Golf Course Management

JUN 2013

Golf Course Management magazine is dedicated to advancing the golf course superintendent profession and helping GCSAA members achieve career success.

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Page 128 of 157

FINANCIAL STEWARDSHIP in the use of endowment reserves, which provided an investment to fund additional expenditures for two new fundraising campaigns, as well as to subsidize the frst year costs to operate the national Rounds 4 Research program. All of these efforts have already delivered returns on investment as future fundraising levels are projected to increase. The golf industry's support of sustainability issues and sound environmental stewardship continues to grow, providing numerous opportunities for new fundraising. The endowment investment portfolios also experienced strong results for the year returning 16.7 percent as the fnancial markets rebounded from negative returns in 2011. The endowments continue to provide a stable and signifcant amount of funding for EIFG programs through sound fnancial oversight and accountability built upon from their inception. Although expenses for branding and fundraising increased in 2012 to support the EIFG's investment in the future, funding levels for current programs were reduced in order to create a more balanced budget in the short-term, while new sources of funding can be secured. This disciplined and prudent approach to fnancial management will allow the EIFG to operate within its means while being positioned to take advantage of opportunities as they present themselves in the future. Environmental Institute for Golf As of December 31, 2011 and 2012 Totals 2012 2011 $6,912,000 $5,436,000 $115,000 $113,000 Facility & Chapter Contributions 49,000 24,000 Industry Contributions 28,000 39,000 Scholarships & Grants 124,000 152,000 Silent Auction 97,000 120,000 Rounds 4 Research 31,000 0 1,048,000 294,000 329,000 252,000 $1,821,000 $994,000 Applied Scientific Research Programs $125,000 $200,000 Environmental Programs 210,000 260,000 Education Programs 85,000 140,000 Advocacy Programs 50,000 80,000 Scholarship Programs 143,000 149,000 Fundraising Expenses 287,000 120,000 Program Management Expenses 12,000 24,000 $912,000 $973,000 $853,000 $974,000 Total Assets Total Funding Sources Individual Contributions Major Gifts and Pledge Payments Endowment Withdrawal Total Total Program and Supporting Expenditures Total Program Expenses The information contained in the Audit Report for the period ending 12/31/12 fairly presents, in all material respects, the financial condition and results of operations of The Environmental Institute for Golf. Cameron E. Oury, Chief Financial Officer The financial statements for the Environmental Institute for Golf were audited by an independent certified public accounting firm. The full text of the audit reports, financial statements and related notes are available at, or by contacting GCSAA Member Solutions at 800-472-7878. I-5

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