakers who are actively engaged in the advancement of field research, exploration, and opening the space
frontier.
High Frontier – the Foundation has permanently restricted and reserved funds to provide for the future
publishing of the book about future space colonization, "High Frontier" by Gerard K. O’Neill. This amounts to
$20,000 in permanently restricted assets.

Notes to Financial Statements (continued)
December 31, 2011
Note B - Summary of significant accounting policies
Basis of Presentation
In accordance with Statement of Financial Accounting Standards No. 116 (SFAS No. 116) “Accounting for
Contributions Received and Contributions Made,” contributions, including unconditional promises to give, are
recognized as revenue in the period received.
In accordance with Statement of Financial Accounting Standards No. 117 (SFAS No. 117), “Financial
Statements of Not-for-Profit Organizations,” net assets and revenues, expenses, gains and losses are classified
based on the existence or absence of donor imposed restrictions. Accordingly, net assets of the Foundation and
changes therein are classified and report as follows:
Unrestricted net assets- net assets that are not subject to donor imposed stipulations.
Temporarily restricted net assets - net assets that are subject to donor-imposed stipulations that require
passage of time or the occurrence of a specific event. When the purpose restrictions are accomplished,
the temporarily restricted net assets are reclassified to unrestricted net assets.
Permanently restricted net assets- net assets that are subject to donor-imposed restrictions that they be
maintained permanently while permitting the Foundation to use or expend part or all of the income
derived from the donated assets. The Foundation shows its income and expense in two columns
because it believes this more effectively matches restricted income and allowed expenses.
Accordingly, the Foundation records gifts of cash and other assets as temporarily restricted contributions if
they are received with donor stipulations that limit their use of the donated assets. When a donor restriction
expires, or when a stipulated time restriction ends or the purpose of the restriction is accomplished,
temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of
activities as net assets released from donor restrictions. Contributions with permanent (long-term) donor
imposed restrictions that received are recorded as permanently restricted in the statement of activities.
The financial statements of the Foundation have been prepared on the accrual basis of accounting.
The Foundation’s support comes primarily from individual donors’ contributions and grant(s) income. Annual
campaign contributions are generally available for unrestricted use in the related campaign year unless
specifically restricted by the donor.
Pledges receivable are recorded as received and recorded at their net realizable value as of the end of the fiscal
year. Allowance for uncollectible pledges is provided based on management’s evaluation of potential
uncollectible pledges at year-end. As of year-end there are no receivables and no allowance has been provided.
Endowment contributions and investments are permanently restricted by the donor. Investment earnings are
recorded separately and available for distribution in accordance with donor restrictions.
Contributions of non-cash assets are recorded at their fair values in the period received. There are no material
contributions of donated services. Volunteer time and services (material for some projects) has not been
quantified and collected or valued.
The Foundation considers all liquid investments such as certificates of deposit with maturity of 12 months or less
to be cash equivalents.
Investments are composed of mutual funds investing primarily in equity and debt securities and are carried at fair
value.

Notes to Financial Statements (continued)
December 31, 2011

Note C – Cash & cash equivalents
Cash & cash equivalents are summarized at year ends as follows:
Checking
Wells Fargo Bank
Total

K:\CDGESC2012\SPACEFRONTIER2011AUDITREPORT.docx

2011
2010
$ 73,634 $ 103,403
$ 73,634 $ 103,403