BOARD OF TRUSTEES MEETING - AGC of Washington...Jun 06, 2020 · 116 N Court St., Lot 1, Glenwood, WA 98619 Phone: 509.364.3401 Email: [email protected] Specialty: Logging, excavating

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BOARD OF TRUSTEES MEETING June 5th, 2020

11:00 AM – 1:30 PM https://global.gotomeeting.com/join/129151045

United States: +1 (872) 240-3311 - One-touch: tel:+18722403311,,129151045#

Access Code: 129-151-045

PURPOSE OF MEETING: To conduct the business affairs and establish policies of the association. DESIRED OUTCOMES:

• Adoption of business reports. • Knowledge of key association activities. • Consensus on recommended reserve allocations

AGENDA

CALL TO ORDER – President, Curt Gimmestad ROLL CALL- Dave D’Hondt TAB

CONSENT AGENDA

1. Approval of April Summary Minutes 1 2. Approval of June Membership Report 2

ORAL REPORTS

1. President’s Report- Curt Gimmestad a. AGC/ Building Trades Discussions

i. Phase 2 Protocols ii. Legislative

b. What more do you need or like to see/hear from Curt 2021 Washington Annual Convention

2. Executive Vice President Dave D’Hondt a. AGC Building Update b. Governors Construction Roundtable c. Strategic Planning d. Retro Refund e. Future Meetings and Events

INTERACTIVE DISCUSSION / ACTION:

1. Group Discussion- How the shutdown is affecting your company- Curt Gimmestad 2. Accept April Financials- Kelly Barber 3 3. Accept 2019 Audit Report- Kelly Barber 4 4. Approve Recommended AGC reserve allocation- Kelly Barber 5

OTHER BUSINESS ADJOURN

https://global.gotomeeting.com/join/129151045

tel:+18722403311,,129151045

TAB 1

SUMMARY MINUTES AGC OF WASHINGTON BOARD OF TRUSTEES Meeting Go-To- Meeting April 13th, 2020

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BOARD MEMBERS PRESENT Paul Mayo Flatiron West, Inc. Tanya Davis Western Ranch Curt Gimmestad Absher Construction Company Patrick McQueen Lease Crutcher Lewis WA LLC Ross Pouley RAP Consulting, LLC Dawn Stephens Charter Construction, Inc. Grace Pizzey Holaday-Parks Lindsay Watkins Ahlers, Cressman & Sleight PLLC JB Gibson Westlake Consulting Group Jeff Tiegs Lincoln Construction

Linda Womack MBDA Tacoma Sean Hilt Turner Construction Company Bryan Kelley Howard S. Wright, a Balfour Beatty co. Brad Neudorfer Howard S. Wright, a Balfour Beatty co. Glyn Slattery Lydig Construction BOARD MEMBERS ABSENT Chris Lang Fisher Construction Group John Huntley Mills Electric STAFF/GUESTS PRESENT David D’Hondt AGC of Washington

John Salinas Salinas Construction Matt Osborne Osborne Construction Company CALL TO ORDER President Curt Gimmestad called the meeting to order at 11:00 am.

CONSENT AGENDA Action: It was moved, seconded, and carried to approve / accept the consent agenda items as presented:

1. Accept 2020 Financial Statements 2. Approval of February summary minutes 3. Approval of April Membership report

MEMORANDUM Date: April 13, 2020 To: AGC Board of Trustees From: Stacy Mullane, Chapter Events & Membership Director Re: Membership Report The following candidates have been screened and meet the proper classification requirements: NEW MEMBERS ASSOCIATES Northern District Brown & Brown of Washington, Inc. dba Snapper Shuler Kenner Insurance Alex Nephew 501 Front St., Lynden, WA 98264 Phone: 360.354.4488 Email: [email protected] Specialty: Property casualty, workers comp, employee benefits and personal lines insurance brokerage. Reason for Joining: Returning member Seattle District ABD Insurance & Financial Services, Inc. Kyle Rix 1201 – 3rd Ave., Ste. 800, Seattle, WA 98101

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Phone: 206.788.8989 Email: [email protected] Specialty: Insurance and financial services. Reason for Joining: Networking BiSOFT Consultancy Services LLC Priya Dharshini 16310 NE 80th St., Ste. 104, Redmond, WA 98052 Phone: 425.652.4511 Email: [email protected] Specialty: BiSOFT Consultancy Services is a service - disabled veteran, minority owned small business in Redmond, WA. We specialize in custom application development of the newly developed web, mobile, and other applications which enhance the experience of end users. Reason for Joining: AGC’s partnership with the Minority Business Development Agency Reva Solutions Inc. Eswar Eluri 207 ½ First Ave. S, Ste. 300, Seattle, WA 98104 Phone: 206.617.6426 Email: [email protected] Specialty: A systems integrator providing software development and IT services with focus on enterprise content management, business process, workflows and custom application development. Reason for Joining: AGC’s partnership with the Minority Business Development Agency Shell TapUp Mike O’Keefe 1731 – 13 Ave. SW, Seattle, WA 98134 Phone: 425.922.2132 Email: [email protected] Specialty: Shell TapUp offers mobile fueling services to consumers and businesses. We want to help reduce some of the stress in your day by providing an effortless refueling service and give you back a precious resource: TIME. Reason for Joining: Networking Xylem Dewatering Inc. Will Murphy 8445 South 218th St., Kent, WA 98031 Phone: 253.395.5450 Email: [email protected] Specialty: Xylem is a leading water technology company committed to "solving water" by creating innovative and smart technology solutions to meet the world's water, wastewater and energy needs. Reason for Joining: Networking GENERAL CONTRACTORS Central District M&M Excavating, LLC Colby Masden 116 N Court St., Lot 1, Glenwood, WA 98619 Phone: 509.364.3401 Email: [email protected] Specialty: Logging, excavating. Reason for Joining: AGC Health Plan Seattle District Ohno Construction Company Michio Ohno 9416 Martin Luther King Jr. Way S, Seattle, WA 98118 Phone: 206.325.1529 Email: [email protected]

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Specialty: Award-winning Ohno Construction Company specializes in outdoor recreational and athletic facility venues, including parks, sports fields and tracks, play areas, habitat restorations and greenways, bike and inter-modal pathways, restroom/concession buildings, and more. Reason for Joining: Workers’ Compensation Group Retro Program SPECIALTY CONTRACTORS Northern District Champion Electric, LLC Champ Barney 9619 – 163rd Ave. NE, Granite Falls, WA 98252 Phone: 425.327.2959 Email: [email protected] Specialty: Electrical contracting services. Reason for Joining: AGC’s partnership with the Minority Business Development Agency KHWC,Inc. Ken Hendrickson 1121 – 204th Pl. SE, Bothell, WA 98012 Phone: 206.227.4010 Email: [email protected] Specialty: Installers of wall covering. Reason for Joining: AGC Health Plan Southern District Reign Electric Sherri Jones 421 Military Rd. E, Tacoma, WA 98445 Phone: 206.794.9795 Email: [email protected] Specialty: Electrical contractor. Reason for Joining: AGC’s partnership with the Minority Business Development Agency Rick The Plumber & Co., Inc. Lori Vallone 17711 – 85th Ave. Ct. E, Puyallup, WA 98375 Phone: 253.847.7239 Email: [email protected] Specialty: Plumbing subcontractor. Reason for Joining: AGC Health Plan Skyline Landscape, LLC Jeff Parish 15000 NW Logie Trail, Hillsboro, OR 97214 Phone: 503.969.4460 Email: [email protected] Specialty: Landscape construction, primarily public works. Reason for Joining: Education and Guidance COMPANIES NOT RENEWING MEMBERSHIP Associates 180 Consulting – Seattle – no reason provided MW Sutton – Seattle - didn’t qualify for Retro G.E.W.llc Solutions in Safety – Southern – office too far away to participate United Rentals Northwest, Inc. – Southern – no reason provided

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General Contractor JMG Constructors, LLC – Southern – didn’t qualify for Retro Specialty Contractor Bulldog Plumbing – Southern – dropped Health Plan Cavalry Mechanical – Southern – dropped Health Plan The following are member companies who have not paid their 2020 dues. If not paid by the extended June 15th deadline, they will become members not-in-good-standing and will be expelled from membership: AssociatesHWA GeoSciences - Northern Management Services Northwest - Northern Stealth Monitoring, Inc. - Northern Waddell and Reed - Northern Aldridge - Seattle Ash Grove Cement, Inc. - Seattle Assignar - Seattle Atlas Supply, Inc. - Seattle B2W Software - Seattle Crisp Imaging - Seattle Ehlke Law Offices - Seattle Emerald City Statewide LLC - Seattle Encore Group - Seattle Enterprise Fleet Management - Seattle GEM Real Estate Partners - Seattle Maxim Crane - Seattle MBD Staffing - Seattle

On Site Health & Safety - Seattle Pacific JCB - Seattle Procore Technologies - Seattle Reliable Investments LLC - Seattle Remote Medical International - Seattle Schwabe, Williamson & Wyatt, PC - Seattle Selman Breitman LLP - Seattle Standard Steel Fabricating Co. - Seattle Stoel Rives LLP - Seattle Sunbelt Rentals - Seattle Time Equipment Company - Seattle WA State Conf. of Mason Contractors - Seattle Willis - Seattle Ahern Rentals - Southern Excel Supply Company - Southern www.consolidatedsupply.com - -Southern

General Contractors Cobra Construction Company, Inc. - Northern Alegis Enterprises, Inc. - Seattle Belfor USA Group, Inc. - Seattle Casillas Construction & General Contractor - Seattle Dragados, USA Inc. - Seattle East Link Constructors - Seattle FERMA Corporation - Seattle HOC Contractors - Seattle Joseph S. Simmons Construction, Inc. - Seattle Malcolm International LLC - Seattle

MR Q CONSTRUCTION LLC - Seattle Northwest Craftsmen LLC - Seattle Sealaska Government Services - Seattle Shimmick Construction Company - Seattle Shimmick/Parsons JV - Seattle SNC-Lavalin Constructors, Inc. - Seattle Innovation Homes LLC - Southern NGC Constructors Ltd. - Southern Paasche Construction Inc – Southern

Specialty Contractors

Campbell & Co. – Commercial – Central Scott Coatings, LLC - Seattle Barry Civil Construction, Inc. - Southern Franklin Roofing Enterprises, Inc. - Southern Hughes Group LLC - Southern National Concrete Cutting Inc. - Southern Palacios Painting Co. - Southern Sullivan HVAC - Southern Ron Stiles Excavation - Central Petrochem Insulation, Inc. - Northern Seattle Tower Crane LLC - Northern Subsurface Construction - Northern Andersen Structures LLC - Seattle Burly Products, Inc. - Seattle NessCampbell Crane & Rigging - Seattle

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_________________________________________________________________________________________ ORAL REPORTS

a. President’s Report a. AGC National Convention recap b. AGC/ Building Trades Discussion

b. Executive Vice President Dave D’Hondt a. AGC COVID-19 Resources 4 b. AGC Building Rents c. Governors Construction Roundtable

INTERACTIVE DISCUSSION / ACTION:

1. Group Discussion- How the shutdown is affecting your company- Curt Gimmestad 2. 2019 Draft Financial Audit- Grace Pizzey 5

OTHER BUSINESS None Meeting was adjourned at 12:30 pm ________________________________________________________________________________ Grace Pizzey, Secretary/Treasurer Date

TAB 2

MEMORANDUM

Date: June 8, 2020 To: AGC Board of Trustees From: Stacy Mullane, Chapter Events & Membership Director Re: Membership Report The following candidates have been screened and meet the proper classification requirements: NEW MEMBERS ASSOCIATE Southern District Frontier Construction Supply, LLC Michael Locquiao 4706 - 112th St. E, Tacoma, WA 98446 Phone: 253.531.6745 Email: [email protected] Specialty: Concrete pumping and waterproofing supplies. Reason for Joining: part of the “Foundation Specialist” company, another member of AGCW GENERAL CONTRACTORS Central District Rimmer & Roeter Construction Inc. Jamie Rimmer 205 Mission Ave., Cashmere, WA 98815 Phone: 509.782.4352 Email: [email protected] Specialty: General Contractor, Building, Commercial, Industrial, Healthcare, Residential Reason for Joining: education/training, Workers’ Compensation Group Retro Program Southern District C & C Development Ron Coleman Jr. 4079 Essex Ct. SW, Port Orchard, WA 98367 Phone: 253.405.5796 Email: [email protected] Specialty: Underground utilities and land development. Reason for Joining: Networking S.E.A. Construction LLC Joelle Buckman 53 Elk Creek Rd., Raymond, WA 98577 Phone: 360.589.6111 Email: [email protected] Specialty: heavy civil construction Reason for Joining: MBE, WBE, DBE, UDBE, 8(a), SDVOSB company looking for networking & resources SPECIALTY CONTRACTORS Southern District Marwood General Construction Laura Gardner 1201 Pacific Ave., 6th Floor, Tacoma, WA 98402 Phone: 360.328.3322 Email: [email protected] Specialty: Civil Construction. Certified Veteran and Minority owned family business providing site development, underground utilities and earthwork services. Excavation & Grading, Erosion Control, Wetland Restoration, Sewer, Water, Electrical, and Fire-Line Installations, Stormwater Management System Installation, Concrete Flatwork. Reason for Joining: AGC’s partnership with the Minority Business Development Agency - Tacoma Business Center CANCELLED MEMBERSHIP Best Finish Concrete – Northern – renewed membership for 2020, but had to close business

COMPANIES NOT RENEWING MEMBERSHIP Associates Aldridge – Seattle – Primary Contact left the company General Contractors Cobra Construction Company, Inc. – Northern – Not enough value for the cost of membership HOC Contractors – Seattle – Cancelled AGC Health Plan The following are member companies who have not paid their 2020 dues. If not paid by the extended June 15th deadline, they will become members not-in-good-standing and will be expelled from membership: AssociatesHWA GeoSciences - Northern Stealth Monitoring, Inc. - Northern Ash Grove Cement, Inc. - Seattle Assignar - Seattle Atlas Supply, Inc. - Seattle B2W Software - Seattle Emerald City Statewide LLC - Seattle Encore Group - Seattle Enterprise Fleet Management - Seattle GEM Real Estate Partners - Seattle Maxim Crane - Seattle MBD Staffing - Seattle On Site Health & Safety - Seattle

Pacific JCB - Seattle Procore Technologies - Seattle Reliable Investments LLC - Seattle Remote Medical International - Seattle Schwabe, Williamson & Wyatt, PC - Seattle Selman Breitman LLP - Seattle Sunbelt Rentals - Seattle Time Equipment Company - Seattle WA State Conf. of Mason Contractors - Seattle Willis - Seattle Ahern Rentals - Southern www.consolidatedsupply.com - -Southern

General Contractors Casillas Construction & General Contractor - Seattle Dragados, USA Inc. - Seattle East Link Constructors - Seattle FERMA Corporation - Seattle Joseph S. Simmons Construction, Inc. - Seattle Malcolm International LLC - Seattle

MR Q CONSTRUCTION LLC - Seattle Northwest Craftsmen LLC - Seattle Sealaska Government Services - Seattle SNC-Lavalin Constructors, Inc. - Seattle Innovation Homes LLC - Southern NGC Constructors Ltd. - Southern

Specialty Contractors Campbell & Co. – Commercial - Central Ron Stiles Excavation - Central Petrochem Insulation Inc. - Northern Seattle Tower Crane LLC - Northern ASI Structures - Seattle Burly Products, Inc. - Seattle

Barry Civil Construction, Inc. - Southern Hughes Group LLC - Southern National Concrete Cutting Inc. - Southern Palacios Painting Co. - Southern Sullivan HVAC - Southern

TAB 3

Page 1 of 2

For Internal Use Only

AGC 2020 Financial Notes Preliminary Report – Current Period – April 30, 2020 Year to Date Period – Jan. 1, 2020 to April 30, 2020

Net Operating Income – see Consolidated Statement of Operations (Page 9)

As of April 30, 2020, the preliminary Net Operating Income (NOI) equals $1.529M vs. a year-to-date budget NOI of $796K creating a favorable year-to-date total budget variance of $733K.

The year-to-date positive revenue variance of $175K combined with the positive expense variance of $558K produces the total favorable year-to-date budget variance of $733K.

Income Variance

The positive year-to-date revenue variance of $175K (see Consolidated Statement of Operations – YTD Variance column) is primarily from above budget revenue in Membership Dues, Other Revenue/CAM and Misc. Income.

Expense Variance

The positive year-to-date expense variance of $558K is comprised of under budget expenses in primarily all expense categories except Office Expense, Phone Expense and Building / Marina Expense.

Accounts Receivable

Building Marina AR Parking AGCEF Other AR Total

March 18,137 19,745 23,721 10,821 135,463 207,886

April 81,621 28,340 43,632 21,262 141,731 316,586

Note: AR Building primarily represents past billings from building tenants. AR Marina primarily represents past billings from moorage tenants. AR Parking primarily represents receivables for parking. AR AGCEF represents billings to AGC Education Foundation AR Other represents billings outstanding for purchases and events (i.e. annual meeting, sponsorships, membership dues, Retro, etc.).

AGC Financial Notes - Continued

Page 2 of 2

For Internal Use Only

AGC Building: Occupancy rate for office space (floors 3-10) is 96% as of April 30, 2020. Occupancy rate for office / retail space (floors 1-2) is 100% as of April 30, 2020.

For Internal Use Only * T = Timing, P = Permanent April-20

2020 2020Total Total

Actual / Forecast Budget Variance *Retro Plan Income 2,859,582 2,940,000 (80,418) TRetro Exp Gross (2,009,582) (2,090,000) 80,418 T

Net Retro Income 850,000 850,000 0

REVENUESMembership Dues 2,218,767 2,000,000 218,767 PProgram / Grant Revenue 84,229 197,975 (113,746) PEvent Revenue 111,790 300,800 (189,010) PBuilding / Retail Rent 3,432,252 3,436,119 (3,867) TOther Rent Revenue 967,969 1,170,400 (202,431) POther Revenue / CAM 175,513 200,570 (25,057) TMisc Income 15,934 15,240 694 T

Operating Revenue 7,006,454 7,321,104 (314,650)

TOTAL REVENUE 7,856,455 8,171,104 (314,649)

EXPENSESSalaries 2,317,960 2,538,107 220,147 PPayroll Burden Taxes & Benefits 625,558 716,859 91,301 PAuto Expense / Corporate Travel 22,834 43,628 20,794 TMiscellaneous Meetings 66,429 137,240 70,811 TConsultant Fees 140,852 204,630 63,778 TOffice Expense 47,444 79,579 32,135 PMembership Dues/Donations 305,501 308,161 2,660 TRent 68,512 70,085 1,573 TTechnology Expense 90,244 90,486 242 TPhone Exp. 35,156 33,696 (1,460) TProgram / Grant Expense 212,840 592,760 379,920 PMembership Promotion 197,620 299,092 101,472 PEvent Exp 144,800 417,250 272,450 PInsurance / Tax / Training 95,083 106,160 11,077 TBuilding / Marina Expense 1,685,721 1,674,905 (10,816) TLeasing Comm. Amortization 53,340 58,836 5,496 TDepreciation 561,228 678,602 117,374 T

TOTAL EXPENSES 6,671,123 8,050,076 1,378,953

OPERATING INCOME (LOSS) 1,185,332 121,028 1,064,304

NET OPERATING INCOME (LOSS) - FORECAST VS. BUDGET 1,185,332 121,028 1,064,304

Non-Operating Investment Income (Loss) (464,286) 12,000 (476,286) P

NET INCOME (LOSS) 721,046 133,028 588,018

Gain/Loss on Disposal of Asset 0 0 0

TOTAL INCOME 721,046 133,028 588,018

Working CapitalNet Operating Income 1,185,332 121,028 1,064,304Amortization 53,340 58,836 (5,496)Depreciation 561,228 678,602 (117,374)

Available Cash (Working Capital) 1,799,900 858,466 941,434

Less:

Capital Expenditures - Association 35,000 100,000 65,000 PCapital Expenditures - Seattle Building 1,001,703 1,051,000 49,297 TCapital Expenditures - Marina 24,900 260,000 235,100 PTenant Improvements - Building 191,671 150,000 (41,671) PLease Commissions 60,000 80,000 20,000 P

Total Deductions 1,313,274 1,641,000 327,726

Cash (Working Capital) Variance Favorable (Unfavorable) 486,626 (782,534) 1,269,160

AGC of Washington Cash Activity Forecast

Associated General Contractors of Washington

Statement of Financial PositionFor the Period Ending 04/30/2020

Apr Dec

Unaudited Audited

ASSETS

Current Assets

Cash 1,190,581 2,496,980

Building Savings 1,012,415 1,011,646

Short-Term Investments 1,385 329

Accounts Receivable 316,586 327,927

Prepaid Expenses 299,641 209,447

Total Current Assets 2,820,608 4,046,329

Group Retrospective Rating Plan Assets 42,125,698 42,003,870

Prepaid Lease Commissions 213,274 184,569

Long Term Investments 6,110,054 6,585,396

Property and Equipment

Land and Land Improvements 2,480,866 2,480,866

Buildings 15,443,461 15,145,747

Leasehold Improvements 2,067,324 1,874,660

Furniture and Equipment 1,380,795 1,380,795

Automobiles 50,801 50,801

Marina 1,980,172 1,946,124

Total Property Plant and Equipment 23,403,418 22,878,993

Less: Accumulated Depreciation (12,943,563) (12,746,687)

Net Property Plant and Equipment 10,459,856 10,132,306

TOTAL ASSETS 61,729,489 62,952,470

LIABILITIES & NET ASSETS

Current Liabilities

Accounts Payable 172,876 973,183

Accrued Expenses 65,480 67,023

Deferred Income 89,256 1,705,761

Current Portion - LT Debt - -

327,612 2,745,967

Group Retrospective Rating Plan Liability 42,125,698 42,003,870

Long Term Debt, Less Current Portion - -

Tenant Deposits 288,954 270,659

Total Liabilities 42,742,264 45,020,496

Net Assets

Unrestricted 13,787,225 12,731,974

Board Designated 5,200,000 5,200,000

TOTAL UNRESTRICTED NET ASSETS 18,987,225 17,931,974

TOTAL LIABILITIES AND NET ASSETS 61,729,489 62,952,470

- -

[INTERNAL REPORT]

Unaudited

Changes in Net Assets 1,055,250

Adjustments to Changes in Net Assets to Cash Provided by Operating Activities

Depreciation 196,875

(Gain) Loss on Disposal of Property -

(Gain) Loss on Sales of Investments (28,236)

(Gain) Loss on Investments @ Market 492,714

(Increase) / Decrease in accounts:

Accounts Receivable 11,341

Prepaid Expenses and Other Assets (118,898)

Increase / (Decrease) in accounts:

Accounts Payable (800,307)

Accrued Expenses (1,543)

Tenant Deposits 18,296

Deferred Income (1,616,504)

Net Cash Provided / Used) by Operating Activities (791,013)

Cash Flow From Investing Activities:

Purchase of Long Term Investment 10,863

Leasehold Improvements - Seattle Bldg (192,664)

Capital Improvements on Seattle Bldg (297,714)

Capital Improvements on Marina (34,048)

Purchase of property, equipment and automobile -

Net Cash Provided / (Used) by Investing Activities (513,562)

Cash Flow from Financing Activities:

Current Long Term Debt -

Long Term Debt / Loan Payments -

Net Cash Provided / (Used) by Financing Activities -

Net Increase (Decrease) in Cash (1,304,575)

Cash, Beginning of Year 3,508,627

Cash Equivalents Beginning of Year 329

Total Cash and Cash Equivalents, Beginning of Year 3,508,956

Cash, End of Period 2,202,996

Cash Equivalents, End of Period 1,385

Total Cash and Cash Equivalents, End of Period 2,204,381

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Cash Flow Statement

For the 04 Month(s) ending 04/30/2020

Associated General Contractors of Washington (INTERNAL REPORT)

4/30/2020

Schedule of Reserve Funds Balance Reserve Accounts

Operations 3000-10-901 1,500,000 Long Term Invst 5,085,490

Plant & Equipment 3000-10-902 3,600,000 Short Term Invst 1,385

Special Projects 3000-10-903 100,000

5,200,000 5,086,875

** Statement of Capital Expenditures 2020 Balance

(** Designed for Budget Monitoring Purposes) 4/30/2020 Approved Budget Remaining

Parking Lot Improvements 1503-50-000 - -

Furniture & Fixtures 1508-10-000 - 30,000 30,000

Automobile - Safety Dept. 1510-10-000 21,230 35,000 13,770

Computer Hardware/Software 1513-10-000 - 10,000 10,000

Southern District 1514-10-014 -

Member Services Database 1514-10-036 - 25,000 25,000

SEA Bldg - Tenant Improvements 1550-50-000 370,783 150,000 (220,783)

SEA Bldg - Capital Improvements 1551-50-000 297,714 1,051,000 753,286

SEA Bldg - Lease Commissions 1402-50-050 24,317 80,000 55,683

Seattle Marina 1575-75-000 34,048 260,000 225,952

748,092 1,641,000 892,908

General Asset Capitalization Policy

- computer hardware, software, office equipment, and furniture with useful life of at least

one year and $2,000 or more must be capitalized

- capital assets for properties must be at least $5,000 to be capitalized

- depreciation expense per year is based on estimated useful life

- depreciation expense may be prorated in the 1st year of a new purchase

Schedule of Depreciation Expenses Actual Budget Variance

Seattle District Office 6950-12-000 262 - (262)

Southern District Office 6950-14-000 240 321 80

Technology 6950-17-000 5,916 8,625 2,709

Administration 6950-18-000 5,956 5,387 (568)

Accounting 6950-19-000 237 - (237)

State Government 6950-30-000 800 278 (522)

Labor Relations 6950-34-000 257 - (257)

Membership 6950-36-000 7,617 8,916 1,299

Safety 6950-42-000 1,951 1,667 (285)

Northern District 6950-46-000 233 - (233)

Central District 6950-48-000 271 - (271)

Seattle Building 6950-50-000 130,611 167,660 37,049

Seattle Marina 6950-75-000 22,227 22,849 622

Fife Building 6950-85-000 10,498 10,498 (0)

187,075 226,201 39,125

YTD 2020 Balance

Board Contingency Expenses: 5120-13-054 4/30/2020 Approved Remaining

Board Board

Budget Contingency Contingency

AGC of America Meeting 1,999

Brewer Pratt Solutions 11,750

500,000 13,749 486,251

4/30/2020

YTD

ACTUAL BUDGET VAR ACTUAL BUDGET VAR ACTUAL BUDGET VAR

I. Building & Properties:

a) Seattle Building 1,201,962 1,220,185 (18,223) 773,933 807,908 (33,975) 428,029 412,277 15,752

b) Seattle Marina 303,366 296,277 7,089 199,150 201,381 (2,231) 104,216 94,896 9,320

c) Fife Building 16,000 15,011 989 51,273 52,138 (865) (35,273) (37,127) 1,854

Total Building & Properties 1,521,328 1,531,473 (10,145) 1,024,356 1,061,427 (37,071) 496,972 470,046 26,926

II. Association:

1. Financial Assets 0 0 0 0 0 0 0 0 0

2. Admin. & Management

a) Board of Trustees 0 0 0 35,317 188,901 (153,584) (35,317) (188,901) 153,584

b) Technology 0 0 0 50,666 53,772 (3,106) (50,666) (53,772) 3,106

c) Administration 4,633 12,200 (7,567) 119,531 162,171 (42,640) (114,898) (149,971) 35,073

d) Accounting 9,915 10,140 (225) 81,227 88,595 (7,368) (71,312) (78,455) 7,143

14,548 22,340 (7,792) 286,741 493,439 (206,697) (272,193) (471,099) 198,906

3. Member Services

a) Communications 13,300 17,000 (3,700) 59,317 65,914 (6,597) (46,017) (48,914) 2,897

b) Meetings & Events 0 0 0 15,789 42,100 (26,311) (15,789) (42,100) 26,311

c) Special Events 111,000 105,000 6,000 128,989 208,858 (79,869) (17,989) (103,858) 85,869

d) Member Service 2,214,068 1,995,300 218,768 56,435 85,552 (29,116) 2,157,632 1,909,748 247,884

e) Construction Leadership Council 740 4,000 (3,260) 37,327 49,880 (12,553) (36,587) (45,880) 9,293

2,339,108 2,121,300 217,808 297,858 452,304 (154,446) 2,041,250 1,668,996 372,254

4. Education & Training Service

a) Workforce Development 0 0 0 111,234 102,070 9,165 (111,234) (102,070) (9,165)

b) Safety 24,749 35,340 (10,591) 151,691 173,752 (22,061) (126,942) (138,412) 11,470

c) Group Retro 616,249 696,667 (80,418) 616,249 696,667 (80,418) 0 0 (0)

640,998 732,007 (91,009) 879,174 972,488 (93,314) (238,176) (240,481) 2,305

5. Government Relations

a) Government Affairs Council 18,450 16,800 1,650 191,954 211,897 (19,943) (173,504) (195,097) 21,593

b) Build-Pac 0 0 0 7,413 9,752 (2,339) (7,413) (9,752) 2,339

c) AGC - Federal Facilities 0 0 0 1,587 1,601 (14) (1,587) (1,601) 14

18,450 16,800 1,650 200,954 223,250 (22,297) (182,504) (206,450) 23,947

6. Industry Relations

a) Labor 0 200 (200) 103,179 159,352 (56,173) (103,179) (159,152) 55,973

b) Open Shop 0 0 0 61 6,880 (6,819) (61) (6,880) 6,819

0 200 (200) 103,240 166,232 (62,992) (103,240) (166,032) 62,792

7. Districts

a) Seattle District 9,245 18,250 (9,005) 83,348 83,920 (572) (74,103) (65,670) (8,433)

b) Southern District 5,600 9,000 (3,400) 89,997 94,605 (4,609) (84,397) (85,605) 1,209

c) Northern District 0 0 0 49,928 56,951 (7,024) (49,928) (56,951) 7,024

d) Central WA District 0 3,150 (3,150) 4,146 54,088 (49,942) (4,146) (50,938) 46,792

14,845 30,400 (15,555) 227,419 289,565 (62,146) (212,573) (259,165) 46,592

Total Association 3,027,949 2,923,047 104,903 1,995,386 2,597,277 (601,892) 1,032,564 325,769 706,794

Total of Assoc. & Prop 4,549,277 4,454,520 94,757 3,019,742 3,658,705 (638,963) 1,529,536 795,815 733,720

Non-Operating Income (Loss) (470,192) 8,000 (478,192) 4,094 6,000 (1,906) (474,285) 2,000 (476,285)

Grand Total 4,079,086 4,462,520 (383,434) 3,023,835 3,664,705 (640,869) 1,055,250 797,815 257,435


Unaudited Statement of Activities by Cost Center


REVENUE EXPENSES REVENUE OVER EXPENSES

MTD

ACTUAL BUDGET VAR ACTUAL BUDGET VAR ACTUAL BUDGET VAR

I. Building & Properties:

a) Seattle Building 316,142 325,030 (8,888) 128,563 141,313 (12,751) 187,580 183,717 3,863

b) Seattle Marina 75,744 74,148 1,596 32,990 33,470 (480) 42,754 40,678 2,077

c) Fife Building 4,000 3,753 247 8,601 6,147 2,454 (4,601) (2,394) (2,207)

Total Building & Properties 395,887 402,931 (7,044) 170,154 180,931 (10,777) 225,733 222,000 3,732

II. Association:

1. Financial Assets 0 0 0 0 0 0 0 0 0

2. Admin. & Management

a) Board of Trustees 0 0 0 3,664 48,675 (45,011) (3,664) (48,675) 45,011

b) Technology 0 0 0 8,456 9,630 (1,174) (8,456) (9,630) 1,174

c) Administration 0 6,000 (6,000) 29,492 38,463 (8,971) (29,492) (32,463) 2,971

d) Accounting 0 0 0 4,652 21,057 (16,405) (4,652) (21,057) 16,405

0 6,000 (6,000) 46,265 117,826 (71,561) (46,265) (111,826) 65,561

3. Member Services

a) Communications 0 0 0 12,729 16,110 (3,381) (12,729) (16,110) 3,381

b) Meetings & Events 0 0 0 0 7,450 (7,450) 0 (7,450) 7,450

c) Special Events 0 0 0 2,539 46,639 (44,100) (2,539) (46,639) 44,100

d) Member Service 58,382 22,000 36,382 12,147 20,664 (8,517) 46,236 1,336 44,900

e) Construction Leadership Council 0 2,000 (2,000) 2,606 8,320 (5,714) (2,606) (6,320) 3,714

58,382 24,000 34,382 30,021 99,183 (69,162) 28,362 (75,183) 103,545

4. Education & Training Service

a) Workforce Development 0 0 0 46,264 22,267 23,997 (46,264) (22,267) (23,997)

b) Safety 4,981 16,235 (11,255) 26,701 41,094 (14,394) (21,720) (24,859) 3,139

c) Group Retro 140,811 174,167 (33,356) 140,811 174,167 (33,355) 0 0 (0)

145,792 190,402 (44,610) 213,776 237,528 (23,752) (67,984) (47,127) (20,858)

5. Government Relations

a) Government Affairs Council 0 0 0 36,733 40,741 (4,008) (36,733) (40,741) 4,008

b) Build-Pac 0 0 0 4,205 4,457 (251) (4,205) (4,457) 251

c) AGC - Federal Facilities 0 0 0 396 400 (4) (396) (400) 4

0 0 0 41,334 45,598 (4,263) (41,334) (45,598) 4,263

6. Industry Relations

a) Labor 0 100 (100) 40,241 19,148 21,093 (40,241) (19,048) (21,193)

b) Open Shop 0 0 0 13 1,607 (1,594) (13) (1,607) 1,594

0 100 (100) 40,255 20,755 19,499 (40,255) (20,655) (19,599)

7. Districts

a) Seattle District 0 12,000 (12,000) 15,381 21,880 (6,498) (15,381) (9,880) (5,502)

b) Southern District 0 3,000 (3,000) 19,693 24,776 (5,083) (19,693) (21,776) 2,083

c) Northern District 0 0 0 12,154 14,054 (1,900) (12,154) (14,054) 1,900

d) Central WA District 0 3,000 (3,000) 920 15,963 (15,043) (920) (12,963) 12,043

0 18,000 (18,000) 48,149 76,673 (28,524) (48,149) (58,673) 10,524

Total Association 204,174 238,502 (34,328) 419,799 597,563 (177,764) (215,625) (359,062) 143,436

Total of Assoc. & Prop 600,061 641,433 (41,372) 589,953 778,494 (188,541) 10,108 (137,061) 147,169

Non-Operating Income (Loss) 378,102 2,000 376,102 0 3,000 (3,000) 378,102 (1,000) 379,102

Grand Total 978,163 643,433 334,731 589,953 781,494 (191,541) 388,210 (138,061) 526,271


Unaudited Statement of Activities by Cost Center

For the Month ending 04/30/2020

REVENUE EXPENSES REVENUE OVER EXPENSE

APR APR YTD YTD YTD Annual Budget

ACTUAL BUDGET ACTUAL BUDGET Variance BUDGET Remaining

Retro Plan Income 140,811 174,167 616,249 696,667 (80,418) 2,940,000 2,323,751

Retro Exp Gross (140,811) (174,167) (616,249) (696,667) 80,418 (2,090,000) (1,473,751)

Net Retro Income 0 0 0 0 (0) 850,000 850,000

Membership Dues 58,382 22,000 2,214,068 1,995,300 218,768 2,000,000 (214,068)

Program / Grant Revenue 4,950 14,660 75,229 81,765 (6,536) 197,975 122,746

Event Revenue 0 27,500 111,790 138,500 (26,710) 300,800 189,010

Building / Retail Rent 290,744 289,017 1,076,951 1,080,817 (3,866) 3,436,119 2,359,168

Other Rent Revenue 86,999 97,200 367,969 383,800 (15,831) 1,170,400 802,431

Other Revenue / CAM 18,073 16,714 75,514 66,857 8,657 200,570 125,056

Misc Income 101 175 11,509 10,815 694 15,240 3,731

Total Revenue 459,250 467,266 3,933,029 3,757,854 175,175 8,171,104 4,238,076

Salaries 169,583 191,268 683,670 772,496 (88,827) 2,538,107 1,854,438

Payroll Burden Taxes and Benefits 51,274 59,738 209,559 238,953 (29,394) 716,859 507,300

Auto Expense / Corporate Travel 196 3,165 10,834 14,135 (3,301) 43,628 32,794

Miscellaneous Meetings 285 13,747 26,428 55,207 (28,778) 137,240 110,812

Consultant Fees 29,146 9,132 74,750 138,527 (63,777) 204,630 129,880

Office Expense 10,563 5,867 30,918 25,248 5,670 79,579 48,661

Membership Dues/Donations 33,734 27,680 116,348 119,009 (2,660) 308,161 191,813

Rent 5,297 5,945 21,963 23,536 (1,573) 70,085 48,122

Technology Expense 5,349 5,561 37,253 37,495 (243) 90,486 53,233

Phone Expense 2,385 2,808 12,722 11,262 1,460 33,696 20,974

Program/Grant Expense (2,342) 46,653 52,840 219,464 (166,624) 592,760 539,920

Membership Promotion 15,231 21,166 78,218 124,000 (45,782) 299,092 220,873

Event Expense (142) 54,187 129,801 223,300 (93,499) 417,250 287,449

Insurance/Tax/Training 1,544 9,527 28,940 40,017 (11,077) 106,160 77,221

Building / Marina Expense 75,826 86,431 684,393 673,577 10,816 1,674,905 990,512

Leasing Comm. Amort. 4,445 4,903 17,781 19,612 (1,831) 58,836 41,055

Depreciation 46,769 56,550 187,075 226,201 (39,125) 678,602 491,527

Total Expenses 449,142 604,327 2,403,493 2,962,038 (558,545) 8,050,076 5,646,583

Net Operating Income (Loss) 10,108 (137,061) 1,529,536 795,815 733,720 121,029 (1,408,507)

LT Inv - Dividends/Interest 6,492 2,000 34,865 8,000 26,865 24,000 (10,865)

LT Inv - Net Gain (Loss) 371,611 0 (505,057) 0 (505,057) 0 505,057

Investment Consultant Fee 0 (3,000) (4,094) (6,000) 1,906 (12,000) (7,906)

Non-Operating Income (Loss) 378,102 (1,000) (474,285) 2,000 (476,285) 12,000 486,285

Gain / Loss on Disposal of Asset 0 0 0 0 0 0 0

Grand Total 388,210 (138,061) 1,055,250 797,815 257,435 133,029 (922,222)


Statement of Operations

CONSOLIDATED




Retro Plan Income 140,811 174,167 616,249 696,667 (80,418) 2,940,000 2,323,751

Retro Exp Gross (140,811) (174,167) (616,249) (696,667) 80,418 (2,090,000) (1,473,751)

Net Retro Income 0 0 0 0 (0) 850,000 850,000

Membership Due 58,382 22,000 2,214,068 1,995,300 218,768 2,000,000 (214,068)

Program / Grant Revenue 4,950 14,660 75,229 81,765 (6,536) 197,975 122,746

Event Revenue 0 27,500 111,790 138,500 (26,710) 300,800 189,010

Misc Income 31 175 10,614 10,815 (201) 15,240 4,626

Total Revenue 63,363 64,335 2,411,701 2,226,380 185,320 3,364,015 952,315

Salaries 143,923 164,307 583,013 664,651 (81,638) 2,184,571 1,601,559

Payroll Burden Taxes and Benefits 43,055 52,104 177,341 208,417 (31,076) 625,250 447,909

Auto Expense / Corporate Travel 196 3,165 10,834 14,135 (3,301) 43,628 32,794

Miscellaneous Meetings 285 13,747 26,428 55,207 (28,778) 137,240 110,812

Consultant Fees 13,976 4,382 48,778 109,677 (60,899) 154,830 106,052

Office Expense 10,563 5,867 30,918 25,248 5,670 79,579 48,661

Membership Dues/Donations 33,734 27,680 116,348 119,009 (2,660) 308,161 191,813

Rent 5,297 5,945 21,963 23,536 (1,573) 70,085 48,122

Technology Expense 5,349 5,561 37,253 37,495 (243) 90,486 53,233

Phone Expense 2,385 2,808 12,722 11,262 1,460 33,696 20,974

Program/Grant Expense (2,342) 46,653 52,840 219,464 (166,624) 592,760 539,920

Membership Promotion 15,231 21,166 78,218 124,000 (45,782) 299,092 220,873

Event Expense (142) 54,187 129,801 223,300 (93,499) 417,250 287,449

Insurance/Tax/Training 1,544 9,527 28,940 40,017 (11,077) 106,160 77,221

Depreciation 5,935 6,298 23,740 25,194 (1,454) 75,581 51,841

Total Expenses 278,988 423,397 1,379,137 1,900,611 (521,474) 5,218,369 3,839,232

Net Operating Income (Loss) (215,625) (359,062) 1,032,564 325,769 706,794 (1,854,354) (2,886,917)

Gain / Loss on Disposal of Asset 0 0 0 0 0 0 0

Grand Total (215,625) (359,062) 1,032,564 325,769 706,794 (1,854,354) (2,886,917)



ASSOCIATION




Building / Retail Rent 290,744 289,017 1,076,951 1,080,817 (3,866) 3,436,119 2,359,168

Other Rent Revenue 86,999 97,200 367,969 383,800 (15,831) 1,170,400 802,431

Other Revenue / CAM 18,143 16,714 76,409 66,857 9,552 200,570 124,161

Total Revenue 395,887 402,931 1,521,328 1,531,473 (10,145) 4,807,089 3,285,761

Salaries 25,660 26,961 100,657 107,845 (7,189) 353,536 252,879

Payroll Burden Taxes & Benefits 8,219 7,634 32,218 30,536 1,682 91,609 59,391

Consultant Fees 15,170 4,750 25,972 28,850 (2,878) 49,800 23,828

Building / Marina Expense 75,826 86,431 684,393 673,577 10,816 1,674,905 990,512

Leasing Comm. Amort. 4,445 4,903 17,781 19,612 (1,831) 58,836 41,055

Depreciation 40,834 50,252 163,336 201,007 (37,671) 603,021 439,685

Total Expenses 170,154 180,931 1,024,356 1,061,427 (37,071) 2,831,707 1,807,350

Gain / Loss on Disposal of Asset - - - - - - -

Net Operating Income (Loss) 225,733 222,000 496,972 470,046 26,926 1,975,382 1,478,410



BUILDING & MARINA




Building Rent - Seattle 4700-50-000 275,736 273,365 1,017,156 1,018,525 (1,369) 3,247,827 2,230,671

Parking Lot Income 4701-50-000 19,911 33,000 101,807 127,000 (25,193) 400,000 298,193

Operating Expense Reimb CAM 4702-50-000 7,177 4,135 28,708 16,538 12,170 49,614 20,906

Property Tax CAM 4702-50-050 8,136 9,515 32,544 38,059 (5,515) 114,176 81,632

Retail Rents 4703-50-000 5,017 5,016 20,067 20,064 3 60,894 40,827

Other Rental Income 4704-50-000 166 0 769 0 769 0 (769)

Late Fee Income:BLDG 4705-50-000 0 0 886 0 886 0 (886)

ATM Rental Income 4706-50-000 0 0 0 0 0 0 0

Misc Income - Bldg 4900-50-000 0 0 25 0 25 0 (25)

Gain/Loss on Disposal of Asset 4950-50-000 0 0 0 0 0 0 0

Total Revenue 316,142 325,030 1,201,962 1,220,185 (18,223) 3,872,510 2,670,548

Salaries 5010-50-000 13,895 13,895 55,578 55,578 0 166,735 111,157

Payroll Taxes 5020-50-052 1,434 1,246 5,843 4,985 858 14,955 9,112

Health/Security/LTD 5020-50-070 1,819 1,733 7,061 6,934 127 20,801 13,740

Pension 5020-50-139 1,350 1,431 5,504 5,722 (219) 17,167 11,663

Incentive Compensation 5010-50-058 0 0 0 0 0 16,600 16,600

Legal / Professional 5040-50-060 2,205 1,500 4,680 6,000 (1,320) 18,000 13,320

Audit 5040-50-076 5,900 1,850 8,100 10,450 (2,350) 11,400 3,300

Roof Repairs & Maint-Gen 6020-50-300 2,879 2,615 4,613 2,615 1,998 3,865 (748)

Pkg Lot Rep & Maint-Gen 6035-50-300 0 1,700 4,229 1,700 2,529 3,400 (829)

Snow Removal 6036-50-300 0 0 1,742 4,300 (2,558) 5,300 3,558

HVAC Contr Serv & Per-Off 6040-50-100 0 0 5,236 0 5,236 0 (5,236)

HVAC Contr Serv & Per-Gen 6040-50-300 1,659 8,625 3,318 17,250 (13,932) 35,000 31,682

HVAC Repairs & Maint-Off 6045-50-100 440 2,000 15,552 8,000 7,552 24,000 8,448

HVAC R & M- Conference Room 6045-50-300 0 0 0 500 (500) 1,000 1,000

Elev Contr Serv & Per-Off 6050-50-100 1,382 1,400 6,912 5,600 1,312 16,800 9,888

Elevator Rep & Maint-Off 6055-50-100 0 50 1,129 200 929 2,130 1,001

Electrical Rep & Supp-Off 6060-50-100 0 475 0 1,900 (1,900) 5,700 5,700

Plumbing Rep & Supp-Off 6070-50-100 2,862 535 4,473 2,140 2,333 11,020 6,547

Fire / Life / Safety-Gen 6080-50-300 319 0 3,107 7,150 (4,043) 21,350 18,243

General Repair & Maint-NR (Non-CAM Exp) 6100-50-000 0 1,750 5,114 7,000 (1,886) 21,000 15,886

General Rep & Maint-Off 6100-50-100 23 1,250 760 5,000 (4,240) 15,000 14,240

Painting & Decorating-Off 6110-50-100 0 400 0 1,600 (1,600) 4,800 4,800

Locks, Keys & Signage-Off 6120-50-100 2,192 275 6,703 1,100 5,603 3,300 (3,403)

Pest Control-Off 6130-50-100 79 100 551 400 151 1,200 649

Ext Landscaping Serv-Gen 6210-50-300 862 1,075 3,449 4,300 (851) 12,900 9,451

Ext Landscaping Rep-Gen 6220-50-300 0 0 0 3,250 (3,250) 3,500 3,500

Int Landscaping Serv-Off 6230-50-100 628 660 2,512 2,640 (128) 7,920 5,408



SEATTLE BUILDING






SEATTLE BUILDING


Base Janitorial Contr-Off 6310-50-100 10,447 9,100 39,842 36,400 3,442 109,200 69,358

Janitorial-Tenant Share 6310-50-900 80 80 320 320 0 960 640

Janitorial-Tenant Offset 6310-50-910 (80) (80) (320) (320) 0 (960) (640)

Janitorial Supplies-Gen 6320-50-300 1,802 2,100 11,631 8,400 3,231 25,200 13,569

Window Cleaning-Off 6330-50-100 150 0 800 3,500 (2,700) 10,870 10,070

Other Janitorial Serv-Off 6380-50-100 75 300 300 1,200 (900) 3,600 3,300

Other Janitorial Serv-Gen 6380-50-300 425 425 2,100 1,700 400 5,100 3,000

Other Security Serv-Gen 6450-50-300 0 325 0 1,300 (1,300) 3,900 3,900

Electricity-Off 6510-50-100 15,631 12,800 52,047 59,600 (7,553) 163,000 110,953

Water/Sewer-Off 6520-50-100 1,196 1,900 5,897 7,600 (1,703) 22,800 16,903

Water/Sewer-Tenant Share 6520-50-900 0 320 0 1,280 (1,280) 3,840 3,840

Water/Sewer-Tenant Offset 6520-50-910 0 (320) 0 (1,280) 1,280 (3,840) (3,840)

Gas-Off 6530-50-100 2,560 3,000 19,576 18,000 1,576 42,500 22,924

Trash Removal & Recyc-Off 6550-50-100 2,702 2,700 10,837 10,800 37 32,400 21,563

Marketing & Leasing-NR 6710-50-000 0 300 0 1,200 (1,200) 3,600 3,600

Tenant Relations-NR 6720-50-000 0 0 0 0 0 5,450 5,450

On-Site Costs-Gen 6740-50-300 847 1,500 4,174 11,500 (7,326) 20,000 15,826

Security Monitoring-Gen 6750-50-300 995 1,150 3,093 4,600 (1,507) 13,800 10,707

Administrative / Office Exp 6780-50-000 506 500 1,290 2,000 (710) 6,000 4,710

Other Administrative-Gen 6780-50-300 205 500 934 2,000 (1,066) 6,000 5,066

Real Estate Taxes-Gen 6810-50-300 0 0 260,637 230,000 30,637 460,000 199,363

Personal Property Tax-Gen 6820-50-300 0 0 580 1,000 (420) 1,000 420

Insurance-Gen 6900-50-300 13,995 12,900 55,636 51,800 3,836 155,000 99,364

Interest Expense 6910-50-000 0 0 0 0 0 0 0

Bad Debt: BLDG 6920-50-000 0 0 0 0 0 0 0

Brokers' Commission-Amortizatn 6600-50-000 4,445 4,500 17,781 18,000 (219) 54,000 36,219

Depreciation 6950-50-000 32,653 41,915 130,611 167,660 (37,049) 502,981 372,370

Total Expenses 128,563 140,480 773,933 804,574 (30,641) 2,111,243 1,337,310

Net Income 187,580 184,550 428,029 415,611 12,418 1,761,267 1,333,238



Building Rent - Marina Bldg 4700-75-000 5,992 6,883 23,728 27,217 (3,489) 82,365 58,637

Moorage Rent/A-E Docks 4701-75-000 66,922 64,200 265,393 256,800 8,593 770,400 505,007

Other Income / Service Fee 4702-75-000 0 85 125 340 (215) 1,020 895

Late Fee Income 4705-75-000 0 100 1,550 400 1,150 1,200 (350)

LAB Fee 4707-75-000 2,760 2,880 11,700 11,520 180 34,560 22,860

Total Revenue 75,674 74,148 302,496 296,277 6,219 889,545 587,049

Salaries 5010-75-000 11,038 10,673 42,171 42,693 (522) 128,078 85,908

Payroll Taxes 5020-75-052 970 943 3,706 3,774 (68) 11,322 7,616

Health/Security/LTD 5020-75-070 1,350 1,309 4,955 5,237 (282) 15,711 10,756

Pension 5020-75-139 1,053 716 4,168 2,865 1,303 8,596 4,427


Legal-NR 5040-75-060 1,665 1,000 4,792 4,000 792 12,000 7,208

Audit 5040-75-076 2,400 400 5,400 5,400 0 5,400 0

Covered Moorage - R & M - NR 6020-75-000 0 0 0 0 0 0 0

Electrical Rep & Supp-NR 6060-75-000 0 200 0 800 (800) 2,400 2,400

Plumbing Rep & Supp-NR 6070-75-000 0 125 631 500 131 1,500 869

Fire / Life / Safety-NR 6080-75-000 58 200 234 800 (566) 5,400 5,166

General Reprs & Maint-NR 6100-75-000 0 600 7,255 2,400 4,855 7,200 (55)

Painting & Decorating-NR 6110-75-000 0 85 0 340 (340) 1,020 1,020

Locks, Keys & Signage-NR 6120-75-000 0 500 2,483 2,000 483 6,000 3,517

Base Janitorial Contr-NR 6310-75-000 130 260 518 1,040 (522) 3,120 2,602

Janitorial Supplies-NR 6320-75-000 0 135 0 540 (540) 1,620 1,620

Other Janitorial Serv-NR 6380-75-000 0 0 0 100 (100) 300 300

Land Lease Payments-NR 6460-75-000 0 0 32,462 30,000 2,462 121,800 89,338

Electricity-NR 6510-75-000 3,723 4,750 23,047 19,000 4,047 57,000 33,953

Electricity-Tenant Offset 6510-75-910 (4,842) (3,563) (21,713) (14,250) (7,463) (42,750) (21,037)

Water & Sewer-NR 6520-75-000 372 650 1,094 2,600 (1,506) 7,800 6,706

Water/Sewer-Tenant Offset 6520-75-910 0 (210) 0 (840) 840 (2,520) (2,520)

Trash Removal & Recyc-NR 6550-75-000 784 900 3,200 3,600 (400) 10,800 7,600

Security Monitoring 6750-75-000 776 450 4,690 1,800 2,890 5,400 710

Other Administration-NR 6780-75-000 773 1,100 3,096 4,400 (1,304) 13,200 10,104

Real Estate Taxes-NR 6810-75-000 0 0 36,723 32,000 4,723 64,000 27,277

Special Assessments-NR 6830-75-000 0 0 0 0 0 0 0

Insurance-NR 6900-75-000 3,609 5,700 14,436 24,400 (9,964) 70,000 55,564

Bad Debt: MARINA 6920-75-000 3,575 0 3,575 0 3,575 0 (3,575)

Depreciation 6950-75-000 5,557 5,712 22,227 22,849 (622) 68,547 46,320

Total Expenses 32,990 32,637 199,150 198,048 1,102 595,344 396,194

Net Income 42,684 41,511 103,346 98,229 5,117 294,201 190,855



SEATTLE MARINA




Office Rent - Fife Building 4700-85-000 4,000 3,753 16,000 15,011 989 45,034 29,034

Operating Exp Reimbursement - Fife Building 4702-85-000 0 0 0 0 0 0 0

Total Revenue 4,000 3,753 16,000 15,011 989 45,034 29,034

Salaries 5010-85-000 727 727 2,908 2,908 0 8,723 5,815

Payroll Taxes 5020-85-052 64 71 258 284 (26) 852 594

Health/Security/LTD 5020-85-070 113 113 453 454 (1) 1,361 908

Pension 5020-85-139 66 70 270 281 (12) 844 575


Audit 5040-85-076 3,000 0 3,000 3,000 0 3,000 0

Building Cleaning 6010-85-000 810 690 2,880 2,760 120 8,280 5,400

Supplies & Materials 6270-85-000 0 40 0 160 (160) 480 480

Misc. Building Maintenance 6290-85-000 0 500 4,263 2,000 2,263 6,000 1,737

Fire Alarm System Monitoring 6292-85-000 0 0 27 550 (523) 1,100 1,073

HVAC Maintenance & Repairs 6400-85-000 0 0 680 750 (70) 3,000 2,320

Electricity 6510-85-000 237 333 1,026 1,332 (306) 4,000 2,974

Water & Sewer 6520-85-000 475 250 966 1,000 (34) 3,000 2,034

Gas 6530-85-000 290 160 714 640 74 1,920 1,206

Trash Removal & Recyc 6550-85-000 195 165 775 660 115 1,980 1,205

Brokers' Commission - Amort - Fife 6600-85-000 0 403 0 1,612 (1,612) 4,836 4,836

Real Estate Taxes 6730-85-240 0 0 15,242 16,000 (758) 16,000 758

Insurance & Bonds 6900-85-000 0 0 7,314 7,250 64 7,250 (64)

Depreciation 6950-85-000 2,624 2,624 10,498 10,498 0 31,493 20,995

Total Expenses 8,601 6,147 51,273 52,138 (865) 105,119 53,846

Net Income (4,601) (2,394) (35,273) (37,127) 1,854 (60,085) (24,812)



FIFE BUILDING




Salaries 5010-13-000 3,105 3,106 12,423 12,423 0 37,270 24,846

Payroll Taxes 5020-13-052 183 222 747 888 (141) 2,663 1,916

Health/Security/LTD 5020-13-070 146 261 562 1,045 (483) 3,135 2,572

Pension 5020-13-139 230 320 927 1,281 (354) 3,843 2,916


Officers / Board Meetings 5035-13-056 0 2,000 5,058 3,000 2,058 21,000 15,942

Miscellaneous Expense 5035-13-072 0 1,100 1,850 2,500 (650) 9,500 7,650

Office Expense 5050-13-000 0 0 0 1,100 (1,100) 2,500 2,500

Board Contingency 5120-13-054 0 41,666 13,749 166,664 (152,915) 500,000 486,251

Total Expenses 3,664 48,675 35,317 188,901 (153,584) 585,111 549,794

Net Income (3,664) (48,675) (35,317) (188,901) 153,584 (585,111) (549,794)



BOARD OF TRUSTEES




Salaries 5010-17-000 1,736 1,816 7,279 7,265 14 21,796 14,517

Payroll Taxes 5020-17-052 146 151 595 603 (8) 1,808 1,214

Health/Security/LTD 5020-17-070 209 209 856 834 22 2,503 1,647

Pension 5020-17-139 180 190 779 761 18 2,282 1,503


Travel 5030-17-000 0 0 0 0 0 0 0

Miscellaneous Meetings 5035-17-072 0 50 59 200 (141) 600 541

Office Exp 5050-17-000 0 25 15 100 (85) 300 285

New Application 5081-17-017 0 0 0 0 0 1,000 1,000

Tech Equipment Maint- Parts 5082-17-000 341 833 2,924 3,333 (409) 10,000 7,076

Tech Equipment Maint- Parts 5082-17-019 0 0 0 0 0 0 0

Tech Equipment Maint- Parts 5082-17-036 0 0 0 0 0 0 0

Professional Service 5083-17-000 0 0 0 0 0 0 0

Professional Service 5083-17-017 3,951 3,500 14,484 14,000 484 42,000 27,516

Professional Service 5083-17-036 0 0 4,200 9,000 (4,800) 12,000 7,800

Professional Service 5083-17-042 0 0 0 0 0 0 0

Cell Phone Exp. 5087-17-000 75 200 450 800 (350) 2,400 1,950

New / Renewal Software License Fee 5089-17-017 339 500 13,109 8,250 4,859 16,750 3,641

Virus / Firewall Renewals 5089-17-062 0 0 0 0 0 0 0

Depreciation 6950-17-000 1,479 2,156 5,916 8,625 (2,709) 25,875 19,958

Total Expenses 8,456 9,630 50,666 53,772 (3,106) 141,115 90,449

Net Income (8,456) (9,630) (50,666) (53,772) 3,106 (141,115) (90,449)



TECHNOLOGY




Conference Center Rental 4100-18-238 0 0 0 200 (200) 800 800

McGraw Hill Affinity Plan 4100-18-303 0 0 0 0 0 0 0

Verizon Affinity Plan - NPP 4100-18-304 0 6,000 4,633 12,000 (7,367) 24,000 19,367

Enterprise Affinity Plan 4100-18-305 0 0 0 0 0 0 0

Office Depot Affinity Plan 4100-18-310 0 0 0 0 0 0 0

Misc Income 4900-18-194 0 0 0 0 0 0 0

Misc Income/Service 4900-18-195 0 0 0 0 0 0 0

Gain/Loss on Disposal of Asset 4950-18-000 0 0 0 0 0 0 0

Total Revenue 0 6,000 4,633 12,200 (7,567) 24,800 20,167

Salaries 5010-18-000 12,442 18,059 49,857 72,236 (22,379) 216,708 166,850

Temp Help 5010-18-051 0 333 0 1,333 (1,333) 4,000 4,000

Employee Milestone Awards 5010-18-057 0 0 7,107 7,424 (317) 10,393 3,286

Payroll Taxes 5020-18-052 1,159 1,525 4,759 6,101 (1,342) 18,303 13,544

Health/Security/LTD 5020-18-070 1,475 2,382 5,940 9,527 (3,587) 28,582 22,642

Pension 5020-18-139 1,264 1,936 5,084 7,746 (2,662) 23,237 18,153


Auto / Travel Expense 5030-18-000 0 0 0 25 (25) 100 100

Miscellaneous Meetings 5035-18-072 265 417 918 1,667 (748) 5,000 4,082

Legal 5040-18-060 0 625 0 2,500 (2,500) 7,500 7,500

Office Exp. 5050-18-000 903 1,588 5,079 6,353 (1,274) 19,060 13,981

Office Equipment Lease 5050-18-066 665 600 1,250 1,350 (100) 3,000 1,750

Office Equipment Maintenance 5050-18-067 6,796 667 8,649 2,667 5,982 8,000 (649)

Postage - Administration 5050-18-069 364 42 505 168 337 504 (1)

Parking / Metro 5050-18-071 0 555 927 2,220 (1,293) 6,660 5,733

Contract Printing 5050-18-074 0 0 0 190 (190) 600 600

Office Equipment - Interest 5050-18-290 0 0 0 0 0 0 0

Membership Dues 5060-18-061 0 0 0 1,500 (1,500) 2,220 2,220

Subscriptions 5060-18-062 0 0 0 0 0 683 683

Donations/ Memorials 5060-18-063 0 150 101 600 (499) 1,800 1,699

Internet Connnection 5085-18-000 435 430 1,456 1,720 (264) 5,160 3,704

Telephone Exp.- Admin. 5086-18-000 493 550 2,494 2,200 294 6,600 4,106

Cell Phone Exp.- Admin. 5087-18-000 199 200 1,484 800 684 2,400 916

Insurance & Bonds 5900-18-064 0 0 8,235 8,500 (265) 8,500 265

Staff Professional Training 5900-18-065 1,544 4,167 9,418 16,667 (7,249) 50,000 40,582

Personal Property Taxes 5900-18-068 0 0 312 400 (88) 400 88

Federal Tax 5900-18-145 0 2,890 0 2,890 (2,890) 11,560 11,560

Depreciation 6950-18-000 1,489 1,347 5,956 5,387 568 16,162 10,207

Total Expenses 29,492 38,463 119,531 162,171 (42,640) 488,132 368,601

Net Income (29,492) (32,463) (114,898) (149,971) 35,073 (463,332) (348,434)



ADMINISTRATION




Misc. Income - Accounting 4900-19-195 0 0 0 0 0 0 0

AGCA Discount Earned 4900-19-200 0 0 9,915 10,140 (225) 10,140 225

Total Revenue 0 0 9,915 10,140 (225) 10,140 225

Salaries 5010-19-000 9,827 9,827 39,307 39,307 0 117,921 78,614

Temp Help 5010-19-051 1,280 833 3,496 3,333 163 10,000 6,504

Payroll Taxes 5020-19-052 882 866 3,603 3,464 139 10,392 6,789


Pension 5020-19-139 986 1,190 4,142 4,760 (618) 14,280 10,139


Auto Expense 5030-19-000 128 20 140 80 60 240 100

Miscellaneous Meetings 5035-19-072 20 70 742 280 462 840 98

Audit 5040-19-076 (11,300) 0 10,500 10,500 0 10,500 0

ADP Payroll Fees 5040-19-077 534 625 2,372 2,650 (278) 7,650 5,278

Professional Service 5040-19-144 0 292 644 1,167 (523) 3,500 2,856

Office Exp. 5050-19-000 123 125 411 500 (89) 1,500 1,089

Postage - Accounting 5050-19-069 43 100 236 400 (164) 1,200 964

Contract Printing 5050-19-074 0 0 0 0 0 500 500

Bank Charge 5050-19-231 560 150 2,186 600 1,586 1,800 (386)

Membership Dues 5060-19-061 0 735 0 835 (835) 1,430 1,430

Subscriptions 5060-19-062 0 0 0 240 (240) 370 370

Discounts Allowed (Visa/Dues) 5140-19-078 206 2,500 5,988 10,000 (4,012) 30,000 24,012

State Excise Taxes 5900-19-079 0 200 350 830 (480) 19,600 19,250

City Excise Tax 5900-19-279 0 2,225 1,283 4,450 (3,167) 9,450 8,167

Depreciation 6950-19-000 59 0 237 0 237 0 (237)

Total Expenses 4,652 21,057 81,227 88,595 (7,368) 268,170 186,942

Net Income (4,652) (21,057) (71,312) (78,455) 7,143 (258,030) (186,717)



ACCOUNTING




Website Advertising 4100-22-197 0 0 13,300 17,000 (3,700) 34,000 20,700

Total Revenue 0 0 13,300 17,000 (3,700) 34,000 20,700

Salaries 5010-22-000 9,429 9,429 37,933 37,715 218 113,144 75,211

Payroll Taxes 5020-22-052 816 889 3,313 3,557 (244) 10,672 7,359


Pension 5020-22-139 906 950 3,692 3,799 (107) 11,396 7,704


Auto Expense 5030-22-000 0 10 0 40 (40) 120 120


Professional Service 5040-22-144 350 40 1,400 160 1,240 480 (920)

Website Maintenance 5040-22-250 0 50 0 200 (200) 600 600

Office Exp. 5050-22-000 0 50 163 200 (37) 600 437

Postage - Communications 5050-22-069 0 75 0 375 (375) 1,000 1,000

Protrait Photography 5050-22-089 0 20 0 80 (80) 240 240

Subscriptions 5060-22-062 0 500 0 2,000 (2,000) 6,000 6,000

Cell Phone Exp.- Comm. 5087-22-000 75 100 300 400 (100) 1,200 900

Advertising 5140-22-082 0 1,000 3,492 5,400 (1,908) 13,150 9,658

Public Relations 5140-22-083 0 1,500 0 1,500 (1,500) 5,000 5,000

Newsletter 5140-22-084 0 320 0 1,280 (1,280) 3,840 3,840

Annual & Special Reports 5140-22-086 0 0 4,316 4,500 (184) 5,700 1,384

Total Expenses 12,729 16,110 59,317 65,914 (6,597) 197,267 137,950

Net Income (12,729) (16,110) (46,017) (48,914) 2,897 (163,267) (117,250)



COMMUNICATIONS




CEO Out of Town Travel 5035-24-090 0 250 0 1,000 (1,000) 3,000 3,000

Executive Leadership Council 5035-24-094 0 2,400 0 2,400 (2,400) 7,500 7,500

National AGC Convention 5035-24-095 0 0 8,702 19,000 (10,299) 20,000 11,299

Western Chapters Meetings 5035-24-098 0 0 2,044 9,000 (6,956) 13,000 10,956

National AGC Leadership Conference 5035-24-099 0 4,000 0 4,000 (4,000) 23,000 23,000

Chapter Meetings 5035-24-100 0 0 0 1,400 (1,400) 1,400 1,400

Miscellaneous Conference 5035-24-126 0 800 5,043 800 4,243 4,000 (1,043)

Immediate Past President Night 5150-24-093 0 0 0 4,500 (4,500) 4,500 4,500

Old Timers Night 5150-24-129 0 0 0 0 0 5,000 5,000

Total Expenses 0 7,450 15,789 42,100 (26,311) 81,400 65,611

Net Income 0 (7,450) (15,789) (42,100) 26,311 (81,400) (65,611)



MEETING AND EVENTS




Build Washington Awards 4150-25-127 0 0 15,000 15,000 0 65,000 50,000

Annual Convention 4150-25-128 0 0 96,000 90,000 6,000 90,000 (6,000)

Total Revenue 0 0 111,000 105,000 6,000 155,000 44,000

Salaries 5010-25-000 1,875 1,875 7,500 7,500 0 22,500 15,000

Payroll Taxes 5020-25-052 368 182 1,492 729 763 2,188 695

Health/Security/LTD 5020-25-070 318 330 1,292 1,321 (30) 3,964 2,673

Pension 5020-25-139 150 184 583 737 (154) 2,212 1,629


Auto Expense 5030-25-000 0 30 0 120 (120) 270 270


Office Exp. 5050-25-000 0 0 440 200 240 400 (40)

Postage 5050-25-069 0 0 0 0 0 1,100 1,100

Build Washington Awards 5150-25-127 (172) 44,037 1,440 60,150 (58,711) 65,000 63,561

Annual Convention 5150-25-128 0 0 116,242 135,000 (18,758) 135,000 18,758

Award & Recognition 5150-25-130 0 0 0 3,000 (3,000) 12,000 12,000

Total Expenses 2,539 46,639 128,989 208,858 (79,869) 245,934 116,945

Net Income (2,539) (46,639) (17,989) (103,858) 85,869 (90,934) (72,945)



SPECIAL EVENTS




Intro / Retro 4010-36-204 1,020 0 34,457 32,600 1,857 32,600 (1,857)

Constructor In 4010-36-206 720 0 4,912 8,000 (3,088) 8,000 3,088

Min Dues - Introductory GC 4010-36-209 4,538 3,000 44,291 22,000 22,291 26,700 (17,591)

Min Dues - Associates 4010-36-211 3,234 0 159,096 191,000 (31,904) 191,000 31,904

Nat'l Educational Associate 4010-36-212 0 0 0 0 0 0 0

Min Dues - Retro 4010-36-213 100 0 8,300 6,700 1,600 6,700 (1,600)

Youth Constructor Dues 4010-36-248 0 0 165 1,000 (836) 1,000 836

NH-GC Dues 4030-36-205 11,808 0 296,666 249,000 47,666 249,000 (47,666)

Vol Dues - GC 4030-36-208 31,077 15,000 1,158,808 1,010,000 148,808 1,010,000 (148,808)

Vol Dues - Sub 4030-36-210 5,886 4,000 507,373 475,000 32,373 475,000 (32,373)

Prior Years Dues 4040-36-000 0 0 0 0 0 0 0

Sub-Total Dues Revenue 58,382 22,000 2,214,068 1,995,300 218,768 2,000,000 (214,068)

YTD % to Budget 110.70%

Misc Income/Mailing Labels 4900-36-198 0 0 0 0 0 0 0

Roster Advertising 4900-36-216 0 0 0 0 0 4,000 4,000

Sub-Total Other Revenue 0 0 0 0 0 4,000 4,000

Total Revenue 58,382 22,000 2,214,068 1,995,300 218,768 2,004,000 (210,068)

Salaries 5010-36-000 7,921 9,192 34,223 36,766 (2,544) 110,299 76,077

Payroll Taxes 5020-36-052 631 760 2,634 3,040 (406) 9,121 6,487

Health/Security/LTD 5020-36-070 923 1,273 3,948 5,091 (1,144) 15,274 11,326

Pension 5020-36-139 683 661 2,922 2,643 279 7,929 5,007


Auto Expense 5030-36-000 0 25 0 100 (100) 300 300

Miscellaneous Meetings 5035-36-072 0 100 8 400 (392) 1,200 1,192

W. Chapters "Membership" Meeting 5035-36-098 0 0 606 400 206 4,000 3,394

Office Exp. 5050-36-000 0 0 187 200 (13) 600 413

Postage - Member Services 5050-36-069 0 75 83 135 (52) 1,120 1,037

Cell Phone Exp.- Member Services 5087-36-000 85 100 340 400 (60) 1,200 860

Early Payment Disc. (2%) 5140-36-078 0 0 2,422 14,960 (12,538) 35,000 32,578

Membership Promotion 5140-36-080 0 6,250 1,446 12,500 (11,054) 25,000 23,554

Depreciation 6950-36-000 1,904 2,229 7,617 8,916 (1,299) 26,747 19,130

Total Expenses 12,147 20,664 56,435 85,552 (29,116) 251,790 195,354

Net Income 46,236 1,336 2,157,632 1,909,748 247,884 1,752,210 (405,422)



MEMBER SERVICE




CLC Event Revenue 4150-16-175 0 2,000 740 4,000 (3,260) 10,000 9,260

Total Revenue 0 2,000 740 4,000 (3,260) 10,000 9,260

Salaries 5010-16-000 1,974 2,174 8,114 8,697 (583) 26,090 17,976

Payroll Taxes 5020-16-052 173 198 702 792 (90) 2,376 1,675

Health/Security/LTD 5020-16-070 231 232 1,023 927 96 2,782 1,758

Pension 5020-16-139 207 216 843 864 (21) 2,592 1,750


Rent / Facility Cost 5035-16-000 0 0 0 0 0 0 0

Student Chapter Sponsorship 5120-16-162 0 0 0 0 0 0 0

Student Chapter / Member Meetings 5140-16-177 0 0 20,800 27,000 (6,200) 27,000 6,200

Event / Entertainment 5150-16-175 20 5,000 5,510 10,000 (4,490) 60,500 54,990

Food / Beverage 5300-16-000 0 500 335 1,600 (1,265) 5,360 5,025

Total Expenses 2,606 8,320 37,327 49,880 (12,553) 128,701 91,374

Net Income (2,606) (6,320) (36,587) (45,880) 9,293 (118,701) (82,114)



CONSTRUCTION LEADERSHIP COUNCIL




Salaries 5010-26-000 1,288 1,368 5,472 5,470 2 16,410 10,938

Payroll Taxes 5020-26-052 107 105 434 420 15 1,259 825

Health/Security/LTD 5020-26-070 120 120 535 481 54 1,444 909

Pension 5020-26-139 133 279 572 1,116 (544) 3,349 2,777

Incentive Compensation 5010-26-058 0 0 0 0 0 0 0

Meetings/Other/Donations 5060-26-000 20,000 8,333 47,979 33,332 14,647 100,000 52,021

Donations - AGCEF 5060-26-063 10,542 10,542 42,167 42,167 0 126,500 84,333

Diversity 5060-26-159 0 1,250 0 5,000 (5,000) 15,000 15,000

Endowment - AGCEF 5062-26-063 0 0 0 0 0 0 0

Events 5120-26-158 0 271 0 1,083 (1,083) 3,250 3,250

Education Subsidy to Members 5140-26-136 14,075 0 14,075 13,000 1,075 52,000 37,925

Total Expenses 46,264 22,267 111,234 102,070 9,165 319,213 207,978

Net Income (46,264) (22,267) (111,234) (102,070) (9,165) (319,213) (207,978)



WORKFORCE DEVELOPMENT




Safety Promotion Items 4100-42-080 900 1,500 14,063 8,400 5,663 26,000 11,937

Safety Team Inspections 4100-42-218 4,050 2,160 9,987 9,965 22 24,975 14,988

Safety Training 4100-42-219 0 0 0 0 0 6,000 6,000

Safety Grants Income 4100-42-241 0 0 0 0 0 0 0

Field Day / Safety Team (Golf) 4150-42-176 0 12,500 0 16,500 (16,500) 22,350 22,350

Shipping - Safety Products 4900-42-195 31 75 699 475 224 800 101

Total Revenue 4,981 16,235 24,749 35,340 (10,591) 80,125 55,376

Salaries 5010-42-000 20,231 25,092 83,943 100,369 (16,426) 301,108 217,165

Payroll Taxes 5020-42-052 1,787 2,456 7,516 9,825 (2,309) 29,476 21,960

Health/Security/LTD 5020-42-070 3,023 3,940 13,031 15,759 (2,728) 47,277 34,246

Pension 5020-42-139 1,979 2,664 8,462 10,656 (2,195) 31,969 23,507


Auto/Travel Expense 5030-42-000 69 975 1,571 3,400 (1,829) 11,275 9,704

Corporate Travel 5030-42-178 0 450 6,247 3,100 3,147 8,310 2,063

Misc Meetings - Safety 5035-42-072 0 375 546 1,225 (679) 3,100 2,554

Consultants Fees 5040-42-144 0 0 0 0 0 2,600 2,600

Office Exp. 5050-42-000 157 100 4,272 700 3,572 1,800 (2,472)

Postage - Safety 5050-42-069 146 250 1,258 1,000 258 2,900 1,642

Contract Printing 5050-42-074 0 0 0 0 0 450 450

Membership Dues 5060-42-061 0 0 0 0 0 345 345

Cell Phone Exp.- Safety 5087-42-000 268 225 1,068 900 168 2,700 1,632

Safety Promotion 5120-42-080 (1,446) 3,000 15,733 19,500 (3,767) 32,000 16,267

Safety Grants Expense 5120-42-241 0 0 0 0 0 0 0

Hearing Conservation 5120-42-251 0 0 0 0 0 1,700 1,700

Safety Equipment 5120-42-350 0 0 0 0 0 300 300

Golf Tournment - Safety Team 5150-42-176 0 1,150 0 1,150 (1,150) 14,950 14,950

Insurance 5900-42-064 0 0 6,092 4,500 1,592 4,500 (1,592)

Depreciation 6950-42-000 488 417 1,951 1,667 285 5,000 3,049

Total Expenses 26,701 41,094 151,691 173,752 (22,061) 536,760 385,069

Net Income (21,720) (24,859) (126,942) (138,412) 11,470 (456,635) (329,693)



SAFETY




PY 22 - Retro Revenue 4500-27-225 0 0 0 0 0 0 0

PY 23 - Retro Revenue 4500-27-226 0 0 0 0 0 0 0

PY 24 - Retro Revenue 4500-27-227 0 0 0 0 0 0 0

PY 25 - Retro Revenue 4500-27-228 0 0 0 0 0 0 0

PY 26 - Retro Revenue 4500-27-229 0 0 0 0 0 0 0

Retro Exp Gross/Reimbursement 4500-27-242 140,811 174,167 616,249 696,667 (80,418) 2,090,000 1,473,751

Total Revenue 140,811 174,167 616,249 696,667 (80,418) 2,940,000 2,323,751

HR Benefits 5501-27-221 TO 5501-27-2301,213 0 4,851 0 4,851 0 (4,851)

Annual Meeting - Retro Breakfast 5502-27-221 TO 5502-27-230168 0 168 0 168 0 (168)

Annual Meeting - AGC 5503-27-221 TO 5503-27-230 0 0 235 0 235 0 (235)

Association Dues - WSIA 5504-27-221 TO 5504-27-230 0 0 0 0 0 0 0

Auto / Travel Expense 5505-27-221 TO 5505-27-230 0 0 462 0 462 0 (462)

Computer Equip Maint. - Upgrade 5506-27-221 TO 5506-27-230 0 0 3,114 0 3,114 0 (3,114)

Ins - Liability / Directors & Officers (D&O) 5507-27-221 TO 5507-27-230 0 0 12,332 0 12,332 0 (12,332)

Contract Printing 5508-27-221 TO 5508-27-230 0 0 0 0 0 0 0

Inland Chapter 5509-27-221 TO 5509-27-230 0 0 0 0 0 0 0

Misc. Expenses 5510-27-221 TO 5510-27-230 50 0 120 0 120 0 (120)

Misc. Meetings 5511-27-221 TO 5511-27-230 0 0 0 0 0 0 0

Office Equipment 5512-27-221 TO 5512-27-230157 0 1,729 0 1,729 0 (1,729)

Office Rent & Parkng 5513-27-221 TO 5513-27-23015,978 0 18,933 0 18,933 0 (18,933)

Office Supplies 5514-27-221 TO 5514-27-230 0 0 545 0 545 0 (545)

Postage 5515-27-221 TO 5515-27-230 0 0 433 0 433 0 (433)

Salaries 5516-27-221 TO 5516-27-23074,922 0 299,688 0 299,688 0 (299,688)

Payroll Taxes & Benefits 5517-27-221 TO 5517-27-2306,756 0 28,241 0 28,241 0 (28,241)

Bonus (FICA & Taxes) 5518-27-221 TO 5518-27-230 0 0 0 0 0 0 0

Subscriptions 5519-27-221 TO 5519-27-23018,550 0 75,085 0 75,085 0 (75,085)

Telephone / Cellular 5520-27-221 TO 5520-27-230650 0 2,868 0 2,868 0 (2,868)

Staff Training 5521-27-221 TO 5521-27-230 0 0 0 0 0 0 0

Training for Members 5522-27-221 TO 5522-27-230 0 0 0 0 0 0 0

Consulting/Underwriter 5523-27-221 TO 5523-27-230 0 0 1,617 0 1,617 0 (1,617)

Depreciation 6950-27-221 TO 6950-27-2302,450 2,450 9,800 9,800 0 29,400 19,600

Subtotal 120,893 2,450 460,222 9,800 450,422 29,400 (430,822)

MDR Classroom Income 5524-27-221 TO 5524-27-230 0 0 0 0 0 0 0

Seattle MDR 5525-27-221 TO 5525-27-2301,444 0 7,556 0 7,556 0 (7,556)

Tacoma MDR 5526-27-221 TO 5526-27-2302,268 0 9,283 0 9,283 0 (9,283)

Yakima MDR 5527-27-221 TO 5527-27-2301,700 0 6,800 0 6,800 0 (6,800)

Arlington MDR 5528-27-221 TO 5528-27-2302,317 0 9,690 0 9,690 0 (9,690)

Spokane MDR 5529-27-221 TO 5529-27-2301,336 0 5,929 0 5,929 0 (5,929)

Salaries MDR 5530-28-221 TO 5530-28-23022,721 0 91,399 0 91,399 0 (91,399)

Payroll Taxes MDR 5531-28-221 TO 5531-28-2302,032 0 8,320 0 8,320 0 (8,320)

Bonus (FICA & Taxes) MDR 5532-28-221 TO 5532-28-230 0 0 0 0 0 0 0

Benefits MDR 5533-28-221 TO 5533-28-2305,357 0 18,647 0 18,647 0 (18,647)

HR Benefits MDR 5534-28-221 TO 5534-28-230441 0 4,257 0 4,257 0 (4,257)

Subtotal 39,616 0 161,880 0 161,880 0 (161,880)



GROUP RETRO


NET EXPENSE 160,509 2,450 622,102 9,800 612,302 29,400 (592,702)

Clearing Account 5550-27-221 TO 5550-27-230(160,509) 0 (622,102) 0 (622,102) 0 622,102

TOTAL NET EXPENSE 0 2,450 0 9,800 (9,800) 29,400 29,400

Retro Exp Gross/Reimbursement 5500-27-242 140,811 171,717 616,249 686,867 (70,618) 2,060,600 1,444,351

NET OPR INCOME / (EXPENSE) 0 0 0 0 (0) 850,000 850,000



Public Works Mtg Income 4100-30-072 0 0 18,450 16,800 1,650 16,800 (1,650)

Legislative Reimbursement 4100-30-147 0 0 0 0 0 17,500 17,500

GAC Meetings 4100-30-148 0 0 0 0 0 0 0

Total Revenue 0 0 18,450 16,800 1,650 34,300 15,850

Salaries 5010-30-000 21,277 21,304 85,709 85,217 492 255,650 169,941

Contract Lobbyists / Temp Help 5010-30-051 4,500 4,594 13,500 18,376 (4,876) 55,125 41,625

Payroll Taxes 5020-30-052 1,828 1,855 8,012 7,418 594 22,254 14,242


Pension 5020-30-139 2,014 2,285 8,240 9,141 (901) 27,424 19,184


Auto Expense 5030-30-000 0 75 84 300 (216) 900 816

Corporate Travel 5030-30-178 0 100 512 950 (438) 4,150 3,638

Miscellaneous Meetings 5035-30-072 0 1,735 421 4,135 (3,714) 9,000 8,579

Professional Studies 5040-30-149 0 0 0 0 0 2,500 2,500

Legal Research & Representation 5040-30-161 0 750 0 5,500 (5,500) 7,500 7,500

Office Exp. 5050-30-000 224 475 1,364 1,875 (511) 6,470 5,106

Office Equipment Lease 5050-30-066 20 20 79 80 (1) 240 161

Office Equipment Maintenance 5050-30-067 0 30 212 260 (48) 1,200 988

Postage - GAC 5050-30-069 1 0 301 300 1 1,400 1,100

Contract Printing 5050-30-074 0 0 874 0 874 3,025 2,151

Membership Dues 5060-30-061 0 0 18,655 22,820 (4,165) 26,545 7,890

Subscriptions 5060-30-062 39 44 156 176 (20) 628 472

Donations 5060-30-063 0 0 1,500 1,600 (100) 6,800 5,300

LRC Membership 5060-30-160 0 0 0 0 0 0 0

Coalitions 5060-30-259 0 0 0 1,000 (1,000) 1,000 1,000

Rent - Leg. Office 5070-30-000 3,751 4,400 16,127 17,600 (1,473) 52,375 36,248

Internet Service Provider 5084-30-000 220 220 880 880 (0) 2,640 1,760

Telephone Exp.- Leg. 5086-30-000 202 220 1,144 910 234 2,640 1,496

Cell Phone Exp.- Leg. 5087-30-000 97 200 383 800 (417) 2,400 2,017

WebEx 5088-30-000 0 0 0 0 0 0 0

Public Works Promotion 5120-30-080 0 0 2,428 500 1,928 2,500 72

Public Works Committee 5120-30-153 0 0 17,156 18,300 (1,144) 18,300 1,144

State Facilities Committee 5120-30-155 0 0 0 0 0 0 0

LEARN 5130-30-083 0 0 0 0 0 0 0

Legislative Reporting Service 5130-30-147 0 0 1,967 2,425 (458) 3,625 1,658

Gov't Affairs Committee Exp. 5130-30-148 0 0 0 0 0 500 500

Insurance & Bonds 5900-30-064 0 0 2,002 1,600 402 1,600 (402)

Depreciation 6950-30-000 200 70 800 278 522 835 35

Total Expenses 36,733 40,741 191,954 211,897 (19,943) 570,393 378,439

Net Income (36,733) (40,741) (173,504) (195,097) 21,593 (536,093) (362,589)



GOVERNMENT AFFAIRS COUNCIL




Salaries 5010-31-000 788 852 3,183 3,409 (227) 10,228 7,045

Payroll Taxes 5020-31-052 68 78 295 312 (17) 937 641

Health/Security/LTD 5020-31-070 114 114 448 457 (9) 1,371 923

Pension 5020-31-139 82 87 333 349 (15) 1,046 712


Auto Expense:BUILD 5030-31-000 0 0 0 0 0 0 0

Corporate Travel 5030-31-178 0 0 0 0 0 0 0

Misc. Meetings 5035-31-072 0 0 0 1,900 (1,900) 1,900 1,900

Office Exp. 5050-31-000 0 0 0 0 0 0 0

Indirect Overhead / Admin - Build Pac 5060-31-063 3,153 3,325 3,153 3,325 (172) 4,300 1,147

Total Expenses 4,205 4,457 7,413 9,752 (2,339) 20,781 13,368

Net Income (4,205) (4,457) (7,413) (9,752) 2,339 (20,781) (13,368)



BUILD-PAC




Misc. Meetings 4100-33-072 0 0 0 0 0 0 0

Total Revenue 0 0 0 0 0 0 0

Salaries 5010-33-000 304 304 1,215 1,215 0 3,646 2,431

Payroll Taxes 5020-33-052 26 28 104 114 (10) 341 237

Health/Security/LTD 5020-33-070 35 35 139 139 (0) 418 279

Pension 5020-33-139 32 33 129 133 (4) 399 270

Incentive Compensation 5010-33-058 0 0 0 0 0 300 300

Miscellaneous Meetings 5035-33-072 0 0 0 0 0 3,500 3,500

Total Expenses 396 400 1,587 1,601 (14) 8,604 7,017

Net Income (396) (400) (1,587) (1,601) 14 (8,604) (7,017)



AGC - FEDERAL FACILITIES




Misc Income/Labor Forms 4900-34-220 0 100 0 200 (200) 300 300

Total Revenue 0 100 0 200 (200) 300 300

Salaries 5010-34-000 12,709 12,581 50,742 50,326 417 150,977 100,234

Payroll Taxes 5020-34-052 1,105 1,137 4,458 4,548 (89) 13,643 9,185


Pension 5020-34-139 1,229 1,519 5,075 6,077 (1,002) 18,232 13,157


Auto Expense 5030-34-000 0 16 0 64 (64) 200 200

Legal 5040-34-060 24,392 2,000 33,862 87,000 (53,138) 112,000 78,138

Office Exp. 5050-34-000 0 0 25 480 (455) 480 455

Postage - Labor 5050-34-069 0 20 53 60 (7) 120 67

Cell Phone Exp.- Labor 5087-34-000 75 100 1,143 400 743 1,200 57

Labor Relations 5120-34-163 (896) 200 996 2,600 (1,604) 6,000 5,004

Trustee Expense 5120-34-166 0 0 300 1,500 (1,200) 2,000 1,700

Events - Turner School 5150-34-172 0 0 0 0 0 0 0

Depreciation 6950-34-000 64 0 257 0 257 0 (257)

Total Expenses 40,241 19,148 103,179 159,352 (56,173) 339,543 236,365

Net Income (40,241) (19,048) (103,179) (159,152) 55,973 (339,243) (236,065)



LABOR




Salaries 5010-40-000 0 1,000 0 3,999 (3,999) 11,998 11,998

Payroll Taxes 5020-40-052 0 96 0 383 (383) 1,150 1,150

Health/Security/LTD 5020-40-070 13 137 53 547 (494) 1,640 1,587

Pension 5020-40-139 0 100 8 401 (392) 1,202 1,194


Auto Expense 5030-40-000 0 0 0 0 0 0 0

Corporate Travel 5030-40-178 0 150 0 375 (375) 525 525

Resource Materials 5050-40-074 0 75 0 150 (150) 300 300

Open Shop Dinner Meeting 5120-40-167 0 0 0 375 (375) 375 375

Open Shop Speaker Exp. 5120-40-168 0 50 0 100 (100) 200 200

Open Shop Meeting Costs 5120-40-169 0 0 0 200 (200) 200 200

Open Shop Seminars 5120-40-170 0 0 0 350 (350) 350 350

Top Student Awards 5120-40-171 0 0 0 0 0 575 575

Misc. Industry Support 5120-40-172 0 0 0 0 0 1,025 1,025

Total Expenses 13 1,607 61 6,880 (6,819) 20,739 20,678

Net Income (13) (1,607) (61) (6,880) 6,819 (20,739) (20,678)



OPEN SHOP




Members' Event Income 4100-12-175 0 1,000 5,330 4,000 1,330 12,000 6,670

District Mtgs - Seattle 4100-12-177 0 1,000 3,915 4,250 (335) 12,250 8,335

Golf - Seattle District 4150-12-176 0 10,000 0 10,000 (10,000) 50,000 50,000

Total Revenue 0 12,000 9,245 18,250 (9,005) 74,250 65,005

Salaries 5010-12-000 11,700 11,699 46,800 46,798 2 140,394 93,594

Payroll Taxes 5020-12-052 994 1,101 4,039 4,405 (366) 13,216 9,176

Health/Security/Ltd 5020-12-070 1,408 1,410 5,633 5,642 (9) 16,926 11,293

Pension 5020-12-139 1,173 1,258 4,775 5,033 (258) 15,099 10,324


Auto Expense 5030-12-000 0 80 180 320 (140) 2,080 1,900


Office Expense 5050-12-000 30 0 118 150 (32) 450 332

Postage - Seattle District 5050-12-069 0 0 0 0 0 200 200

Contract Printing 5050-12-074 0 0 0 300 (300) 1,200 1,200

Membership Dues 5060-12-061 0 1,250 2,085 1,250 835 4,875 2,790

Donations 5060-12-063 0 500 0 500 (500) 2,000 2,000

Cell Phone Exp.- Seattle 5087-12-000 0 110 0 440 (440) 1,320 1,320

Local Gov't Affairs 5130-12-174 0 150 100 600 (500) 3,600 3,500

Membership Promotion 5140-12-080 0 0 915 1,200 (285) 5,000 4,085

Holiday Open House 5140-12-175 0 0 11,220 2 11,218 13,002 1,782

Memb mtgs/ Seattle 5140-12-177 0 3,200 4,389 10,800 (6,411) 20,500 16,111

Member Events - Expense 5150-12-175 0 0 0 0 0 17,000 17,000

Golf Tournament - Seattle District 5150-12-176 10 1,000 2,562 3,000 (438) 50,000 47,438

Depreciation 6950-12-000 65 0 262 0 262 0 (262)

Total Expenses 15,381 21,880 83,348 83,420 (72) 323,001 239,653

Net Income (15,381) (9,880) (74,103) (65,170) (8,933) (248,751) (174,648)



SEATTLE DISTRICT




District Mtgs - Southern 4100-14-177 0 3,000 5,550 9,000 (3,450) 23,000 17,450

Golf - Southern District 4150-14-176 0 0 50 0 50 44,450 44,400

Total Revenue 0 3,000 5,600 9,000 (3,400) 67,450 61,850

Salaries 5010-14-000 13,811 13,811 55,246 55,244 2 165,731 110,485

Payroll Taxes 5020-14-052 1,232 1,349 5,007 5,397 (390) 16,190 11,183


Pension 5020-14-139 1,250 1,337 5,129 5,348 (220) 16,045 10,916


Auto Expense 5030-14-000 0 242 330 968 (638) 2,904 2,574



Office Exp. 5050-14-000 130 200 738 800 (62) 2,400 1,662

Office Equipment Maintenance 5050-14-067 0 208 741 832 (91) 2,496 1,755

Postage - South District 5050-14-069 0 122 0 488 (488) 1,464 1,464

Office Equipment - Interest - FIFE 5050-14-290 0 0 0 0 0 0 0

Subscriptions 5060-14-062 0 55 0 220 (220) 660 660

Donations - Pierce County CC Day 5060-14-063 0 0 0 0 0 1,000 1,000

Telephone Exp.- Southern 5086-14-000 569 450 2,848 1,800 1,048 5,400 2,552

Cell Phone Exp.- Southern 5087-14-000 86 100 339 400 (61) 1,200 861

Memb Mtgs/ Southern 5140-14-177 0 4,500 5,969 13,500 (7,531) 39,500 33,531

Golf Tournament - Southern District 5150-14-176 0 0 4,048 0 4,048 32,800 28,752

Depreciation 6950-14-000 60 80 240 321 (80) 962 721

Total Expenses 19,693 24,776 89,997 94,605 (4,609) 335,616 245,620

Net Income (19,693) (21,776) (84,397) (85,605) 1,209 (268,166) (183,770)



SOUTHERN DISTRICT




Memb Mtgs/Northern District 4100-46-177 0 0 0 0 0 0 0

Membership Training 4100-46-189 0 0 0 0 0 0 0

Total Revenue 0 0 0 0 0 0 0

Salaries 5010-46-000 7,726 7,725 29,964 30,900 (936) 92,700 62,736

Payroll Taxes 5020-46-052 486 748 1,959 2,992 (1,033) 8,975 7,016

Health/Security/LTD 5020-46-070 1,107 859 4,154 3,435 719 10,305 6,152

Pension 5020-46-139 811 855 3,292 3,419 (127) 10,257 6,965


Auto Expense 5030-46-000 0 650 1,770 2,600 (830) 7,800 6,030



Office Exp. 5050-46-000 0 45 19 180 (161) 540 521

Postage - North District 5050-46-069 0 0 0 55 (55) 110 110

Membership Dues 5060-46-061 0 320 553 880 (327) 1,970 1,417

Subscriptions 5060-46-062 0 165 0 165 (165) 165 165

Rent - N. District 5070-46-000 915 915 3,560 3,660 (100) 10,980 7,420

Telephone Exp.- Northern 5086-46-000 100 0 400 0 400 0 (400)

Cell Phone Exp.- Northern 5087-46-000 0 75 0 300 (300) 900 900

Community Services/ Image Bldg 5120-46-185 0 150 250 600 (350) 1,800 1,550

Membership Training 5120-46-189 0 150 0 1,400 (1,400) 4,700 4,700

Local Gov't Affairs 5130-46-174 0 67 (175) 267 (441) 800 974

Membership Promotion 5140-46-080 0 421 20 1,683 (1,664) 5,050 5,030

Memb mtgs/ Northern 5140-46-177 950 675 3,167 3,475 (308) 9,750 6,583

Insurance & Bonds 5900-46-064 0 0 623 0 623 0 (623)

Depreciation 6950-46-000 58 0 233 0 233 0 (233)

Total Expenses 12,154 14,054 49,928 56,951 (7,024) 179,623 129,696

Net Income (12,154) (14,054) (49,928) (56,951) 7,024 (179,623) (129,696)



NORTHERN DISTRICT




Memb Mtgs/Central Wa District 4100-48-177 0 0 0 0 0 500 500

Member Training 4100-48-189 0 0 0 150 (150) 150 150

Golf Tournament-Central WA 4150-48-081 0 3,000 0 3,000 (3,000) 19,000 19,000

Misc. Income 4900-48-194 0 0 0 0 0 0 0

Total Revenue 0 3,000 0 3,150 (3,150) 19,650 19,650

Salaries 5010-48-000 0 7,332 0 29,328 (29,328) 87,985 87,985

Payroll Taxes 5020-48-052 0 703 0 2,810 (2,810) 8,430 8,430

Health/Security/LTD 5020-48-070 97 1,002 388 4,009 (3,621) 12,026 11,638

Pension 5020-48-139 0 734 59 2,937 (2,878) 8,812 8,753


Auto Expense 5030-48-000 0 0 0 0 0 0 0

Corporate Travel 5030-48-178 0 250 0 825 (825) 1,350 1,350

Office Exp. 5050-48-000 0 100 0 550 (550) 1,425 1,425

Office Equipment Maintenance 5050-48-067 0 0 0 0 0 0 0

Postage - Central District 5050-48-069 0 150 0 150 (150) 225 225

Utilities 5050-48-186 0 0 0 0 0 0 0

Membership Dues 5060-48-061 0 500 0 1,325 (1,325) 3,670 3,670

Subscriptions 5060-48-062 0 11 0 74 (74) 200 200

Rent - C. District 5070-48-000 631 630 2,276 2,276 0 6,730 4,454

Internet Service Provider 5084-48-000 63 78 201 312 (111) 936 735

Telephone / Cable TV - Central 5086-48-000 63 78 328 312 16 936 608

Cell Phone Exp.- Central 5087-48-000 0 100 0 400 (400) 1,200 1,200

Member Training Meetings 5120-48-189 0 150 0 600 (600) 1,800 1,800

HR Roundtable 5120-48-266 0 200 0 400 (400) 800 800

Local Gov't Exp. 5130-48-174 0 100 0 400 (400) 1,000 1,000

Membership Promotion 5140-48-080 0 525 0 2,100 (2,100) 6,300 6,300

Memb mtgs/ Central WA 5140-48-177 0 275 0 1,100 (1,100) 3,300 3,300

Golf Tournament - Central District 5150-48-081 0 3,000 0 4,000 (4,000) 18,000 18,000

Insurance & Bonds 5900-48-064 0 45 623 180 443 550 (73)

Depreciation 6950-48-000 68 0 271 0 271 0 (271)

Total Expenses 920 15,963 4,146 54,088 (49,942) 174,475 170,329

Net Income (920) (12,963) (4,146) (50,938) 46,792 (154,825) (150,679)



CENTRAL DISTRICT




Interest/Investment Income 4800-11-000 0 0 0 0 0 0 0

LT Inv Unreal Gain(Loss)-Mrkt 4851-11-000 0 0 0 0 0 0 0

Interest Income - UBS (AGC) 4800-90-000 1,420 0 6,630 0 6,630 0 (6,630)

LT Investment - Dividend MM 4801-90-000 5,072 0 28,236 0 28,236 0 (28,236)

LT Investment - Bond Interest 4802-90-000 0 2,000 0 8,000 (8,000) 24,000 24,000

LT Inv Real Gain(Loss)-Basis 4850-90-000 0 0 0 0 0 0 0

LT Inv Unreal Gain(Loss)-Mrkt 4851-90-000 371,611 0 (505,057) 0 (505,057) 0 505,057

LT Inv Gain (Loss) - UBS (AGC) 4852-90-000 0 0 0 0 0 0 0

Total Revenue 378,102 2,000 (470,192) 8,000 (478,192) 24,000 494,192

Investment Consultant Fee 5800-11-000 0 0 0 0 0 0 0

Investment Consultant Fee 5800-90-000 0 3,000 4,094 6,000 (1,906) 12,000 7,906

Total Expenses 0 3,000 4,094 6,000 (1,906) 12,000 7,906

Net Income 378,102 (1,000) (474,285) 2,000 (476,285) 12,000 486,285



NON-OPERATING


TAB 4

Audited Financial Statements, Other Financial Information (Audited)

and Nonaccounting Data (Unaudited)

December 31, 2019 and 2018

ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON

Audited Financial Statements, Other Financial Information (Audited) andNonaccounting Data (Unaudited)


INDEPENDENT AUDITOR’S REPORT...............................................................................1-2

AUDITED FINANCIAL STATEMENTS

Statements of Financial Position (Balance Sheets)............................................................3-4

Statements of Activities and Changes in Net Assets ............................................................5

Statements of Functional Expenses ...................................................................................6-7

Statements of Cash Flows.....................................................................................................8

Notes to Financial Statements .........................................................................................9-20

OTHER FINANCIAL INFORMATION

Chart I - Revenue................................................................................................................21

Chart II - Functional Expenses ...........................................................................................22

Chart III - Non-Facility Expenses.......................................................................................23

Chart IV - Expenses by Department, Net of Facility and RETRO Expenses.....................24

Graph I - Current and Debt/Equity Ratios ..........................................................................25

Graph II - Buildings and Marina Activities ........................................................................26

Graph III - Dues Revenue as a Percentage of Association Expenses.................................27

Graph IV - Six-Year Income and Cash/Investment Balances ............................................28

Graph V - Dues by Membership Type ...............................................................................29

NONACCOUNTING DATA

Graph A - Total Members...................................................................................................30

Independent Auditor’s Report

To the Board of TrusteesAssociated General Contractors of WashingtonSeattle, Washington

We have audited the accompanying financial statements of Associated General Contractors of Washington (a nonprofit organization), which comprise the statements of financial position(balance sheets) as of December 31, 2019 and 2018, and the related statements of activities and changes in net assets, functional expenses and cash flows for the years then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. 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 from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

1102 Broadway, Suite 400 Tacoma, WA 98402

P: (253) 830-5450 F: (253) 830-5454

W: www.dotygroupcpas.com

Board of Trustees Page 2Associated General Contractors of Washington

Auditor’s Responsibility (Continued)

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Associated General Contractors of Washington as of December 31, 2019 and 2018, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Report on Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The other financial information and nonaccounting data included on pages 21-30,which is the responsibility of management, is presented for purposes of additional analysis and is not a required part of the financial statements. Such information, except for that portion marked “unaudited,” was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. That information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, that information is fairly stated in all material respects in relation to the financial statements as a whole. The nonaccounting data on page 30 marked “unaudited” has not been subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we do not express an opinion or provide any assurance on it.

THE DOTY GROUP, P.S.Tacoma, Washington

April 13, 2020

AUDITED FINANCIAL STATEMENTS


STATEMENTS OF FINANCIAL POSITION (BALANCE SHEETS)


2019 2018

ASSETS

CURRENT ASSETSCash and cash equivalents 3,508,627$ 3,943,438$ Accounts receivable 309,447 113,767 Due from related parties 18,480 25,307Income taxes receivable 1,807Prepaid expenses 202,596 170,267

Total Current Assets 4,040,957 4,252,779

OTHER ASSETSInvestments 6,585,724 4,894,492 Group retrospective rating plan assets 42,003,870 34,205,423Intangible asset, net of accumulated amortization 210,690 238,782Prepaid commissions 184,570 183,190Deposits 6,850 6,850

Total Other Assets 48,991,704 39,528,737

PROPERTY AND EQUIPMENTLand and improvements 2,480,866 2,441,742Buildings 15,145,747 14,316,950Leasehold improvements 1,874,660 1,725,685Furniture and equipment 1,099,875 1,081,133Automobiles 50,801 43,774Marina 1,946,124 1,788,390

22,598,073 21,397,674 Less accumulated depreciation 12,676,457 12,285,122

Total Property and Equipment 9,921,616 9,112,552

Total Assets 62,954,277$ 52,894,068$

The accompanying notes are an integral part of these financial statements.-3-

2019 2018

LIABILITIES AND NET ASSETS

CURRENT LIABILITIESAccounts payable 734,922$ 928,473$ Accrued expenses 69,089 74,184Income taxes payable 11,750 Due to related party 236,196 112,940Deferred income 1,705,761 1,359,777

Total Current Liabilities 2,745,968 2,487,124

OTHER LIABILITIESGroup retrospective rating plan liability 42,003,870 34,205,423Tenant deposits 270,658 242,181

Total Other Liabilities 42,274,528 34,447,604

Total Liabilities 45,020,496 36,934,728

NET ASSETSWithout donor restrictions

Undesignated 12,733,781 10,959,340Board-designated (see Note 11) 5,200,000 5,000,000

Total Net Assets 17,933,781 15,959,340

Total Liabilities and Net Assets 62,954,277$ 52,894,068$

-4-


STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS

Year Ended December 31, 2019 and 2018

2019 2018

REVENUE AND SUPPORTMembers' dues 2,151,512$ 1,998,864$ Rents 4,871,301 4,253,428Group retrospective rating plan 3,172,465 3,038,049Other programs 197,208 210,831Membership events 279,694 287,582Net investment income (loss) 891,233 (347,998)Miscellaneous income 84,057 40,376Loss on disposal of property and equipment (27,652)

Total Revenue and Support 11,619,818 9,481,132

EXPENSESProgram expenses:

Group retrospective rating plan 1,979,142 1,901,462Other member services 921,871 885,844Education and training 804,087 757,413Government and industry relations 1,097,333 945,576Districts 826,444 766,899

Total Program Expenses 5,628,877 5,257,194

Supporting expenses:Administrative and management 1,352,917 1,063,629Facility management 2,653,483 2,622,158

Total Supporting Expenses 4,006,400 3,685,787

Total Expenses 9,635,277 8,942,981

INCREASE IN NET ASSETS BEFORE INCOMETAXES 1,984,541 538,151

Income Tax Expense (10,100) (11,750)

INCREASE IN NET ASSETS 1,974,441 526,401

NET ASSETS AT BEGINNING OF YEAR 15,959,340 15,432,939

NET ASSETS AT END OF YEAR 17,933,781$ 15,959,340$



STATEMENTS OF FUNCTIONAL EXPENSES

Year Ended December 31, 2019

TotalGroup

Retrospective

Rating Plan

Other Member

Services

Education and

Training

Government and Industry

Relations Districts

Administrative and

Management

Facility

Management 2019

Wages 1,147,735$ 334,826$ 350,777$ 515,287$ 485,312$ 504,048$ 361,143$ 3,699,128$ Benefits and payroll taxes 518,165 93,528 111,238 127,113 146,087 128,087 102,653 1,226,871Advertising 19,106 1,223 20,329Amortization 28,092 28,092Bad debt 11,940 11,940Bank charges 1,216 1,216Broker commissions 68,384 68,384Building maintenance 383,731 383,731Depreciation 1,308 22,850 5,853 3,172 3,017 36,326 490,008 562,534Dues, subscriptions and donations 800 85 191,611 28,441 13,615 3,940 238,492Education subsidy 49,250 173 49,423Equipment rental and maintenance 17,040 3,770 2,174 6,448 22,647 23,744 75,823Insurance 5,083 1,467 828 6,367 198,593 212,338Labor relations 1,492 7,222 8,714Legislative and lobbying 19,374 2,894 22,268Meetings and conventions 234,064 56,334 3,662 28,088 40,475 362,623Membership events 152,694 152,694Miscellaneous 1,420 4,431 2,461 8,986 3,809 425,447 66,987 513,541Printing and publications 1,812 5,044 795 1,330 780 9,761Professional fees 7,811 2,833 2,700 320,347 68,976 55,753 458,420Promotion and public relations 40,360 29,216 1,575 88,053 159,204Rent 76,539 48,161 16,358 115,674 256,732RTW expenses 113,841 113,841Shipping and postage 3,278 1,388 2,296 329 134 1,379 8,804Staff training 2,147 40,144 42,291Supplies 3,799 2,275 5,941 4,338 6,731 19,082 42,166Taxes and licenses 30,510 499,071 529,581Telephone 9,251 2,327 2,678 7,458 11,174 11,209 44,097Travel 5,744 1,494 17,070 2,627 13,723 5,062 45,720Utilities 286,519 286,519

Total expenses included in the expense

section on the statement of activities 1,979,142$ 921,871$ 804,087$ 1,097,333$ 826,444$ 1,352,917$ 2,653,483$ 9,635,277$

Program Services Supporting Services



STATEMENTS OF FUNCTIONAL EXPENSES (Continued)

Year Ended December 31, 2018

TotalGroup

Retrospective

Rating Plan

Other Member

Services

Education and

Training

Government

and Industry

Relations Districts

Administrative

and

Management

Facility

Management 2018

Wages 1,083,378$ 298,368$ 329,144$ 571,544$ 437,057$ 461,008$ 353,362$ 3,533,861$ Benefits and payroll taxes 494,776 85,284 100,899 148,515 132,267 124,553 104,199 1,190,493Advertising 22,514 22,514Amortization 28,092 28,092Bank charges 637 637Broker commissions 48,588 48,588Building maintenance 389,840 389,840Depreciation 1,308 21,938 11,101 7,203 3,023 37,205 480,045 561,823Dues, subscriptions and donations 800 80 190,705 24,621 10,146 4,135 230,487Education subsidy 46,925 44 46,969Equipment rental and maintenance 30,280 17 2,392 3,604 29,818 15,786 81,897Insurance 4,238 1,087 882 8,081 187,531 201,819Labor relations 15,286 26,726 42,012Legislative and lobbying 4,148 3,516 7,664Meetings and conventions 239,961 41,869 5,700 19,606 21,448 328,584Membership events 170,173 170,173Miscellaneous 1,904 7,324 2,213 6,042 3,397 115,670 25,234 161,784Printing and publications 2,134 4,210 293 1,091 370 527 8,625Professional fees 4,245 500 80,951 137,956 62,182 285,834Promotion and public relations 31,660 20,536 784 4,531 108,082 165,593Rent 80,720 49,450 15,784 101,092 247,046RTW expenses 118,764 118,764Shipping and postage 3,046 1,425 2,515 454 782 1,265 9,487Staff training 933 28,284 29,217Supplies 4,261 4,235 1,708 11,952 8,066 21,229 51,451Taxes and licenses 30,683 496,172 526,855Telephone 13,417 3,229 5,355 7,612 11,577 11,453 52,643Travel 5,989 2,305 19,164 2,997 8,696 2,951 42,102Utilities 358,127 358,127

Total expenses included in the expense

section on the statement of activities 1,901,462$ 885,844$ 757,413$ 945,576$ 766,899$ 1,063,629$ 2,622,158$ 8,942,981$

Program Services Supporting Services



STATEMENTS OF CASH FLOWS

Years Ended December 31, 2019 and 2018

2019 2018

CASH FLOWS FROM OPERATING ACTIVITIESIncrease in net assets 1,974,441$ 526,401$ Adjustments to reconcile increase in net assets to net

cash provided by operating activities:Realized and unrealized (gains) losses on investments (733,209) 490,406 Depreciation 562,534 561,823Amortization 28,092 28,092Loss on disposition of property and equipment 27,652 Changes in:

Accounts receivable (195,680) 74,669 Due from related parties 6,827 (2,756) Income taxes receivable (1,807) Prepaid expenses, including commissions (33,709) (80,600) Accounts payable (193,551) 387,461 Accrued expenses (5,095) 5,180 Income taxes payable (11,750) 11,750 Due to related entities 123,256 (17,435) Deferred income 345,984 (145,209) Tenant deposits 28,477 33,040

Net Cash Provided by Operating Activities 1,922,462 1,872,822

CASH FLOWS FROM INVESTING ACTIVITIESPayments received on note receivable 445,500 Purchase of investments (958,023) (5,384,898) Proceeds from sales of property and equipment 500 Purchase of property and equipment (1,399,750) (1,236,760)

Net Cash Used by Investing Activities (2,357,273) (6,176,158)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments on note payable (68,000)

Net Cash Used by Financing Activities (68,000)

NET CHANGE IN CASH AND CASH EQUIVALENTS (434,811) (4,371,336)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 3,943,438 8,314,774

CASH AND CASH EQUIVALENTS AT END OF YEAR 3,508,627$ 3,943,438$

SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid during the period for income taxes 21,850$ $



NOTES TO FINANCIAL STATEMENTS


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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of ActivitiesAssociated General Contractors of Washington (the Association) is a not-for-profit organization formed to promote the commerce, safety, and education of its members. The Association’s main office is located in Seattle, Washington, with branch offices throughout the State. The Association also owns and leases office space and moorage.

Basis of PresentationThe financial statements are presented in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) industry topic applicable to Not-for-Profit Entities. In accordance with the FASB ASC topic, the Association reports information regarding its financial position and activities according to two classes of net assets:

Net Assets Without Donor RestrictionsNet assets without donor restrictions are from revenue sources that do not contain time or purpose donor-imposed stipulations for their use. Board-designations for future spending reserves are also classified as net assets without donor restrictions.

Net Assets With Donor RestrictionsNet assets with donor restrictions are from revenue sources which are subject to stipulations that may or will be met either by actions of the Association or the passage of time. The Association had no net assets with donor restrictions at December 31, 2019or 2018.

Cash and Cash EquivalentsFor purposes of the statement of cash flows, the Association considers all financial instruments with an original maturity of three months or less, at the date of acquisition, to be cashequivalents.

Accounts ReceivableAccounts receivable are stated at net realizable value. No allowance for doubtful accounts has been provided as management believes that essentially all receivables are collectible. If balances are uncollectible after management has made reasonable collection efforts, the amount is charged to bad debt expense in the period when the determination is made. Generally, the Association does not accrue interest charges on past due receivables. Accounts receivable as of the beginning of 2018 was $210,987.

Prepaid CommissionsLease commissions and other direct costs of obtaining tenant leases are capitalized and amortized in proportion to the rental income recognized on the related leases. Total prepaid commissions are $237,912 and $235,658 at December 31, 2019 and 2018, respectively. The current portion of $53,342 and $52,468 is included in prepaid expenses in the accompanying financial statements at December 31, 2019 and 2018, respectively.




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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

InvestmentsInvestments are initially recorded at cost. Thereafter, investments are reported at their fair values in the statement of financial position. Net investment returns are reported in the statement of activities and consist of interest and dividend income and realized and unrealized gains and losses less investment expenses.

The Association’s primary investment objective is the preservation of capital to ensure that sufficient funds are available to meet current and future operations, as well as contingency and growth needs. The policy contains guidelines for the type of financial instrument in which Association funds may be invested.

Intangible assetThe intangible asset is stated at estimated fair value at date of acquisition and is being amortized using the straight-line method over its estimated useful life (see Note 7).

Property and EquipmentProperty and equipment are stated at cost and are depreciated over the estimated useful lives of the assets using the straight-line method of depreciation. Leasehold improvements are depreciated on a straight-line basis over the shorter of (1) the life of the asset or (2) the lease period. Expenditures for furniture and equipment of less than $2,000 are expensed. Capital expenditures of less than $5,000 for buildings, improvements, automobiles and marina are expensed. Depreciation is provided over the following lives:

Buildings and improvements 15-39Furniture and equipment 3-10Automobiles 5-7Marina 10-15

Depreciation expense for the years ended December 31, 2019 and 2018 was $562,534 and$561,823, respectively.

New Accounting PronouncementRevenue From Contracts with CustomersOn January 1, 2019, the Association adopted Accounting Standards Update (ASU) No. 2014-09 - Revenue from Contracts with Customers (Topic 606), as amended, as management believes the standard improves the usefulness and understandability of the Association’s financial reporting. Analysis of various provisions of this standard resulted in no significant changes in the way the Association recognizes revenue, and therefore no changes to the previously issued audited financial statements were required on a retrospective basis. The presentation and disclosures of revenue have been enhanced in accordance with the standard.




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Revenue RecognitionRevenues are primarily derived from services which are recognized over time or at a point in time as detailed in the following paragraphs.

Membership dues: Membership dues are based upon a calendar year and, as such, a pro-rated amount is assessed for any member who joins during the year. Membership dues are assessed annually in advance of the membership year and payments received are deferred and recognized in the membership year earned. Members may be eligible to receive a 2% discount for early payment.

Rents: Income from rents is recognized over the time periods to which they relate, and are generally paid on a monthly basis.

Group Retrospective Rating Plan: Administration fees earned from the Group Retrospective Rating Plan (see Note 3) are recognized as services are provided, and payments are received on a monthly basis. The 5% sponsorship fee is assessed and recognized on refunds received from the Washington State Department of Labor and Industries, which generally occurs once per year.

Membership events and other programs: Income received for events and other programs, including event sponsorships, are recorded as deferred and recognized at the point in time when the event or program is held.

Deferred income as of the beginning of 2018 was $1,504,986.

AdvertisingThe Association expenses advertising costs as they are incurred. Advertising costs totaled $20,329 and $22,514 for the years ended December 31, 2019 and 2018, respectively.

Functional Allocation of ExpensesCertain categories of expenses are attributable to more than one program or supporting function and are allocated on a reasonable basis that is consistently applied. The expenses that are allocated are compensation and benefits, which are allocated on the basis of estimates of time and effort.

Federal Income Taxes The Association is exempt from federal income taxes under Section 501(c)(6) of the Internal Revenue Code (IRC). The Association is required to pay federal income taxes on certain political contributions and unrelated business income resulting from advertising revenues, an affinity program and, when applicable, debt-financed rental property. The Internal Revenue Service (IRS) generally has three years from the date the return is filed to examine and assess additional tax. The Association has filed its federal tax returns timely with the IRS.

The Association’s accounting policy for tax-related penalties and interest is to classify those items as federal income tax penalty and interest expense, respectively. No amounts were incurred during 2019 and 2018 for interest and penalties.




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Use of EstimatesThe preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Material estimates that are particularly susceptible to significant changes relate to future group refunds or penalties which may exceed the amounts held in trust for the retrospective rating plan (see Note 3). Actual results could differ from those estimates.

ReclassificationsCertain amounts in the 2018 financial statements have been reclassified for comparative purposes to conform with the presentation in the 2019 financial statements.

Subsequent EventsManagement has evaluated subsequent events through April 13, 2020, which is the date that the financial statements were available to be issued. As a result of the spread of the COVID-19 coronavirus in Washington state, the Association’s rental and other activities could be negatively affected. However, the related financial impact and duration cannot be reasonably estimated at this time.

NOTE 2 - LIQUIDITY AND AVAILABILITY OF FINANCIAL ASSETS

As part of the Association’s liquidity management plan, cash in excess of operationalrequirements is invested in short-term investments and money market funds.

The following table reflects the Association’s financial assets as of December 31, 2019 and 2018, reduced by amounts that are not available to meet general expenditures within one year of the statement of financial position’s date because of contractual restrictions or internal board designations. In the event the need arises to utilize the board-designated funds for liquidity purposes, the reserves could be drawn upon through board resolution.

2019 2018

Cash and cash equivalents $ 3,508,627 $ 3,943,438Accounts and other receivables 329,734 139,074Investments 6,585,724 4,894,492

Total financial assets 10,424,085 8,977,004Agency funds (see Note 10) (243,000)Board-designated reserves (see Note 11) (5,200,000) (5,000,000)

Financial assets available to meet cash needs for general expenditures within one year $ 5,224,085 $ 3,734,004




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NOTE 3 - GROUP RETROSPECTIVE RATING PROGRAM

The Association sponsors a group of members that participates in a special program offered by the Washington State Department of Labor and Industries (the Department) for trade association members. Members that apply for participation and are accepted into the group combine their premiums and claim costs. The group premium is compared annually with developed claim costs by the Department and the group receives a refund or penalty based on actual experience. To date, there have been no penalties assessed. The group refunds are reduced by the costs of administering the group and then the Association receives a sponsorship fee equal to 5% of the net refund.

The Association sponsorship fees, net of expenses, were $1,193,323 and $1,136,585 for the years ended December 31, 2019 and 2018, respectively. Refunds are not fully distributed to participating members until the final annual adjustment is completed by the Department.

Refunds held in trust prior to distribution to participating members are reflected as Group retrospective rating plan assets on the balance sheets and were invested as follows at December 31:

2019 2018 Cash and money balances $ 2,743,123 $ 3,240,195Mutual funds 560,865 301,356Exchange traded funds 744,756 457,404Corporate bonds 21,814,319 12,138,838Asset backed securities 8,688,558 7,603,560Government securities 7,452,249 10,464,070

$ 42,003,870 $ 34,205,423

NOTE 4 - RENTAL INCOME

The Association leases property to various tenants under terms of non-cancelable operating leases.

Property leased includes buildings, docks and tenant improvements with a net book value at December 31 as follows:

2019 2018 Total Cost $ 19,776,914 $ 18,909,910Less Accumulated Depreciation 11,403,435 11,419,440 Net Book Value $ 8,373,479 $ 7,490,470

MoorageThe Association operates a marina on West Lake Union in Seattle (see Note 8). Moorage for the years ended December 31, 2019 and 2018 approximated $787,000 and $713,000, respectively.




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NOTE 4 - RENTAL INCOME (Continued)

Parking LotThe Association has an agreement with Republic Parking Northwest, Inc. (Republic) to manage the parking lot located on Westlake in Seattle. The agreement expires in March 2021 and may be terminated by either party if certain conditions are met, as outlined in the contract. Republic remits the monthly residual balance of gross receipts to the Association. The residual balance is computed by subtracting certain expenses, as permitted by the terms of the agreement, from the gross parking fees collected by Republic. For the years ended December 31, 2019 and 2018, the income generated by the parking lot approximated $407,000 and $420,000, respectively.

Contingent Rental IncomeFrom time to time, the Association enters into a lease agreement with a tenant which requires contingent rental payments. The contingent fees are generally computed based upon gross receipts generated by the retail tenant. The Association’s accounting policy is to recognize the revenue when such contingent rental income becomes receivable. For the years ended December 31, 2019 and 2018, there were no amounts received under the terms of a contingent rental agreement.

Building and Moorage Rental IncomeMinimum future lease income is as follows:

Year Ended December 31, 2020 $ 3,922,0002021 2,958,0002022 2,390,0002023 1,715,0002024 1,051,000Thereafter 2,771,000

Total Minimum Future Lease Income $ 14,807,000

NOTE 5 - FAIR VALUE MEASUREMENTS

The Association uses the FASB ASC topic for Fair Value Measurements, which establishes a fair value hierarchy for reporting that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels: Level 1 inputs consist of unadjusted quoted prices in active markets for identical assets and have the highest priority; Level 2 inputs consist of observable units other than quoted prices for identical assets; and Level 3 inputs have the lowest priority. There were no Level 2 or Level 3 inputs applied to the Association’s investments. The Association uses appropriate valuation techniques based on the available inputs to measure the fair value of its financial instruments. When available, the Association measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value.




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NOTE 6 - INVESTMENTS

Investments are stated at fair value based on quoted prices in active markets (Level 1 measurements) and consist of the following:

2019 2018

Money market funds $ 6,960 $ 9,777Mutual funds – equities 3,725,062 2,517,001Mutual funds – fixed income 2,853,702 2,367,714

Total $ 6,585,724 $ 4,894,492

Investment income and gains from these investments is summarized as follows:

2019 2018

Interest and dividends $ 168,910 $ 152,869Net unrealized gain (loss) 733,209 (490,405)Investment fees (10,886) (10,462)

Total $ 891,233 $ (347,998)

A reconciliation of the investment account at December 31 is as follows:

2019 2018

Beginning balance $ 4,894,492Transfer from general checking 800,000Transfer (to)/from cash equivalent, net $ 5,242,490Interest and dividends 168,910 152,869Net unrealized gain (loss) 733,208 (490,405)Investment fees (10,886) (10,462)

Ending Balance $ 6,585,724 $ 4,894,492




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NOTE 7 - INTANGIBLE ASSET

During the year ended December 31, 2017, the Association acquired intellectual property in the form of curriculum as part of an asset purchase agreement. This asset was valued at $280,920, and is being amortized over its estimated useful life of 10 years using the straight-line method. Amortization expense for both of the years ended December 31, 2018 and 2017 was $28,092.

Future amortization for years ending December 31 are as follows:

2020 $ 28,092 2021 28,092 2022 28,092 2023 28,092 2024 28,092 Thereafter 70,230

$ 210,690

NOTE 8 - LEASE COMMITMENTS

Operating Leases

OfficesThe Association leases two offices under operating leases; one in Olympia and one in Tumwater. The Olympia lease extends through February 2021 and the Tumwater lease (related party - see Note 12) extends through March 2021.

ClassroomsThe Association leases three classroom locations in various cities throughout Washington. The leases expire through June 2022.

The future minimum lease payments for the office and classroom leases for years ending December 31 are as follows:

2020 $ 143,8002021 52,6002022 11,800

Total Minimum FutureLease Payments $ 208,200

The Association also leases two additional offices located in Yakima and Bellingham, both of which are month-to-month.




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NOTE 8 - LEASE COMMITMENTS (Continued)

Operating Leases (Continued)

Dock LeasesDuring 1992, AGC entered into an aquatic resources lease with the Washington State Department of Natural Resources (DNR) for “Dock E.” The original term expired and the lease was converted by the lessor to a month-to-month lease effective September 30, 2004. The lease term continues to be on a month-to-month basis atDecember 31, 2019. The lease allows for Dock E to accommodate up to seven non-residential moorage slips. Both parties may cancel the lease if certain terms specified within the 2004 agreement are exercised. There are no plans to cancel the lease at this time.

During July 1997, AGC entered into a lease with the DNR that allows for open boat and seaplane moorage. The lease term was for eighteen years and expired in 2015 and covers Docks A, B, C and D. During February 2001, DNR converted the lease to month-to-month terms. Both parties may cancel the lease if certain terms, specified within the 2001 agreement, are exercised. There are no current plans to cancel the lease at this time.

The total rent paid for all leases was $256,732 and $247,046 for the years endedDecember 31, 2019 and 2018, respectively.

NOTE 9 - EMPLOYEE BENEFIT PLANS

The Association offers eligible employees a defined contribution and profit sharing plan. The benefits are offered through participation in the Northwest AGC Chapters Retirement Plan document, which operates as a multiple employer pension plan. The principal plan sponsor is the Oregon-Columbia Chapter AGC. As an adopting employer, the Association is a plan co-sponsor and relies upon the principal plan sponsor for pension plan administration and asset oversight. Eligible employees are those individuals who have worked 1,000 hours and have also attained age 18. The Association matches employee contributions with a 50% contribution, up to 2.5% of the employee’s eligible wages. The Association may also elect to make a discretionary contribution to the profit sharing plan. Association contributions charged to expense under this plan totals $312,598 and $304,562 for the years ended December 31, 2019 and 2018, respectively. The principal plan sponsor allocates a portion of plan administrative costs to AGC, who pays substantially all allocated costs attributable to Association employees.




-18-

NOTE 10 - AGENCY TRANSACTIONS

The Association had agreements with the Washington State Department of Transportation (WSDOT) to collect and distribute funds for the SR 99 Tunnel grand opening event that washeld in February 2019 and for the Work Zone Safety Campaign. As part of these agreements, the Association serves as the fiscal agent. During 2019 and 2018, the Association collected approximately $952,000 and $307,000, respectively, under these agreements, of which approximately $1,195,000 and $64,000 was remitted to WSDOT during 2019 and 2018, respectively. As of December 31, 2019 and 2018, there was $0 and $243,000, respectively,remaining of these funds, which are included in accounts payable. These agreements areaccounted for as agency transactions and, accordingly, no amounts are reflected in the accompanying statement of activities.

NOTE 11 - BOARD-DESIGNATED NET ASSETS

The Board has a policy, which provides for reserve funds to be set aside as board-designated, net assets without donor restrictions, in the following broad categories:

Operating Reserve: to protect against unforeseen economic emergencies with respect to Association operations;

Plant and Equipment Reserve: to provide adequate resources to maintain real property assets and replace and maintain essential equipment;

Special Project Reserve: to provide financial support for special issues that are beyond the scope of the annual operating budget.

Annually, the minimum reserve investment account balance will be the greater of thirty percent (30%) of AGC’s annual budgeted revenues or the annual earthquake insurance deductible. The reserve funds are adjusted amongst the categories based upon the expected future needs, and upon certain reserve targets contained within the policy. When an authorized expenditure is drawn against one of the funds, the policy requires that an approved plan must be in place to replenish the amount expended from the fund.

The board designated net assets consist of the following at December 31, 2019 and 2018:

2019 2018

Operating reserve $ 1,500,000 $ 1,500,000Plant and equipment reserve 3,600,000 3,400,000Special project reserve 100,000 100,000

Total Board-Designated Net Assets $ 5,200,000 $ 5,000,000




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NOTE 12 - RELATED PARTY TRANSACTIONS

Charter FeesAGC of America assesses a Chapter Charter Fee based upon a three-year weighted average of dues collected, by the chapter, for the past three years. The fee allows chapter members to access benefits from the national level. AGC of Washington was assessed $322,500 and $311,500 in charter fees for the years ended December 31, 2019 and 2018, respectively. The Association acts as an agent, on behalf of members, for substantially all of the charter fees and, accordingly, only minor adjustments are included in the statement of activities as an offset to membership dues revenue. Adjustments to revenue are made when the amount is readily determinable and include an early payment discount or true-up of the liability. Amounts payable to AGC of America at December 31, 2019 and 2018 were $327,396 and $326,330, respectively, and included in accounts payable on the accompanying statements of financial position.

Partnership with Other Organization The AGC Education Foundation (the Foundation) was formed by current and former members of AGC of Washington and the two organizations maintain a close working relationship. However, the Foundation operates as a separate not-for-profit organization with its own board of directors and employees. The Foundation is the primary resource for education programs for AGC. The Association provides a $25 continuing education scholarship to its members for attending a class instructed by AGC Education Foundation. The education assistance paid on behalf of members was $49,250 and $46,925 for the years ended December 31, 2019 and 2018, respectively. The amount due to the Foundation at December 31, 2019 and 2018 was $13,925and $0, respectively.

The Association provides the Foundation with cash contributions which totaled $126,500 for both of the years ended December 31, 2019 and 2018.

The Association provides space in its Seattle office building to the Foundation at no charge. The value of this space for 2019 and 2018 approximated $53,700 and $41,000, respectively,and has not been included in the accompanying financial statements based on the FASB ASC topic for not-for-profit entities.

The Association also provides the Foundation with administrative and accounting support and allocates a portion of staff salaries to education and training. The expense incurred by the Association for these services was $32,099 and $30,341 for the years ended December 31, 2019and 2018, respectively.




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NOTE 12 - RELATED PARTY TRANSACTIONS (Continued)

Other Related Party TransactionsThe Association also collects donations on behalf of AGC BUILD PAC (PAC), a lobbying organization that was founded by members of the Association. The funds collected are remitted to PAC on a monthly basis. Donations to PAC are accounted for as an agency transaction and, accordingly, are not included in the accompanying statement of activities and changes in net assets. Amounts due to PAC at December 31, 2019 and 2018 were $236,196 and $112,940, respectively. Total amounts remitted to PAC for the years ended December 31, 2019 and 2018were $191,148 and $168,959, respectively.

During 2018, the Association entered into a lease with a related party to rent office space in Tumwater, Washington. The lease terms were approved by the RETRO Committee. During2019 and 2018, the Association incurred $46,506 and $34,110, respectively, in rental expensesrelated to this lease.

NOTE 13 - CONCENTRATIONS

Concentration of Credit RiskAt December 31, 2019 and 2018, there were cash and cash equivalents in excess of federally insured limits. The Association also has certain investments which are not federally insured. The Board has an investment policy that provides guidelines to minimize the Association’s risk of loss from such uninsured investments.

Major Income SourcesThe Association receives a substantial amount of its total revenue and support from rental income and the retrospective rating plan program.

NOTE 14 - RISKS AND UNCERTAINTIES

Investment securities are exposed to various risks such as significant world events, interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the fair value of investments will occur in the near term and that such changes could materially affect the amounts reported in the accompanying Statement of Financial Position (Balance Sheet).

OTHER FINANCIAL INFORMATION(AUDITED)

Associated General Contractors of WashingtonChart I - Revenue

19%

31%

8%

42%

Revenue - 2019

Member Dues

Programs & Field Days

Investments & Other (Calculated)

Rents

20%

36%

0%

44%

Revenue - 2018

Member Dues

Programs & Field Days

Investments & Other (Calculated)

Rents

-21-

Associated General Contractors of WashingtonChart II - Functional Expenses

58%

14%

28%

Functional Expenses - 2019

Member Programs

Administrative & management

Facility Management

59%

12%

29%

Functional Expenses - 2018

Member Programs

Administrative & management

Facility Management

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Associated General Contractors of WashingtonChart III - Non-Facility Expenses

81%

19%

Non-Facility Expenses - 2019

Member Programs

Administrative &Management

83%

17%

Non-Facility Expenses - 2018

Member Programs

Administrative &Management

-23-

-24-

Board of Trustees9.18%

Tech2.7%

Administration9.17%

Accting…

Comm3.76%

Mtng 1.3%…

Special Events4.24%

Member Service5.40%

CLC2.36%

Workforce Develpmnt (AGCEF )

5.5%

Safety10.75%

GAC10.76%

Fed Facl0.16%

Labor10.44%

Open Shop0.35%

Seattle Dist.5.52%

Southern Dist.6.69%

Northern Dist.2.54% Central Dist.

3.32%

Associated General Contractors of WashingtonChart IV - Expenses by Department, Net of Facility

and RETRO Expenses

2019

2019 Association Expense = $5,054,906

Board $464KTechnology $132KAdmin $463KAccting $305KComm $190KMeet - Event $67KSp Events $214KMbr Service $273KCLC $119KWorkForce $272K

Safety $543KGAC $544KFed Fac $8K Labor $527KOpen Shop $18KSea. Dist $279KS. Dist $338K N. Dist $129KC. Dist $168K

Associated General Contractors of WashingtonGraph I - Current and Debt/Equity Ratios

-25-

2.97 3.04

3.29

3.95

3.68

3.87

0.20 0.18 0.18 0.16 0.17 0.17

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

2014 2015 2016 2017 2018 2019

Current Ratio = Current Assets + Investments / Current Liabilities Debt (net of RETRO) to Equity = % of Debt to Total Equity

Associated General Contractors of WashingtonGraph II - Buildings and Marina Activities

-26-

$3,738,495

$3,971,995

$4,256,773

$4,864,788

$4,253,428

$4,871,301

$1,449,099 $1,564,709

$2,060,608

$2,549,476

$1,631,270

$2,217,818

$1,009,759

$402,077

$652,545 $540,231

$1,236,760 $1,352,749

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

2014 2015 2016 2017 2018 2019

Rents Net income (for rental activity) Buildings and Marina Capitalized Expenditures

Associated General Contractors of WashingtonGraph III - Dues Revenue as a Percentage of Association Expenses (excludes facility expenses )

-27-

36.3%34.5%

32.0%33.9%

31.7% 30.8%

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2014 2015 2016 2017 2018 2019

Ave

rage

Ret

urn

Associated General Contractors of WashingtonGraph IV - Six-Year Income and Cash/Investment Balances

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2014 2015 2016 2017 2018 2019

Cash & Investments $5,059,800 $5,548,499 $6,956,017 $8,314,774 $8,837,930 $10,094,351

Operating Income Before Tax $798,633 $614,452 $1,080,862 $1,728,521 $538,151 $1,984,541

Total Income After Tax $771,608 $700,571 $1,073,862 $1,720,521 $526,401 $1,974,441

$5,059,800

$5,548,499

$6,956,017

$8,314,774

$8,837,930

$10,094,351

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

Associated General Contractors of WashingtonGraph V - Dues by Membership Type

-29-

2014 2015 2016 2017 2018 2019

Generals $1,218,829 $1,169,288 $1,202,736 $1,388,092 $1,398,140 $1,490,949

Subs $373,610 $419,641 $394,334 $432,716 $427,918 $477,241

Associates $186,319 $189,636 $178,645 $173,645 $165,006 $175,222

Retro & Other $6,500 $6,700 $5,656 $7,200 $7,800 $8,100

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

Due

s R

even

ue

NONACCOUNTING DATA(UNAUDITED)

Associated General Contractors of WashingtonGraph A - Total Members

-30-

188

174

183 183177

188

176180

195191

202

226

237230 231

215 217

226

61 5966

7276

86

0

50

100

150

200

250

2014 2015 2016 2017 2018 2019

Mem

ber

s

Generals Specialty Associates RETRO only

TAB 5

Page 1

Proposed Jun-20 RESERVE RESERVEEQUITY EQUITY

CALCULATION CALCULATION12/31/2019 CHANGE 12/31/2018

Estimated Available Reserve Equity as of 12/31/19

Based on Audited Financial Statements as of 12/31/19

Current Assets: Current Assets: Cash and Cash Equivalents 3,508,627 3,943,438 Cash and Cash Equivalents Accounts Receivable 329,734 139,074 Accounts Receivable Prepaid Expenses 202,596 170,267 Prepaid Expenses

12/31/19 Total Current Assets 4,040,957 4,252,779 12/31/18 Total Current Assets

12/31/19 Long term Investments 6,585,724 4,894,492 12/31/18 Long term Investments

12/31/19 Current Assets and Long Term Investments 10,626,681 1,479,410 9,147,271 12/31/18 Current Assets and Long Term Investments

Current Liabilities: Current Liabilities Accounts Payable (734,922) (928,473) Accounts Payable Accrued Expenses (69,089) (74,184) Accrued Expenses Income Taxes Payable 0 (11,750) Income Taxes Payable Due to Related Entities (236,196) (112,940) Due to Related Entities Deferred Income (1,705,761) (1,359,777) Deferred Income

12/31/19 Total Current Liabilities (2,745,968) 7,880,713 (258,844) 6,660,147 (2,487,124) 12/31/18 Total Current Liabilities

Adjustments / Projected Liabilities Adjustments / Projected Liabilities

2020 Capital Expenditures Budgeted (1,641,000) (1,398,000) Capital Expenditures (Budgeted)2020 Potential Income Variance (800,000) 0 Potential Income Variance

12/31/19 Building Savings (1,012,000) (808,000) Building Savings 12/31/1812/31/19 Depreciation 561,000 560,000 Depreciation 12/31/1812/31/19 Tenant Deposits 271,000 (2,621,000) (1,217,000) (1,404,000) 242,000 Tenant Deposits 12/31/18

Subtotal 5,259,713 5,256,147 Subtotal

Estimated Available Reserve Equity 5,200,000 0 5,200,000 Estimated Available Reserve Equity

AGC 2019 BOARD DESIGNATED RESERVE EQUITY

AGC Calculation (per Balance Sheet) - Reserve Equity Analysis

20192019

AGC 2020 Reserve Equity Funds Allocation

Page 2

Proposed Jun-20 RESERVE RESERVEEQUITY EQUITY

CALCULATION CALCULATION12/31/2019 CHANGE 12/31/2018

AGC 2019 BOARD DESIGNATED RESERVE EQUITY

AGC Calculation (per Balance Sheet) - Reserve Equity Analysis

Proposed allocation of the three Reserve Equity Pools: Approved allocation of the three Reserve Equity Funds:

1.100,000 100,000

1.

2. 2.

75% 2020 Budgeted Dues $2,000,000 1,500,000 0 1,500,000 75% 2019 Budgeted Dues $2,000,000

3. 3.

a. a.2020 Budgeted Revenue (Build/Marina): $4,807,089 480,000 450,000 2019 Budgeted Revenue (Build/Marina): $4,523,260

b. 12/31/19 Tenant Deposits 240,000 240,000 b. 12/31/18 Tenant Deposits

c. Capital Investments (Building/Tenant improvements above budget) 700,000 700,000 c. Capital Investments (Building/Tenant improvements above budget)

d. 10 Year Targeted Capital Improvement Budget * 2,200,000 2,200,000 * d. 10 Year Targeted Capital Improvements

Subtotal Plant & Equipment Reserves 71% 3,700,000 100,000 3,600,000 69% Subtotal Plant & Equipment & Unallocated

12/31/19 5,200,000 0 5,200,000 Recommended Equity Reserve 12/31/18

Board Designated Minimum Reserve - 30% of Budgeted Annual Revenues or Earthquake Deductible, 2020 2019whichever is greater (per AGC Board policy) Minimum Reserve Minimum Reserve

30% $8,171,104 2,400,000 2,300,000 $7,684,610 30% Budgeted Annual Revenues

3% of $48MM 1,440,000 1,350,000 3% of $45MM

5/31/2020 Invest Account Value 5,300,000 4,400,000 Invest Account Value0

Total Reserve 5,300,000 4,400,000 Total Reserve100,000 (800,000) Variance

Plant & Equipment Reserve - provide adequate resources to maintain and replace real property assets and equipment (Cap 50% of reserves)

Plant & Equipment Reserve - provide adequate resources to maintain and replace real property assets and equipment (Cap 50% of reserves)

10% Decline in budgeted revenue (Build/Marina - unanticipated vacancies/lower rental rates)7.5% Decline in budgeted revenue (Build/Marina - unanticipated vacancies/lower rental rates)

(note: earthquake insurance deductible (3% of $48 million) is $1.44 Million, minimum deductible for flood and other perils is $100K)

(note: earthquake insurance deductible (3% of $45 million) is $1.35 Million, minimum deductible for flood and other perils is $100K)

Special Projects Reserve - financial support for special issues that are beyond the means of the annual operating budget

Special Projects Reserve - financial support for special issues that are beyond the means of the annual operating budget

Operations Reserve - to protect the associations operations against unforeseen economic emergencies

Operations Reserve - to protect the associations operations against unforeseen economic emergencies

AGC Allocation ( 3 Pools) - Reserve Equity Recommendation

Earthquake Deductible

Recommended Equity Reserve

Budgeted Annual Revenues

Variance

Earthquake Deductible

AGC 2020 Reserve Equity Funds Allocation

Documents

BOARD OF TRUSTEES MEETING - AGC of Washington...Jun 06, 2020 · 116 N Court St., Lot 1, Glenwood, WA 98619 Phone: 509.364.3401 Email: [email protected] Specialty: Logging, excavating