|
FINANCIAL STATEMENTS
In accordance with
STEER's statement of accountability the following is
the balance of sheet for fiscal year ending June
30, 2007 and June 30, 2006. 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,
2007 |
June 30,
2006 |
|
CURRENT ASSETS |
|
Cash & Cash Equivalents |
$1,003,309 |
$ 813,596 |
|
Agricultural UNIT Inventory, net |
283,862 |
348,689 |
|
Prepaid Expenses |
5,736 |
5,588 |
|
Total Current Assets |
1,292,907 |
1,167,873 |
|
INVESTMENTS &
OTHER ASSETS |
|
Other Investments |
671,264 |
556,638 |
|
Gift Annuity |
62,905 |
113,904 |
|
Total Investments and Other Assets |
734,169 |
670,542 |
|
PROPERTY &
EQUIPMENT |
|
Land |
72,000 |
72,000 |
|
Office Equipment |
132,274 |
127,544 |
|
Trucking Assets |
49,271 |
49,271 |
|
Subtotal |
253,545 |
248,815 |
|
Less
Accumulated Depreciation |
135,670 |
121,972 |
|
Subtotal |
117,875 |
126,843 |
|
Agricultural
UNIT Production Assets |
1,629,716 |
1,652,337 |
|
Subtotal |
1,747,591 |
1,779,180 |
|
TOTAL ASSETS |
$3,774,667 |
$3,617,595 |
| |
|
LIABILITIES & NET ASSETS |
|
CURRENT
LIABILITIES |
|
Accounts Payable |
$25,054 |
$
82,092 |
|
Gift Annuity Payable |
9,697 |
9,697 |
|
Accrued Payroll Taxes |
690 |
672 |
|
Total Current Liabilities |
35,441 |
92,461 |
|
LONG-TERM GIFT
ANNUITY PAYABLE |
35,274 |
37,307 |
|
DUE TO FRIENDS
OF ISRAEL GOSPEL MINISTRY |
8,755 |
8,591 |
|
Total Liabilities |
79,470 |
138,359 |
|
NET ASSETS |
|
Unrestricted |
|
|
Designated |
3,040,845 |
2,877,732 |
|
Undesignated |
371,755 |
330,072 |
|
Temporarily Restricted |
65,669 |
65,179 |
|
Permanently Restricted |
216,928 |
206,253 |
|
Subtotal |
3,695,197 |
3,479,236 |
|
TOTAL
LIABILITIES & NET ASSETS |
$3,774,667 |
$3,617,595 |
|