Issue 33
January 2001

Copyright
Prairie Grains Magazine
January 2001

Balance Sheet
June 30, 2000 and 1999

ASSETS    2000    1999 Current Assets     Cash-Unrestricted $488,533 270,261 A/R 68,219 57,819 Interest Receivable 1,989 356 Prepaid Expenses 426 1,123 Total Current Assets $559,167 $329,559       Equipment     Automobiles $17,854 $17,854 Office Equipment & Fixtures 17,231 $29,589   $35,085 $47,443 Less Accumlated Depreciation (22,035) (36,333) Total Equipment $13,050 $11,110       Other Assets     Investments in Cooperatives $15,891 $15,763 TOTAL ASSETS $588,108 $356,432       LIABILITIES AND FUND BALANCE     Current Liabilities     Accounts Payable $6,218 $3,659 Accrued Expenses 7,725 7,725 Total Current Liabilities $13,943 $11,384       Fund Balance $574,165 $345,048       TOTAL LIABILITIES & FUND BALANCE $588,188 $356,432

Revenue and Expense Statement
June 30, 2000 and 1999

Revenues            2000            1999 Wheat Checkoff Assessments $756,976 $830,418 Prior Year Wheat Checkoff Assessments 317,108 0.00 Misc. Income 2,652 3,118 Grant Income 78,010 40,350 Service Income 21,350 24,600 Investment Income 18,879 14,296 Unsued Research Funds 2,075 14,435 Total Revenue $1,197,050 $927,217       EXPENDITURES 2000 1999 Research:     U of M $126,755 $108,080 NDSU 24,336 12,736 SDSU 17,000 17,000 Research Adm. 186 1,620 Federal Scab Initiative 587 1,286 Total Research Expense: $168,864 $140,722       Promotion:     U.S. Wheat Assoc $220,482 $220,681 U.S. Wheat Assoc./WETEC 13,484 11,209 MAWG Program Agreement 70,000 40,000 National Wheat Foods Council 22,550 22,439 Northern Crops Institute 2,500 2,500 American Coalition for Ethanol 750 750 Trade Teams 9,620 8,908 Domestic Promotion 6,222 4,947 Information/Education 44,246 34,862 Conventions & Meetings 819 1,724 Domestic Travel 46,308 26,004 International Travel 1,200 0.00 Dues and Subscriptions 1,367 1,780 Misc 1,113 150 Ag in the Classroom Support 500 0.00 Special Projects 24,129 0.00       EXPENDITURES 2000 1999 MN Agri-Growth Council 1,000 500 Funding Requests 1,253 1,150 Wheat Quality Council 2,000 2,000 Marketing Clubs 35,484 45,915 Prairie Ag Communications 35,207 28,323 Kitty Litter Co-op Expenses 23,743 0.00 Total Promotion Expense: $563,977 $453,842       Administation:     Salaries $119,407 134,892 Payroll Taxes 9,627 10,042 Pension Plan 12,407 13,127 Insurance Benefits 11,448 11,146 Office Space Rental 20,000 30,000 Equipment Rental 12,844 12,734 Equipment Repairs & Maintenance 956 2,257 Telephone/Fax Services 9,286 9,555 Printing & Supplies 3,522 2,896 Postage and Freight 7,138 6,759 Professional Fees 2,328 3,100 MDA Admin. Services 7,500 7,750 Depreciation 5,055 4,776 Bonds and Insurance 3,274 3,760 Misc 2,750 2,720 Admin Travel 7,550 9,118 Total Admin. Expenses $235,092 $264,632       Total Expenditures $967,933 $859,196       Excess of Revenues Over (Under) Expenses $229,117 $68,021       FUND BALANCE Begining of Year $345,048 $277,027       FUND BALANCE End of Year $574,165 $345,048