Financial Statements Report as of December 31, 2002

The financial statements for the year 2002 are posted through links on this page, with short summaries below.  Details of primary accounts will be available at the 2003 Congress at Tampa. After that, you can contact me via e-mail if you would like more information.   Marjorie Jones,  

Balance Sheet

Assets:

LifeRing, Inc now has $33,977 in assets.  Most of this is cash ($22,663) and publications held for sale ($8,579).  The book inventory is valued at the original cost, not the potential sales value, which is considerably higher.  Accounts Receivable is $849, which represents amounts from recent transactions only.  We began accepting payments by credit card in March 2002 and no longer grant credit terms to anyone other than institutional customers or trusted members.  This has resulted in a much better cash position and reduction in bad debt.  In 2001, we wrote off $312 in receivables.  This year, we wrote off an additional $781.  However, $735 of this was from prior years, only $55 was from credit granted in 2002.

Liabilities:

Current payables as of December 31 were $700.  This represents deposits received for the February 2003 Congress and Sales Taxes due for the year 2002.  

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Income/Expense Statement

LifeRing, Inc. has had a net income of $11,639  for the current fiscal year.  Gross Sales Income from  publications was $22,047.; Donations and Contributions, including Congress receipts were $8,565.

The income from sales of publications is much more than in past years. In November, 2001, we received a large prison order for Recovery By Choice Workbooks.  At that time, the BOD made the decision to use a large percentage of our cash on hand to have the workbooks produced by a printer.  The cost per book was thus reduced from over $13.50 to about $6.50.    The Workbook has had steady individual sales (approximately 50 per month) and occasional large orders from prisons and treatment centers.   The combination of steady sales and lower cost has resulted in the higher net income.

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Comparison of Financials for Years 2000, 2001 and 2002

Our Assets and Income have both increased each year since 2000.  If you review the Comparison statement, you will see that our Assets rose by $7,000 from 2000 to 2001 and then an additional $8,500 during 2002.  Net Income has also risen, by $3,000 from 2000 to 2001 and then by $8,500 from 2001 to 2002.  

Most of the increase during 2002 is due to the Workbook sales.  Meeting Basket donations have been quite steady, $3,009 in 2000, $3,294 in 2001, and $3,482 in 2002.   Miscellaneous Donations were higher during 2000 and 2001 due to a couple large individual donations.  However, even though the amount received this year was smaller, there are signs that it might build steadily.  We've received checks from regular payroll donations and other unsolicited small donations.  

-- Marjorie Jones, CFO