2008 Annual Report

2008 Annual Rep ort

� ~ Golden Key International Honour Society

executive messageDear Golden Key Members and Friends:

Golden Key had a great year in 2008 with many noteworthy accomplishments moving the Society forward. Globally, 82,041 new members joined the Society. This is a membership increase of over 10,000 students as compared with 2007. Additionally, our hallmark benefit, Scholarships and Awards, also increased, with over $310,000 being awarded to members during the 2008–2009 academic year. We were gratified that we were able to continue our graduate scholarship program and provided twelve $10,000 scholarships to excellent student members in top postgraduate programs around the world.

Not only did the membership grow, but Golden Key is pleased to announce expansion as seven new universities that added chapters on their campuses during 2008. We are excited to welcome the University of North Carolina at Greensboro, Southern Utah University, American Public University System, University of California–Santa Cruz, University of Wisconsin–Oshkosh, International Academy of Art & Design and Farmingdale State College. These seven schools join over 365 others in a global network of bright and motivatied individuals making a difference throughout the world. Golden Key continues to operate in seven countries: Australia, Canada, Malaysia, New Zealand, South Africa, the United Arab Emirates and the United States of America.

Perhaps the most significant change was in the leadership of Golden Key. Our new CEO, John Mitchell, took the helm of the organization last July. There are four areas of strategic focus that he and Golden Key will be pursuing over the next few years: Communication, Internationalization, Partnerships and Campus Focus. We look forward to your support and assistance as we make progress in each of these important areas.

When Golden Key was established 32 years ago, we set ourselves apart with our focus on service in the community. This emphasis has continued with our membership providing over 60,000 hours of volunteer service around the world during the last 12 months. At our International Conference in New Orleans, our half day of service to Hurricane Katrina victims was the highest-rated event of the conference. We will continue active service at our future international conferences.

Within this report, you will learn more about Golden Key International Honour Society’s accomplishments this past year and how we are continuing to advance our mission of “enabling our members to realize their potential.” The three pillars Golden Key stands on to achieve this mission are Academic Excellence, Leadership Development and Community Service.

On behalf of the board and staff, we thank you for your support and your efforts in making Golden Key a successful and meaningful organization for its members.

Sincerely,

Brad RaineyChair, Board of Directors

John W. MitchellCEO, Golden Key International Honour Society

�Golden Key International Honour Society • www.goldenkey.org

2008 society leadershipGolden Key is unique in the scope of its organizational leadership. Our approach is inclusive and collaborative–involving students, academic leaders and corporate partners–with hands-on guidance and advice from Golden Key’s headquarters staff. All of the valuable leaders listed

below volunteer their time and effort to better the Society.

William W. Asbury• Vice President for Student Affairs, Emeritus• The Pennsylvania State University

Stephen Gross• CEO and Growth Strategies Specialist• HLB Gross Collins, P.C.

Peter Hartigan, (Finance Committee Chair)• President• dotFX, Inc.

Rachel King• Golden Key International Leadership Council Student Member• Syracuse University

Cecilia Manrique, Ph.D.• Golden Key International Leadership Council President• Professor and Chair, Political Science & Public Administration• University of Wisconsin-La Crosse

Shaheed Merani• Golden Key International Leadership Council Student Member• University of Alberta

Anita Miller, Ed.D.• Associate Vice Chancellor for Academic Affairs• University of Massachusetts Boston

John W. Mitchell (Chief Executive Officer)• Golden Key International Honour Society

David Morgan• Senior Manager, North America Recruiting and Business Operations (Retired)

• Ford Motor Company

Robert L. Poole• Senior Manager, College and Diversity Recruiting, Global Staffing• Boeing Shared Services Group

Bradford Rainey, CPA (Board Chair)• President• Brad Rainey Homes, Inc.• Golden Key Founding Member

Jerry Sullivan• Executive Director• American Association of Collegiate Registrars and Admissions Officers

Derek Swemmer, D Litt et Phil.• Registrar• University of the Witwatersrand

Peter Veruki• Director of Corporate Relations• Vanderbilt University Owen Graduate School of Management

William H. York (Board Vice Chair)• President• Tudor Lewis Ltd.

Cecilia Manrique, Ph.D.• Council President• Professor and Chair, Political Science & Public Administration• University of Wisconsin-La Crosse Max Vest• Council Vice President• Director of Student Activities• University of Richmond Bonnie Cooper• Council Secretary• Disquisition Editor• North Dakota State University

Steven D. Cohen• Council Alumni Member• John F. Kennedy School of Government• Harvard University Rachel King• Council Student Member• Syracuse University Shaheed Merani• Council Student Member• University of Alberta

• Melissa Cernigoy Dalhousie University• Heather King Virginia Commonwealth University• Rachel King Syracuse University• Jeffrey Lai The Australian National University• Liebe Kouta University of Stellenbosch

• Shaheed Merani University of Alberta • Reshen Naidoo University of Cape Town • Matthew Teal The University of Memphis• Brigham Wilson Brigham Young University

council vice president and committee chairMax VestUniversity of Richmond asia-pacificSelwyn CornishThe Australian National University canadaCraig FleisherUniversity of Windsor south africaRobert J. KotzeUniversity of Stellenbosch us region 1Annette StaeblerStony Brook University us region 2Jenny CouchMiddle Tennessee State University us region 3Craig BeardThe University of Alabama at Birmingham

us region 4Gene Zackerman, CPANorthern Kentucky University us region 5Donald CastleSouthern Illinois University at Carbondale us region 6Rita L. Rahoi-Gilchrest, Ph.D.Winona State University us region 7Randy Wood, Ph.D.Baylor University us region 8Ryck LuthiThe University of Utah us region 9Georgia TotressNorthern Arizona University us region 10Kathleen PollardSyracuse University

board of directors international leadership council

council of student members

council of advisors


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A cademic excellence is the

primary pillar of Golden Key

International Honour Society. Every

member who joins enjoys the global

recognition for his/her academic

achievements. In addition, Golden

Key provides scholarships, discounts

on learning/studying tools through

partners, study groups on campus

supported by members, engaging

intellectual lectures and discussions

at the local level, and exclusive

opportunities with graduate schools

and corporate institutions.

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golden key scholarships

I n 2008, Golden Key awarded

directly and through our partners

over $300,000 in scholarships and

awards globally, including a $20,000

assistantship with the University of

South Carolina’s Moore School of

Business. Besides this assistantship,

the additional scholarships and

awards ranged from $500 to $10,000.

Scholarships and awards are available

in many categories, including

community service, leadership, and

academic achievement.

dimitri schrittuniversity of canterbury

“It is a great honour

to be granted the

Golden Key Graduate

Scholar Award. To

receive this highly

coveted prize has been

a dream ever since I

joined Golden Key in March 2005. I hope to

also remain involved with my local chapter

and provide support whenever I can.”

2008 Graduate Scholar Award recipient

christopher gaineyuniversity of south carolina

“I am extremely

honored and grateful

to receive the Golden

Key Graduate Scholar

Award. Golden Key

has truly enabled

me to realize my

potential and I intend to think BIG with

regard to how I will use my medical

education to benefit others.”

2008 Graduate Scholar Award recipient

lauren vrienshunter college, the city university of new york

“Studying abroad will

no doubt increase my

knowledge of other

cultures, specifically

the rich, polyglot

culture that exists in

Morocco. This is an

incredible opportunity and I am indebted

to Golden Key for helping to finance my

study abroad program.”

2008 Study Abroad Scholarship recipient

scholarships awarded

$310,000in 2008

“As a father of three boys with a fourth one on the way, it was especially difficult to make the decision to leave my business behind and return to school. After completing my undergraduate degree, I made it a

goal to eventually continue my education and get an international master of business administration. With

the generous assistance of the Golden Key International Honour Society, I have the opportunity to make my

dream of returning to school a reality.

Golden Key’s mission is to enable its members realize their potential. I am grateful for Golden Key’s assistance

in helping me realize my potential. Additionally, I am honored and grateful to represent the Golden Key International Honour Society as a member and a

fellowship recipient. I hope to be able to positively influence others and society by espousing Golden Key’s core values as I venture out internationally as a student

and later as a professional.”

Brock Beanuniversity of nebraska at omaha

2008 University of South Carolina Moore School of Business Assistantship Winner


Gol

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Key

le

ad

er

ship

Golden Key provides leadership

opportunities at the individual

chapter level with the chapter

“executive,” which consists of various

offices (Pres, VP, Treasurer, etc.).

Additionally, GK provides leadership

training at Regional and International

Conferences. Other leadership

opportunities are also available at

the regional and international level

for both members and advisors.

GK believes firmly that holding a

particular position in an organization

is not a prerequisite for being a leader.

“I received a phone call last summer from the Office of the

Chancellor asking me to serve as the first Student Representative

on the Provost Search Committee. My name had been raised to

the committee because of my involvement in student life as the

president of the Golden Key chapter and my dedication to academics.

From the beginning of September 2008 until April 2009, I served

on the committee with a group of university faculty, staff, and

administrators. My role was to be the voice of the student body,

articulating what students want from the senior administration of the university and giving a

“student’s perspective” to the committee. I organized student forums, during which small groups

of students met with the final four candidates for the Provost position and then communicated

the feedback from these forums to the committee. I also attended special dinners with each of

the final candidates during which I represented the student body. We had monthly committee

meetings the entire length of the search, in which we reviewed

applications for the position and discussed candidates. It

was a great experience to see how a university runs “behind

the scenes” during a search process and provided me an

opportunity to serve my school in a unique and engaged way.

Because I intend to have a career in academia, serving on this

committee was a valuable form of professional development

and leadership building.”

Leadership in Action:lauren reed, university of michigan, dearborn

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“LAUREN REED IS BY FAR ONE OF THE MOST ACTIVE, DYNAMIC AND

CHARISMATIC STUDENT LEADERS I HAVE BEEN EXPOSED TO IN MY 6 YEARS

WORKING IN HIGHER EDUCATION.”

umid advisorJonathan Larson

“What an honor to

be recognized among

so many fine advisors

in my region. Thank

you. And thank you for

supporting my vision of

advising. Our commu-

nity service events not only help the targeted

population but also help my Golden Key

members enlarge their world and engage with

that world in new and enriching ways. The fact

that my students nominated me makes me very

proud and happy, and makes me feel that al-

though I, like everyone else, make mistakes, my

goals and visions are correct. Luckily, a com-

puter-savvy Golden Key member has helped

me work out many of the problems with my

nearly defunct computer, so it looks like I won’t

have to use the funds on that. Instead, I plan

to host a small celebration for the Golden Key

members with some of the funds!”

leah schrubbeuniversity of north carolina at chapel hill

“I am so honored to

receive the 2007-2008

Golden Key Regional

Student Leader of the

Year Award for Region

2! As a passionate and

involved member of

Golden Key, this award means a lot and has

great significance for me. I’ve worked hard

over the past few years to rebuild the UNC-

CH chapter, and the work has definitely

made a difference. I will use the scholarship

award money towards an upcoming cultural

extravaganza trip in Greece. I’m excited

to learn about and be immersed in a new

culture and to understand more about the

world on a greater international level!”

kathryn a. walterscheid, ph.d.university of missouri-st. louis

International Advisor of the Year International Student of the Year


Gol

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Key

se

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ice

S ervice was the original

differentiator 32 years ago

when GK was started. Community

service continues to be an area of

contribution for GK. Literacy has

been the area of emphasis as we

encourage our members to serve

in their local communities around

the world. Golden Key defines

LITERACY as an individual’s ability

to read, write, speak, compute and

solve problems at levels of proficiency

necessary to function on the job, in

the family of the individual and in

the individual’s society.

“Receiving an award for a social upliftment

program came as a surprise. Usually awards

are given to sport players or academic

achievers. This award shows that people

still care for the less fortunate in society. It

recognizes the volunteers that helped me

with this project at the Danville Rooms, and

motivates us to work even harder to break

the cycle of poverty in this community. Half

of my award will go to the Social work group

ELEOS, who helped the small community

in the Danville Rooms to overcome the

obstacles associated with their harsh living

conditions. This award gave me new hope

that will enable me to reach new heights with

upcoming community service projects.”

global community service winner: liz-marie basson

In 2

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Reaching out! In cooperation with Mimosa

Mall and “The Start Project,” under the wing

of Ms. Marlene Jooste: 2008 new Honorary

Member, the University of the Free State

Golden Key Chapter in South Africa reached

out to those less fortunate and collected food,

clothes and blankets which where donated to

The Chocolate House, Oretatile House and a

squatter camp in Heidedal.

free state chapter

South Africa: 15%

Asia Pacific: 6% North America: 79%

2008 service hours

North America50,000 hours

Asia Pacific3,500 hours

South Africa9,300 hours

Golden Key members serving their local community.

Volunteering at the Danville Rooms in South Africa.

The Macquarie chapter chose to take on the

Exodus Foundation’s Schoolwise Program

as a literacy project some years ago and

has been giving continuing support even

when other projects have been started. This

is because the program reflects many of

the values that we promote in Golden Key.

The ability to read is the foundation of a

good education, and it is every child’s right

to receive this. The nature of the program

means it relies on financial support for

important literacy resources. Through

fundraising activities, such as the annual

opportunity to work with and receive

funding from the Galston Gardens Club, the

Macquarie chapter has been able to provide

funding so that the Exodus Foundation can

continue its fantastic work in improving the

education of Australian children.

2008 literacy showcase of service winner: macquarie university

Liz-Marie Bassonuniversity of pretoria , south africa


golden key expanded its chapter base in 2008 by adding the following universities

• American Public University System

• Farmingdale State College

• International Academy of Art & Design

• Southern Utah University

• University of California, Santa Cruz

• University of North Carolina at Greensboro

• University of Wisconsin Oshkosh

2008 expansion report*

*expansion occurred in the united states in 2008.

2008 global number of chapters

2008 global overview

2008 revenue by region

United States ............4,895,025 .................75%

Canada .....................553,591 ....................8%

Asia-Pacific ..............832,426 ....................13%

South Africa .............251,114 ....................4%

Total ........................6,532,156 ................ 100%

South Africa: 4%Asia Pacific: 13%

Canada: 8%

United States: 75%

a Australia ............................................ 28

b Canada .............................................. 17

c Malaysia ............................................ 7

d New Zealand ..................................... 2

e South Africa ...................................... 11

f United Arab Emirates ....................... 1

g United States ..................................... 302

Total ............................................... 368

2008 literacy showcase of service winner: macquarie university

200

8 G

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sBank of America is headquartered in

Charlotte, North Carolina, and provides

a diverse range of banking and financial

services in more than 30 countries. Bank

of America is committed to creating

meaningful change in the communities

it serves through philanthropic efforts,

associate volunteerism, community

development activities and investing,

support of arts and culture programming, and environmental initiatives. Much like Golden Key members, Bank of

America associates volunteer to support a variety of community programs. Each year, Bank of America volunteers

donate more than 650,000 hours to meet critical community needs. Bank of America has also donated over $200

million to support hundreds of communities.

Bank of America has been a valued Golden Key partner since 1995 and is currently the longest-standing partner of the

Society. Each year through Bank of America’s generous support, Golden Key is able to award a variety of scholarships.

Bank of America provides Golden Key members with the Golden Key credit card with WorldPoints™ that allows

members to support Golden Key while earning points towards cash back, air travel, merchandise, and more. Society

members can also sign up for a Golden Key personal checking account with Golden Key branded checks through Bank

of America. Golden Key members hold over 66,000 accounts with Bank of America and have nearly $5 million in

savings with the bank.

GEICO has been helping drivers with their auto insurance

needs since 1936 and is the third largest private passenger

auto insurer in the United States. GEICO takes pride in be-

ing the fastest-growing auto insurance company in the U.S.;

the company is equally proud of the work it does outside the

office walls. Part of GEICO’s corporate mission is to encour-

age active, involved citizenship. More than 4,000 employees

volunteer an average of 5 hours a week helping many worth-

while organizations.

Microsoft’s support of Golden Key aligns with

its philanthropic objectives, focusing on these areas:

enriching peoples’ lives through enhanced technology

access, strengthening nonprofits through technology,

expanding and diversifying the technology workforce,

and building vibrant communities.

“BANK OF AMERICA HELPS BUILD STRONG COMMUNITIES BY CREATING OPPORTUNITIES FOR PEOPLE, INCLUDING CUSTOMERS, SHAREHOLDERS AND

ASSOCIATES, TO FULFILL THEIR DREAMS.” ceo and president

Kenneth D. Lewis

partnership level: u.s. $1,000,000

partnership level: u.s. $100,000




The Boeing Company is all about

possibilities and the chance to do something

great. Recruiting through Golden Key gives

Boeing a direct line to individuals who are doing

great things today. Boeing’s support and belief in

Golden Key as an organization is demonstrated

through its partnership and Board involvement.

In 2008, Better World Books collected

nearly 60,000 books with participation from half

of the Canadian and US Golden Key chapters. In

addition to participating in these literacy-focused

service activities, the chapters collectively raised

$35,000 for their chapters.

The Princeton Review provides an exclusive

benefit to Golden Key members and their families.

The Princeton Review offers college, graduate

and professional test preparation services and

has supported Golden Key through its generous

support of the organization and work with chapters

for on-campus test preparation events.

• Atkinson Graduate School of Management, Willamette University

• Belk College of Business, University of North Carolina Charlotte

• International Education Programs

• International WaterCentre

• Jenkins Graduate School of Management, North Carolina State University

• Moore School of Business, University of South Carolina

• Owen Graduate School of Management, Vanderbilt University

• The Graduate School at Purdue University

• Thunderbird School of Global Management

• Walton College of Business, University of Arkansas

• University of San Francisco Sport Management Program

• University of Southern Missisippi

university graduate partners

partnership level: other

• A2Connect• Academic Studies Abroad• Accenture• AMP Capital Investors• BMW• Cisco Systems, Inc.• Defence Signals Directorate• Hobsons Grad Careers• International Water Centre• Interviewing for Success• Investec• JP Morgan & Chase• KPMG• Lehman Brothers• Marsh, Affinity Group Services• McKinsey&Co• Monster DLP

• Motorola• Next Jump (aka GK Rewards)• Optiver• Peterson’s• Procter&Gamble• ProWorld• Rand Merchant Bank• Sallie Mae• Sasol• Sedona Training Associates• Sun Microsystems• The University of Sydney• The Washington Center• Teach For America• Travel Now• Vault

International Scholar Laureate Program Founded in 2001,

ISLP is designed to provide a lifetime advantage to high-achieving university

students from around the world. In 2008, over 250 Golden Key members

participated in various programs that focused on an array of subject areas from

business to medicine. By offering the unique combination of experimental

learning with a dynamic environment, the programs are able to provide members the skills and resources

they need to succeed in an ever-evolving world and to help them reach their full leadership potential.

10~ Golden Key International Honour Society

statement of financial positionfor the year ended december 31, 2008

statement of cash flows

Performance Against Industry Standards

total assets to liabilities current ratio

Golden Key: 2 to 1Industry Standard: 2 to 1 **

Golden Key: 3 to 1Industry Standard: 3 to 1 **

AssetsCURRENT ASSETS• Cash and cash equivalents ...........................................................................$ 3,187,393• Accounts receivable.........................................................................................$ 193,411• Accounts receivable, Malaysia Golden Key National Honour Society ....$ 16,876• Investments, at market value ........................................................................$ 5,143,166• Current portion of note receivable ...............................................................$ 23,730• Inventories .........................................................................................................$ 102,376• Prepaid expenses .............................................................................................$ 137,851• Total current assets .........................................................................................$ 8,804,803• Furniture and equipment net .........................................................................$ 128,696• Investments: Invest in Excellence, at market value ..................................$ 90,921• Note receivable, net of current portion .......................................................$ 1,480,115• Deposits .............................................................................................................$ 17,243

TOTAL ASSETS ..........................................................................................$ 10,521,778

Liabilities and Net AssetsCURRENT LIABILITIES• Accounts payable .............................................................................................$ 377,978• Accrued compensation ...................................................................................$ 205,335• Current portion of accrued pension costs ..................................................$ 88,000• Other accrued expenses .................................................................................$ 124,741• Deferred revenue .............................................................................................$ 2,141,321• Total current liabilities .....................................................................................$ 2,937,375• Accrued pension costs, net of current portion ..........................................$ 2,021,627• Deferred rent ....................................................................................................$ 17,220

TOTAL LIABILITIES ..................................................................................$ 4,976,222

Commitments and ContingenciesNET ASSETS• Unrestricted ......................................................................................................$ 5,285,413• Temporarily restricted .....................................................................................$ 160,143• Permanently restricted ...................................................................................$ 100,000

TOTAL NET ASSETS .................................................................................$ 5,545,556

TOTAL LIABILITIES AND NET ASSETS.................................................$ 10,521,778

Increase (Decrease) in Cash and Cash EquivalentsCASH FLOWS FROM OPERATING ACTIVITIESChange in net assets ....................................................................................................$ (2,156,286)

ADJUSTMENTS TO RECONCILE CHANGE IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIESMinimum pension liability adjustment ......................................................................$ 190,910Depreciation and amortization ...................................................................................$ 78,294Net realized and unrealized investment gains and losses ....................................$ 1,948,132Straight-line rent adjustment .....................................................................................$ (11,125)

CHANGES IN ASSETS AND LIABILITIESAccounts receivable......................................................................................................$ (69,811)Accounts receivable, Malaysia Golden Key National Honour Society .................$ (16,876)Inventories ......................................................................................................................$ (70,377)Prepaid expenses ..........................................................................................................$ 44,692Deposits ..........................................................................................................................$ (1,012)Accounts payable ..........................................................................................................$ 52,066Accrued compensation ................................................................................................$ (791)Other accrued expenses ..............................................................................................$ (106,224)Deferred revenue ..........................................................................................................$ 290,856Accrued pension costs .................................................................................................$ (84,641)Net cash provided by operating activities ................................................................$ 87,807

CASH FLOWS FROM INVESTING ACTIVITIESPurchases of investments ...........................................................................................$ (9,067,897)Sales and maturities of investments .........................................................................$ 9,072,460Purchases of furniture and equipment .....................................................................$ (58,543)Collections on note receivable....................................................................................$ 22,351Net cash used in investing activities .........................................................................$ (31,629)Net increase in cash and cash equivalents .............................................................$ 56,178*

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR ....................... $ 3,131,215

CASH AND CASH EQUIVALENTS, END OF YEAR ..................................... $ 3,187,393

* Cash increased by $56,178 for the period.

The following is an abridged set of audited financials for 2008.

** Benchmark reference is PFK 1st Research Industry Profile.

11Golden Key International Honour Society • www.goldenkey.org

statement of activities: for the year ended december 31, 2008

UNRESTRICTED TEMPORARILY RESTRICTED PERMANENTLY RESTRICTED

NET ASSETS NET ASSETS NET ASSETS TOTAL

SUPPORT AND REVENUESMembership dues....................................................................................................... $ 5,721,042 $ —— $ —— $ 5,721,042Member services ........................................................................................................ $ 617,755 $ —— $ —— $ 617,755Corporate sponsorships, contributions, and contributions in kind ................... $ 337,352 $ 44,860 $ —— $ 382,212Royalties ...................................................................................................................... $ 1,360,795 $ —— $ —— $ 1,360,795Investment gains/losses and interest income, net* ............................................ $ (1,694,424) $ (8,679) $ —— $ (1,703,103)Other ............................................................................................................................. $ 153,455 $ —— $ —— $ 153,455Net assets released from restrictions .................................................................... $ 74,973 $ (74,973) $ —— $ ——

TOTAL SUPPORT AND REVENUES ...........................................................$ 6,570,948 $ (38,792) $ —— $ 6,532,156

PROGRAM EXPENSESMember recruitment ................................................................................................. $ 2,490,074 $ —— $ —— $ 2,490,074Chapter relations ........................................................................................................ $ 2,518,805 $ —— $ —— $ 2,518,805Member benefits ........................................................................................................ $ 1,588,721 $ —— $ —— $ 1,588,721Leadership/volunteer training.................................................................................. $ 522,359 $ —— $ —— $ 522,359

TOTAL PROGRAM EXPENSES ...................................................................$ 7,119,959 $ —— $ —— $ 7,119,959

FUNDRAISING AND GENERAL / ADMINISTRATIVE EXPENSESFundraising .................................................................................................................. $ 389,166 $ —— $ —— $ 389,166General and administrative ...................................................................................... $ 988,407 $ —— $ —— $ 988,407

TOTAL FUNDRAISING AND GENERAL / ADMINISTRATIVE EXPENSES ..........$ 1,377,573 $ —— $ —— $ 1,377,573

TOTAL EXPENSES ........................................................................................$ 8,497,532 $ —— $ —— $ 8,497,532

• Change in net assets before minimum pension liability adjustment ......... $ (1,926,584) $ (38,792) $ —— $ (1,965,376)• Other changes in net assets: minimum pension liability adjustment ........ $ (190,910) $ —— $ —— $ (190,910)• Change in net assets**....................................................................................... $ (2,117,494) $ (38,792) $ —— $ (2,156,286)• Net assets, beginning of year, as originally stated ....................................... $ 7,426,452 $ 175,390 $ 100,000 $ 7,701,842• Net asset reclassification based on change in accounting principle ......... $ (23,545) $ 23,545 $ —— $ ——• Net assets, beginning of year, after reclassification ..................................... $ 7,402,907 $ 198,935 $ 100,000 $ 7,701,842• Net assets, end of year ....................................................................................... $ 5,285,413 $ 160,143 $ 100,000 $ 5,545,556

MEM

BERS

HIP

DUES

MEM

BER

SERV

ICES

CORP

ORAT

ESP

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RSHI

P

ROYA

LTIE

S

INVE

STM

ENT

GAIN

/(LOS

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R

88%

2%

-20%

0%

20%

40%

60%

80%

100%

-26%

21%

6%9%

MEMBER RECRUITMENT: 29%

LEADERSHIP/VOLUNTEERTRAINING: 6%

CHAPTER RELATIONS: 30%

MEMBER BENEFITS: 19%

FUNDRAISING: 4%

PROGRAM EXPENSES: 84%

GENERAL & ADMINISTRATIVE: 12%

Fundraising & General/Administrative Expenses & Program Expenses

Program ExpensesSupport & Revenue

* Interest income of $245K was offset by market losses of ($1,939K).** The increase in asset unrestricted net asset of $13K was offset by the following non-operating items: Investment losses ($1,939K) and pension liability ($191K).

*

**

The following is an abridged set of audited financials for 2008.

w w w . G o l d e n K e y. o r g

Documents

2008 Annual Report