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