SKI FOR LIGHT, INC.
(A Non‑Profit Corporation)

COMPILATION REPORT

Thirteen months ended June 30, 2012 and 
the twelve months ended May 31, 2011

TABLE OF CONTENTS

PAGE

INDEPENDENT ACCOUNTANT'S COMPILATION REPORT			1

FINANCIAL STATEMENTS

Statements of financial position						2

Statements of activities and changes in net assets				3‑4

Statements of cash flows							5

INDEPENDENT ACCOUNTANT'S COMPILATION REPORT

Board of Directors
Ski For Light, Inc. 
Minneapolis, Minnesota

We have compiled the accompanying statements of financial position of Ski for Light, Inc. as of June 30, 2012 and May 31, 2011 and the related statements of activities and changes in net assets and cash flows for the 13 month period ended June 30, 2012 and the 12 month period ended May 31, 2011. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States.

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.

Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements.

Substantially all of the disclosures required by accounting principles generally accepted in the United States have been omitted. If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the Organization’s financial position, changes in net assets and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.

Minneapolis, Minnesota
September 24, 2012

		2012			2011	

ASSETS
CURRENT ASSETS         
Cash and cash equivalents	$	127,367		$	113,677	
Accounts Receivable					2,057	
Prepaid expenses		1,105			1,107	
TOTAL CURRENT ASSETS		128,472			116,841	

Equipment 		8,305			8,305	
Less accumulated depreciation		(8,305)			(8,305)	
NET PROPERTY AND EQUIPMENT						

OTHER ASSETS
Endowment investments		331,218			340,681	

TOTAL ASSETS	$	459,690		$	457,522	

NET ASSETS

UNRESTRICTED NET ASSETS
Undesignated	$	124,972		$	114,340	

TEMPORARILY RESTRICTED NET ASSETS
Time and purpose restricted		20,958			36,062	

PERMANENTLY RESTRICTED NET ASSETS		313,760			307,120	

Total  Net Assets		459,690			457,522	

TOTAL LIABILITIES AND NET ASSETS	$	459,690		$	457,522	

	
Unrestricted		Temporarily Restricted		Permanently
Restricted		
	Total		
								
PUBLIC  SUPPORT  AND  REVENUE	
								
PUBLIC SUPPORT								
Contributions	$	54,036			$	3,500			$	6,640			$	64,176		
Auction and raffle revenue		5,965												5,965		
TOTAL PUBLIC SUPPORT		60,001				3,500				6,640				70,141		
								
MERCHANDISE SALES								
Merchandise sales		8,086												8,086		
Cost of sales		(2,998)												(2,998)		
NET MERCHANDISE SALES		5,088												5,088		
								
OTHER REVENUE								
Participant fees		181,872												181,872		
Investment interest and dividends		19				8,856								8,875		
Realized gain on investments						6,969								6,969		
Unrealized gain on investments						(16,529)								(16,529)		
TOTAL OTHER REVENUE		181,891				(704)								181,187		
								
Satisfaction of purpose restriction		17,900				(17,900)										
TOTAL PUBLIC SUPPORT AND REVENUE		264,880				(15,104)				6,640				256,416		
								
EXPENSES	
PROGRAM SERVICES								
SFL Event		215,013												215,013		
Ridderrennet		8,187												8,187		
TOTAL PROGRAM SERVICES		223,200												223,200		
								
SUPPORTING ACTIVITIES								
Administrative and general		25,892												25,892		
Fund raising		5,156												5,156		
TOTAL SUPPORTING ACTIVITIES		31,048												31,048		
								
TOTAL EXPENSES		254,248												254,248		
								
INCREASE IN NET ASSETS		10,632				(15,104)				6,640				2,168		
								
NET ASSETS, BEGINNING OF YEAR		114,340				36,062				307,120				457,522		
								
NET ASSETS, END OF YEAR	$	124,972			$	20,958			$	313,760			$	459,690		

	
Unrestricted		Temporarily Restricted		Permanently
Restricted		
	Total		
								
PUBLIC  SUPPORT  AND  REVENUE	
								
PUBLIC SUPPORT								
Contributions	$	54,794			$	2,500			$	6,845			$	64,139		
Auction and raffle revenue		7,866												7,866		
TOTAL PUBLIC SUPPORT		62,660				2,500				6,845				72,005		
								
MERCHANDISE SALES								
Merchandise sales		11,544												11,544		
Cost of sales		(4,843)												(4,843)		
NET MERCHANDISE SALES		6,701												6,701		
								
OTHER REVENUE								
Participant fees		198,594												198,594		
Investment interest and dividends		6,065												6,065		
Realized gain on investments						1,247								1,247		
Unrealized gain on investments		62				47,615								47,677		
TOTAL OTHER REVENUE		204,721				48,862								253,583		
								
Satisfaction of purpose restriction		15,300				(15,300)										
TOTAL PUBLIC SUPPORT AND REVENUE		289,382				36,062				6,845				332,289		
								
EXPENSES	
PROGRAM SERVICES								
SFL Event		215,990												215,990		
Ridderrennet		13,993												13,993		
TOTAL PROGRAM SERVICES		229,983												229,983		
								
SUPPORTING ACTIVITIES								
Administrative and general		22,478												22,478		
Fund raising		7,650												7,650		
TOTAL SUPPORTING ACTIVITIES		30,128												30,128		
								
TOTAL EXPENSES		260,111												260,111		
								
INCREASE IN NET ASSETS		29,271				36,062				6,845				72,178		
								
NET ASSETS, BEGINNING OF YEAR		85,069								300,275				385,344		
								
NET ASSETS, END OF YEAR	$	114,340			$	36,062			$	307,120			$	457,522		

  		2012			2011	                                                                                         
CASH FLOWS FROM OPERATING ACTIVITIES
Increase in net assets	$	2,168		$	72,178	
Adjustments to reconcile increase in net assets to
net cash provided by (used in) operating activities:
Realized gain on sale of investments		(6,969)			(1,247)	
Unrealized (gain) loss on investments		16,529			(47,677)	
Reinvested dividends and interest		(8,857)			(6,072)	
Changes in current assets and liabilities:
(Increase) decrease in accounts receivable		2,057			(2,057)	
(Increase) decrease in prepaid expenses		2			(602)	

NET CASH FLOWS FROM OPERATING ACTIVITIES		4,930			14,523	

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments		(6,640)			(6,844)	
Proceeds from sale of investments		15,400			15,300	

NET CASH FLOWS FROM INVESTING ACTIVITIES		8,760			8,456	

NET INCREASE IN CASH AND CASH EQUIVALENTS		13,690			22,979	

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		113,677			90,698	

CASH AND CASH EQUIVALENTS, END OF YEAR	$	127,367		$	113,677