American Student Assistance - 2018 Annual Report

asa.org/about ⋅ 2018 Annual Report asa.org/about ⋅ 2018 Annual Report 21 20 2018 FINANCIALS $ American Student Assistance, with almost $600 million of net assets as of December 31, 2018, is well-positioned to fulfill its expanded mission today and well into the future. ASA’s prudent financial management, sustainable annual budget, and expected investment returns are aligned with the ability of ASA to meet the educational and career needs of students in grades 6 through 12. As a nonprofit organization, ASA is committed to responsible stewardship of its funds to benefit and impact students nationwide. FINANCIAL OVERSIGHT Assets Investments $ 553,569 Cash and cash equivalents 43,105 Receivables & Other 21,018 Total Assets $ 617,692 Liabilities and Net Assets Accounts Payable and Other Liabilities $ 32,287 Net Assets: Grants & External Commitments 1,348 Unrestricted Net Assets 584,057 Net Assets 585,405 Total Liabilities and Net Assets $ 617,692 Revenues Revenues $ 65,272 Grants and Other 2,224 Net Investment Return (31,494) Total Revenues 36,001 Expenses Grants 1,272 Operating Expenses 36,478 Non-Recurring Expenses (4,064) Total Grants & Expenses 33,686 Change in net assets 2,315 Net assets, beginning of year 583,089 Net assets, end of year $ 585,405 LEADERSHIP NEW BOARD REFLECTS EXPANDED MISSION As ASA’s mission has evolved, so too has the composition of our board of directors. In 2018 we welcomed five new board members, who bring highly-relevant skills and fresh perspectives to our leadership team. The new directors have backgrounds in direct service delivery to kids, philanthropy, finance and building socially-focused organizations. They are bringing their energy and experience to their ASA board service to help us develop programs and relationships that put our expanded mission into action. Meet the experienced, diverse team leading American Student Assistance. Donald Julian Reaves, Ph.D., Chair of the Board of Directors Patty Diaz-Andrade Stephanie Crimmins Aria Finger Carol Fulp Lawrence H. Gennari Thomas R. Graf Dione D. Kenyon Ken Jones Peter Segall Emily McCann ASA’s Investment Committee, comprised of members of the Board of Directors, sets the investment policy and oversees the investment advisor and the performance of the investment portfolio. ASA’s Board of Directors approves the investment policy and establishes the organization’s annual operating budget. ASA’s financial statements are prepared in accordance with policies and procedures overseen by ASA’s independent Audit Committee and the Board of Directors. A summary of the financial statements is presented here. The most recent audited statements are available by contacting Candice Perodeau, Director of Public Relations, at [email protected] . 2018 Summary Financial Statements (in thousands)