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Save Darfur Coalition, Inc.
FINANCIAL STATEMENTS
For the years ended September 30, 2009 and 2008
Table of Contents
Independent Auditor’s Report
Financial Statements
Statements of Financial Position 1
Statements of Activities 2
Statements of Functional Expenses 3-4
Statements of Cash Flows 5
Notes to Financial Statements 6 - 12
Certified Public Accountants
Independent Auditor's Report
To the Board of Directors
Save Darfur Coalition, Inc.
Washington, DC
We have audited the accompanying statements of financial position of Save Darfur Coalition, Inc. as of
September 30, 2009 and 2008, and the related statements of activities, functional expenses and cash flows
for the years then ended. These statements are the responsibility of the Save Darfur Coalition, Inc.'s
management. Our responsibility is to express an opinion on these financial statements based on our audit.
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 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 audits provide 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 Save Darfur Coalition, Inc., as of September 30, 2009 and 2008, and the changes in
its net assets and its cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
Alexandria, Virginia
November 30, 2009
5500 Cherokee Avenue, Suite 400 • Alexandria, Virginia 22312-2321 PHONE: 703.642.2700 Fax: 703.750.9258 Web: www.kwccpa.com
Members American Institute of Certified Public Accountants, Private Companies Practice Section and Virginia Society of Certified Accountants
Save Darfur Coalition, Inc.
Statements of Financial Position
September 30, 2009 2008
Assets
Current assets
Cash and cash equivalents $ 2,262,551 $ 3,287,390
Account receivable 6,371 36,156
Inventory 210,467 177,657
Prepaid expenses 145,053 -
2,624,442 3,501,203
Property and equipment, net 50,570 110,877
Other assets - Deposit 18,499 10,415
Total assets $ 2,693,511 $ 3,622,495
Liabilities and net assets
Current liabilities
Accounts payable and accrued expenses $ 248,952 $ 766,741
Net assets
Unrestricted 2,117,671 2,855,754
Temporarily restricted 326,888 -
2,444,559 2,855,754
Total liabilities and net assets $ 2,693,511 $ 3,622,495
See accompanying notes and independent auditor's report.
1
Save Darfur Coalition, Inc.
Statements of Activities
for the years ended September 30, 2009 and 2008
2009 2008
Temporarily Total and
Unrestricted Restricted Total Unrestricted
Support and revenue
Contributions:
Individual $ 3,364,003 $ - $ 3,364,003 $ 5,978,982
Direct mail 988,029 - 988,029 1,141,350
Grants 26,169 500,000 526,169 -
4,378,201 500,000 4,878,201 7,120,332
Merchandise sales 203,188 - 203,188 442,123
Less: Cost of goods sold (33,627) - (33,627) (174,836)
169,561 - 169,561 267,287
Loss on disposal of property and equipment (40,126) - (40,126) -
Interest income and other 22,397 - 22,397 120,105
Net assets released from restrictions 173,112 (173,112) - -
Total support and revenue 4,703,145 326,888 5,030,033 7,507,724
Expenses
Programs:
Policy and government relations 830,716 - 830,716 1,252,294
Education and awareness 672,004 - 672,004 2,874,856
Advocacy 2,047,140 - 2,047,140 3,336,360
3,549,860 - 3,549,860 7,463,510
Supporting services:
Management and general 740,223 - 740,223 802,788
Fundraising 1,151,145 - 1,151,145 1,049,392
5,441,228 - 5,441,228 9,315,690
Change in net assets (738,083) 326,888 (411,195) (1,807,966)
Net assets, beginning of year 2,855,754 - 2,855,754 4,663,720
Net assets, end of year $ 2,117,671 $ 326,888 $ 2,444,559 $ 2,855,754
See accompanying notes and independent auditor's report.
2
Save Darfur Coalition, Inc.
Statement of Functional Expenses
for the year ended September 30, 2009
Programs
Policy and Education and Management
gov't relations awareness Advocacy Total and general Fundraising Total
Salary and related expenses
Salaries $ 348,097 $ 226,263 $ 574,360 $ 1,148,720 $ 330,692 $ 261,073 $ 1,740,485
Fringes 33,361 21,685 55,046 110,092 31,693 25,021 166,806
Pension 15,225 9,897 25,122 50,244 14,464 11,419 76,127
Payroll taxes 26,813 17,428 44,241 88,482 25,472 20,110 134,064
423,496 275,273 698,769 1,397,538 402,321 317,623 2,117,482
Other expenses
Accounting fees - - - - 70,621 - 70,621
Advertising - 22,657 24,324 46,981 - - 46,981
Audit fees - - - - 35,235 - 35,235
Bank fees - 634 - 634 20,995 7,009 28,638
Consultants 39,500 42,687 283,910 366,097 6,224 56,239 428,560
Depreciation and amortization 8,305 5,398 13,704 27,407 7,890 6,229 41,526
Employee relations 120 - 55 175 2,025 140 2,340
Equipment (non-capitalized) - - 95 95 1,357 - 1,452
Equipment lease - - - - 4,027 - 4,027
Gifts - - 339 339 120 1,656 2,115
Grants 240,867 - 336,195 577,062 - - 577,062
Honorarium - - (4,200) (4,200) - - (4,200)
Insurance (commercial policies) 276 27 275 578 17,675 - 18,253
Legal fees - - 799 799 6,932 - 7,731
Lobbying 3,500 - - 3,500 - - 3,500
Meals and entertainment 6,590 1,086 36,269 43,945 457 9,257 53,659
Media relations costs - 150,015 - 150,015 - - 150,015
Miscellaneous 396 160 6,069 6,625 (639) 230 6,216
Payroll fees - - - - 3,749 - 3,749
Postage and delivery 1,540 17,286 82,045 100,871 1,454 173,325 275,650
Premiums - - - - - 14,407 14,407
Printing and reproduction 2,543 30,318 82,893 115,754 2,416 26,967 145,137
Professional services 884 48,436 108,744 158,064 81,974 212,542 452,580
Professional fundraising fees - - - - - 202,881 202,881
Recruiting - - 461 461 11,725 - 12,186
Rent 36,189 23,523 59,713 119,425 34,380 27,142 180,947
Retirement plan fees - - - - 5,465 - 5,465
Site rental - - 64,833 64,833 - - 64,833
Software - - 4 4 1,082 - 1,086
Stipend 229 361 1,208 1,798 - 142 1,940
Subscriptions and research 2,274 3,898 280 6,452 4,125 164 10,741
Supplies 3,683 3,427 28,485 35,595 3,498 31,187 70,280
Telephone and communication 10,994 6,202 18,314 35,510 8,160 6,448 50,118
Temporary help 31 5,021 10,716 15,768 30 1,839 17,637
Training and development 4,740 2,979 8,355 16,074 4,266 3,368 23,708
Transportation and travel 44,559 10,925 90,535 146,019 2,659 19,745 168,423
Video production - 19,715 12,672 32,387 - - 32,387
Web site maintenance - 1,976 81,279 83,255 - 32,605 115,860
407,220 396,731 1,348,371 2,152,322 337,902 833,522 3,323,746
$ 830,716 $ 672,004 $ 2,047,140 $ 3,549,860 $ 740,223 $ 1,151,145 $ 5,441,228
See accompanying notes and independent auditor's report.
3
Save Darfur Coalition, Inc.
Statement of Functional Expenses
for the year ended September 30, 2008
Programs
Policy and Education and Management
gov't relations awareness Advocacy Total and general Fundraising Total
Salary and related expenses
Salaries $ 302,145 $ 339,914 $ 736,480 $ 1,378,539 $ 321,030 $ 188,841 $ 1,888,410
Employee benefits 25,962 29,208 63,283 118,453 27,585 16,227 162,265
Pension 11,191 12,590 27,279 51,060 11,891 6,995 69,946
Payroll taxes 24,581 27,653 59,916 112,150 26,117 15,363 153,630
363,879 409,365 886,958 1,660,202 386,623 227,426 2,274,251
Other expenses
Accounting fees - - - - 43,688 - 43,688
Advertising - 864,373 31,715 896,088 - - 896,088
Audit fees - - - - 57,623 - 57,623
Bank fees - - - - 21,751 16,919 38,670
Consultants 104,915 420,674 347,829 873,418 1,571 117,392 992,381
Depreciation and amortization 8,774 9,870 21,386 40,030 9,322 5,484 54,836
Equipment (non-capitalized) - - - - 12,252 - 12,252
Equipment lease - - - - 6,150 - 6,150
Grants 426,426 - 840,832 1,267,258 - - 1,267,258
Honorarium - - 21,609 21,609 - - 21,609
Insurance (commercial policies) - - 8,313 8,313 16,551 - 24,864
Legal fees - - - - 10,056 - 10,056
Lobbying 90,225 - - 90,225 - - 90,225
Meals and entertainment 565 636 3,437 4,638 600 353 5,591
Media relations costs - 419,142 - 419,142 - - 419,142
Merchandise (production costs) - 15,979 - 15,979 - - 15,979
Miscellaneous - - - - 18,777 - 18,777
Other office expense 4,320 4,860 10,530 19,710 5,892 2,700 28,302
Payroll fees - - - - 6,728 - 6,728
Postage and delivery 10,624 59,403 26,890 96,917 11,288 54,091 162,296
Printing 2 4,512 20,071 24,585 2 26,513 51,100
Professional services (direct mail) - - 177,953 177,953 - 266,929 444,882
Professional services (non-fundraising) - 111,609 96,220 207,829 62,072 18,989 288,890
Professional fundraising fees - - - - - 258,931 258,931
Recruiting - - - - 37,507 - 37,507
Rent 30,041 33,796 73,224 137,061 31,918 18,775 187,754
Stipend - - 795 795 - - 795
Subscriptions, research, printing and copy 613 121,611 2,830 125,054 16,913 12,321 154,288
Supplies 3,476 3,815 18,454 25,745 3,603 3,370 32,718
Telephone and communication 13,913 12,747 31,671 58,331 11,490 6,759 76,580
Temporary help 9,012 11,714 41,098 61,824 9,576 5,633 77,033
Training and development 8,458 9,516 20,617 38,591 8,987 5,287 52,865
Travel and lodging 173,138 228,316 568,035 969,489 54,429 1,520 1,025,438
Video production 3,913 94,334 85,893 184,140 - - 184,140
Web site maintenance - 38,584 - 38,584 - - 38,584
Write-off of outstanding checks - - - - (42,581) - (42,581)
888,415 2,465,491 2,449,402 5,803,308 416,165 821,966 7,041,439
$ 1,252,294 $ 2,874,856 $ 3,336,360 $ 7,463,510 $ 802,788 $ 1,049,392 $ 9,315,690
See accompanying notes and independent auditor's report.
4
Save Darfur Coalition, Inc.
Statements of Cash Flows
for the years ended September 30, 2009 2008
Cash flows from operating activities
Change in net assets $ (411,195) $ (1,807,966)
Adjustments to reconcile change in net assets to net cash
used by operating activities
Depreciation and amortization 41,526 54,836
Loss on sale of property and equipment 40,126 -
(Increase) decrease in operating assets
Account receivable 29,785 (36,156)
Inventory (32,810) 5,483
Prepaid expenses (145,053) -
Deposit (8,084) 3,901
Increase (decrease) in operating liabilities
Accounts payable and accrued expenses (517,789) 37,607
Net cash used by operating activities (1,003,494) (1,742,295)
Cash flows from investing activities
Purchase of property and equipment (21,870) (39,111)
Proceeds from sale of property and equipment 525 -
Net cash used by investing activities (21,345) (39,111)
Net decrease in cash and cash equivalents (1,024,839) (1,781,406)
Cash and cash equivalents, beginning of year 3,287,390 5,068,796
Cash and cash equivalents, end of year $ 2,262,551 $ 3,287,390
Supplemental cash flow information
Interest paid $ - $ -
Income taxes paid $ - $ -
See accompanying notes and independent auditor's report.
5
Save Darfur Coalition, Inc.
Notes to Financial Statements
September 30, 2009 and 2008
1. Organization and purpose
Save Darfur Coalition, Inc. (Save Darfur) is a not for profit Organization that raises public awareness
about the ongoing crisis in Darfur and mobilizes a unified response to the atrocities that threaten the lives
of people throughout the region. It is an alliance of more than 180 faith-based, advocacy and human
rights organizations. The coalition’s member organizations represent 130 million people of all ages,
races, religions and political affiliations united together to help the people of Darfur and all Sudan.
2. Significant accounting policies
Method of accounting
The accompanying statements have been prepared on an accrual basis of accounting, whereby revenues
are recognized as they are earned and expenses are recognized as they are incurred.
Basis of presentation
Save Darfur reports information regarding its financial position and activities according to three classes of
net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.
Save Darfur had no temporarily or permanently restricted net assets at September 30, 2008. Save Darfur
had no permanently restricted net assets at September 30, 2009.
Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could
differ from those estimates.
Revenue recognition
Contributions received and unconditional promises to give are measured at their fair values and are
reported as unrestricted, temporarily restricted, or permanently restricted support, depending on the
existence and/or nature of any donor restrictions. A contribution is classified as temporarily restricted
when the donor has designated it for future use or specified an event that must transpire before it is
available for use. When a donor restriction expires, that is, when a stipulated time restriction ends or
purpose 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 restrictions. Donor-restricted
contributions whose restrictions are met in the same reporting period are reported as unrestricted support.
Other revenue is recognized when earned.
Merchandise sales are recognized as revenue upon shipment of the merchandise.
See independent auditor’s report.
6
Save Darfur Coalition, Inc.
Notes to Financial Statements
September 30, 2009 and 2008
2. Significant accounting policies (continued)
Cash and cash equivalents
Cash and cash equivalents consist of all highly liquid investments with a maturity date of three months or
less when purchased. Save Darfur considers money market and sweep accounts to be cash equivalents.
Financial risk
Save Darfur maintains its cash in bank deposit accounts which, at times, may exceed federally insured
limits. Save Darfur has not experienced any losses in such accounts and believes it is not exposed to any
significant financial risk on cash.
Accounts receivable
Accounts receivable is reported at full value as all amounts are deemed fully collectible. Specific bad
debts are expensed as they become known. All accounts receivable are due within one year.
Inventory
Inventory consists of t-shirts, wristbands, bumper stickers and promotional materials, and is stated at the
lower of cost or market. Inventory is reviewed periodically to determine whether it should be updated or
the quantities are excessive and a valuation adjustment is appropriate. Management believes inventory to
be saleable and there was no provision for obsolescence at September 30, 2009 and 2008.
Shipping and handling costs
Shipping and handling costs of $30,246 in 2009 and $94,901 in 2008 are included in postage and delivery
on the accompanying statement of functional expenses.
Property and equipment
Save Darfur capitalizes property and equipment with a cost of $1,000 or more. Property and equipment
are recorded at cost and depreciated on a straight-line basis over its estimated useful lives. Leasehold
improvements are also recorded at cost and amortized over their estimated useful lives or the terms of the
lease, whichever is shorter.
Donated services
A substantial number of volunteers donate time to Save Darfur's program services and awareness events.
These donated services are not reflected in the financial statements since the services do not require
specialized skills as defined by U.S. generally accepted accounting principles.
See independent auditor’s report.
7
Save Darfur Coalition, Inc.
Notes to Financial Statements
September 30, 2009 and 2008
2. Significant accounting policies (continued)
Functional classification of expenses
The costs of providing the various programs and activities have been summarized on a functional basis in
the statements of activities. Accordingly, certain costs have been allocated among the programs and
supporting services benefited.
Advertising
Advertising and marketing costs are expensed as incurred.
Compensated absences
Employees of Save Darfur are entitled to paid vacation depending on job classification, length of service
and other factors. As of September 30, 2009 and 2008, estimated compensated absences of $38,191 and
$65,112, respectively, are included in accounts payable and accrued expenses in the accompanying
statement of financial position.
Income taxes
Save Darfur Coalition, Inc. is exempt from federal income tax as a non-profit organization described in
Section 501(c)(3) of the Internal Revenue Code and is classified as an organization that is not a private
foundation. There was no unrelated business income for the years ended September 30, 2009 and 2008.
Accordingly, no provision for income taxes has been made in the accompanying financial statements.
Financial assets and liabilities
Financial assets with carrying values approximating fair value include cash and cash equivalents,
accounts receivable, and prepaid expenses. Financial liabilities with carrying values approximating fair
value include accounts payable and accrued expenses. The carrying value of these financial assets and
liabilities approximates fair value due to their short maturities and any associated interest rates
approximate current market rates.
Recent accounting pronouncements
FASB Accounting Standards Codification
In June 2009, the FASB approved the “FASB Accounting Standards Codification,” (the Codification), as
the single source of authoritative US GAAP for all non-governmental entities, with the exception of the
SEC and its staff. The Codification, which launched July 1, 2009, changes the referencing and
organization of accounting guidance and is effective for interim and annual periods ending after
September 15, 2009. As the Codification did not change or alter existing US GAAP, the Codification did
not have any impact on Save Darfur’s financial condition or results of operations. As of September 15,
2009, Save Darfur’s financial statements will no longer refer to specific US GAAP statements.
See independent auditor’s report.
8
Save Darfur Coalition, Inc.
Notes to Financial Statements
September 30, 2009 and 2008
2. Significant accounting policies (continued)
Recent accounting pronouncements (continued)
Fair value measurements
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial
Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” The content of SFAS No. 157 is
now reflected in FASB ASC 820-10. FASB ASC 820-10 defines fair value, establishes a framework
for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820-10
applies under other accounting pronouncements that require or permit fair value measurements and does
not require any new fair value measurements. FASB ASC 820-10 is effective as of the first year
beginning after November 15, 2007. On October 1, 2008, Save Darfur adopted the provisions of FASB
ASC 820-10 related to financial assets and liabilities. The adoption of the provisions of FASB ASC 820-
10 did not have a material impact on the Save Darfur’s financial statements.
Fair value option for financial assets and financial liabilities
In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and
Financial Liabilities — including an Amendment of SFAS No. 115.” The content of SFAS No. 159 is
now reflected in FASB ASC 825-10. FASB ASC 825-10 permits an entity to measure many financial
assets and financial liabilities at fair value that are not currently required to be measured at fair value.
Entities that elect the fair value option will report unrealized gains and losses in earnings at each
subsequent reporting date. FASB ASC 825-10 also establishes presentation and disclosure
requirements to help financial statement users understand the effect of the election. FASB ASC 825-10
is effective as of the first year beginning after November 15, 2007. Save Darfur adopted the provisions of
FASB ASC 825-10 as of October 1, 2008 and did not elect the fair value option established by the
standard. As such, the adoption had no impact on Save Darfur’s financial statements.
Accounting for uncertainty in income taxes
In accordance with FASB Staff Position FIN-48-3 Save Darfur has elected to defer application of FASB
Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” until the first year beginning after
December 15, 2008. The provisions of FASB Interpretation No. 48 are now contained in FASB ASC
740-10. Save Darfur has determined that the adoption of the provisions of FASB ASC 740-10 would not
have a material effect on their financial statements.
Uniform Prudent Management of Institutional Funds Act
In August 2008, the FASB released FASB Staff Position 117-1 which provides guidance on the
classification of endowment fund net assets for states that have enacted versions of UPMIFA. The
provisions of FASB Staff Position 117-1 are now reflected in FASB ASC 958-205-45 and are effective
for annual periods ending after December 15, 2008. Save Darfur adopted the provisions of FASB ASC
958-205-45 and UPMIFA. For the year ending September 30, 2009 and 2008, Save Darfur had no
endowment funds, as a result, the provisions of FASB ASC 958-205-45 had no material effects on the
financial statements.
See independent auditor’s report.
9
Save Darfur Coalition, Inc.
Notes to Financial Statements
September 30, 2009 and 2008
2. Significant accounting policies (continued)
Subsequent events
Save Darfur assessed events occurring subsequent to September 30, 2009 through November 30, 2009 for
potential recognition and disclosure in the financial statements. No events have occurred that would
require adjustment to or disclosure in the financial statements.
3. Cash and cash equivalents
Cash and cash equivalents as of September 30, 2009 consisted of the following:
2009 2008
Checking $ 36,182 $ 1,691,052
Money market funds 2,226,078 1,593,570
Petty cash 291 2,768
$ 2,262,551 $ 3,287,390
Covered by Federal Deposit
Insurance Corporation (FDIC) $ 426,828 $ 200,000
During 2008, Save Darfur had a bank deposit sweep option (sweep) account with PNC Bank. Cash
balances were automatically invested each day and subsequently repurchased on a later date, which is
typically the next day. At September 30, 2008, $152,847 of cash and cash equivalents was held in the
sweep account. The account was closed as of September 30, 2009.
Interest income of $22,397 and $119,378 was earned for the years ended September 30, 2009 and 2008,
respectively.
4. Account receivable – Team Darfur
During 2008, Save Darfur served as fiscal sponsor to Where Will We Be, a District of Columbia
corporation doing business as “Team Darfur.” As fiscal sponsor, Save Darfur provided payroll services,
insurance benefits, and bookkeeping for Team Darfur. Save Darfur also retained an administration fee of
1% of all grants received by Team Darfur. The account receivable balance of $36,156 at September 30,
2008 represented reimbursements for salary and benefit costs and other related support. The receivable
was collected during 2009. Also during 2009, the governing Board of Save Darfur approved adopting the
Team Darfur program and all activities are accounted for as a program of Save Darfur for financial
reporting purposes.
See independent auditor’s report.
10
Save Darfur Coalition, Inc.
Notes to Financial Statements
September 30, 2009 and 2008
5. Property and equipment
Property and equipment and accumulated depreciation at September 30, are as follows:
2009
Estimated
Accumulated Depreciation Useful Life
Cost depreciation expense (in years)
Leasehold improvements $ - $ - $ 27,919 2-5
Computer equipment 39,147 18,458 5,778 3-5
Furniture 35,029 5,148 7,829 5-7
$ 74,176 $ 23,606 $ 41,526
2008
Estimated
Accumulated Depreciation Useful Life
Cost depreciation expense (in years)
Leasehold improvements $ 83,761 $ 41,451 $ 39,914 2-5
Computer equipment 46,023 12,638 8,683 3-5
Furniture 41,628 6,446 6,239 5-7
$ 171,412 $ 60,535 $ 54,836
6. Temporarily restricted net assets
Net assets temporarily restricted as of September 30, 2009 consisted of the unexpended portion of a
$500,000 grant restricted for specific international projects. The remaining restriction will be released as
the grant is expended for its specific purpose.
7. Allocation of joint costs and functional expenses
Operating costs have been allocated among the programs, fundraising activities, and administrative
functions based on estimates provided by management. Save Darfur incurs joint costs for informational
materials and activities that included fundraising appeals. These costs were allocated based on
management's analysis of the content of each communication. Joint costs for the year ended September
30, 2009 totaled $631,423, of which, $503,007 was allocated to fundraising and $128,416 to education.
Joint costs for the year ended September 30, 2008 totaled $662,572, of which, $339,772 was allocated to
fundraising and $322,800 to education.
See independent auditor’s report.
11
Save Darfur Coalition, Inc.
Notes to Financial Statements
September 30, 2009 and 2008
8. Retirement plan
Save Darfur established a 401(k) profit sharing plan, effective September 4, 2007. Employee
participation in the plan was restricted to employees obtaining age 21 and three months of employment.
Employer contributions are discretionary. Pension expense was $76,127 and $69,946 for the years ended
September 30, 2009 and 2008, respectively.
For the year ended September 30, 2007, Save Darfur declared a 6% matching contribution for all
employees totaling $77,149. This amount was funded in December 2008 and was included in accounts
payable and accrued expenses on the accompanying statements of financial position as of September 30,
2008.
9. Operating leases
In 2009, Save Darfur signed a three year lease agreement for office space in Washington, DC. The
agreement commenced June 1, 2009 and expires May 31, 2012. The lease calls for monthly rental
payments of $13,500 which increase 4% per annum. Minimum rentals due under these agreements are as
follows:
For the year ending September 30,
2010 $ 164,160
2011 170,726
2012 116,813
$ 451,699
Rent expense for the year ended September 30, 2009 and 2008 was $180,947 and $187,754, respectively.
See independent auditor’s report.
12
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