FINANCIAL STATEMENTS

In accordance with STEER's statement of accountability the following is the balance sheet for the fiscal year ending June 30, 2011 and June 30, 2010.  STEER has been a member of the Evangelical Council for Financial Accountability since 1987. 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, 2011 June 30, 2010
CURRENT ASSETS
    Cash & Cash Equivalents $1,232,740 $1,221,552
    Agricultural UNIT Inventory, net 283,274 244,196
    Prepaid Expenses 6,033 6,143
       Total Current Assets 1,522,047 1,471,891
 

INVESTMENTS & OTHER ASSETS
    Other Investments 827,344 665,452
    Gift Annuity 59,900 46,527
        Total Investments and Other Assets 887,244 711,979
 

PROPERTY & EQUIPMENT
    Land 72,000 72,000
    Office Equipment 94,987 82,074
    Trucking Assets 58,269 58,269
        Subtotal 225,256 212,343
  

  Less Accumulated Depreciation

 105,738 102,626
        Subtotal 119,518 109,717
 

    Agricultural UNIT Production Assets

 1,496,322 1,494,166
        Subtotal 1,615,840 1,603,883
 

TOTAL ASSETS

 $4,025,131 $3,787,753
 

              LIABILITIES & NET ASSETS
CURRENT LIABILITIES
    Accounts Payable $31,346 $27,887
    Gift Annuity Payable 10,699 10,699
    Accrued Payroll Taxes 711 660
        Total Current Liabilities 42,756 39,246
 

LONG-TERM GIFT ANNUITY PAYABLE

 36,787 39,157
 

DUE TO FRIENDS OF ISRAEL GOSPEL MINISTRY

 7,371 7,453
 

        Total Liabilities

 86,914 85,856
 

NET ASSETS
    Unrestricted  
        Designated 3,268,668 3,053,443
        Undesignated 322,538 305,797
    Temporarily Restricted 61,517 61,763
    Permanently Restricted 285,494 280,894
        Subtotal 3,938,217 3,701,897
 

TOTAL LIABILITIES & NET ASSETS

 $4,025,131 $3,787,753

2010 - 990 Form for year ended June 30, 2011