2020 Annual Financial Report
THANK YOU
Members, Supporters, and Friends!
For many nonprofit organizations, 2020 was a year that understandably was filled with stress, uncertainty, and financial tensions. At the Licking Land Trust, the Year of the Pandemic brought our share of uncertainty, but we were fortunate that the loyal support of our constituency helped reduce stress and keep our financial "bottom line" in the black. This positive outcome was not a given, as we came to the realization in April 2020 that we would not be able to hold the range of programs we had planned for the year, and that the organization's primary fundraiser, Farm-to-Fork, would have to be significantly changed, if it were to be held at all (it ultimately was held, successfully!). So looking back, we are all the more grateful that our constituency remained so solidly supportive through the difficult year. We feel fortunate indeed.
The Trust's total revenues for 2020 were $68,414, the largest share of which was membership dues and gifts of $22,400 (32.7% of total). The investment markets were merciful despite the initial volatility caused by the pandemic, and the Trust realized $18,862 in investment earnings during the year (27.6%). Strong fundraising returns of $14,312 (21% of total) reflected our supporters' continuing vote of confidence; the lion's share of that amount ($12,687 gross receipts) resulted from Farm to Fork at Home, a well-received online adaptation of the traditional annual social event. Grants and other operating cash brought the Trust $7,840 (11.5% of total); an unusual contribution to this category was a $5,155 nonprofit grant that came to the Trust from federal CARES Act monies via the Licking County Foundation. Finally, a gift of $5,000 (7.3%) to the Trust was designated for special-purpose funds (specifically, the Stewardship Fund and the Legal Defense Fund).
On the expense side, a total of $41,188 was expended among the following categories, each of which includes prorated staff time: Programs, including conservation, education, and engagement with other environmental organizations, amounted to $6,944, or about 17% of expense. As mentioned above, the COVID-19 pandemic reduced the Trust's programming, which in 2019 had represented 23% of organizational expense. Office and administrative expenses, which are largely fixed costs, totaled $25,402 (61.7% of total expense). Membership communications and development costs, which are largely staff time, were $4,220 (or about 10% of total), and investment management outlay was $1,104 (2.7% of total expense). Finally, expenses associated with the Trust's primary fundraiser, Farm to Fork, were $3,518 (or 8.5% of total), netting the Trust $9,169 for the fundraiser.
The Licking Land Trust's total assets at year-end 2020 were $711,591, exceeding the 2019 year-end asset balance by 6.8%.
The financial statements of the Licking Land Trust are compiled on a monthly basis and reviewed by the Board's Finance Committee, which forwards approved reports to the full Board for its members' review and approval. The Finance Committee provides guidance to the Treasurer and recommendations to the Board concerning operating budget, investments, reporting, and other financial matters. The Trust's annual external financial compilation and its 990 federal tax form are overseen by C.P.A. Matthew J. Bagent of the firm of Dixon, Davis, Bagent & Co. of Granville, Ohio. These documents are available for review upon request.