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Financial Analysis of National Underground Railroad Freedom Center, Inc.

Prepared by Cindy Huang, OCFC, utilizing audited financial statements for the fiscal years ended December 31, 2003, 2004, 2005, and 2006

Selected Balance Sheet information:

As of As of As of As of
12/31/06 12/31/05 12/31/04 12/31/03
Assets
Cash and Cash Equivalents $ 3,766,805 $ 3,443,165 $ 3,546,983 $ 6,390,865
Investments $ 24,686,624 $ 23,033,866 $ 20,406,030 $ 17,689,022
Government Receivable $ 2,110,000 $ 62,409 $ 61,750 $ 3,295,508
Accounts Receivable $ 198,397 $ 135,675 $ 691,027 $ 394,002
Pledges Receivable (net) $ 10,060,735 $ 10,983,567 $ 13,534,271 $ 18,230,190
Other Assets $ 819,157 $ 1,040,122 $ 877,051 $ 1,041,684
Restricted Cash and Cash Equivalents $ 20,000 $ 20,000 $ 20,000 $ 20,000
Restricted Investments (bond) $ - $ - $ - $ 14,738,021
Museum facility (net) $ 72,223,899 $ 76,532,379 $ 80,897,634 $ 60,960,728
In-kind Museum facility (net) $ 14,958,225 $ 15,249,516 $ 15,448,696 $ 14,588,542
Total assets $ 128,843,842 $ 130,500,699 $ 135,483,442 $ 137,348,562
Liabilities
Acct. Payable, Int. Payable and Accru.liabilities $ 1,142,867 $ 1,158,383 $ 2,878,807 $ 3,657,347
Retainage payable $ - $ - $ 1,116,260 $ 2,604,255
Deferred revenue $ 28,349 $ 142,492 $ 456,702 $ -
Line of Credits $ - $ 750,000 $ - $ -
Tax exempt bonds payable $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
Total liabilities $ 51,171,216 $ 52,050,875 $ 54,451,769 $ 56,261,602
Net Assets
Unrestricted $ 76,404,351 $ 75,856,056 $ 78,777,157 $ 64,881,260
Temporarily restricted $ 1,248,275 $ 2,573,768 $ 2,234,516 $ 16,185,700
Permanently restricted $ 20,000 $ 20,000 $ 20,000 $ 20,000
Total net assets $ 77,672,626 $ 78,449,824 $ 81,031,673 $ 81,086,960
Total liabilities and net assets $ 128,843,842 $ 130,500,699 $ 135,483,442 $ 137,348,562

Selected Income Statement information:

Year Ended Year ended Year ended Year ended


12/31/06 12/31/05 12/31/04 12/31/03

Total Support and Revenue


Contributions:
Corporation $ 3,823,000 $ 1,447,500 $ 3,604,830 N/A
Foundations and organizations $ 1,295,435 $ 945,020 $ 1,748,367 N/A
Individuals $ 3,278,824 $ 4,317,245 $ 1,601,352 N/A
Less: Allowances $ 219,723 $ (50,861) $ - N/A
Contributions, net $ 9,447,211 $ 6,658,904 $ 7,198,901 N/A
Government Grants $ 3,167,203 $ 4,931,000 $ 4,107,795 N/A
Earned Revenue $ 1,821,342 $ 2,612,516 $ 1,262,906 N/A
Investment Income $ 1,270,274 $ 663,760 $ 527,204 N/A
Other Income $ 66,286 $ 93,797 $ 1,501,935 N/A
Unrealized Loss/Gain on swap agreements $ (116,386) $ 34,628
In-Kind donations:
Capital Assets $ - $ 37,080 $ 1,012,123 N/A
Operation Expenses $ 3,561 $ 145,390 $ 217,873 N/A

Total Support and Revenue $ 15,659,491 $ 15,177,075 $ 15,828,737 $ 38,946,134

Expenses
Museum Programs $ 3,642,693 $ 4,004,671 $ 3,306,054 $ 2,214,809
Other Programs $ 1,599,884 $ 1,427,935 $ 644,258 $ 7,263,297
Administrative & General $ 1,595,824 $ 1,942,022 $ 2,792,819 $ 1,965,217
Fundraising & Development $ 2,414,738 $ 3,509,197 $ 5,858,812 $ 3,812,251
Interest Expenses $ 2,415,060 $ 1,910,715 $ 732,531 N/A
Depreciation $ 4,473,639 $ 4,520,234 $ 2,184,708 N/A
In-Kind Expenses $ 294,851 $ 444,150 $ 364,842 N/A

Total expenses $ 16,436,689 $ 17,758,924 $ 15,884,024 $ 15,255,574

Change in net assets $ (777,198) $ (2,581,849) $ (55,287) $ 23,690,560


Selected Cash Flow Information Year ended Year ended Year ended Year ended
12/31/06 12/31/05 12/31/04 12/31/03

Operating Activities $ 2,859,546 $ 3,258,819 $ 8,862,271 N/A


Investing Activities
Purchase of Museum Facility Assets $ (165,159) $ (154,979) $ (22,121,614) N/A
Payment of Retaingae $ - $ (1,116,260) $ (1,487,995) N/A
Purchase of Investment $ (9,704,669) $ (8,430,910) $ (16,472,726) N/A
Proceeds from Sale of Investments $ 8,083,922 $ 5,589,512 $ 28,376,182 N/A
$ (1,785,906) $ (4,112,637) $ (11,706,153) N/A
Financing Activities
Lines of Credit $ (750,000) $ 750,000 0 N/A
$ (750,000) $ 750,000 0 N/A

Increase (Decrease) in Cash $ 323,640 $ (103,818) $ (2,843,882) N/A

Selected ratios:

2006 2005 2004

Grants Ratio 0.81 0.76 0.71


Other Income Ratio 0.19 0.24 0.29
Debt Ratio 0.40 1.90 1.23
Current Ratio 35.72 32.51 13.28
Program Ratio 0.32 0.31 0.25

Other Important Information


1. Retirement Plans
NURF Center uses "Defined Contribution Plan" for its employees and expensed $ 48,000 and $ 43,000 in 05' and 04' respectively
NURF Center canceled the "Defined Befnefit Plan" and the last payment is $ 63,000 in 04'

2. Capitalized Interest
NURF Center capitalized interest cost, including interest expense, letter of credit fees, and amortized bond issuance costs as a component of
construction costs.
Total Interest Expenses incurred on borrowings for project $ 1,470,878
Interest Income from Investment of Proceeds from borrowings $ (623,363)
Net Interest Cost Capitalized -2004 $ 847,515

Interest Capitalized $ 847,515


Interest Charged to Expense $ 732,531
Total Interest Incurred $ 1,580,046

However, this practice in not common to most entities. To get an better view of the Center's financial performance, we reclassified capitalized
interest to interest expenses
Total interest incurred in 2004 became $ 1,580,046, instead of $ 732,531. the following changes have been observed
Actual Pro-Forma
Net Income $ (55,287) $ (902,802)
Interest Coverage Ratio 12.1 5.61
Liquidity Indicator -11.58 -12.24
D/A 40.19% 40.44%

3. Interest Swap Agreement


NURF Center entered into 2 interest swap agreements, one expired in June 05 and one in June 06, to avoid interest risk from the floating rates.
NURF Center recorded the value of these agreements based on the estimates of future cash flows, which method involves significant
judgements by management and uncertainties. The agreement, as of 12/31/05 had a fair value of $ 35,533 shown on the B/S as other assets
and an unrealized gain of $ 34, 628 recorded in other income

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