Financial Statements
In accordance with STEER’s statement of accountability the following is the balance sheet for the fiscal year ending June 30, 2023 and June 30, 2022. 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 its financial records. This includes an audit by a Independent Certified Public Accounting Firm on an annual basis.
Assets | June 30, 2023 | June 30, 2022 |
|---|---|---|
| CURRENT ASSETS | ||
| Cash & Cash Equivalents | ||
| Operations | 1,186,166 | 974,432 |
| Gift Annuity | 4,421 | 5,721 |
| Total Cash & Cash Equivalents | 1,190,587 | 980,153 |
| Agricultural UNIT Inventory, net | 88,731 | 238,812 |
| Prepaid Expenses | 13,805 | 12,237 |
| Total Current Assets | 1,293,123 | 1,231,202 |
| Assets Limited as to Use | ||
| Cash & Cash equivalents | ||
| Mission | 848,208 | 790,989 |
| Insurance | 285,084 | 442,124 |
| Total cash & equivalents | 1,133,292 | 1,233,113 |
| Investments | ||
| Dedicated Operations | 2,876,698 | 2,596,688 |
| Annuity | 206,171 | 183,561 |
| Total Investments | 3,082,869 | 2,780,249 |
| Total Assets limited as to use | 4,216,161 | 4,013,362 |
| Operating Right of Use Asset | 124,689 | – |
| Property and Equipment | ||
| Land | 72,000 | 72,000 |
| Office Equipment | 65,259 | 65,259 |
| Trucking Assets | 57,524 | 57,524 |
| 194,783 | 194,783 | |
| Less accumulated depreciation | 122,783 | 121,850 |
| 72,000 | 72,933 | |
| Agricultural Unit production assets, net | 1,175,561 | 1,082,699 |
| 1,247,561 | 1,155,632 | |
Total Assets | $6,881,534 | $6,400,196 |
Liabilities and Net Assets | June 30, 2023 | June 30, 2022 |
|---|---|---|
| Current Liabilities | ||
| Accounts Payable | $19,232 | $19,232 |
| Operating Lease Liability – Current | 37,347 | – |
| Gift Annuity Payable | 1,561 | 1,561 |
| Total Current Liabilities | 59,670 | 20,793 |
| Long-Term Liabilities | ||
| Operating Lease Liability – Non-Current | 87,342 | – |
| Long-term gift annuity payable | 4,026 | 6,377 |
| Total Long-Term Liabilities | 91,368 | 6,377 |
| Total Liabilities | 151,038 | 27,170 |
| Net Assets | ||
| Without donor restrictions | ||
| Designated | 4,757,359 | 4,539,837 |
| Undesignated | 1,066,636 | 1,040,372 |
| 5,823,995 | 5,580,209 | |
| With donor restrictions | ||
| Purpose restriction (building) | 39,405 | 39,405 |
| Perpetual in nature (endowment) | 867,096 | 753,412 |
| 906,501 | 792,817 | |
| Total Net Assets | 6,730,496 | 6,373,026 |
| Total Liabilities and Net Assets | $6,881,534 | $6,400,196 |