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Annual Report

The financial information contained in the Balance Sheet and Statement of Activity is taken from our most recent annual financial statements as audited by the accounting firm of Moss-Adams. The Five Year Financial Summary and Sales Summary by Product Line are taken from internal financials. Complete audited financials are available upon request.

Balance Sheet
Fiscal Year Ended September 30th, 2003

Assets 2003 2002
CURRENT ASSETS

Cash

$ 584,973

$ 187,152
Investments 6,944,365 4,395,978
Accounts receivable - net 3,231,342 2,188,512
Other receivables 122,580 23,250
Inventory 4,201,491 3,397,426
Other assets 250,764 259,905
Total current assets 15,335,515 10,452,223
BOARD DESIGNATED ENDOWMENT 8,835,258 8,401,249
PREPAID PENSION COST 2,976,288 3,280,467
PROPERTY, PLANT AND EQUIPMENT, net 4,933,386 5,549,122
$32,080,447 $27,683,061
Liabilities and Unrestricted Net Assets
CURRENT LIABILITIES
Accounts Payable $1,706,731 $1,171,506
Deferred Revenue 1,164,005 -
Accrued Vacation and Sick Leave 652,417 258,423
Other Liabilities 446,795 350,787
Total Current Liabilities 3,969,948 1,780,716
UNRESTRICTED NET ASSETS
General 19,275,241 17,501,096
Board Designated 8,835,258 8,401,249
28,110,499 25,902,345
$32,080,447 $27,683,061

Statement of Activity and Changes in Unrestricted Net Assets
Fiscal Year Ended September 30th, 2003

2003 2002
NET SALES $29,302,987 $22,565,437
COST OF SALES 22,768,142 17,706,927
6,534,845 4,858,510
COSTS AND EXPENSES
Warehouse and Shipping 335,864 162,442
Selling 518,118 328,353
Administrative 3,896,734 3,678,770
4,750,716 4,169,565
INCOME FROM MANUFACTURING AND RETAIL OPERATIONS 1,784,129 688,945
OTHER INCOME (EXPENSE)
Investment Return (loss) 784,629 (371,881)
Excess of rehabilitation expenses over support and revenue (694,904) (807,810)
Other income, net 147,731 228,966
Bequests, contributions, grants and charitable trust Distributions 186,569 48,653
424,025 (902,072)
CHANGE IN UNRESTRICTED NET ASSETS 2,208,154 (213,127)
UNRESTRICTED NET ASSETS
Beginning of year 25,902,345 26,115,472
End of the Year $28,110,499 $25,902,345

The Lighthouse for the Blind, Inc. Five Year Financial Summary
Fiscal Years Ended September 30th, 1999-2003

2003 2002 2001 2000 1999
Net Sales $29,302,987 $22,565,437 $22,264,371 $19,852,407 $17,736,537
Cost of Sales 22,768,142 17,706,927 17,599,512 14,618,125 12,411,616
Gross Income 6,534,845 4,858,510 4,664,859 5,234,282 5,324,921
Operating Expense 4,750,716 4,169,565 4,325,724 4,055,444 4,684,371
Net Operating Income 1,784,129 688,945 339,135 1,178,838 640,550
Other Income (Expense) 424,025 (902,072) (1,463,765) 2,252,093 776,480
Net Income (Expense) $2,208,154 $(213,127) $(1,124,630) $3,430,931 $1,417,030

Sales Summary by Product Line

Product Line Sales Total
Boeing Aircraft Parts $ 5,669,640
Business Office ProductsEasel Line
File Folders
Binders
Paper Trimmers
Office Accessories
3,759,559
Custom Business Products
Stamps
Business Cards
Custom Imprinted Products
Awards and Recognition Products
2,700,865
Household Products
Anglematic/Mega Mop
Utensils
1,204,948
Industrial Products
Canteens
Hydration Systems
Saw Blades
Traffic Safety Vests
7,249,338
Commercial Subcontract 289,084
Base Supply Centers 8,429,553
Totals $29,302,987

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