League of Southeastern Credit Unions Summary Balance Sheet As of August 31, 2010
Assets Current Assets Cash and Cash Equivalents Restricted Cash LSCU Defense Fund Short-Term Investments Accounts Receivable Prepaid Expenses Total Current Assets
1,529,333 0 146,524 432,872 179,044 25,495 2,313,268
Investments LSCU Service Corporation CU House LLC CSSI, Inc. League InfoSight, LLC Total Investments
1,361,000 260,000 14,450 115,000 1,750,450
Property and Equipment Net Fixed Assets
95,687 95,687
Other Assets Retirement Plan 457(b) Asset Total Other Assets TOTAL ASSETS
48,064 48,064 4,207,469
Liabilities and Equity Accounts Payable Due to LSCU Service Corp Retirement Plan 457(b) Liability Deferred Income Total Liabilities
114,136 0 48,064 1,112,284 1,274,484
Net Assets Net Assets Total Net Assets TOTAL LIABILITIES & NET ASSETS
2,932,985 2,932,985
4,207,469
League of Southeastern Credit Unions Income Statement August 31, 2010 M-T-D
M-T-D
M-T-D
Y-T-D
Y-T-D
Y-T-D
ANNUAL
ACTUAL
BUDGET
VARIANCE
ACTUAL
BUDGET
VARIANCE
BUDGET
Revenue Dues General Administration Education Cooperative initiatives Government Affairs Interest Income TOTAL REVENUE
259,748 101 12,734 2,702 0 1,538 276,823
259,782 0 9,440 3,600 1,563 1,835 276,220
(34) 101 3,294 (898) (1,563) (297) 603
1,994,376 2,191 737,296 4,052 1,448 19,754 2,759,117
2,078,258 0 772,320 18,900 12,500 14,679 2,896,657
(83,882) 2,191 (35,024) (14,848) (11,052) 5,075 (137,540)
3,117,387 0 1,013,603 38,550 18,750 22,018 4,210,308
Education Cooperative Initiatives Government Affairs TOTAL COST OF SALE
5,745 0 0 5,745
5,063 720 0 5,783
(682) 720 0 38
485,498 0 364 485,862
599,283 4,460 0 603,743
113,785 4,460 (364) 117,881
735,294 8,440 743,734
GROSS PROFIT
271,078
270,437
2,273,255
2,292,914
(19,659)
3,466,574
General Administration Education Cooperative Initiatives Government Affairs Communications Overhead TOTAL EXPENSES
53,588 34,213 48,237 77,254 25,567 22,443 261,302
48,687 28,485 36,456 107,994 38,420 24,073 284,115
(4,901) (5,728) (11,781) 30,740 12,853 1,630 22,813
402,915 228,878 357,629 638,054 212,143 204,930 2,044,549
396,820 247,025 307,578 866,808 307,357 192,582 2,318,170
(6,095) 18,147 (50,051) 228,754 95,214 (12,348) 273,621
591,262 362,382 454,605 1,298,785 461,035 288,873 3,456,942
NET INCOME BEFORE TAXES
9,776
(13,678)
23,454
228,706
(25,256)
253,962
9,632
0
0
0
0
0
0
0
9,776
(13,678)
23,454
228,706
(25,256)
253,962
9,632
Cost of Sale
641
Expense
Income Tax NET INCOME