FINANCIAL STATEMENTS

In accordance with STEER's statement of accountability the following is the balance of sheet for fiscal year ending June 30, 2009 and June 30, 2008.  STEER is a member of the Evangelical Council for Financial Accountability. This organization requires STEER to maintain the highest level of integrity with it's financial records. This includes an audit by a Independent Certified Public Accounting Firm on an annual basis.

ASSETS

 June 30, 2009 June 30, 2008
CURRENT ASSETS
    Cash & Cash Equivalents $1,210,577 $1,023,875
    Agricultural UNIT Inventory, net 255,121 341,127
    Prepaid Expenses 5,638 5,677
       Total Current Assets 1,471,336 1,370,679
 

INVESTMENTS & OTHER ASSETS
    Other Investments 595,031 742,046
    Gift Annuity 42,363 57,135
        Total Investments and Other Assets 637,394 799,181
 

PROPERTY & EQUIPMENT
    Land 72,000 72,000
    Office Equipment 82,074 132,274
    Trucking Assets 58,269 49,271
        Subtotal 212,343 253,545
  

  Less Accumulated Depreciation

 94,930 144,907
        Subtotal 117,413 108,638
 

    Agricultural UNIT Production Assets

 1,533,267 1,596,817
        Subtotal 1,650,680 1,705,455
 

TOTAL ASSETS

 $3,759,410 $3,875,315
 

              LIABILITIES & NET ASSETS
CURRENT LIABILITIES
    Accounts Payable $84,374 $26,587
    Gift Annuity Payable 10,699 11,355
    Accrued Payroll Taxes 780 726
        Total Current Liabilities 95,853 38,668
 

LONG-TERM GIFT ANNUITY PAYABLE

 41,586 45,677
 

DUE TO FRIENDS OF ISRAEL GOSPEL MINISTRY

 7,239 8,197
 

        Total Liabilities

 144,678 92,542
 

NET ASSETS
    Unrestricted  
        Designated 2,974,317 3,148,865
        Undesignated 305,449 300,218
    Temporarily Restricted 61,122 63,996
    Permanently Restricted 273,844 269,694
        Subtotal 3,614,732 3,782,773
 

TOTAL LIABILITIES & NET ASSETS

 $3,759,410 $3,875,315

2008 - 990 Form for year ended June 30, 2009