Get documents about "INCOME STATEMENT FOR 2008
Document Sample
a nonprofit organization
www.serrv.org
Ceramic artisan with Mitra Bali, Indonesia
ANNUAL REPORT 2008
2008 was a year of many new beginnings for SERRV.
We clarified and reaffirmed our core organizational values working with Just Works Consulting, And we embarked
on an ambitious effort to more fully energize and mobilize our customers, volunteers, donors and supporters with new
organizational messaging, an improved catalog and a stronger web site.
Increased staff and resources have been devoted to insuring that all our interactions with our artisan and farmer
partners provide them with the tools, training and expertise to better participate in the global economy.
And though we continue to offer a robust market for more than 75 cooperatives and community-based organizations
in 35 developing countries, increasingly SERRV has also become a significant product design, training and capacity-
building resource for artisans around the globe.
Though the current recession reduced our sales in 2008 by 5% producing a very significant loss, we believe we are now
on target to generate a surplus in 2009, and that we have created the conditions for renewed growth as our country
emerges from the current economic downturn.
We continue to be grateful to so many supporters who make possible our important work to eradicate poverty wherever
it resides.
Robert S. Chase
President\CEO, SERRV International
INCOME STATEMENT FOR 2008 BALANCE SHEET AS OF 12/31/08
Revenue Assets
Sales of fairly traded handcrafts & foods $8,730,249 Cash & Cash Equivalents $2,178,188
Partial reimbursement of shipping costs 504,257 Accounts Receivable 837,318
Contributions 311,360 Allowance for Doubtful Accounts (8,901)
Other non-operating income 44,820 Inventory 1,967,116
Gross Revenue 9,590,686 Reserve for Obsolete Inventory (100,000)
Payments to producers for goods sold 3,445,677 Advances to Producer Partners 179,936
Prepaid Supplies & Misc Accounts 161,297
Net Revenue $6,145,009
Equipment & Leasehold Improvements 85,055
Expenses Total Assets $5,300,009
Program Expenses:
Program salaries & benefits $2,186,976
Liabilities
Inventory Financing Payable $2,145,882
Postage & domestic shipping costs 1,132,931
Accounts Payable 473,767
Payment of international shipping for producers 584,473
Accounts Payable Inventory 1,218
Promotion 603,613
Payable to Partner Organizations 147,011
Occupancy including warehouse rent 419,665
FASB 106 Obligation 30,000
Program supplies 360,047
Notes Payable 1,583,500
Consultants to assist producers/other services 123,386
Miscellaneous Liabilities 41,756
Interest on advances paid to producers & inventory 128,353
Donations to partner organizations 159,721 Total Liabilities $4,423,134
Volunteer expense/contract labor 128,053
Miscellaneous program expenses 85,050 Fund Balance $876,875
Grants to producers/producer development 80,426
Travel 69,084
Telephone 40,579
Subtotal Expenses $6,102,357
Administration & Fundraising $795,899
Total Program and Administrative Expense $6,898,256
Change in net assets ($753,247)
For a complete copy of our audited financial statements,
please contact us at 410.635.8755.
WHERE WE WORK
USA BOSNIA-HERZEGOVINA
MEXICO ISRAEL/WEST BANK CHINA
PAKISTAN NEPAL
GUATEMALA HAITI MALI
BANGLADESH
NICARAGUA HONDURAS INDIA
THAILAND
PHILIPPINES
EL SALVADOR COSTA RICA CAMBODIA
GHANA SRI LANKA
CAMEROON UGANDA KENYA
VIETNAM
ECUADOR RWANDA TANZANIA
INDONESIA
BOLIVIA
PERU
ARGENTINA
MADAGASCAR
SWAZILAND
CHILE SOUTH AFRICA PURCHASES BY REGION
NORTH AMERICA 5%
LATIN AMERICA
16%
SERRV ARTISAN & FARMER PARTNERS IN THESE COUNTRIES RECEIVED ASIA
ONE OR MORE OF THE FOLLOWING IN 2008: 41%
• EMERGENCY AID CHOCOLATE*
• IN-COUNTRY/REGIONAL TRAINING (Ghana, Germany)
• GRANT FOR EQUIPMENT 28%
• TRAINING OR TRAVEL
AFRICA 7%
• ORGANIZATIONAL VISIT MIDDLE EAST/EUROPE 4%
COUNTRY-BY-COUNTRY SNAPSHOT Total 2008 purchases are listed by country.
AFRICA ASIA LATIN AMERICA
GHANA/GERMANY* $947,213 INDIA $549,649 PERU $219,417
KENYA $111,850 VIETNAM $185,715 CHILE $61,040
SWAZILAND $29,750 NEPAL $170,632 GUATEMALA $58,295
CAMEROON $24,467 INDONESIA $166,344 MEXICO $39,678
UGANDA $20,861 BANGLADESH $160,442 ECUADOR $39,406
SOUTH AFRICA $18,300 PHILIPPINES $78,305 HAITI $34,068
GHANA $8,412 SRI LANKA $36,755 COSTA RICA $22,800
TANZANIA $7,200 PAKISTAN $28,408 NICARAGUA $18,869
MALI $6,003 CHINA $8,007 HONDURAS $14,101
RWANDA $3,570 CAMBODIA $7,630 EL SALVADOR $13,015
MADAGASCAR $2,600 THAILAND $6,960 ARGENTINA $10,740
BOLIVIA $4,560
MIDDLE EAST/EASTERN EUROPE NORTH AMERICA
WEST BANK $70,167 USA $163,298 * Farmers in Ghana grow the cocoa used in
Divine Chocolate, which is made in Germany.
ISRAEL $50,505
BOSNIA $5,653
2008 DEVELOPMENT ACHIEVEMENTS “In the cooperative
SERRV is committed to working with artisans and farmers to provide we work together, and
them with skills and tools to improve their lives. In addition to our everyone supports each
purchases, SERRV’s Development Achievements for 2008 include the other. When SERRV
following: places an order with us
• Four major overseas trainings in product design, crafts production we are happy because
and market trends benefiting both SERRV partners and other crafts there is work. It is a
organizations. source of hope.”
• Equipment grants totaling $15,326 to SERRV partners to put
needed tools into their hands. These grants helped purchase – Margarita Torres,
computers, generators, sewing machines, looms, silkscreen ACOOPRAC, El Salvador
equipment, and storage racks.
• Training and travel grants totaling over $15,000. These grants
supported marketing activities, travel to regional fair trade conferences, and local trainings in business skills and basket making.
• Grants for emergency relief to help people rebuild their lives following flooding in India, hurricanes in Haiti, and wind storms in India,
totaling $11,500.
• Staff visits to 40 of our artisan and farmer partners in 19 countries to learn about their needs, work on product design or provide other
training.
• Hosting visits to SERRV offices in the U.S. by artisan partners from India and Nepal.
• Worldwide distribution of two Trend Reports to all of our partner organizations which help them develop new products.
• Facilitation of donations of reading glasses, emergency relief and school supplies.
NOTES OF GRATITUDE GENEROUS CONTRIBUTIONS
To the thousands of ARTISANS AND FARMERS with whom we partner, We gratefully acknowledge the generous support of the
thank you for your continued hard work and enthusiasm for fair trade. following organizations through their loans or grants:
To our numerous CUSTOMERS who incorporate fair trade into their Calvert Foundation SERRV Loan Fund Investors
business or mission work, or promote justice with their gift purchases, Mennonite Mutual Aid Google Grants
thank you for believing in our organization and our partners. Untours Foundation West Foundation
eBay Foundation Catholic Relief Services
To our generous DONORS AND INVESTORS across the country,
thank you for helping us further our work and the work of small-scale Shared Interest Society Thousands of individual and
organizational donors
producers worldwide.
To our PROGRAM PARTNERS who advocate for fair trade, thank you 2008 BOARD OF DIRECTORS
for your work to grow demand for the handcrafts and foods that create
work for our artisan and farmer producers. Marsha Hoover - Chair Kimberly Grimes
Ann Engelman - Vice Chair Sally Keller
To the thousands of VOLUNTEERS who give their time in our New
John Krieck - Treasurer Howard Royer
Windsor office, gift shop and warehouse, our Madison office, and in
communities across the country, thank you for your dedicated support. Pushpika Freitas - Secretary Dan Patterson
Colin Crawford Robert Chase*
To the committed BOARD OF DIRECTORS AND STAFF thank you for Julie Danis *non-voting member
contributing your energy and skill to fulfilling our mission.
SERRV INTERNATIONAL is a 501(c)3 nonprofit organization founded in 1949.
OPERATIONS CENTER
PO Box 365, 500 Main Street, New Windsor, Maryland 21776
410.635.8750
SERRV is an accredited member of the
ADMINISTRATIVE OFFICES
International Fair Trade Association
122 State Street, Suite 600, Madison, Wisconsin 53703
and a charter member of the Fair
608.251.3766
Trade Federation.
Related docs
