united states soccer federation, inc. fy05 through fy13

2
United States Soccer Federation, Inc. Analysis by Business of Soccer Years ended March 31, 2013 2012 2011 2010 2009 2008 2007 2006 2005 Auditor BDO BDO Blackman Kallick Blackman Kallick Blackman Kallick Blackman Kallick Blackman Kallick Ernst & Young N/A Date of issue 9/9/2013 10/31/2012 11/9/2011 10/7/2010 11/13/2009 6/23/2008 8/8/2007 5/12/2006 N/A Assets Current Assets Cash 6,697,396 1,043,347 7,669,882 2,859,278 4,211,053 2,182,695 873,785 1,901,458 563,471 Cash held in escrow 1,162,397 898,213 1,348,830 807,356 937,032 1,078,881 1,226,727 1,143,289 1,023,504 Short-term investments - cash equivalents 6,276,604 15,267,338 10,760,357 15,234,892 14,489,446 17,642,148 18,623,397 20,635,394 26,941,865 Accounts receivables, net of allowances for doubtful accounts 10,995,366 8,770,247 8,927,914 3,834,822 3,715,345 3,281,935 3,041,066 3,103,138 2,354,010 Due from USA Bid Committee, Inc. - - 1,704,546 2,937,770 - - - - - Temporarily restricted contributions receivable - - - - - 5,500,000 3,269,761 5,500,000 - Prepaid expenses - World Cup - - - 1,568,470 - - - - - Prepaid expenses and advances 1,376,570 2,481,519 1,136,913 614,666 582,903 790,013 851,547 1,531,935 730,089 Total current assets 26,508,333 28,460,664 31,548,442 27,857,254 23,935,779 30,475,672 27,886,283 33,815,214 31,612,939 Noncurrent Assets Long-term prepaid expenses 3,227,283 3,501,939 4,051,257 4,325,912 4,082,529 3,281,894 2,305,044 - Investments - Undesignated 50,146,496 41,895,655 40,645,894 37,583,904 33,339,323 37,091,560 35,973,280 13,544,412 3,127,580 - Designated - option plan 1,482,061 1,340,942 1,322,477 1,175,627 845,829 1,232,212 1,207,158 1,076,826 917,980 Software development costs, net of accumulated depreciation 344,302 - - - - - - - - Temporarily restricted contribution receivable - - - - - - 2,122,205 - 5,320,435 Property and equipment, net of accumulated depreciation and amortization 4,068,788 4,320,780 4,537,780 4,846,404 4,992,244 5,326,505 4,552,037 4,816,948 5,092,961 Total noncurrent assets 59,268,930 51,059,316 50,557,408 47,931,847 43,259,925 46,932,171 46,159,724 19,438,186 14,458,956 Total assets 85,777,263 79,519,980 82,105,850 75,789,101 67,195,704 77,407,843 74,046,007 53,253,400 46,071,895 Liabilities and Net Assets Current Liabilities Accounts payable and accrued expenses 8,283,464 10,242,103 12,412,261 9,523,268 6,967,760 8,386,638 7,548,970 6,473,352 4,748,331 Deferred revenue - Sponsorship 4,499,977 3,750,001 3,355,842 2,624,985 2,875,000 2,875,000 2,875,000 1,875,000 1,875,000 - Games 3,020,363 2,059,403 - 1,694,543 - - - - - - Referee registration 1,603,376 1,797,819 1,195,845 1,333,595 1,303,463 621,505 - - - - Coaching 674,832 781,679 - - - - - - - - World Cup - - - 1,200,000 - - - - - - Division 2 league 8,631 14,371 144,143 1,000,817 - - - - - - Other 422,153 426,291 853,437 - 562,688 363,202 1,067,498 1,534,125 1,130,650 Total current liabilities 18,512,796 19,071,667 17,961,528 17,377,208 11,708,911 12,246,345 11,491,468 9,882,477 7,753,981 Noncurrent Liabilities Long-term deferred revenue - sponsorship 1,687,500 1,937,480 3,437,499 2,812,500 3,562,500 4,312,500 5,062,500 - - Contribution payable - Hall of Fame - - - - - - 153,289 200,000 - Deferred compensation - option plan 1,482,061 1,340,942 1,322,477 1,175,627 845,829 1,232,212 1,207,158 1,055,521 831,239 Total noncurrent liabilities 3,169,561 3,278,422 4,759,976 3,988,127 4,408,329 5,544,712 6,422,947 1,255,521 831,239 Total liabilities 21,682,357 22,350,089 22,721,504 21,365,335 16,117,240 17,791,057 17,914,415 11,137,998 8,585,220 Net Assets Unrestricted Undesignated 41,397,060 36,472,045 52,186,500 47,225,920 43,880,618 46,842,508 43,465,345 29,341,124 27,281,969 Designated - player development 22,697,846 20,697,846 7,197,846 7,197,846 7,197,846 7,274,278 7,274,278 7,274,278 4,884,271 Restricted Temporarily restricted assets - - - - - 5,500,000 5,391,969 5,500,000 5,320,435 Total net assets 64,094,906 57,169,891 59,384,346 54,423,766 51,078,464 59,616,786 56,131,592 42,115,402 37,486,675 Total liabilities and net assets 85,777,263 79,519,980 82,105,850 75,789,101 67,195,704 77,407,843 74,046,007 53,253,400 46,071,895 Changes in Unrestricted Net Assets Revenues Registration and affiliation fees: - Youth 4,108,476 4,068,955 4,058,572 4,298,440 4,088,693 4,098,953 4,011,647 3,907,220 3,976,542 - Referee 3,088,609 3,081,183 3,144,478 3,036,491 1,995,453 1,977,566 1,902,998 2,056,955 980,163 - Professional 872,765 1,230,831 1,178,896 1,150,751 773,506 690,149 705,810 689,910 642,000 - Adult 485,010 489,937 535,950 465,856 537,872 510,982 535,650 509,020 490,738 - Coaches 164,842 337,200 317,382 352,152 267,090 206,404 176,276 214,192 232,706 8,719,702 9,208,106 9,235,278 9,303,690 7,662,614 7,484,054 7,332,381 7,377,297 6,322,149 Sponsorship, television, licensing, and royalties 23,484,920 20,950,105 17,578,471 15,009,036 16,781,720 15,912,371 13,549,234 14,720,385 12,432,929 National Teams' game revenues 22,285,102 18,430,799 33,047,082 11,829,277 12,792,959 12,584,118 9,269,989 10,553,078 12,690,875 International game revenues 4,444,512 2,361,582 2,717,796 2,694,442 2,926,525 1,704,089 1,665,872 2,007,479 1,554,088 Player development revenue 2,204,448 1,507,880 1,068,526 831,965 - - - - - Coaching school courses 1,721,522 1,273,117 869,186 906,988 865,878 859,836 878,353 849,250 787,400 World Cup - - - - - 738,689 6,345,549 - - Women's World Cup 2003 - - - - - - 6,090,495 - - Olympic Qualifying Tournament - - - - - 2,618,578 - - - Open Cup 1,120,596 629,978 442,772 404,705 351,981 300,252 236,402 188,004 182,202 Olympic Committee funding 746,886 641,857 595,395 576,649 898,125 1,165,000 1,106,250 1,091,750 1,221,747 Investment revenues - - - - (3,761,869) 2,101,404 3,227,641 1,777,381 671,781 In-kind contribution - Capital improvements - - - - - 547,938 - - - Annual general meeting - 8,375 13,485 22,782 975 60,425 34,010 47,610 37,895 Other 195,349 939,887 1,137,378 685,176 1,464,377 1,375,116 827,479 884,033 443,447 64,923,037 55,951,686 66,705,369 42,264,710 39,983,285 47,451,870 50,563,655 39,496,267 36,344,513 Expenses National Teams 45,372,048 42,764,901 45,355,078 30,831,935 37,021,372 29,203,056 22,380,133 22,503,869 24,744,149 Management expenses 9,076,521 10,594,133 14,546,087 7,675,387 6,260,605 6,034,888 5,958,477 6,204,100 5,084,302 Referee program 2,486,198 2,493,479 2,217,492 2,243,017 2,591,632 2,203,083 1,940,071 1,834,022 1,469,012 Coaching program 1,932,479 2,418,491 1,901,632 1,823,549 1,774,155 1,812,436 1,818,474 1,672,362 1,520,672 National Board of Directors' and committees' expenses 890,992 446,966 382,493 287,335 221,373 186,904 335,520 342,765 341,420 World Cup - - - - - 1,568,412 3,344,602 1,832,376 - Olympic Qualifying Tournament - - - - - 1,682,436 - - - Open Cup 593,886 377,678 371,151 429,963 423,748 408,892 439,801 402,911 414,143 Other - - - - - 673,192 - - - Annual general meeting expenses 47,124 345,700 207,134 251,820 228,722 301,408 222,353 254,700 164,332 60,399,248 59,441,348 64,981,067 43,543,006 48,521,607 44,074,707 36,439,431 35,047,105 33,738,030 Change in net assets before investment income 4,523,789 (3,489,662) 1,724,302 (1,278,296) (8,538,322) 3,377,163 14,124,224 4,449,162 2,606,483 Statement of Financial Position Statements of Activities

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United States Soccer Federation, Inc.

Analysis by Business of Soccer

Years ended March 31, 2013 2012 2011 2010 2009 2008 2007 2006 2005

Auditor BDO BDO Blackman Kallick Blackman Kallick Blackman Kallick Blackman Kallick Blackman Kallick Ernst & Young N/A

Date of issue 9/9/2013 10/31/2012 11/9/2011 10/7/2010 11/13/2009 6/23/2008 8/8/2007 5/12/2006 N/A

Assets

Current Assets

Cash 6,697,396 1,043,347 7,669,882 2,859,278 4,211,053 2,182,695 873,785 1,901,458 563,471

Cash held in escrow 1,162,397 898,213 1,348,830 807,356 937,032 1,078,881 1,226,727 1,143,289 1,023,504

Short-term investments - cash equivalents 6,276,604 15,267,338 10,760,357 15,234,892 14,489,446 17,642,148 18,623,397 20,635,394 26,941,865

Accounts receivables, net of allowances for

doubtful accounts 10,995,366 8,770,247 8,927,914 3,834,822 3,715,345 3,281,935 3,041,066 3,103,138 2,354,010

Due from USA Bid Committee, Inc. - - 1,704,546 2,937,770 - - - - -

Temporarily restricted contributions receivable - - - - - 5,500,000 3,269,761 5,500,000 -

Prepaid expenses - World Cup - - - 1,568,470 - - - - -

Prepaid expenses and advances 1,376,570 2,481,519 1,136,913 614,666 582,903 790,013 851,547 1,531,935 730,089

Total current assets 26,508,333 28,460,664 31,548,442 27,857,254 23,935,779 30,475,672 27,886,283 33,815,214 31,612,939

Noncurrent Assets

Long-term prepaid expenses 3,227,283 3,501,939 4,051,257 4,325,912 4,082,529 3,281,894 2,305,044 -

Investments

- Undesignated 50,146,496 41,895,655 40,645,894 37,583,904 33,339,323 37,091,560 35,973,280 13,544,412 3,127,580

- Designated - option plan 1,482,061 1,340,942 1,322,477 1,175,627 845,829 1,232,212 1,207,158 1,076,826 917,980

Software development costs, net of accumulated

depreciation 344,302 - - - - - - - -

Temporarily restricted contribution receivable - - - - - - 2,122,205 - 5,320,435

Property and equipment, net of accumulated

depreciation and amortization 4,068,788 4,320,780 4,537,780 4,846,404 4,992,244 5,326,505 4,552,037 4,816,948 5,092,961

Total noncurrent assets 59,268,930 51,059,316 50,557,408 47,931,847 43,259,925 46,932,171 46,159,724 19,438,186 14,458,956

Total assets 85,777,263 79,519,980 82,105,850 75,789,101 67,195,704 77,407,843 74,046,007 53,253,400 46,071,895

Liabilities and Net Assets

Current Liabilities

Accounts payable and accrued expenses 8,283,464 10,242,103 12,412,261 9,523,268 6,967,760 8,386,638 7,548,970 6,473,352 4,748,331

Deferred revenue

- Sponsorship 4,499,977 3,750,001 3,355,842 2,624,985 2,875,000 2,875,000 2,875,000 1,875,000 1,875,000

- Games 3,020,363 2,059,403 - 1,694,543 - - - - -

- Referee registration 1,603,376 1,797,819 1,195,845 1,333,595 1,303,463 621,505 - - -

- Coaching 674,832 781,679 - - - - - - -

- World Cup - - - 1,200,000 - - - - -

- Division 2 league 8,631 14,371 144,143 1,000,817 - - - - -

- Other 422,153 426,291 853,437 - 562,688 363,202 1,067,498 1,534,125 1,130,650

Total current liabilities 18,512,796 19,071,667 17,961,528 17,377,208 11,708,911 12,246,345 11,491,468 9,882,477 7,753,981

Noncurrent Liabilities

Long-term deferred revenue - sponsorship 1,687,500 1,937,480 3,437,499 2,812,500 3,562,500 4,312,500 5,062,500 - -

Contribution payable - Hall of Fame - - - - - - 153,289 200,000 -

Deferred compensation - option plan 1,482,061 1,340,942 1,322,477 1,175,627 845,829 1,232,212 1,207,158 1,055,521 831,239

Total noncurrent liabilities 3,169,561 3,278,422 4,759,976 3,988,127 4,408,329 5,544,712 6,422,947 1,255,521 831,239

Total liabilities 21,682,357 22,350,089 22,721,504 21,365,335 16,117,240 17,791,057 17,914,415 11,137,998 8,585,220

Net Assets

Unrestricted

Undesignated 41,397,060 36,472,045 52,186,500 47,225,920 43,880,618 46,842,508 43,465,345 29,341,124 27,281,969

Designated - player development 22,697,846 20,697,846 7,197,846 7,197,846 7,197,846 7,274,278 7,274,278 7,274,278 4,884,271

Restricted

Temporarily restricted assets - - - - - 5,500,000 5,391,969 5,500,000 5,320,435

Total net assets 64,094,906 57,169,891 59,384,346 54,423,766 51,078,464 59,616,786 56,131,592 42,115,402 37,486,675

Total liabilities and net assets 85,777,263 79,519,980 82,105,850 75,789,101 67,195,704 77,407,843 74,046,007 53,253,400 46,071,895

Changes in Unrestricted Net Assets

Revenues

Registration and affiliation fees:

- Youth 4,108,476 4,068,955 4,058,572 4,298,440 4,088,693 4,098,953 4,011,647 3,907,220 3,976,542

- Referee 3,088,609 3,081,183 3,144,478 3,036,491 1,995,453 1,977,566 1,902,998 2,056,955 980,163

- Professional 872,765 1,230,831 1,178,896 1,150,751 773,506 690,149 705,810 689,910 642,000

- Adult 485,010 489,937 535,950 465,856 537,872 510,982 535,650 509,020 490,738

- Coaches 164,842 337,200 317,382 352,152 267,090 206,404 176,276 214,192 232,706

8,719,702 9,208,106 9,235,278 9,303,690 7,662,614 7,484,054 7,332,381 7,377,297 6,322,149

Sponsorship, television, licensing, and royalties 23,484,920 20,950,105 17,578,471 15,009,036 16,781,720 15,912,371 13,549,234 14,720,385 12,432,929

National Teams' game revenues 22,285,102 18,430,799 33,047,082 11,829,277 12,792,959 12,584,118 9,269,989 10,553,078 12,690,875

International game revenues 4,444,512 2,361,582 2,717,796 2,694,442 2,926,525 1,704,089 1,665,872 2,007,479 1,554,088

Player development revenue 2,204,448 1,507,880 1,068,526 831,965 - - - - -

Coaching school courses 1,721,522 1,273,117 869,186 906,988 865,878 859,836 878,353 849,250 787,400

World Cup - - - - - 738,689 6,345,549 - -

Women's World Cup 2003 - - - - - - 6,090,495 - -

Olympic Qualifying Tournament - - - - - 2,618,578 - - -

Open Cup 1,120,596 629,978 442,772 404,705 351,981 300,252 236,402 188,004 182,202

Olympic Committee funding 746,886 641,857 595,395 576,649 898,125 1,165,000 1,106,250 1,091,750 1,221,747

Investment revenues - - - - (3,761,869) 2,101,404 3,227,641 1,777,381 671,781

In-kind contribution - Capital improvements - - - - - 547,938 - - -

Annual general meeting - 8,375 13,485 22,782 975 60,425 34,010 47,610 37,895

Other 195,349 939,887 1,137,378 685,176 1,464,377 1,375,116 827,479 884,033 443,447

64,923,037 55,951,686 66,705,369 42,264,710 39,983,285 47,451,870 50,563,655 39,496,267 36,344,513

Expenses

National Teams 45,372,048 42,764,901 45,355,078 30,831,935 37,021,372 29,203,056 22,380,133 22,503,869 24,744,149

Management expenses 9,076,521 10,594,133 14,546,087 7,675,387 6,260,605 6,034,888 5,958,477 6,204,100 5,084,302

Referee program 2,486,198 2,493,479 2,217,492 2,243,017 2,591,632 2,203,083 1,940,071 1,834,022 1,469,012

Coaching program 1,932,479 2,418,491 1,901,632 1,823,549 1,774,155 1,812,436 1,818,474 1,672,362 1,520,672

National Board of Directors' and committees'

expenses 890,992 446,966 382,493 287,335 221,373 186,904 335,520 342,765 341,420

World Cup - - - - - 1,568,412 3,344,602 1,832,376 -

Olympic Qualifying Tournament - - - - - 1,682,436 - - -

Open Cup 593,886 377,678 371,151 429,963 423,748 408,892 439,801 402,911 414,143

Other - - - - - 673,192 - - -

Annual general meeting expenses 47,124 345,700 207,134 251,820 228,722 301,408 222,353 254,700 164,332

60,399,248 59,441,348 64,981,067 43,543,006 48,521,607 44,074,707 36,439,431 35,047,105 33,738,030

Change in net assets before investment income 4,523,789 (3,489,662) 1,724,302 (1,278,296) (8,538,322) 3,377,163 14,124,224 4,449,162 2,606,483

Statement of Financial Position

Statements of Activities

United States Soccer Federation, Inc.

Analysis by Business of Soccer

Investment income (including net unrealized

gains and temporarily restricted net assets 2,401,226 1,275,207 3,236,281 4,623,599 - 108,031 (108,034) 179,565 (18,598)

Increase (decrease) in Net Assets 6,925,015 (2,214,455) 4,960,583 3,345,303 (8,538,322) 3,485,194 14,016,190 4,628,727 2,587,885

Net Assets, at beginning of year 57,169,895 59,384,350 54,423,767 51,078,464 59,616,786 56,131,592 42,115,402 37,486,675 34,898,790

Net Assets, at end of year 64,094,910 57,169,895 59,384,350 54,423,767 51,078,464 59,616,786 56,131,592 42,115,402 37,486,675

Cash Flows from Operating Activities

Increase (decrease) in net assets 6,925,015 (2,214,455) 4,960,580 3,345,302 (8,538,322) 3,485,194 14,016,190 4,628,727 2,587,885

Adjustments to reconcile increase (decrease) in

net assets

- Depreciation and amortization 410,317 406,360 375,135 344,228 393,695 387,824 344,627 364,930 382,008

- Amortization of capitalized software

development costs 31,299 - - - - - - - -

- Investment income / realized gains on

investments (2,401,226) (1,275,207) (134,746) (1,102,665) 140,837 (907,565) - -

- Unrealized gains on investments - - (2,628,036) (2,550,891) 4,946,777 950,136 (979,933) (393,391) (83,410)

- Provision for accounts receivable 50,000 - - - - - - - -

- In-kind contribution - Capital improvement - - - - - (547,938) - - -

- Changes in operating assets and liabilities

-- Cash held in escrow (264,184) 450,617 (541,474) 129,676 141,849 147,846 (83,438) (119,785) (733,557)

-- Accounts receivable (2,275,119) 1,861,796 (3,859,868) (3,057,247) (433,410) (240,869) 62,072 (749,128) (442,988)

-- Prepaid expenses and advances 1,379,605 (794,871) 1,320,878 (1,843,616) (593,525) (915,319) (1,624,653) (801,846) (339,804)

-- Accounts payable and accrued expenses (1,958,639) (2,170,158) 2,888,993 2,555,508 (1,418,878) 684,379 1,028,902 1,925,021 (414,372)

-- Temporarily restricted contribution receivable - - - - 5,500,000 (108,031) 108,034 (179,565) 18,598

-- Deferred revenue 1,149,788 1,780,278 (1,679,674) 2,362,789 131,444 (832,791) 5,595,873 403,475 742,727

-- Deferred compensation 141,119 18,465 146,850 329,798 (386,383) 25,054 151,637 224,282 117,467

Net cash provided by (used in) operating activities 3,187,975 (1,937,175) 848,638 512,882 (115,916) 2,127,920 18,619,311 5,302,720 1,834,554

Cash Flows from Investing Activities

Purchases of investments (6,000,000) (6,500,000) (6,968,076) (3,466,269) (6,296,292) (7,004,806) (43,167,270) (16,875,966) (7,083,035)

Proceeds from sales of investments 9,000,000 2,000,000 10,996,553 1,800,000 8,500,000 6,800,150 23,600,000 13,000,150 5,300,000

Capitalization of software development costs (375,601) - - - - - - - -

Purchases of property and equipment (158,325) (189,360) (66,511) (198,388) (59,434) (614,354) (79,714) (88,917) (1,409,058)

Net cash provided by (used in) investing activities 2,466,074 (4,689,360) 3,961,966 (1,864,657) 2,144,274 (819,010) (19,646,984) (3,964,733) (3,192,093)

Net Increase (Decrease) in Cash 5,654,049 (6,626,535) 4,810,604 (1,351,775) 2,028,358 1,308,910 (1,027,673) 1,337,987 (1,357,539)

Cash, at beginning of year 1,043,347 7,669,882 2,859,278 4,211,053 2,182,695 873,785 1,901,458 563,471 1,921,010

Cash, at end of year 6,697,396 1,043,347 7,669,882 2,859,278 4,211,053 2,182,695 873,785 1,901,458 563,471

Statements of Cash Flows