AGC OF WASHINGTON BOARD OF TRUSTEES MEETING April …...Apr 08, 2019 · within AGC of America and...

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AGC OF WASHINGTON BOARD OF TRUSTEES MEETING April 11, 2016, 11:00 AM – 1:30 PM

AGC Conference Center, 2nd floor, Seattle, Washington

PURPOSE OF MEETING: To conduct the business affairs and establish policies of the association.

DESIRED OUTCOMES: Knowledge of key association activities. Understanding the 2015 financial audit. Consensus on action items.

AGENDA CALL TO ORDER – President Nancy Munro TAB

CONSENT AGENDA (5 min.)

1. Approval of February summary minutes 1 2. Approval of March and April Membership reports 2

WRITTEN REPORTS (5 min.) 1. District Reports: Central, Northern, Seattle, Southern 3 2. Department Reports: Marketing, Property 4

ORAL REPORTS 1. Update on FLF by FLF Board Rep. Jessica Scarsella (5 min.) 2. President Nancy Munro (10 min.)

a. AGCA National Convention recap b. AGCA – Years of Service Recognition:

Lauren Gubbe, Group Retro, 20 years Carl Singleton, Group Retro, 10 years Dani Tijan, AGC of WA, 40 years

c. June 3 Board Retreat, 8:00 AM – 3:15 PM, AGC Conference Center d. AGC Education Foundation office relocation e. Officers’ action since last Board meeting:

- Approval of $3,367 for appeal of the new Construction Storm-water General Permit out of the Board Contingency Fund

3. Executive Vice President David D’Hondt (15 min.) a. AGC of America update b. Questions / comments for staff / officers?

4. AGC Education Foundation update – Executive Director Diane Kocer (10 min.) (11:45 AM – lunch) (25 min.)

INTERACTIVE DISCUSSION/ACTION 1. ST 3 Presentation – Joe Woods, Pacific Public Affairs (10 min.) 2. Approval of February Financial Statements – Kelly Barber (10 min.) 5 3. Results of 2015 AGC Audit Report – Kelly Barber (10 min.) 6 4. GAC legislative update – Jerry VanderWood (10 min.)

OTHER BUSINESS 1. Announcements: (5 min.)

Apr. 19 Seattle District Membership Mtg., 5-7 PM, Harborside Central District Dinner Meeting, 6 PM, Yakima Elks Golf & Country Club May 4 Southern District Membership Mtg., 5 PM, Tacoma Country Club May 23 Seattle District Golf Tournament, Bear Creek Country Club May 26 Build Washington Awards, Century Link Field June 3 Board of Trustees Retreat, 8 AM – 3:15 PM, AGC Conference Center

1:30 PM – ADJOURN

SUMMARY MINUTES AGC OF WASHINGTON BOARD OF TRUSTEES MEETING FEBRUARY 15, 2016

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BOARD MEMBERS PRESENT Nancy Munro MidMountain Contractors, Inc. Bill Bender UW Dept. of Constr. Mgmt. Gary Smith Lease Crutcher Lewis WA, LLC Delton Bonds Mountain States Const.Co Mike Grace Groff Murphy, PLLC Frank Imhof IMCO General Construction, Inc. Jake Jacobson Osborne Construction Company Chris Lang Fisher Construction Group Brent Levander Centennial Contractors Enterprises Annie Lombroia Ashbaugh Beal Jim Rowley Howard S. Wright,a Balfour Beatty Co. Jessica Scarsella Scarsella Bros., Inc. Glyn Slattery Lydig Construction, Inc. Gordon Spencer Teknon Corporation Mickey Traugutt Washington Patriot Construction LLC Sharon Young Concord Construction, Inc. BOARD MEMBERS ABSENT Paul Mayo Flatiron Constructors, Inc. Ian McFarland University Mechanical Contrs. Inc.

STAFF/GUESTS PRESENT David D’Hondt AGC of Washington Tim Attebery AGC of Washington Kelly Barber AGC of Washington Jerry Dinndorf AGC of Washington Liz Evans AGC of Washington Lauren Gubbe AGC Group Retro Randy Guzman AGC of Washington Paula Jackson AGC of Washington Dave Kearby AGC of Washington Diane Kocer AGC Education Foundation Mandi Kime AGC of Washington Andrew Ledbetter AGC of Washington Sean Lewis AGC of Washington Stacy Mullane AGC of Washington Dani Tijan AGC of Washington Jerry VanderWood AGC of Washington Robert Marconi Ashbaugh Beal

Dawn Stephens Charter Construction, Inc. CALL TO ORDER President Nancy Munro welcomed everyone and called the meeting to order at 11:05 AM. BOARD ORIENTATION Bob Marconi with Ashbaugh Beal oriented the Board on its statutory and fiduciary responsibilities as trustees of the association. He reviewed AGC’s Responsibilities of the Board of Trustees’ Pledge, Conflict of Interest and Attendance policies, Code of Ethical Conduct, and new Board Policy 25 pertaining to “ethical conduct.” He asked all trustees to return signed copies of the first two documents to Dani Tijan. Marconi encouraged the trustees to get to know the officers and staff and to look for opportunities to get involved in committees. He encouraged trustees to attend meetings, become familiar with governing documents (Bylaws, Policies of the Board), be punctual, come prepared, ask questions, stay informed, debate issues, and “serve in good faith, in a manner such trustee believes to be in the best interest of the association, and with such care, including reasonable inquiry, as an ordinarily prudent person in like position would use under similar circumstances,” -- pursuant to RCW.24.03.127 (Duties of a Director of a Nonprofit Corporation). It should be noted that, per Chapter Bylaws, Art. 9, Board members (fiduciaries) are indemnified to the fullest extent permitted by law against any expenses incurred in connection with the defense of any action, suit or proceeding.

Board of Trustees & Staff Self-Introductions – Board members introduced themselves and (per Munro) reported on areas that sparked their interest regarding AGC’s mission: Munro: AGC being invited to the table as representative of the industry; lack of skilled craft workers. Jacobson: AGC’s relevancy in the industry; newly formed Environment Committee; re-invigoration of BUILD-PAC. Imhof: Association representing the industry; fair, open competition – Open Shop. Smith: Advancing our industry as a professional image. Scarsella: Keeping AGC strong; FLF; networking. Traugutt: Staying relevant. Bonds: Pride in association; playing a part in keeping AGC relevant. Grace: Advocacy. Lang: Continuing education down to school levels; safety. Lombroia: Diversity; involving younger generations. Rogers: Outreach to younger groups. Slattery: Legacy of leaders; continuing to improve the industry. Spencer: Safety. Young: Connect with the real world; safety.


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CONSENT AGENDA

Action: It was moved (Slattery), seconded (Young), and carried to accept the December summary minutes as presented.

It was moved (Smith), seconded (Jacobson), and carried to accept the February Membership report as presented.

February 15 Membership Report The following candidates have been screened and meet the proper classification requirements: NEW MEMBERS ASSOCIATE Seattle District 1029 Consulting, Inc., Seattle, WA Bader Martin, P.S, Seattle, WA Nicholson Kovalchick Architects PS, Seattle, WA Ventilation Power Cleaning, Seattle, WA Southern District Exeltech Consulting Inc, Lacey, WA Sonitrol Pacific INTRODUCTORY GENERAL CONTRACTOR Seattle District Venture General Contracting, Seattle, WA INTRODUCTORY SPECIALTY CONTRACTOR Seattle District Floform Countertops, Kent, WA Southern District Bulldog Plumbing & Design LLC, Puyallup, WA SPECIALTY CONTRACTOR Seattle District Black Sheep Electric, Woodinville, WA Michael Homchick Stoneworks, Kenmore, WA Titan Electric, Inc., Bellevue, WA Southern District Redinger Inc., Yacolt, WA YOUNG CONSTRUCTOR Daniel Jenes, PBS Supply Co. Mark Strecker, PBS Supply Co. David Strecker, PBS Supply Co. RETRO Chervenell Construction Co. D9 Contractors, Inc. COMPANIES NOT RENEWING MEMBERSHIP Associate Belcher Swanson Law Firm, PLLC – Northern – Main contact has moved to Foster Pepper Ater Wynne LLC – Seattle – No presence in WA State General Contractor Chervenell Construction Co. – Central – Moved membership to Inland NW AGC, staying in Retro program Eastside Corridor Constructors – Seattle – Business closed Mowat Construction Company – Seattle – Business closed Specialty Contractor Pan-Arctic Contractors, Incorporated – Southern – No projects in WA State The Bag Lady, Inc. – Southern – No reason provided


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ORAL REPORTS President’s Report – President Munro stated that one of her goals is staying tuned to what’s relevant today; in particular, helping pave the way for more women in the construction industry. She hoped the association would have opportunity to learn some things from her from a woman’s perspective, and continue improving communication to all contractors. Munro was of the opinion there should be diversity of thought in communication; that there are no bad ideas.

a. AGC Committees: Munro reported that three committees are being added to the current list of AGC portfolio officer assignments: Open Shop (Dave Kearby, staff; Frank Imhof, portfolio officer); HR (Dave Kearby, staff, Dawn Stephens, portfolio officer); Student Chapters – UW/CWU/WSU (Andrew Ledbetter staff for UW; Dave Kearby staff for CWU & WSU; Jake Jacobson, portfolio officer).

b. AGCWA/AGC Education Foundation Collaboration Committee: Munro reported that Dave D’Hondt and Jake Jacobson will represent AGCWA and the Education Foundation will have two representatives.

c. Officers’ Actions Since Last Board Mtg.: Munro reported on the following: Sean Woerman with Lydig Construction was appointed to a one-year term on the AGCA Executive

Board; the officers approved up to $7.5k from the Board Contingency Fund for 2016 travel expenses for three meetings this year (meals/lodging/air/registration/misc. related expenses). There will be a total of 5 meetings (two in 2017, which will be budgeted that year).

Action: It was moved (Grace), seconded (Traugutt) and carried to approve up to $7.5k for Sean Woerman’s travel expenses in 2016 from the Board Contingency Fund for the 3 meetings in 2016 (meals/lodging/air/registration/misc. related expenses).

The Center for Women and Democracy will be honoring 10 women in Washington State this year; one being Nancy Munro. The officers approved a $5k contribution to the Center for Women & Democracy from the Board Contingency Fund. Per Munro the organization provides opportunities for college women through leadership and mentoring. The recipients will have high tea with the women Supreme Court judges and lunch at the Governor’s Mansion.

Action: It was moved (Traugutt), seconded, and carried to approve the $5k contribution to the Center for Women & Democracy from the Board Contingency Fund.

In an effort to promote the growth of Sea-Tac Airport, a coalition of business, labor and environmental interests have come together to support the development and implementation of the airport master plan by forming “Tomorrow @ Sea-Tac.” The coalition’s goals are to build public recognition and support; Gary Smith is a volunteer coalition member. Munro reported that the officers recommend approving $10k to Tomorrow @ Sea-Tac Coalition out of the Board Contingency Fund.

Action: It was moved (Smith), seconded and carried to approve $10k to Tomorrow @ Sea-Tac Coalition from the Board Contingency Fund.

d. Comments from Bill Bender: On behalf of Trustee Bill Bender, who was unable to attend today’s meeting, Munro reported on the following:

Associated Schools of Construction Student Competition, Reno, NV – CWU won first place in Mixed Use; UW won 2nd place in Mixed Use, 3rd place in Design-Build, and 3rd place in Sustainability; and, WSU won 2nd place in Commercial. Bender stated that this extracurricular activity is one of the most realistic simulations of the professional world the students will soon be entering. Bender thanked AGCWA and the AGC Education Foundation for support.

Western Chapters’ Mtg. Recap - First Vice President Jake Jacobson reported on the recently attended Western Chapters’ Meeting, which was held in Las Vegas, Nevada. Issues discussed included:

Update on what AGC of American is doing on various issues; i.e., environmental, legislative, workforce development, lack of funding for infrastructure, etc.


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Workforce development – lack of sufficient skilled craft workers continues to be an issue for most chapters. Jacobson reported that the Chapter will be establishing a workforce development task force and asked anyone interested in participating to let the officers know. Trustee Sharon Young expressed interest in joining the task force.

Executive Vice President’s Report – Executive Vice President Dave D’Hondt welcomed the Board and reported on the following:

AGC of America’s proposed Bylaws’ Amendment - relating to a single contractor membership category: AGCA is proposing a change to include all specialty contractors as Regular Members of the Association. This change would eliminate the Specialty Contractor Membership Classification within AGC of America and provide all contractor members the same opportunities and privileges of membership as it pertains to programs, services, involvement and leadership within National AGC. It was reported that each chapter would have the authority to create/maintain whatever membership structure and categories best meets their local needs and preferences. This change would not require or necessitate any changes to local chapter structure, governance procedures and/or membership classifications. These proposed bylaws’ changes will be voted on at this year’s Annual Convention in San Antonio.

Staff Self-Introductions – Staff introduced themselves and highlighted what each does for the association. Department Presentations – The following AGC departments gave brief presentations / orientations on the functions and activities of their respective committees / departments: Environment (newly formed committee); FLF; Federal Facilities; Government Affairs; Group Retro; Labor; Legal Affairs; Marketing; Membership; Properties; Public Works; Safety; and, State Facilities. Northern District Manager Liz Evans was congratulated on another great convention this year. INTERACTIVE DISCUSSION/ACTION Controller’s Financial Report – Controller Kelly Barber reviewed the financials for the month ended December 31, 2015. He noted that 2015 was an exceptionally good year. As of December 31, 2015, the Net Operating Income (NOI) equaled $680k vs. a year-to-date budget NOI of $77k creating a favorable year-to-date budget variance of $603k. The year-to-date positive revenue variance of $560k combined with the positive expense variance of $43k produced the total favorable year-to-date budget variance of $603k. The year-to-date positive revenue variance of $560k was primarily from above budget revenue in Retro Sponsorship Fee, Membership Dues, Building Rent, and Other Rent Revenue along with all other revenue categories. The year-to-date positive expense variance of $43k was primarily comprised of under budget expenses in most expense categories except Consultant Fees, Membership Dues, Donations and Event expense and Building / Marina expense. The building’s occupancy rate was 100% as of December 31, 2015. Per Barber, the AGC’s building loan balance of $417k with Union Bank was paid off as of June 5, 2015, per approval of the AGC Board of Trustees. D’Hondt reported that since the association is in a strong financial position with $3.259M, he recommended increasing the association’s insurance from $1M cash to $2M cash at a cost of $1,500.

Action: It was moved (Smith), seconded (Jacobson), and carried to approve $1,500 to increase AGC’s insurance from $1M to $2M.


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D’Hondt recommended adding $200k to the building’s savings account; monies to be used for building emergencies.

Action: It was moved (Rowley), seconded (Spencer), and carried to approve adding $200k to the building’s savings account. D’Hondt recommended adding $200k into the AGC’s Reserve Fund; it was noted that it will likely be needed later this year.

Action: It was moved (Rowley), seconded (Spencer), and carried to approve adding $200k into the AGC’s Reserve Fund.

Action: It was moved (Smith), seconded (Traugutt), and carried to approve the December 31, 2015 financials as presented. Strategic Plan – President Munro reviewed the following Strategic Plan. She requested that BHAG 1, SMART Goal 1, Obj. I, be moved to May instead of July.

BHAG 1: Create a movement for membership, not a market share.

Membership Numbers as of December 31, 2015:

GC (175); SUB (182); ASSOC. (233); Young Constr. (6): Total: 596

Membership Numbers as of December 31, 2014:

GC (188); SUB (176); ASSOC. (237); Young Constr.(3): Total 604

(Champions: David D'Hondt, Jake Jacobson) Timeframe

2015 2016 2017 2018 2019

SMART GOAL 1: Involve the next generation while respecting all generations by being welcoming and providing meaningful opportunities.

Objective I: Survey companies to get a census of the generations.

Timeframe: March 2016 July

Responsible: Stacy Mullane, Officers, Annie Lombroia, Jim Rowley, May

Gordon Spencer

Objective II: Make a plan to have an FLF rep on the AGC Board; maximum age 35.

Approved at

1/29/16 Annual Mtg.

Timeframe: Dec. 1 2015 Dec. 1

Responsible: David D'Hondt, Officers, FLF Steering Committee

Objective III: Have 2 meetings per year with the AGC Officers and the FLF Steering Committee.

Timeframe: 2 in 2016 Nov.


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Responsible: David D'Hondt, Andrew Ledbetter

Objective IV: Define "IT" for an event that will attract the entire group of 460 FLF registered participants.

Timeframe: 2 years Sept.

Responsible: David D'Hondt, Mickey Traugutt, FLF Steering Comm.

Objective V: Review status of relationships with AGC Student Chapters in Washington and recommend to the AGC Board a plan to enhance the relationships.

Timeframe: 1 year Sept.

Responsible: Dave Kearby, Jake Jacobson, John Schaufelberger

SMART GOAL 2: Increase membership services.

Objective I: Enhance industry knowledge of Safety Team® (ST) as premier and utilize the success of that program to open contracting opportunities for members.


Responsible: David D'Hondt, Mandi Kime, Safety Committee

Objective II: Market AGC Safety Team® to be used nationwide through the AGC of America.


Responsible: David D'Hondt, Mandi Kime, Officers

1/31/2016

2015 2016 2017 2018 2019

SMART GOAL 3: Create overarching marketing plan for member recruitment.

Objective I: Create a timeline and material list for action items.

Timeframe: 3 months Jan.

Responsible: Sean Lewis, District Managers

Objective II: Discuss changing Subcontractor membership category to Specialty Contractor.

Approved 1/29/16 at Annual Mtg.

Timeframe: Dec. 1, 2015 Dec. 1

Responsible: Stacy Mullane, AGC Board

SMART GOAL 4: Collaborate with the Education Foundation at a higher level.


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Objective I: Work collaboratively with the Education Foundation to explore large scale impact initiative with intention to generate pipeline to construction workforce. Research feasibility and funding of a Construction Academy, generate or expand industry patnerships, and identify local programs with existing construction workforce pipeline.

Timeframe: 5 years 2020

Responsible: David D'Hondt, Nancy Munro

Objective II: Work collaboratively with the Education Foundation to educate members on the strengths of the next generations.


Responsible: David D'Hondt, Diane Kocer

Objective III: Work collaboratively with the Education Foundation for mentoring opportunities for the next generations in the construction industry.


Responsible: David D'Hondt, AGC Board, Diane Kocer

Objective IV: Work collaboratively with the Education Foundation to benchmark and measure AGC member participation in Education Foundation classes; measurements of students per year to include:

a. Number of members taking classes

b. Number of member companies taking classes

c. Number of non‐member students taking classes

d. Number of non‐member companies taking classes

e. Number of classes in each district

Timeframe: 5 years 2020

Responsible: Kelly Barber, Diane Kocer

SMART GOAL 5: Increase diversity of AGC membership.

Objective I: Create a Diversity Task Force that evaluates options and reports back to the Board.

Timeframe: Sept. 2016 Sept.

Responsible: David D'Hondt, Nancy Munro, Ken Day

Updated Information highlighted in yellow; Completed objectives highlighted in gray. 1/31/16


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BHAG 2: To help elect a pro‐business majority in the Washington State Legislature by 2020.

Champions: David D'Hondt, Jake Jacobson, Mike Grace, Ken Day, Timeframe

Annie Lombroia 2015 2016 2017 2018 2019

SMART GOAL 1: Increase member participation in GAC.

Objective I: Create opportunities for Board members to meet with legislators.

Timeframe: 2 years Oct.

Responsible: Jerry VanderWood, District Managers

Objective II: Create opportunities for FLF to participate in government affairs' activities.

Timeframe: 2 years Oct.

Responsible: Michele Willms, Andrew Ledbetter, FLF Steering Comm.

BHAG 3: Create an industry leading IT program for members and staff that utilizes leading technologies and eases interface.

(Champions: Kelly Barber, Sean Lewis) Timeframe

2015 2016 2017 2018 2019

SMART GOAL 1: Improve technology at AGC of Washington.

Objective I: Form a Technology Task Force including FLF members to advise the AGC of WA on technology matters including social media strategies and report to the AGC of WA Board.

Timeframe: December 2015 Dec. Dec. Dec. Dec. Dec.

Responsible: Kelly Barber, Sean Lewis

Objective II: Partner with FLF to test and suggest improvements to the new website and database.

Timeframe: December 1, 2015 Dec. 1

Responsible: Stacy Mullane, Sean Lewis, FLF

Objective III: Install video conferencing capabilities in the Seattle AGC office and AGC Conference Center for live conferencing webinars and pod casts.

1/31/16 Equipment Installed

Timeframe: December 2015 Dec.

Responsible: David D'Hondt, Kelly Barber

Updated information highlighted in yellow.

Completed objective highlighted in gray.


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AGC Legislative Update – Chief Lobbyist Jerry VanderWood gave an updated legislative report, which included several initiatives, i.e., creating a fossil fuel carbon pollution tax; and paid sick leave for everyone. Other priority bills included workers’ compensation reform through clarification of occupational disease claims; and reforming industrial insurance through privatization and competition. AGC’s BUILD PAC – VanderWood reported that AGC’s BUILD PAC has done phenomenally well; so far this year, it has raised $136k, almost twice as much as years’ past, in large part due to the 4.25% membership allocation to BUILD-PAC. D’Hondt reported that the Governor’s office recently called lobbyist Duke Schaub to see if AGC would publicly support Lynn Peterson as the Secretary of WSDOT; AGC declined. OTHER BUSINESS AGC Amicus Brief – 1st Vice President Jake Jacobson reported that the Legal Affairs Committee unanimously approved recommendation of an AGC amicus brief to the Washington Supreme Court on behalf of Vinci Construction Grands Projects/Parsons RCI/Frontier-Kemper, JV; no monies are being sought at this time. Per Jacobson, the issue pertains to the shift of risk to a contractor for another’s incorrect specifications and/or design. It was moved (Jacobson), seconded (Grace), and carried to proceed with this amicus brief. Announcements – Feb. 17 Seattle District Membership Breakfast, 7:30 AM March 4 Southern District Membership Dinner, 5 PM, Tacoma Elks Club March 17 Seattle District Membership Breakfast, 7:30 AM March 18 Lobby Day, 10 AM – 2:30 PM, Olympia April 1 Southern District Membership Dinner, 5 PM, Tacoma Elks Club April 20 Board of Trustees Mtg., 11 AM – 1:30 PM, AGC Conference Center June 24 Safety Golf Tournament The meeting was adjourned at 2:05 PM ________________________________________________________________________________ Frank Imhof, 2nd Vice President Date

‐‐ APRIL 2016 BOARD MEETING ‐‐

Marketing Department Report ________________________________________________________________________

ON‐GOING PROJECTS AND PROGRAMS

Website maintenance and updates; news‐story postings; social‐media postings; advertising; e‐newsletter

mailings (AGC Works, FLF, all districts, etc.)

CURRENT PROJECTS AND TASKS

1. Working on resolving issues we’re having with many members not receiving their e‐newsletters from us.

Although ours is an opt‐in system, business’ spam‐filtering systems often flag incoming email as spam, and

there can be many causes to this. Once an email address is identified (even falsely) as a “spam” sender,

future emails to from that sending address are not likely to get through. An added aspect to this issue is that

we are looking strongly at changing our e‐newsletter service provider from MyEmma to MailChimp (at the

recommendation of our database and website consultant, Data Imagery), which would also offer s number of

advantages in how we integrate our mailing list database with our membership/accounting database (which

would be a huge help!).

2. Build Washington Awards promotion, invitation mailings and messaging to membership.

3. WSDOT’s grand‐opening celebration event for the new SR‐520 floating bridge, April 2‐3. AGC is a co‐

sponsor of this event.

4. Seeking new/additional sponsors for the available ad spots in our Works newsletter and website

homepage.

5. New A/V systems are now installed in the Lake Union Room and second‐floor conference room; we’ve

been working on creating clear instructions for both AGC staff and room users on how to use the hardware

and GoToMeeting set‐up.

6. Central District golf tourney event promotion.

7. Central District membership‐recruitment postcard.

………………………………………………………………………………….

Questions? Comments?

Sean Lewis, Marketing Director, 206.812.4846 or mailto:[email protected]

DATE: March 21, 2016

TO: AGC Board of Trustees

FROM: Paula Jackson, Property Manager

RE: Property Report Leasing We have renewed 6 leases for 2016, with rates ranging from $29 - $34/SF with the last TI project about to commence. We are in negotiations with a 3,200 SF Tenant on the 9th floor to take an additional 1,500 SF that will be vacated the end of April; they are merging with another company. Tenant Improvements will be required to combine the additional space as well as a new Lease. There is 1,300 SF on the 4th floor available. We have a proposal for the space and several other tours about to take place. There are 2 remaining Lease renewals for the year totaling 3,600 SF. Both Tenants intend to renew. Capital Improvements Boiler Replacement – will take place this summer: Budget $125,000; Cost $142,000; Grant $20,000; for a net cost of $122,000. Window Film - installation for the south side of the Building will commence April 4th. Budget $60,000; Contract $46,000. Annex Re-roof – contract signed with Associated Roof Co. Work to be scheduled in August. Budget $25,000; Cost $13,000. Lobby Lighting – the project has been simplified. Building Facilities Engineer Chuck Quick will replace the compact fluorescent lamps with LED’s, reusing the existing fixtures. Budget $30,000; Cost $6,350 less SCL (Seattle City Light) rebate of $4,420 for a net cost of $1,930. We experienced two major power outages last year related to construction across the street. The combined damages were $19,000. We have submitted two claims with SCL. Marina The Marina is again 100% occupied this month.

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For Internal Use Only

AGC 2016 February Financial Notes Net Operating Income – see Consolidated Statement of Operations (Page 8) As of February 29, 2016 the preliminary Net Operating Income (NOI) equals $1,361K vs. a year-to-date budget NOI of $1,203K creating a favorable year-to-date budget variance of $158K. The year-to-date positive revenue variance of $85K combined with the positive expense variance of $73K produces the total favorable year-to-date budget variance of $158K. Income Variance The year-to-date positive revenue variance of $85K (see Consolidated Statement of Operations – YTD Variance column) is primarily from above budget revenue in Membership Dues, Other Rent Revenue and the majority of all other revenue categories except Building Revenues. Expense Variance The year-to-date positive expense variance of $73K is comprised of under budget expenses in most expense categories. Accounts Receivable

Building Marina AR Parking AGCEF Other AR Total

January 8,745 48,418 48,264 32,146 419,313 556,886

February 13,871 50,814 29,119 18,397 194,266 306,466 Note: AR Building primarily represents past billings from building tenants. AR Marina primarily represents past billings from moorage tenants. AR Parking primarily represents receivables for parking. AR AGCEF represents billings to AGC Education Foundation

AR Other represents billings outstanding for purchases and events (i.e. annual meeting, sponsorships, membership dues, Retro, etc.).

AGC Building: Occupancy rate is 98% as of February 29, 2016.

For Internal Use Only * T = Timing, P = Permanent February-16

2016 2016Total Total

Actual / Forecast Budget Variance *Retro Plan Income 1,709,800 1,742,760 (32,960) TRetro Exp Gross (1,484,800) (1,517,760) 32,960 T

Net Retro Income 225,000 225,000 0

REVENUESMembership Dues 1,717,179 1,725,000 (7,821) TProgram Revenue / Grant Revenue 170,337 163,525 6,812 TEvent Revenue 290,780 283,700 7,080 TBuilding / Retail Rent (Seattle, Marina, Fife) 2,972,408 3,010,185 (37,777) TOther Rent Revenue (Parking, Moorage) 964,333 950,000 14,333 POther Revenue / CAM 80,809 79,500 1,309 TMisc Income 16,865 16,410 455 TGain/Loss on Disposal of Asset 0 0 0

Operating Revenue 6,212,711 6,228,320 (15,609)

TOTAL REVENUE 6,437,711 6,453,320 (15,609)

EXPENSESSalaries 2,187,499 2,185,344 (2,155) PPayroll Burden Taxes & Benefits 639,818 642,524 2,706 PAuto Expense / Corporate Travel 34,753 38,888 4,135 TMiscellaneous Meetings 122,441 134,890 12,449 TConsultant Fees 63,415 69,100 5,685 TOffice Expense 74,763 78,810 4,047 TMembership Dues/Donations 231,880 227,950 (3,930) TRent 66,657 66,804 147 TTechnology Expense 69,709 80,080 10,371 TPhone Exp. 31,361 32,242 881 TProgram / Grant Expense 146,352 146,537 185 TMembership Promotion 198,984 208,454 9,470 TEvent Exp 362,200 356,153 (6,047) PInsurance / Tax / Training 73,845 79,100 5,255 TBuilding / Marina Expense 1,242,383 1,270,469 28,086 TLeasing Comm. Amortization 66,092 66,092 (0)Depreciation 580,248 590,475 10,227 P

TOTAL EXPENSES 6,192,401 6,273,912 81,511

OPERATING INCOME (LOSS) 245,310 179,408 65,902

NET OPERATING INCOME (LOSS) - FORECAST VS. BUDGET 245,310 179,408 65,902

Non-Operating Investment Income (Loss) (68,938) 12,000 (80,938) T

NET INCOME (LOSS) 176,372 191,408 (15,036)

Gain/Loss on Disposal of Asset 0 0 0

TOTAL INCOME 176,372 191,408 (15,036)

Working CapitalNet Operating Income 245,310 179,408 65,902Amortization 66,092 66,092 0Depreciation 580,248 590,475 (10,227)

Available Cash (Working Capital) 891,650 835,976 55,675

Less:

Capital Expenditures - Association 123,287 80,000 (43,287) PCapital Expenditures - Seattle Building 388,000 388,000 0Tenant Improvements - Building 183,700 170,000 (13,700) PLease Commissions 80,000 80,000 0

Total Deductions 774,987 718,000 (56,987)

Cash (Working Capital) Variance Favorable (Unfavorable) 116,664 117,976 (1,312)

AGC of Washington2016 Cash Activity Forecast

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Associated General Contractors of Washington

Statement of Financial PositionFor the Period Ending 02/29/2016

02/29/2016 12/31/2015

Unaudited Audited

ASSETS

Current Assets

Cash 2,803,077 2,826,221

Building Savings 401,063 400,965

Short-Term Investments 23,899 173,631

Accounts Receivable 306,466 443,328

Prepaid Expenses 237,535 159,995

Total Current Assets 3,772,041 4,004,139

Group Retrospective Rating Plan Assets 18,286,311 18,458,038

Prepaid Lease Commissions 103,207 85,738

Long Term Investments 2,217,570 2,147,682

Property and Equipment

Land and Land Improvements 2,376,138 2,376,138

Buildings 13,401,811 13,386,811

Leasehold Improvements 1,421,404 1,394,004

Furniture and Equipment 1,027,400 981,956

Automobiles 43,774 43,774

Marina 1,542,325 1,542,325

Total Property Plant and Equipment 19,812,852 19,725,007

Less: Accumulated Depreciation (11,198,503) (11,101,794)

Net Property Plant and Equipment 8,614,349 8,623,213

TOTAL ASSETS 32,993,477 33,318,811

LIABILITIES & NET ASSETS

Current Liabilities

Accounts Payable 508,858 748,636

Accrued Expenses 61,910 60,992

Deferred Income 20,600 1,208,314

Current Portion - LT Debt 2,225 3,030

593,594 2,020,972

Group Retrospective Rating Plan Liability 18,286,311 18,458,038

Long Term Debt, Less Current Portion 896 1,112

Tenant Deposits 204,636 215,132

Total Liabilities 19,085,436 20,695,254

Net Assets

Unrestricted 10,908,041 9,623,557

Board Designated 3,000,000 3,000,000

TOTAL UNRESTRICTED NET ASSETS 13,908,041 12,623,557

TOTAL LIABILITIES AND NET ASSETS 32,993,477 33,318,811

- -

[INTERNAL REPORT]

3 of 36

Unaudited

Changes in Net Assets 1,284,484

Adjustments to Changes in Net Assets to Cash Provided by Operating Activities

Depreciation 96,709

(Gain) Loss on Disposal of Property -

(Gain) Loss on Sales of Investments (11,860)

(Gain) Loss on Investments @ Market 88,798

(Increase) / Decrease in accounts:

Accounts Receivable 136,862

Prepaid Expenses and Other Assets (95,010)

Increase / (Decrease) in accounts:

Accounts Payable (239,778)

Accrued Expenses 919

Tenant Deposits (10,496)

Deferred Income (1,187,714)

Net Cash Provided / Used) by Operating Activities 62,913

Cash Flow From Investing Activities:

Purchase of Long Term Investment (146,826)

Leasehold Improvements - Seattle Bldg (27,400)

Capital Improvements on Seattle Bldg (15,000)

Capital Improvements on Marina -

Purchase of property, equipment and automobile (45,444)

Net Cash Provided / (Used) by Investing Activities (234,671)

Cash Flow from Financing Activities:

Current Long Term Debt (805)

Long Term Debt / Loan Payments (216)

Net Cash Provided / (Used) by Financing Activities (1,020)

Net Increase (Decrease) in Cash (172,777)

Cash, Beginning of Year 3,227,186

Cash Equivalents Beginning of Year 173,631

Total Cash and Cash Equivalents, Beginning of Year 3,400,816

Cash, End of Period 3,204,140

Cash Equivalents, End of Period 23,899

Total Cash and Cash Equivalents, End of Period 3,228,039

-


Cash Flow Statement

For the 02 Month(s) ending 02/29/2016

4 of 36

Associated General Contractors of Washington (INTERNAL REPORT)

02/29/2016

Schedule of Reserve Funds Balance

Operations 3000-10-901 840,000

Plant & Equipment 3000-10-902 2,060,000

Special Projects 3000-10-903 100,000

3,000,000

Seattle Building Savings Account 401,063

** Statement of Capital Expenditures 2016 Balance

(** Designed for Budget Monitoring Purposes) 02/29/2016 Approved Budget Remaining

Computer Hardware/Software 1513-10-000 45,444 60,000 14,556

Member Services Database 1514-10-036 - 20,000 20,000

SEA Bldg - Tenant Improvements 1550-50-000 27,400 170,000 142,600

SEA Bldg - Capital Improvements 1551-50-000 15,000 388,000 373,000

SEA Bldg - Lease Commissions 1402-50-050 18,151 80,000 61,849

Seattle Marina 1575-75-000 - - -

105,996 718,000 612,004

General Asset Capitalization Policy

- computer hardware, software, office equipment, and furniture with useful life of at least

one year and $2,000 or more must be capitalized

- capital assets for properties must be at least $5,000 to be capitalized

- depreciation expense per year is based on estimated useful life

- depreciation expense may be prorated in the 1st year of a new purchase

Schedule of Depreciation Expenses Actual Budget Variance

Seattle District Office 6950-12-000 15 15 -

Southern District Office 6950-14-000 198 198 -

Technology 6950-17-000 4,269 4,999 730

Administration 6950-18-000 2,017 1,923 (94)

Accounting 6950-19-000 189 189 -

State Government 6950-30-000 2,467 2,467 -

Labor Relations 6950-34-000 21 21 -

Membership 6950-36-000 3,378 3,400 23

Safety 6950-42-000 1,478 1,478 -

Northern District 6950-46-000 128 77 (51)

Central District 6950-48-000 68 68 -

Seattle Building 6950-50-000 66,279 67,452 1,173

Seattle Marina 6950-75-000 9,417 9,340 (77)

Fife Building 6950-85-000 6,785 6,785 -

96,709 98,413 1,704

YTD 2016 Balance

Board Contingency Expenses: 5120-13-054 02/29/2016 Approved Remaining

Board Board

Budget Contingency Contingency

AGC National - Executive Board Meetings 1,677

Center for Women and Democracy Mansion Event 5,000

Airport Master Plan Contribution 10,000

50,000 16,677 33,323

02/29/2016

5 of 36

YTD

ACTUAL BUDGET VAR ACTUAL BUDGET VAR ACTUAL BUDGET VAR

I. Building & Properties:

a) Seattle Building 551,887 554,491 (2,604) 354,965 385,908 (30,943) 196,922 168,583 28,339

b) Seattle Marina 123,463 116,408 7,055 82,602 78,382 4,220 40,861 38,026 2,835

c) Fife Building 8,416 8,416 0 33,340 36,110 (2,770) (24,924) (27,694) 2,770

Total Building & Properties 683,765 679,315 4,451 470,906 500,400 (29,494) 212,859 178,915 33,944

II. Association:

1. Financial Assets 0 0 0 0 0 0 0 0 0

2. Admin. & Management

a) Board of Trustees 0 0 0 26,710 22,607 4,103 (26,710) (22,607) (4,103)

b) Technology 0 0 0 23,039 34,078 (11,039) (23,039) (34,078) 11,039

c) Administration 3,029 3,220 (191) 75,832 72,471 3,361 (72,803) (69,251) (3,552)

d) Accounting 9,815 9,510 305 36,476 40,026 (3,550) (26,660) (30,516) 3,856

12,844 12,730 114 162,056 169,182 (7,126) (149,213) (156,452) 7,240

3. Member Services

a) Communications 1,250 1,167 83 34,899 35,106 (208) (33,649) (33,940) 291

b) Meetings & Events 0 0 0 7,968 17,400 (9,432) (7,968) (17,400) 9,432

c) Special Events 108,530 103,000 5,530 106,200 98,207 7,993 2,330 4,793 (2,463)

d) Member Service 1,683,221 1,617,050 66,171 27,746 26,727 1,018 1,655,475 1,590,323 65,152

e) Future Leadership Forum 1,000 2,000 (1,000) 9,141 12,441 (3,300) (8,141) (10,441) 2,300

1,794,001 1,723,217 70,784 185,953 189,882 (3,929) 1,608,048 1,533,335 74,713

4. Education & Training Service

a) Workforce Development 0 0 0 25,218 29,738 (4,520) (25,218) (29,738) 4,520

b) Safety 12,240 10,050 2,190 74,432 84,706 (10,274) (62,192) (74,656) 12,463

c) Group Retro 220,000 252,960 (32,960) 220,000 252,960 (32,960) 0 0 0

232,240 263,010 (30,770) 319,650 367,403 (47,753) (87,410) (104,393) 16,983

5. Government Relations

a) Government Affairs Council 10,075 7,000 3,075 87,521 91,947 (4,426) (77,446) (84,947) 7,501

b) Build-Pac 0 0 0 4,422 4,846 (424) (4,422) (4,846) 424

c) AGC - Federal Facilities 0 0 0 619 801 (182) (619) (801) 182

10,075 7,000 3,075 92,561 97,594 (5,032) (82,486) (90,594) 8,107

6. Industry Relations

a) Labor 0 0 0 38,627 40,968 (2,341) (38,627) (40,968) 2,341

b) Open Shop 0 0 0 2,307 2,686 (379) (2,307) (2,686) 379

0 0 0 40,934 43,654 (2,720) (40,934) (43,654) 2,720

7. Districts

a) Seattle District 5,290 2,900 2,390 28,773 35,824 (7,051) (23,483) (32,924) 9,441

b) Southern District 5,350 3,000 2,350 40,145 41,793 (1,648) (34,795) (38,793) 3,998

c) Northern District 0 0 0 19,366 19,607 (241) (19,366) (19,607) 241

d) Central WA District 90 500 (410) 21,887 22,841 (954) (21,797) (22,341) 544

10,730 6,400 4,330 110,171 120,065 (9,894) (99,441) (113,665) 14,224

Total Association 2,059,889 2,012,357 47,533 911,326 987,780 (76,454) 1,148,563 1,024,576 123,987

Total of Assoc. & Prop 2,743,655 2,691,672 51,983 1,382,233 1,488,180 (105,948) 1,361,422 1,203,491 157,931

Non-Operating Income (Loss) (76,938) 4,000 (80,938) 0 0 0 (76,938) 4,000 (80,938)

Grand Total 2,666,717 2,695,672 (28,955) 1,382,233 1,488,180 (105,948) 1,284,484 1,207,491 76,993


Unaudited Statement of Activities by Cost Center


REVENUE EXPENSES REVENUE OVER EXPENSES

6 of 36

MTD

ACTUAL BUDGET VAR ACTUAL BUDGET VAR ACTUAL BUDGET VAR

I. Building & Properties:

a) Seattle Building 269,716 274,315 (4,599) 236,289 260,249 (23,960) 33,427 14,066 19,361

b) Seattle Marina 61,917 58,204 3,713 39,064 25,699 13,365 22,853 32,505 (9,653)

c) Fife Building 4,208 4,208 0 20,659 22,625 (1,966) (16,451) (18,417) 1,966

Total Building & Properties 335,841 336,727 (886) 296,012 308,573 (12,561) 39,829 28,154 11,675

II. Association:

1. Financial Assets 0 0 0 0 0 0 0 0 0

2. Admin. & Management

a) Board of Trustees 0 0 0 19,415 16,304 3,111 (19,415) (16,304) (3,111)

b) Technology 0 0 0 8,102 8,714 (612) (8,102) (8,714) 612

c) Administration 2,989 3,020 (31) 23,067 25,236 (2,169) (20,079) (22,216) 2,137

d) Accounting 9,815 9,510 305 17,369 17,370 (1) (7,554) (7,860) 306

12,804 12,530 274 67,953 67,624 329 (55,149) (55,094) (56)

3. Member Services

a) Communications 1,250 583 667 15,438 17,503 (2,065) (14,188) (16,920) 2,732

b) Meetings & Events 0 0 0 6,408 8,550 (2,142) (6,408) (8,550) 2,142

c) Special Events 175 10,000 (9,825) 13,184 22,979 (9,795) (13,009) (12,979) (30)

d) Member Service 228,239 226,400 1,839 13,592 13,264 328 214,647 213,136 1,511

e) Future Leadership Forum 1,000 1,000 0 4,068 6,221 (2,153) (3,068) (5,221) 2,153

230,664 237,983 (7,320) 52,689 68,516 (15,827) 177,975 169,467 8,507

4. Education & Training Service

a) Workforce Development 0 0 0 12,607 14,869 (2,262) (12,607) (14,869) 2,262

b) Safety 6,767 4,950 1,817 40,757 33,365 7,392 (33,990) (28,415) (5,575)

c) Group Retro 110,000 126,480 (16,480) 110,000 126,480 (16,480) 0 0 0

116,767 131,430 (14,663) 163,364 174,714 (11,350) (46,597) (43,284) (3,313)

5. Government Relations

a) Government Affairs Council 0 0 0 48,899 39,062 9,837 (48,899) (39,062) (9,837)

b) Build-Pac 0 0 0 1,669 1,373 296 (1,669) (1,373) (296)

c) AGC - Federal Facilities 0 0 0 309 400 (92) (309) (400) 92

0 0 0 50,876 40,835 10,041 (50,876) (40,835) (10,041)

6. Industry Relations

a) Labor 0 0 0 19,029 20,184 (1,155) (19,029) (20,184) 1,155

b) Open Shop 0 0 0 1,152 1,468 (316) (1,152) (1,468) 316

0 0 0 20,181 21,652 (1,471) (20,181) (21,652) 1,471

7. Districts

a) Seattle District 4,590 1,200 3,390 14,629 18,762 (4,133) (10,039) (17,562) 7,523

b) Southern District 2,950 3,000 (50) 22,236 23,147 (911) (19,286) (20,147) 861

c) Northern District 0 0 0 10,166 9,948 218 (10,166) (9,948) (218)

d) Central WA District 0 500 (500) 11,315 10,923 393 (11,315) (10,423) (893)

7,540 4,700 2,840 58,346 62,780 (4,433) (50,806) (58,080) 7,273

Total Association 367,774 386,643 (18,869) 413,409 436,120 (22,711) (45,635) (49,477) 3,842

Total of Assoc. & Prop 703,615 723,370 (19,755) 709,421 744,693 (35,271) (5,806) (21,323) 15,516

Non-Operating Income (Loss) (293) 2,000 (2,293) 0 0 0 (293) 2,000 (2,293)

Grand Total 703,322 725,370 (22,048) 709,421 744,693 (35,271) (6,100) (19,323) 13,223


Unaudited Statement of Activities by Cost Center

For the Month ending 02/29/2016

REVENUE EXPENSES REVENUE OVER EXPENSE

7 of 36

FEB FEB YTD YTD YTD Annual Budget

ACTUAL BUDGET ACTUAL BUDGET Variance BUDGET Remaining

Retro Plan Income 110,000 126,480 220,000 252,960 (32,960) 1,742,760 1,522,760

Retro Exp Gross (110,000) (126,480) (220,000) (252,960) 32,960 (1,517,760) (1,297,760)

Net Retro Income 0 0 0 0 0 225,000 225,000

Membership Dues 228,239 226,400 1,683,221 1,617,050 66,171 1,725,000 41,779

Program / Grant Revenue 15,334 12,683 33,979 27,167 6,812 163,525 129,546

Event Revenue 4,225 11,500 112,580 105,500 7,080 283,700 171,120

Building / Retail Rent 244,823 252,002 497,649 508,865 (11,216) 3,010,185 2,512,536

Other Rent Revenue 83,872 78,100 171,534 157,200 14,334 950,000 778,467

Other Revenue / CAM 7,120 6,625 14,558 13,250 1,308 79,500 64,942

Misc Income 10,002 9,580 10,135 9,680 455 16,410 6,275

Total Revenue 593,615 596,890 2,523,655 2,438,712 84,943 6,453,320 3,929,665

Salaries 174,311 170,516 351,188 349,032 2,156 2,185,344 1,834,156

Payroll Burden Taxes and Benefits 52,002 53,544 104,381 107,087 (2,706) 642,524 538,142

Auto Expense / Corporate Travel 2,218 2,739 3,493 7,628 (4,135) 38,888 35,395

Miscellaneous Meetings 5,988 12,449 13,299 25,749 (12,450) 134,890 121,591

Consultant Fees 459 3,200 2,440 8,125 (5,685) 69,100 66,660

Office Expense 4,849 5,354 9,385 13,432 (4,047) 78,810 69,425

Membership Dues/Donations 19,171 12,340 32,470 28,540 3,930 227,950 195,480

Rent 5,470 5,500 10,974 11,121 (147) 66,804 55,830

Technology Expense 3,776 4,040 14,359 24,730 (10,371) 80,080 65,721

Phone Expense 2,191 2,666 4,461 5,342 (881) 32,242 27,781

Program/Grant Expense 28,035 17,180 42,725 42,910 (185) 146,537 103,812

Membership Promotion 12,795 18,042 23,364 32,834 (9,470) 208,454 185,090

Event Expense 13,355 21,625 104,296 98,250 6,046 356,153 251,857

Insurance/Tax/Training 761 3,275 20,445 25,700 (5,255) 79,100 58,655

Building / Marina Expense 220,178 231,029 317,227 345,312 (28,086) 1,270,469 953,242

Leasing Comm. Amort. 5,508 5,508 11,015 11,015 (0) 66,092 55,077

Depreciation 48,354 49,206 96,709 98,413 (1,704) 590,475 493,767

Total Expenses 599,421 618,213 1,162,233 1,235,220 (72,988) 6,273,912 5,111,679

Net Operating Income (Loss) (5,806) (21,323) 1,361,422 1,203,491 157,931 179,408 (1,182,014)

LT Inv - Dividends/Interest 368 2,000 701 4,000 (3,299) 24,000 23,299

LT Inv - Net Gain (Loss) (662) 0 (77,640) 0 (77,640) 0 77,640

Investment Consultant Fee 0 0 0 0 0 (12,000) (12,000)

Non-Operating Income (Loss) (293) 2,000 (76,938) 4,000 (80,938) 12,000 88,938

Gain / Loss on Disposal of Asset 0 0 0 0 0 0 0

Grand Total (6,100) (19,323) 1,284,484 1,207,491 76,993 191,408 (1,093,076)


Statement of Operations

CONSOLIDATED


8 of 36



Retro Plan Income 110,000 126,480 220,000 252,960 (32,960) 1,742,760 1,522,760

Retro Exp Gross (110,000) (126,480) (220,000) (252,960) 32,960 (1,517,760) (1,297,760)

Net Retro Income 0 0 0 0 0 225,000 225,000

Membership Due 228,239 226,400 1,683,221 1,617,050 66,171 1,725,000 41,779

Program / Grant Revenue 15,334 12,683 33,979 27,167 6,812 163,525 129,546

Event Revenue 4,225 11,500 112,580 105,500 7,080 283,700 171,120

Misc Income 9,977 9,580 10,110 9,680 430 16,410 6,300

Total Revenue 257,774 260,163 1,839,889 1,759,397 80,493 2,413,635 573,746

Salaries 152,184 148,390 305,308 304,780 528 1,893,919 1,588,612

Payroll Burden Taxes and Benefits 45,043 46,422 90,078 92,844 (2,766) 557,066 466,988

Auto Expense / Corporate Travel 2,218 2,739 3,493 7,628 (4,135) 38,888 35,395

Miscellaneous Meetings 5,988 12,449 13,299 25,749 (12,450) 134,890 121,591

Consultant Fees 459 2,200 2,440 6,125 (3,685) 45,225 42,785

Office Expense 4,849 5,354 9,385 13,432 (4,047) 78,810 69,425

Membership Dues/Donations 19,171 12,340 32,470 28,540 3,930 227,950 195,480

Rent 5,470 5,500 10,974 11,121 (147) 66,804 55,830

Technology Expense 3,776 4,040 14,359 24,730 (10,371) 80,080 65,721

Phone Expense 2,191 2,666 4,461 5,342 (881) 32,242 27,781

Program/Grant Expense 28,035 17,180 42,725 42,910 (185) 146,537 103,812

Membership Promotion 12,795 18,042 23,364 32,834 (9,470) 208,454 185,090

Event Expense 13,355 21,625 104,296 98,250 6,046 356,153 251,857

Insurance/Tax/Training 761 3,275 20,445 25,700 (5,255) 79,100 58,655

Depreciation 7,114 7,418 14,228 14,836 (608) 89,014 74,786

Total Expenses 303,409 309,640 691,326 734,820 (43,494) 4,035,132 3,343,805

Net Operating Income (Loss) (45,635) (49,477) 1,148,563 1,024,576 123,987 (1,621,497) (2,770,060)

Gain / Loss on Disposal of Asset 0 0 0 0 0 0 0

Grand Total (45,635) (49,477) 1,148,563 1,024,576 123,987 (1,621,497) (2,770,060)



ASSOCIATION


9 of 36



Building / Retail Rent 244,823 252,002 497,649 508,865 (11,216) 3,010,185 2,512,536

Other Rent Revenue 83,872 78,100 171,534 157,200 14,334 950,000 778,467

Other Revenue / CAM 7,145 6,625 14,583 13,250 1,333 79,500 64,917

Total Revenue 335,841 336,727 683,765 679,315 4,451 4,039,685 3,355,919

Salaries 22,127 22,126 45,880 44,253 1,628 291,424 245,544

Payroll Burden Taxes & Benefits 6,958 7,122 14,303 14,243 60 85,458 71,155

Consultant Fees - 1,000 - 2,000 (2,000) 23,875 23,875

Building / Marina Expense 220,178 231,029 317,227 345,312 (28,086) 1,270,469 953,242

Leasing Comm. Amort. 5,508 5,508 11,015 11,015 (0) 66,092 55,077

Depreciation 41,240 41,788 82,481 83,577 (1,096) 501,462 418,981

Total Expenses 296,012 308,573 470,906 500,400 (29,494) 2,238,780 1,767,873

Gain / Loss on Disposal of Asset - - - - - - -

Net Operating Income (Loss) 39,829 28,154 212,859 178,915 33,944 1,800,905 1,588,046



BUILDING & MARINA


10 of 36



Building Rent - Seattle 4700-50-000 194,403 201,582 396,809 408,025 (11,216) 2,404,735 2,007,926

Parking Lot Income 4701-50-000 28,819 26,000 61,693 53,000 8,693 325,000 263,307

Operating Expense Reimb - Seattle Building 4702-50-000 4,660 5,000 9,778 10,000 (222) 60,000 50,222

Retail Rents 4703-50-000 41,683 41,683 83,366 83,366 0 500,196 416,830

Other Rental Income 4704-50-000 48 0 99 0 99 0 (99)

Late Fee Income:BLDG 4705-50-000 0 0 0 0 0 0 0

ATM Rental Income 4706-50-000 78 50 117 100 17 600 483

Misc Income - Bldg 4900-50-000 25 0 25 0 25 0 (25)

Total Revenue 269,716 274,315 551,887 554,491 (2,604) 3,290,531 2,738,644

Salaries 5010-50-000 12,929 12,928 27,050 25,857 1,194 155,141 128,091

Payroll Taxes 5020-50-052 1,251 1,180 2,641 2,360 281 14,162 11,521

Health/Security/LTD 5020-50-070 1,721 1,634 3,441 3,268 173 19,609 16,167

Pension 5020-50-139 1,288 1,230 2,701 2,460 241 14,759 12,058

Incentive Compensation 5010-50-058 0 0 0 0 0 14,545 14,545

Legal / Professional 5040-50-060 0 0 0 0 0 4,000 4,000

Audit 5040-50-076 0 0 0 0 0 9,375 9,375

Roof Repairs & Maint-Gen 6020-50-300 0 0 0 0 0 2,525 2,525

Pkg Lot Rep & Maint-Gen 6035-50-300 0 250 0 250 (250) 400 400

Snow Removal 6036-50-300 0 2,235 0 4,470 (4,470) 4,470 4,470

HVAC Contr Serv & Per-Off 6040-50-100 5,164 0 5,164 5,070 94 20,280 15,116

HVAC Contr Serv & Per-Gen 6040-50-300 0 0 1,538 1,535 3 6,140 4,602

HVAC Repairs & Maint-Off 6045-50-100 3,801 8,955 9,242 10,755 (1,513) 24,215 14,973

HVAC R & M- Conference Room 6045-50-300 0 0 0 500 (500) 2,000 2,000

Elev Contr Serv & Per-Off 6050-50-100 1,207 1,185 2,415 2,370 45 14,460 12,045

Elevator Rep & Maint-Off 6055-50-100 0 0 0 0 0 2,270 2,270

Electrical Rep & Supp-Off 6060-50-100 401 995 786 1,720 (934) 10,455 9,669

Plumbing Rep & Supp-Off 6070-50-100 79 500 3,897 1,000 2,897 6,900 3,003

Fire / Life / Safety-Gen 6080-50-300 49 525 5,398 5,825 (427) 19,315 13,917

General Repair & Maint-NR (Non-CAM Exp) 6100-50-000 132 500 132 1,000 (868) 6,000 5,868

General Rep & Maint-Off 6100-50-100 518 835 958 7,670 (6,712) 17,170 16,212

Painting & Decorating-Off 6110-50-100 0 550 0 550 (550) 1,250 1,250

Locks, Keys & Signage-Off 6120-50-100 972 600 1,517 1,300 217 4,450 2,933

Pest Control-Off 6130-50-100 0 57 263 114 149 684 421

Ext Landscaping Serv-Gen 6210-50-300 910 910 1,820 1,820 0 11,470 9,650

Ext Landscaping Rep-Gen 6220-50-300 0 0 0 155 (155) 310 310

Int Landscaping Serv-Off 6230-50-100 539 540 1,078 1,080 (2) 6,480 5,402

Base Janitorial Contr-Off 6310-50-100 7,748 7,200 15,497 14,400 1,097 86,400 70,903



SEATTLE BUILDING


11 of 36





SEATTLE BUILDING


Janitorial-Tenant Share 6310-50-900 178 177 355 354 1 2,124 1,769

Janitorial-Tenant Offset 6310-50-910 (178) (177) (355) (354) (1) (2,124) (1,769)

Janitorial Supplies-Gen 6320-50-300 2,175 1,945 4,010 3,890 120 23,340 19,330

Window Cleaning-Off 6330-50-100 285 150 435 300 135 10,395 9,960

Other Janitorial Serv-Off 6380-50-100 50 445 (1,150) 890 (2,040) 5,340 6,490

Other Janitorial Serv-Gen 6380-50-300 425 425 850 850 0 5,100 4,250

Other Security Serv-Gen 6450-50-300 0 0 0 0 0 3,195 3,195

Electricity-Off 6510-50-100 314 9,090 9,570 18,180 (8,610) 109,080 99,510

Water/Sewer-Off 6520-50-100 1,975 2,690 3,719 5,380 (1,661) 32,280 28,561

Water/Sewer-Tenant Share 6520-50-900 1,293 1,225 2,375 2,450 (75) 14,700 12,325

Water/Sewer-Tenant Offset 6520-50-910 (1,293) (1,225) (2,375) (2,450) 75 (14,700) (12,325)

Gas-Off 6530-50-100 0 4,585 7,927 9,170 (1,243) 55,020 47,093

Trash Removal & Recyc-Off 6550-50-100 94 2,385 1,738 4,770 (3,032) 28,620 26,882

Marketing & Leasing-NR 6710-50-000 0 100 0 200 (200) 1,200 1,200

Tenant Relations-NR 6720-50-000 0 65 0 630 (630) 7,240 7,240

On-Site Costs-Gen 6740-50-300 675 417 1,628 833 795 5,000 3,372

Administrative / Office Exp 6780-50-000 1,854 583 2,845 1,167 1,678 7,000 4,155

Other Administrative-Gen 6780-50-300 285 667 570 1,333 (763) 8,000 7,430

Real Estate Taxes-Gen 6810-50-300 141,026 145,000 141,026 145,000 (3,974) 290,000 148,974

Personal Property Tax-Gen 6820-50-300 589 0 589 0 589 1,000 411

Insurance-Gen 6900-50-300 9,528 10,000 19,056 20,000 (944) 120,000 100,944

Interest Expense 6910-50-000 0 0 0 0 0 0 0

Bad Debt: BLDG 6920-50-000 0 0 0 0 0 0 0

Brokers' Commission-Amortizatn 6600-50-000 5,167 5,167 10,333 10,333 (0) 62,000 51,667

Depreciation 6950-50-000 33,140 33,726 66,279 67,452 (1,173) 404,713 338,434

Total Expenses 236,289 260,249 354,965 385,908 (30,943) 1,657,758 1,302,793

Net Income 33,427 14,066 196,922 168,583 28,339 1,632,773 1,435,851

12 of 36



Building Rent - Marina Bldg 4700-75-000 4,529 4,529 9,058 9,058 0 54,548 45,490

Moorage Rent/A-E Docks 4701-75-000 55,006 52,100 109,742 104,200 5,542 625,000 515,258

Other Income / Service Fee 4702-75-000 432 125 763 250 513 1,500 737

Late Fee Income 4705-75-000 400 0 800 0 800 0 (800)

LAB Fee 4707-75-000 1,550 1,450 3,100 2,900 200 17,400 14,300

Total Revenue 61,917 58,204 123,463 116,408 7,055 698,448 574,985

Salaries 5010-75-000 8,552 8,552 17,538 17,104 434 102,624 85,086

Payroll Taxes 5020-75-052 807 819 1,688 1,638 50 9,829 8,141

Health/Security/LTD 5020-75-070 979 1,169 1,958 2,337 (380) 14,025 12,067

Pension 5020-75-139 701 864 1,447 1,728 (280) 10,367 8,919


Legal-NR 5040-75-060 0 1,000 0 2,000 (2,000) 3,500 3,500

Audit 5040-75-076 0 0 0 0 0 4,500 4,500

Covered Moorage - R & M - NR 6020-75-000 0 0 0 0 0 1,450 1,450

Electrical Rep & Supp-NR 6060-75-000 (265) 0 173 0 173 1,150 977

Plumbing Rep & Supp-NR 6070-75-000 0 0 0 485 (485) 2,335 2,335

Fire / Life / Safety-NR 6080-75-000 (1,629) 50 (677) 100 (777) 1,810 2,487

General Reprs & Maint-NR 6100-75-000 0 325 0 650 (650) 5,400 5,400

Painting & Decorating-NR 6110-75-000 0 0 0 0 0 1,200 1,200

Locks, Keys & Signage-NR 6120-75-000 0 210 0 420 (420) 2,520 2,520

Base Janitorial Contr-NR 6310-75-000 235 235 470 470 0 2,820 2,350

Janitorial Supplies-NR 6320-75-000 125 125 250 250 0 1,500 1,250

Other Janitorial Serv-NR 6380-75-000 0 25 0 50 (50) 300 300

Land Lease Payments-NR 6460-75-000 0 0 25,019 26,500 (1,481) 106,000 80,981

Electricity-NR 6510-75-000 6,481 4,150 6,481 8,300 (1,819) 49,800 43,319

Electricity-Tenant Offset 6510-75-910 (4,568) (3,350) (8,989) (6,700) (2,289) (40,200) (31,211)

Water & Sewer-NR 6520-75-000 336 340 669 680 (11) 4,080 3,411

Water/Sewer-Tenant Offset 6520-75-910 (216) (235) (417) (470) 53 (2,820) (2,403)

Trash Removal & Recyc-NR 6550-75-000 330 1,525 672 3,050 (2,378) 18,300 17,628

Other Administration-NR 6780-75-000 0 500 0 1,000 (1,000) 6,000 6,000

Real Estate Taxes-NR 6810-75-000 18,071 0 18,071 0 18,071 42,000 23,929

Special Assessments-NR 6830-75-000 0 0 0 0 0 0 0

Insurance-NR 6900-75-000 4,417 4,725 8,833 9,450 (617) 56,700 47,867

Bad Debt: MARINA 6920-75-000 0 0 0 0 0 0 0

Depreciation 6950-75-000 4,708 4,670 9,417 9,340 77 56,039 46,623

Total Expenses 39,064 25,699 82,602 78,382 4,220 471,684 389,082

Net Income 22,853 32,505 40,861 38,026 2,835 226,764 185,903



SEATTLE MARINA


13 of 36



Office Rent - Fife Building 4700-85-000 4,208 4,208 8,416 8,416 0 50,706 42,290

Operating Exp Reimbursement - Fife Building 4702-85-000 0 0 0 0 0 0 0

Total Revenue 4,208 4,208 8,416 8,416 0 50,706 42,290

Salaries 5010-85-000 646 646 1,292 1,292 0 7,750 6,458

Payroll Taxes 5020-85-052 57 63 116 126 (11) 757 642

Health/Security/LTD 5020-85-070 97 101 194 201 (8) 1,209 1,015

Pension 5020-85-139 59 62 117 124 (6) 742 625

Incentive Compensation 5010-85-058 0 0 0 0 0 909 909

Audit 5040-85-076 0 0 0 0 0 2,500 2,500

Building Cleaning 6010-85-000 690 690 1,380 1,380 0 8,280 6,900

Supplies & Materials 6270-85-000 0 0 0 110 (110) 440 440

Misc. Building Maintenance 6290-85-000 219 500 438 1,000 (562) 5,700 5,262

Fire Alarm System Monitoring 6292-85-000 86 0 86 0 86 1,100 1,014

HVAC Maintenance & Repairs 6400-85-000 0 0 0 0 0 2,400 2,400

Electricity 6510-85-000 279 330 599 660 (61) 4,000 3,401

Water & Sewer 6520-85-000 322 175 322 350 (28) 2,100 1,778

Gas 6530-85-000 195 160 195 320 (125) 1,920 1,725

Trash Removal & Recyc 6550-85-000 0 165 165 330 (165) 1,980 1,815

Brokers' Commission - Amort - Fife 6600-85-000 341 341 682 682 0 4,092 3,410

Real Estate Taxes 6730-85-240 14,277 16,000 14,277 16,000 (1,723) 16,000 1,723

Insurance & Bonds 6900-85-000 0 0 6,693 6,750 (57) 6,750 57

Depreciation 6950-85-000 3,392 3,392 6,785 6,785 0 40,709 33,924

Total Expenses 20,659 22,625 33,340 36,110 (2,770) 109,338 75,999

Net Income (16,451) (18,417) (24,924) (27,694) 2,770 (58,632) (33,709)



FIFE BUILDING


14 of 36



Salaries 5010-13-000 2,226 2,206 4,452 4,412 40 26,470 22,018

Payroll Taxes 5020-13-052 189 165 445 331 114 1,984 1,540


Pension 5020-13-139 221 225 442 450 (8) 2,701 2,259


Officers / Board Meetings 5035-13-056 0 0 170 1,500 (1,330) 9,000 8,830

Miscellaneous Expense 5035-13-072 946 800 3,196 800 2,396 5,900 2,704

Office Expense 5050-13-000 633 200 929 2,200 (1,271) 3,200 2,271

Board Contingency 5120-13-054 15,000 12,500 16,677 12,500 4,177 50,000 33,323

Total Expenses 19,415 16,304 26,710 22,607 4,103 103,562 76,852

Net Income (19,415) (16,304) (26,710) (22,607) (4,103) (103,562) (76,852)



BOARD OF TRUSTEES


15 of 36



Salaries 5010-17-000 1,943 1,943 3,886 3,886 0 23,315 19,429

Payroll Taxes 5020-17-052 162 168 331 336 (5) 2,015 1,684


Pension 5020-17-139 187 195 373 389 (16) 2,334 1,961


Travel 5030-17-000 0 0 0 0 0 0 0

Miscellaneous Meetings 5035-17-072 51 30 117 60 57 360 243

Office Exp 5050-17-000 0 20 47 40 7 240 193

New Application 5081-17-017 0 0 0 0 0 1,000 1,000

Tech Equipment Maint- Parts 5082-17-000 30 0 136 0 136 12,500 12,364

Tech Equipment Maint- Parts 5082-17-019 0 0 0 0 0 0 0

Tech Equipment Maint- Parts 5082-17-036 0 0 0 0 0 0 0

Professional Service 5083-17-000 0 0 0 0 0 0 0

Professional Service 5083-17-017 2,953 3,000 2,953 6,000 (3,047) 36,000 33,047

Professional Service 5083-17-036 0 0 4,500 7,150 (2,650) 7,150 2,650

Professional Service 5083-17-042 0 0 0 0 0 0 0

Cell Phone Exp. 5087-17-000 190 150 340 300 40 2,400 2,060

New / Renewal Software License Fee 5089-17-017 255 500 5,294 10,500 (5,206) 15,950 10,656

Virus / Firewall Renewals 5089-17-062 0 0 0 0 0 0 0

Depreciation 6950-17-000 2,134 2,499 4,269 4,999 (730) 29,994 25,725

Total Expenses 8,102 8,714 23,039 34,078 (11,039) 137,584 114,545

Net Income (8,102) (8,714) (23,039) (34,078) 11,039 (137,584) (114,545)



TECHNOLOGY


16 of 36



Conference Center Rental 4100-18-238 350 0 350 200 150 900 550

McGraw Hill Affinity Plan 4100-18-303 0 0 0 0 0 0 0

Verizon Affinity Plan - NPP 4100-18-304 0 0 0 0 0 26,000 26,000

Enterprise Affinity Plan 4100-18-305 0 0 0 0 0 0 0

Office Depot Affinity Plan 4100-18-310 2,639 3,000 2,639 3,000 (361) 12,000 9,361

Misc Income 4900-18-194 0 20 40 20 20 100 60

Misc Income/Service 4900-18-195 0 0 0 0 0 0 0

Gain/Loss on Disposal of Asset 4950-18-000 0 0 0 0 0 0 0

Total Revenue 2,989 3,020 3,029 3,220 (191) 39,000 35,971

Salaries 5010-18-000 14,372 12,597 28,608 25,194 3,414 151,165 122,557

Temp Help 5010-18-051 0 175 7,072 350 6,722 2,000 (5,072)

Employee Milestone Awards 5010-18-057 0 0 7,424 7,500 (76) 7,500 76

Payroll Taxes 5020-18-052 1,247 1,033 2,943 2,066 877 12,396 9,454


Pension 5020-18-139 1,290 1,316 2,616 2,632 (16) 15,792 13,176


Auto / Travel Expense 5030-18-000 0 0 23 0 23 0 (23)

Miscellaneous Meetings 5035-18-072 112 416 194 832 (638) 5,000 4,806

Legal 5040-18-060 0 335 0 670 (670) 4,000 4,000

Office Exp. 5050-18-000 1,102 1,641 1,638 3,282 (1,644) 22,700 21,062

Office Equipment Lease 5050-18-066 0 205 549 410 139 2,460 1,911

Office Equipment Maintenance 5050-18-067 175 699 757 1,398 (641) 8,390 7,633

Postage - Administration 5050-18-069 8 35 27 70 (43) 420 393

Parking / Metro 5050-18-071 135 150 304 300 4 1,800 1,496

Contract Printing 5050-18-074 0 50 0 100 (100) 600 600

Office Equipment - Interest 5050-18-290 0 20 18 40 (22) 240 222

Membership Dues 5060-18-061 0 0 1,125 1,500 (375) 1,630 505

Subscriptions 5060-18-062 0 0 0 0 0 625 625

Donations/ Memorials 5060-18-063 0 100 0 200 (200) 1,200 1,200

Internet Connnection 5085-18-000 280 285 560 570 (10) 3,420 2,860

Telephone Exp.- Admin. 5086-18-000 478 550 957 1,100 (143) 6,600 5,643

Cell Phone Exp.- Admin. 5087-18-000 120 190 553 380 173 2,280 1,727

Insurance & Bonds 5900-18-064 0 0 8,008 8,000 8 8,000 (8)

Staff Professional Training 5900-18-065 408 2,925 6,092 10,850 (4,758) 50,000 43,908

Personal Property Taxes 5900-18-068 317 0 317 0 317 400 83

Depreciation 6950-18-000 1,008 961 2,017 1,923 94 11,538 9,521

Total Expenses 23,067 25,236 75,832 72,471 3,361 352,690 276,858

Net Income (20,079) (22,216) (72,803) (69,251) (3,552) (313,690) (240,887)



ADMINISTRATION


17 of 36



Misc. Income - Accounting 4900-19-195 305 0 305 0 305 0 (305)

AGCA Discount Earned 4900-19-200 9,510 9,510 9,510 9,510 0 9,510 0

Total Revenue 9,815 9,510 9,815 9,510 305 9,510 (305)

Salaries 5010-19-000 10,125 9,068 20,596 18,137 2,459 108,821 88,225

Temp Help 5010-19-051 0 1,000 0 2,500 (2,500) 10,000 10,000

Payroll Taxes 5020-19-052 868 803 1,798 1,606 192 9,635 7,837


Pension 5020-19-139 834 913 1,667 1,825 (158) 10,950 9,283


Auto Expense 5030-19-000 0 20 0 40 (40) 240 240

Miscellaneous Meetings 5035-19-072 182 58 182 117 65 700 518

Audit 5040-19-076 0 0 1,305 1,500 (195) 8,625 7,320

ADP Payroll Fees 5040-19-077 459 475 1,135 1,175 (40) 6,000 4,865

Professional Service 5040-19-144 0 290 0 580 (580) 3,500 3,500

Office Exp. 5050-19-000 188 75 307 150 157 900 593

Postage - Accounting 5050-19-069 49 100 129 200 (71) 1,200 1,071

Contract Printing 5050-19-074 0 0 0 0 0 400 400

Bank Charge 5050-19-231 11 50 109 100 9 600 491

Membership Dues 5060-19-061 0 0 250 0 250 735 485

Subscriptions 5060-19-062 0 40 0 40 (40) 300 300

Discounts Allowed (Visa/Dues) 5140-19-078 3,109 3,000 5,921 8,000 (2,079) 23,000 17,079

State Excise Taxes 5900-19-079 36 300 60 400 (340) 7,500 7,440

City Excise Tax 5900-19-279 0 0 0 1,300 (1,300) 7,500 7,500

Depreciation 6950-19-000 94 94 189 189 0 1,133 944

Total Expenses 17,369 17,370 36,476 40,026 (3,550) 224,291 187,816

Net Income (7,554) (7,860) (26,660) (30,516) 3,856 (214,781) (188,121)



ACCOUNTING


18 of 36



Website Advertising 4100-22-197 1,250 583 1,250 1,167 83 7,000 5,750

Total Revenue 1,250 583 1,250 1,167 83 7,000 5,750

Salaries 5010-22-000 10,172 10,320 20,518 20,640 (122) 123,840 103,322

Payroll Taxes 5020-22-052 857 980 1,770 1,959 (189) 11,754 9,984

Health/Security/LTD 5020-22-070 1,324 1,378 2,648 2,757 (109) 16,541 13,893

Pension 5020-22-139 976 1,032 1,970 2,064 (94) 12,384 10,414


Auto Expense 5030-22-000 15 40 15 80 (65) 480 465

Miscellaneous Meetings 5035-22-072 0 75 0 150 (150) 900 900

Professional Service 5040-22-144 0 150 0 300 (300) 6,000 6,000

Website Maintenance 5040-22-250 0 50 0 100 (100) 600 600

Office Exp. 5050-22-000 79 25 79 50 29 300 221

Postage - Communications 5050-22-069 17 100 620 200 420 1,200 580

Protrait Photography 5050-22-089 0 60 0 120 (120) 720 720

Subscriptions 5060-22-062 0 25 0 50 (50) 300 300

Cell Phone Exp.- Comm. 5087-22-000 75 100 150 200 (50) 1,200 1,050

Advertising 5140-22-082 0 900 2,667 3,400 (733) 22,600 19,933

Public Relations 5140-22-083 1,752 1,500 1,752 1,500 252 3,300 1,548

Newsletter 5140-22-084 170 175 359 350 9 2,100 1,741

Annual & Special Reports 5140-22-086 0 550 2,350 1,100 1,250 6,600 4,250

Total Expenses 15,438 17,503 34,899 35,106 (208) 223,611 188,713

Net Income (14,188) (16,920) (33,649) (33,940) 291 (216,611) (182,963)



COMMUNICATIONS


19 of 36



CEO Out of Town Travel 5035-24-090 0 250 0 500 (500) 3,000 3,000

Executive Leadership Council 5035-24-094 131 0 131 0 131 4,400 4,269

National AGC Convention 5035-24-095 125 0 300 5,000 (4,700) 35,000 34,700

Western Chapters Meetings 5035-24-098 3,325 7,500 3,559 7,500 (3,941) 13,500 9,941

National AGC Leadership Conference 5035-24-099 0 0 0 0 0 20,000 20,000

Chapter Meetings 5035-24-100 0 800 0 1,200 (1,200) 1,200 1,200

Miscellaneous Conference 5035-24-126 451 0 701 200 501 4,000 3,299

Immediate Past President Night 5150-24-093 2,376 0 3,277 3,000 277 3,000 (277)

Old Timers Night 5150-24-129 0 0 0 0 0 3,300 3,300

Total Expenses 6,408 8,550 7,968 17,400 (9,432) 87,400 79,432

Net Income (6,408) (8,550) (7,968) (17,400) 9,432 (87,400) (79,432)



MEETING AND EVENTS


20 of 36



Safety/Constr Awards Dnr-INC 4150-25-127 0 0 0 13,000 (13,000) 45,000 45,000

Annual Meeting 4150-25-128 175 10,000 108,530 90,000 18,530 95,000 (13,530)

Total Revenue 175 10,000 108,530 103,000 5,530 140,000 31,470

Salaries 5010-25-000 2,156 2,156 4,313 4,313 0 25,875 21,563

Payroll Taxes 5020-25-052 190 207 392 415 (23) 2,490 2,098


Pension 5020-25-139 226 236 453 472 (19) 2,831 2,378


Auto Expense 5030-25-000 0 0 97 200 (103) 1,100 1,003

Miscellaneous Meetings 5035-25-072 0 0 0 100 (100) 300 300

Office Exp. 5050-25-000 0 25 0 50 (50) 300 300

Postage 5050-25-069 0 50 0 50 (50) 100 100

Safety/Excellence Cons Din-Exp 5150-25-127 328 0 1,649 10,000 (8,351) 45,000 43,351

Annual Meeting 5150-25-128 6,098 20,000 94,818 80,000 14,818 95,000 182

Award & Recognition 5150-25-130 3,893 0 3,893 2,000 1,893 12,000 8,107

Total Expenses 13,184 22,979 106,200 98,207 7,993 191,370 85,170

Net Income (13,009) (12,979) 2,330 4,793 (2,463) (51,370) (53,700)



SPECIAL EVENTS


21 of 36



Intro / Retro 4010-36-204 9,757 2,900 20,671 2,900 17,771 5,900 (14,771)

Constructor In 4010-36-206 1,284 1,100 7,084 7,700 (616) 7,700 616

Min Dues - Introductory GC 4010-36-209 0 1,600 0 3,050 (3,050) 4,250 4,250

Min Dues - Associates 4010-36-211 23,888 20,000 163,174 162,000 1,174 176,500 13,326

Nat'l Educational Associate 4010-36-212 0 0 0 0 0 0 0

Min Dues - Retro 4010-36-213 401 200 4,815 5,800 (985) 6,000 1,185

Youth Constructor Dues 4010-36-248 401 100 722 100 622 100 (622)

NH-GC Dues 4030-36-205 31,053 26,000 202,509 216,000 (13,491) 237,000 34,491

Vol Dues - GC 4030-36-208 126,098 138,000 913,761 835,000 78,761 876,000 (37,761)

Vol Dues - Sub 4030-36-210 35,356 36,500 370,485 384,500 (14,015) 411,550 41,065

Prior Years Dues 4040-36-000 0 0 0 0 0 0 0

Sub-Total Dues Revenue 228,239 226,400 1,683,221 1,617,050 66,171 1,725,000 41,779

YTD % to Budget 97.58%

Misc Income/Mailing Labels 4900-36-198 0 0 0 0 0 0 0

Roster Advertising 4900-36-216 0 0 0 0 0 6,000 6,000

Sub-Total Other Revenue 0 0 0 0 0 6,000 6,000

Total Revenue 228,239 226,400 1,683,221 1,617,050 66,171 1,731,000 47,779

Salaries 5010-36-000 8,514 8,474 17,571 16,948 622 101,690 84,119

Payroll Taxes 5020-36-052 731 739 1,653 1,478 174 8,870 7,218


Pension 5020-36-139 767 860 1,590 1,720 (130) 10,319 8,729


Auto Expense 5030-36-000 0 0 0 50 (50) 300 300

Miscellaneous Meetings 5035-36-072 4 100 4 200 (196) 1,200 1,196

W. Chapters "Membership" Meeting 5035-36-098 0 0 0 0 0 2,000 2,000

Office Exp. 5050-36-000 55 0 55 150 (95) 600 545

Postage - Member Services 5050-36-069 0 10 83 20 63 1,030 947

Cell Phone Exp.- Member Services 5087-36-000 60 100 120 200 (80) 1,200 1,080

Early Payment Disc. (2%) 5140-36-078 657 0 1,062 0 1,062 28,000 26,938

Membership Promotion 5140-36-080 0 125 0 250 (250) 2,000 2,000

Depreciation 6950-36-000 1,689 1,700 3,378 3,400 (23) 20,403 17,025

Total Expenses 13,592 13,264 27,746 26,727 1,018 201,928 174,183

Net Income 214,647 213,136 1,655,475 1,590,323 65,152 1,529,072 (126,403)



MEMBER SERVICE


22 of 36



FLF Event Revenue 4150-16-175 1,000 1,000 1,000 2,000 (1,000) 12,000 11,000

Total Revenue 1,000 1,000 1,000 2,000 (1,000) 12,000 11,000

Salaries 5010-16-000 2,840 2,988 5,852 5,975 (123) 35,850 29,998

Payroll Taxes 5020-16-052 239 295 500 590 (89) 3,538 3,038

Health/Security/LTD 5020-16-070 526 546 1,052 1,091 (39) 6,546 5,494

Pension 5020-16-139 290 321 598 641 (44) 3,848 3,250


Rent / Facility Cost 5035-16-000 0 0 0 0 0 0 0

Membership Meetings 5140-16-177 0 142 0 284 (284) 1,704 1,704

Event / Entertainment 5150-16-175 0 1,625 0 3,250 (3,250) 79,500 79,500

Food / Beverage 5300-16-000 174 305 1,139 610 529 3,660 2,521

Total Expenses 4,068 6,221 9,141 12,441 (3,300) 139,646 130,505

Net Income (3,068) (5,221) (8,141) (10,441) 2,300 (127,646) (119,505)



FUTURE LEADERSHIP FORUM


23 of 36



Salaries 5010-26-000 1,620 1,620 3,240 3,240 0 19,440 16,200

Payroll Taxes 5020-26-052 135 136 275 273 2 1,636 1,361


Pension 5020-26-139 158 162 315 325 (10) 1,947 1,632


Donations - Other 5060-26-000 0 0 0 0 0 60,000 60,000

Donations - AGCEF 5060-26-063 10,542 10,542 21,083 21,083 0 126,500 105,417

Endowment - AGCEF 5062-26-063 0 0 0 0 0 0 0

Events 5120-26-158 0 0 0 0 0 3,250 3,250

Education Subsidy to Members 5140-26-136 0 2,250 0 4,500 (4,500) 27,000 27,000

Total Expenses 12,607 14,869 25,218 29,738 (4,520) 243,040 217,822

Net Income (12,607) (14,869) (25,218) (29,738) 4,520 (243,040) (217,822)



WORKFORCE DEVELOPMENT


24 of 36



Safety Promotion Items 4100-42-080 4,175 2,400 7,125 5,900 1,225 23,700 16,575

Safety Team Inspections 4100-42-218 2,430 2,500 4,860 4,000 860 24,975 20,115

Safety Training 4100-42-219 0 0 0 0 0 5,000 5,000

Safety Grants Income 4100-42-241 0 0 0 0 0 0 0

Field Day / Safety Team (Golf) 4150-42-176 0 0 0 0 0 22,350 22,350

Shipping - Safety Products 4900-42-195 162 50 255 150 105 800 545

Total Revenue 6,767 4,950 12,240 10,050 2,190 76,825 64,585

Salaries 5010-42-000 19,694 21,693 39,388 43,387 (3,999) 260,320 220,932

Payroll Taxes 5020-42-052 1,759 1,910 3,584 3,820 (237) 22,922 19,338


Pension 5020-42-139 1,945 2,036 3,889 4,073 (184) 24,438 20,549


Auto/Travel Expense 5030-42-000 453 940 808 1,880 (1,072) 11,275 10,467

Corporate Travel 5030-42-178 560 305 560 2,110 (1,550) 6,710 6,150

Misc Meetings - Safety 5035-42-072 164 150 246 300 (54) 2,200 1,954

Consultants Fees 5040-42-144 0 0 0 0 0 3,000 3,000

Office Exp. 5050-42-000 9 92 83 184 (101) 1,100 1,017

Postage - Safety 5050-42-069 472 200 615 500 115 2,700 2,085


Membership Dues 5060-42-061 0 0 0 0 0 410 410

Cell Phone Exp.- Safety 5087-42-000 179 225 360 450 (90) 2,700 2,340

Safety Promotion 5120-42-080 10,345 425 12,521 15,425 (2,904) 30,852 18,331

Safety Grants Expense 5120-42-241 0 0 0 0 0 0 0

Hearing Conservation 5120-42-251 1,623 1,700 1,623 1,700 (77) 1,700 77

Safety Equipment 5120-42-350 0 0 0 0 0 200 200

Golf Tournment - Safety Team 5150-42-176 0 0 0 0 0 13,853 13,853

Insurance 5900-42-064 0 0 3,646 3,500 146 3,500 (146)

Depreciation 6950-42-000 739 739 1,478 1,478 0 8,866 7,388

Total Expenses 40,757 33,365 74,432 84,706 (10,274) 468,095 393,663

Net Income (33,990) (28,415) (62,192) (74,656) 12,463 (391,270) (329,077)



SAFETY


25 of 36



PY 19 - Retro Revenue 4500-27-222 0 0 0 0 0 0 0

PY 20 - Retro Revenue 4500-27-223 0 0 0 0 0 0 0

PY 21 - Retro Revenue 4500-27-224 0 0 0 0 0 0 0

PY 22 - Retro Revenue 4500-27-225 0 0 0 0 0 0 0

Retro Exp Gross/Reimbursement 4500-27-242 110,000 126,480 220,000 252,960 (32,960) 1,517,760 1,297,760

Total Revenue 110,000 126,480 220,000 252,960 (32,960) 1,742,760 1,522,760

Annual Meeting - Retro Breakfast 5502-27-221 TO 5502-27-230 0 0 0 0 0 0 0

Annual Meeting - AGC 5503-27-221 TO 5503-27-230698 0 698 0 698 0 (698)

Association Dues - WSIA 5504-27-221 TO 5504-27-230 0 0 0 0 0 0 0

Auto / Travel Expense 5505-27-221 TO 5505-27-230 0 0 207 0 207 0 (207)

Computer Equip Maint. - Upgrade 5506-27-221 TO 5506-27-230261 0 261 0 261 0 (261)

Ins - Liability / Directors & Officers (D&O) 5507-27-221 TO 5507-27-230 0 0 8,968 0 8,968 0 (8,968)

Misc. Expenses 5510-27-221 TO 5510-27-230 0 0 68 0 68 0 (68)

Misc. Meetings 5511-27-221 TO 5511-27-230 0 0 186 0 186 0 (186)

Office Equipment 5512-27-221 TO 5512-27-230361 0 765 0 765 0 (765)

Office Rent & Parkng 5513-27-221 TO 5513-27-2304,598 0 9,189 0 9,189 0 (9,189)

Office Supplies 5514-27-221 TO 5514-27-230287 0 536 0 536 0 (536)

Postage 5515-27-221 TO 5515-27-230310 0 930 0 930 0 (930)

Salaries 5516-27-221 TO 5516-27-23053,114 0 106,185 0 106,185 0 (106,185)

Payroll Taxes & Benefits 5517-27-221 TO 5517-27-23018,837 0 37,933 0 37,933 0 (37,933)

Bonus (FICA & Taxes) 5518-27-221 TO 5518-27-230 0 0 0 0 0 0 0

Telephone / Cellular 5520-27-221 TO 5520-27-230839 0 1,416 0 1,416 0 (1,416)

Subtotal 79,330 0 167,567 0 167,567 0 (167,567)

RTW Classroom Income 5524-27-221 TO 5524-27-230 0 0 0 0 0 0 0

RTW Center 5525-27-221 TO 5525-27-23045,479 41,653 90,958 83,306 7,652 499,836 408,878

Classroom Yakima 5527-27-221 TO 5527-27-2301,700 1,700 3,400 3,400 0 20,400 17,000

Subtotal 47,179 43,353 94,358 86,706 7,652 520,236 425,878

NET EXPENSE 126,509 43,353 261,925 86,706 175,219 520,236 258,311

Clearing Account 5528-27-221 TO 5528-27-230(126,509) 0 (261,925) 0 (261,925) 0 261,925

TOTAL NET EXPENSE 0 43,353 0 86,706 (86,706) 520,236 520,236

Retro Exp Gross/Reimbursement 5500-27-242 110,000 83,127 220,000 166,254 53,746 997,524 777,524

NET OPR INCOME / (EXPENSE) 0 43,353 0 86,706 (86,706) 745,236 745,236



GROUP RETRO


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Public Works Mtg Income 4100-30-072 0 0 10,075 7,000 3,075 7,000 (3,075)

Legislative Reimbursement 4100-30-147 0 0 0 0 0 17,500 17,500

Total Revenue 0 0 10,075 7,000 3,075 24,500 14,425

Salaries 5010-30-000 21,189 14,398 35,437 28,795 6,642 172,770 137,334

Contract Lobbyists / Temp Help 5010-30-051 7,500 8,250 7,500 16,500 (9,000) 32,750 25,250

Payroll Taxes 5020-30-052 1,787 1,291 3,067 2,582 485 15,492 12,425

Health/Security/LTD 5020-30-070 1,785 2,787 3,570 5,575 (2,005) 33,450 29,879

Pension 5020-30-139 2,149 1,478 3,569 2,956 613 17,735 14,166


Auto Expense 5030-30-000 161 125 317 250 67 1,700 1,383

Corporate Travel 5030-30-178 0 75 0 625 (625) 4,600 4,600

Miscellaneous Meetings 5035-30-072 172 1,520 2,147 3,890 (1,743) 11,230 9,083

Professional Studies 5040-30-149 0 0 0 0 0 2,500 2,500

Legal Research & Representation 5040-30-161 0 400 0 800 (800) 5,000 5,000

Office Exp. 5050-30-000 709 550 1,104 1,300 (196) 7,770 6,666

Office Equipment Lease 5050-30-066 16 17 32 33 (1) 200 168

Office Equipment Maintenance 5050-30-067 85 60 93 120 (27) 1,250 1,157

Postage - GAC 5050-30-069 0 100 0 500 (500) 1,200 1,200

Contract Printing 5050-30-074 0 0 0 0 0 4,700 4,700

Membership Dues 5060-30-061 7,500 0 8,280 720 7,560 11,445 3,165

Subscriptions 5060-30-062 1 90 1 110 (109) 300 299

Donations 5060-30-063 0 75 0 1,325 (1,325) 6,750 6,750

LRC Membership 5060-30-160 0 0 0 0 0 0 0

Coalitions 5060-30-259 0 1,250 0 2,500 (2,500) 2,500 2,500

Rent - Leg. Office 5070-30-000 4,212 4,242 8,237 8,484 (247) 50,904 42,667

Internet Service Provider 5084-30-000 195 195 390 390 (0) 2,340 1,950

Telephone Exp.- Leg. 5086-30-000 198 225 404 450 (46) 2,300 1,896

Cell Phone Exp.- Leg. 5087-30-000 81 200 162 400 (238) 2,400 2,238

WebEx 5088-30-000 0 0 0 0 0 1,000 1,000

Public Works Promotion 5120-30-080 0 500 0 1,000 (1,000) 2,500 2,500

Public Works Committee 5120-30-153 (75) 0 8,877 7,000 1,877 7,000 (1,877)

State Facilities Committee 5120-30-155 0 0 0 0 0 0 0

LEARN 5130-30-083 0 0 0 0 0 250 250

Legislative Reporting Service 5130-30-147 0 0 375 1,625 (1,250) 3,725 3,350

Gov't Affairs Committee Exp. 5130-30-148 0 0 0 0 0 500 500

Insurance & Bonds 5900-30-064 0 0 1,491 1,550 (59) 1,550 59

Depreciation 6950-30-000 1,234 1,234 2,467 2,467 0 14,804 12,337

Total Expenses 48,899 39,062 87,521 91,947 (4,426) 439,160 351,638

Net Income (48,899) (39,062) (77,446) (84,947) 7,501 (414,660) (337,213)



GOVERNMENT AFFAIRS COUNCIL


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Salaries 5010-31-000 1,202 998 2,190 1,995 195 11,971 9,781

Payroll Taxes 5020-31-052 102 92 190 185 5 1,110 919


Pension 5020-31-139 117 100 212 201 11 1,205 993


Auto Expense:BUILD 5030-31-000 0 0 0 0 0 0 0

Corporate Travel 5030-31-178 0 0 0 0 0 300 300

Misc. Meetings 5035-31-072 80 0 1,494 1,900 (406) 1,900 406

Office Exp. 5050-31-000 0 0 0 200 (200) 200 200

Indirect Overhead / Admin - Build Pac 5060-31-063 40 50 81 100 (19) 3,800 3,719

Total Expenses 1,669 1,373 4,422 4,846 (424) 23,258 18,836

Net Income (1,669) (1,373) (4,422) (4,846) 424 (23,258) (18,836)



BUILD-PAC


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Misc. Meetings 4100-33-072 0 0 0 0 0 0 0

Total Revenue 0 0 0 0 0 0 0

Salaries 5010-33-000 250 306 500 613 (112) 3,675 3,175

Payroll Taxes 5020-33-052 22 29 45 58 (13) 351 306

Health/Security/LTD 5020-33-070 19 38 38 75 (37) 452 414

Pension 5020-33-139 18 27 35 54 (19) 326 291

Incentive Compensation 5010-33-058 0 0 0 0 0 273 273

Miscellaneous Meetings 5035-33-072 0 0 0 0 0 3,500 3,500

Total Expenses 309 400 619 801 (182) 8,577 7,959

Net Income (309) (400) (619) (801) 182 (8,577) (7,959)



AGC - FEDERAL FACILITIES


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Misc Income/Labor Forms 4900-34-220 0 0 0 0 0 0 0


Salaries 5010-34-000 14,340 14,339 28,679 28,678 1 172,069 143,390

Payroll Taxes 5020-34-052 1,252 1,352 2,557 2,703 (146) 16,220 13,663


Pension 5020-34-139 1,497 1,559 2,993 3,118 (125) 18,710 15,716


Auto Expense 5030-34-000 6 100 6 200 (194) 1,200 1,194

Legal 5040-34-060 0 500 0 1,000 (1,000) 6,000 6,000

Office Exp. 5050-34-000 25 40 25 80 (55) 480 455

Postage - Labor 5050-34-069 0 10 1 20 (19) 120 119

Cell Phone Exp.- Labor 5087-34-000 60 100 120 200 (80) 1,200 1,080

Labor Relations 5120-34-163 268 200 557 400 157 2,400 1,843

Trustee Expense 5120-34-166 (325) 0 (125) 600 (725) 2,000 2,125

Events - Turner School 5150-34-172 0 0 0 0 0 0 0

Depreciation 6950-34-000 11 11 21 21 0 129 107

Total Expenses 19,029 20,184 38,627 40,968 (2,341) 262,118 223,491

Net Income (19,029) (20,184) (38,627) (40,968) 2,341 (262,118) (223,491)



LABOR


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Salaries 5010-40-000 876 876 1,752 1,752 0 10,512 8,760

Payroll Taxes 5020-40-052 77 84 156 168 (12) 1,009 853


Pension 5020-40-139 82 86 164 171 (8) 1,029 865


Auto Expense 5030-40-000 0 0 0 0 0 0 0

Corporate Travel 5030-40-178 0 200 0 200 (200) 525 525

Resource Materials 5050-40-074 0 0 0 0 0 300 300

Open Shop Dinner Meeting 5120-40-167 0 0 0 0 0 375 375

Open Shop Speaker Exp. 5120-40-168 0 0 0 50 (50) 200 200

Open Shop Meeting Costs 5120-40-169 0 100 0 100 (100) 200 200

Open Shop Seminars 5120-40-170 0 0 0 0 0 375 375

Top Student Awards 5120-40-171 0 0 0 0 0 575 575

Misc. Industry Support 5120-40-172 0 0 0 0 0 1,025 1,025

Total Expenses 1,152 1,468 2,307 2,686 (379) 18,680 16,373

Net Income (1,152) (1,468) (2,307) (2,686) 379 (18,680) (16,373)



OPEN SHOP


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Members' Event Income 4100-12-175 0 0 0 0 0 8,000 8,000

District Mtgs - Seattle 4100-12-177 1,540 1,200 2,240 2,900 (660) 9,800 7,560

Golf - Seattle District 4150-12-176 3,050 0 3,050 0 3,050 46,000 42,950

Total Revenue 4,590 1,200 5,290 2,900 2,390 63,800 58,510

Salaries 5010-12-000 9,438 11,257 18,877 22,513 (3,637) 135,081 116,204

Payroll Taxes 5020-12-052 830 1,343 1,702 2,685 (983) 16,110 14,409

Health/Security/Ltd 5020-12-070 1,175 1,464 2,350 2,929 (578) 17,572 15,221

Pension 5020-12-139 966 1,016 1,932 2,032 (101) 12,194 10,262


Auto Expense 5030-12-000 35 125 182 250 (68) 1,500 1,318


Office Expense 5050-12-000 0 0 0 0 0 500 500

Postage - Seattle District 5050-12-069 10 0 10 0 10 400 390


Membership Dues 5060-12-061 0 0 0 0 0 4,000 4,000

Donations 5060-12-063 0 0 0 0 0 1,500 1,500

Cell Phone Exp.- Seattle 5087-12-000 60 100 120 200 (80) 1,200 1,080

Local Gov't Affairs 5130-12-174 0 500 32 500 (468) 6,000 5,968

Membership Promotion 5140-12-080 0 1,200 0 1,200 (1,200) 8,200 8,200

Holiday Open House 5140-12-175 0 0 0 0 0 10,000 10,000

Memb mtgs/ Seattle 5140-12-177 1,447 1,750 2,893 3,500 (607) 12,250 9,357

Member Events - Expense 5150-12-175 0 0 0 0 0 8,000 8,000

Golf Tournament - Seattle District 5150-12-176 660 0 660 0 660 46,000 45,340

Depreciation 6950-12-000 7 7 15 15 0 88 73

Total Expenses 14,629 18,762 28,773 35,824 (7,051) 296,285 267,512

Net Income (10,039) (17,562) (23,483) (32,924) 9,441 (232,485) (209,002)



SEATTLE DISTRICT


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District Mtgs - Southern 4100-14-177 2,950 3,000 5,350 3,000 2,350 21,000 15,650

Golf - Southern District 4150-14-176 0 0 0 0 0 44,450 44,450

Total Revenue 2,950 3,000 5,350 3,000 2,350 65,450 60,100

Salaries 5010-14-000 12,271 12,271 24,543 24,542 1 147,250 122,707

Payroll Taxes 5020-14-052 1,074 1,199 2,198 2,398 (200) 14,389 12,191


Pension 5020-14-139 1,114 1,175 2,229 2,349 (121) 14,095 11,866


Auto Expense 5030-14-000 90 242 180 484 (304) 2,904 2,724


Miscellaneous Meetings 5035-14-072 102 600 471 1,200 (729) 6,500 6,029

Office Exp. 5050-14-000 659 200 831 400 431 2,400 1,569

Office Equipment Maintenance 5050-14-067 102 208 205 416 (211) 2,496 2,291

Postage - South District 5050-14-069 0 122 0 244 (244) 1,464 1,464

Office Equipment - Interest - FIFE 5050-14-290 41 55 84 110 (26) 660 576

Subscriptions 5060-14-062 0 0 0 0 0 0 0

Donations - Pierce County CC Day 5060-14-063 0 0 0 0 0 1,000 1,000

Telephone Exp.- Southern 5086-14-000 448 450 684 900 (216) 5,400 4,716

Cell Phone Exp.- Southern 5087-14-000 60 70 120 140 (20) 840 720

Memb Mtgs/ Southern 5140-14-177 4,280 4,500 4,280 4,500 (220) 37,000 32,720

Golf Tournament - Southern District 5150-14-176 0 0 0 0 0 33,000 33,000

Depreciation 6950-14-000 99 99 198 198 0 1,189 991

Total Expenses 22,236 23,147 40,145 41,793 (1,648) 311,331 271,186

Net Income (19,286) (20,147) (34,795) (38,793) 3,998 (245,881) (211,086)



SOUTHERN DISTRICT


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Memb Mtgs/Northern District 4100-46-177 0 0 0 0 0 0 0

Membership Training 4100-46-189 0 0 0 0 0 0 0


Salaries 5010-46-000 5,032 5,031 10,063 10,063 0 60,376 50,313

Payroll Taxes 5020-46-052 444 484 915 968 (54) 5,810 4,895


Pension 5020-46-139 528 551 1,057 1,101 (44) 6,606 5,549


Auto Expense 5030-46-000 355 300 709 600 109 3,600 2,891



Office Exp. 5050-46-000 83 40 83 80 3 480 397

Postage - North District 5050-46-069 21 20 42 40 2 240 198

Membership Dues 5060-46-061 295 0 295 300 (5) 1,000 705

Subscriptions 5060-46-062 0 0 165 0 165 165 0

Rent - N. District 5070-46-000 750 750 1,500 1,500 0 9,000 7,500

Telephone Exp.- Northern 5086-46-000 0 0 3 10 (7) 50 47

Cell Phone Exp.- Northern 5087-46-000 60 75 120 150 (30) 900 780

Community Services/ Image Bldg 5120-46-185 1,000 0 1,000 0 1,000 1,500 500

Membership Training 5120-46-189 0 500 0 500 (500) 4,000 4,000

Local Gov't Affairs 5130-46-174 0 100 0 100 (100) 800 800

Membership Promotion 5140-46-080 53 500 114 1,000 (886) 5,900 5,786

Memb mtgs/ Northern 5140-46-177 656 700 1,116 1,400 (284) 8,100 6,984

Insurance & Bonds 5900-46-064 0 0 304 0 304 0 (304)

Total Expenses 10,166 9,948 19,366 19,607 (241) 126,059 106,693

Net Income (10,166) (9,948) (19,366) (19,607) 241 (126,059) (106,693)



NORTHERN DISTRICT


34 of 36



Memb Mtgs/Central Wa District 4100-48-177 0 0 90 0 90 500 410

Member Training 4100-48-189 0 0 0 0 0 150 150

Golf Tournament-Central WA 4150-48-081 0 500 0 500 (500) 18,900 18,900

Misc. Income 4900-48-194 0 0 0 0 0 0 0

Total Revenue 0 500 90 500 (410) 19,550 19,460

Salaries 5010-48-000 6,424 6,424 12,848 12,848 0 77,088 64,240

Payroll Taxes 5020-48-052 562 617 1,147 1,234 (87) 7,402 6,255


Pension 5020-48-139 601 629 1,201 1,257 (56) 7,542 6,341


Auto Expense 5030-48-000 0 0 0 0 0 0 0

Corporate Travel 5030-48-178 485 225 485 575 (90) 1,350 865

Office Exp. 5050-48-000 118 100 141 250 (109) 1,425 1,284

Office Equipment Maintenance 5050-48-067 0 0 0 0 0 0 0

Postage - Central District 5050-48-069 49 25 51 25 26 225 174

Utilities 5050-48-186 0 0 0 0 0 0 0

Membership Dues 5060-48-061 749 125 1,139 475 664 3,070 1,931

Subscriptions 5060-48-062 45 0 52 50 2 200 148

Rent - C. District 5070-48-000 508 508 1,237 1,137 100 6,900 5,663

Internet Service Provider 5084-48-000 63 60 127 120 7 720 593

Telephone / Cable TV - Central 5086-48-000 63 61 127 122 5 732 605

Cell Phone Exp.- Central 5087-48-000 60 70 120 140 (20) 840 720

Member Training Meetings 5120-48-189 0 150 0 300 (300) 1,800 1,800

HR Roundtable 5120-48-266 0 0 0 200 (200) 650 650

Local Gov't Exp. 5130-48-174 25 200 48 300 (252) 1,000 952

Membership Promotion 5140-48-080 542 600 721 1,200 (479) 7,400 6,679

Memb mtgs/ Central WA 5140-48-177 128 150 128 650 (522) 3,300 3,172

Golf Tournament - Central District 5150-48-081 0 0 0 0 0 15,000 15,000

Insurance & Bonds 5900-48-064 0 50 527 100 427 650 123

Depreciation 6950-48-000 34 34 68 68 0 410 342

Total Expenses 11,315 10,923 21,887 22,841 (954) 156,445 134,559

Net Income (11,315) (10,423) (21,797) (22,341) 544 (136,895) (115,099)



CENTRAL DISTRICT


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LT Investment - Dividend MM 4801-90-000 368 0 701 0 701 0 (701)

LT Investment - Bond Interest 4802-90-000 0 2,000 0 4,000 (4,000) 24,000 24,000

LT Inv Real Gain(Loss)-Basis 4850-90-000 0 0 11,158 0 11,158 0 (11,158)

LT Inv Unreal Gain(Loss)-Mrkt 4851-90-000 (662) 0 (88,798) 0 (88,798) 0 88,798

Total Revenue (293) 2,000 (76,938) 4,000 (80,938) 24,000 100,938

Investment Consultant Fee 5800-90-000 0 0 0 0 0 12,000 12,000

Total Expenses 0 0 0 0 0 12,000 12,000

Net Income (293) 2,000 (76,938) 4,000 (80,938) 12,000 88,938



NON-OPERATING


36 of 36

Audited Financial Statements, Other Financial Information (Audited)

and Nonaccounting Data (Unaudited)

December 31, 2015 and 2014

ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON Audited Financial Statements, Other Financial Information (Audited) and Nonaccounting Data (Unaudited) December 31, 2015 and 2014 INDEPENDENT AUDITOR’S REPORT .............................................................................. 1-2 AUDITED FINANCIAL STATEMENTS Statements of Financial Position (Balance Sheets) ........................................................... 3-4 Statements of Activities and Changes in Net Assets ............................................................5 Statements of Cash Flows ................................................................................................. 6-7 Notes to Financial Statements ......................................................................................... 8-18 OTHER FINANCIAL INFORMATION Chart I - Revenue ................................................................................................................19 Chart II - Functional Expenses ............................................................................................20 Chart III - Non-Facility Expenses .......................................................................................21 Chart IV - Expenses by Department, Net of Facility and RETRO Expenses .....................22 Graph I - Current and Debt/Equity Ratios ..........................................................................23 Graph II - Buildings and Marina Activities ........................................................................24 Graph III - Dues Revenue as a Percentage of Association Expenses .................................25 Graph IV - Six-Year Income and Cash/Investment Balances .............................................26 Graph V - Dues by Membership Type ................................................................................27 NONACCOUNTING DATA Graph A - Total Members ...................................................................................................28

AUDITED FINANCIAL STATEMENTS

The accompanying notes are an integral part of these financial statements.

-3-

ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON STATEMENTS OF FINANCIAL POSITION (BALANCE SHEETS) December 31, 2015 and 2014 2015 2014

ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,400,817 $ 2,823,728 Accounts receivable 443,329 145,406 Prepaid expenses 156,366 200,349 Total Current Assets 4,000,512 3,169,483 OTHER ASSETS Investments 2,147,682 2,236,072 Group retrospective rating plan assets 18,458,038 18,246,707 Prepaid commissions expense 85,738 82,109 Deposits 3,628 3,628 Deferred tax asset 15,000 Total Other Assets 20,710,086 20,568,516 PROPERTY AND EQUIPMENT Land and improvements 2,376,137 2,376,137 Buildings 13,386,811 13,135,912 Leasehold improvements 1,394,004 1,290,404 Furniture and equipment 981,954 961,734 Automobiles 43,774 43,774 Marina 1,542,325 1,536,739 19,725,005 19,344,700 Less accumulated depreciation 11,101,795 10,511,650 Total Property and Equipment 8,623,210 8,833,050 Total Assets $ 33,333,808 $ 32,571,049

-4-

2015 2014 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Current portion of long-term debt $ 78,779 Current portion of leases payable $ 3,030 5,798 Accounts payable 644,837 439,875 Accrued expenses 60,596 86,208 Due to related entities 104,195 31,528 Deferred income 1,208,312 1,177,939 Total Current Liabilities 2,020,970 1,820,127 OTHER LIABILITIES Group retrospective rating plan liability 18,458,038 18,246,707 Tenant deposits 215,132 190,764 Total Other Liabilities 18,673,170 18,437,471 LONG-TERM DEBT Notes payable, less current portion 371,324 Leases payable, net of current portion 1,112 4,142 Total Long-Term Debt 1,112 375,466 Total Liabilities 20,695,252 20,633,064 NET ASSETS Unrestricted Net Assets Undesignated 9,638,556 9,437,985 Board-designated (See Note 10) 3,000,000 2,500,000 Total Net Assets 12,638,556 11,937,985 Total Liabilities and Net Assets $ 33,333,808 $ 32,571,049


-5-

ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS Years Ended December 31, 2015 and 2014 2015 2014 REVENUE AND SUPPORT Members’ dues $ 1,785,265 $ 1,785,258 Rents 3,971,995 3,738,495 Group retrospective rating plan 2,026,780 1,959,316 Other programs 330,852 285,079 Fundraising events 141,702 134,573 Investment income 12,017 112,790 Other income (loss) (4,069) 11,432 Total Revenue and Support 8,264,542 8,026,943 EXPENSES Program expenses: Group retrospective rating plan 1,575,435 1,447,044 Other member services 687,150 632,762 Education and training 628,104 630,379 Government and industry relations 737,716 732,302 Districts 699,883 670,356 Total Program Expenses 4,328,288 4,112,843 Supporting expenses: Administrative and management 732,258 748,394 Fundraising events 111,139 104,702 Facility management 2,407,286 2,289,396 Total Supporting Expenses 3,250,683 3,142,492 Total Expenses 7,578,971 7,255,335 INCREASE IN NET ASSETS BEFORE INCOME TAXES 685,571 771,608 Income Tax Benefit 15,000 INCREASE IN NET ASSETS 700,571 771,608 NET ASSETS AT BEGINNING OF YEAR 11,937,985 11,166,377 NET ASSETS AT END OF YEAR $ 12,638,556 $ 11,937,985


-6-

ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON STATEMENTS OF CASH FLOWS Years Ended December 31, 2015 and 2014 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES Increase in net assets $ 700,571 $ 771,608 Adjustments to reconcile increase in net assets to net cash provided by operating activities: Unrealized loss on investments 71,119 27,025 Depreciation 641,022 610,716 Loss on disposition of property and equipment 34,574 12,970 Deferred income taxes (15,000) Changes in: Accounts receivable and deposits (297,923) (46,360) Prepaid expenses, including commissions 40,354 (80,797) Accounts payable 204,962 (4,175) Accrued expenses (25,612) 1,801 Grants payable (10,000) Due to related entities 72,667 1,041 Deferred income and tenant deposits 54,741 320,964 Net Cash Provided by Operating Activities 1,481,475 1,604,793 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (345,710) (916,729) Proceeds from maturity of investments 362,981 765,240 Purchase of property and equipment (465,756) (1,147,783) Net Cash Used by Investing Activities (448,485) (1,299,272) CASH FLOWS FROM FINANCING ACTIVITIES Principal payments on long-term debt (450,103) (75,475) Principal payments on capital leases (5,798) (5,284) Net Cash Used by Financing Activities (455,901) (80,759) NET INCREASE IN CASH AND CASH EQUIVALENTS 577,089 224,762 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 2,823,728 2,598,966 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 3,400,817 $ 2,823,728


-7-

ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON STATEMENTS OF CASH FLOWS (Continued) Years Ended December 31, 2015 and 2014 2015 2014 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest $ 21,667 $ 20,142

-8-

ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities Associated General Contractors of Washington (the Association) is a not-for-profit organization formed to promote the commerce, safety, and education of its membership. The Association’s main office is located in Seattle, Washington, with branch offices throughout the State. Basis of Presentation The financial statements are presented in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) industry topic applicable to Not-for-Profit Entities. In accordance with the FASB ASC topic, the Association reports information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.

Unrestricted Net Assets Unrestricted net assets are from revenue sources that do not contain time or purpose donor-imposed stipulations for their use. Board-designations for future spending reserves are also classified as unrestricted. Temporarily Restricted Net Assets Temporarily restricted net assets are from revenue sources which are subject to stipulations that may or will be met either by actions of the Association or the passage of time. The Association had no donor-restricted net assets at December 31, 2015 and 2014. Permanently Restricted Net Assets Permanently restricted net assets are from revenue sources which are subject to stipulations that they be maintained permanently by the Association. As of December 31, 2015 and 2014, the Association has no permanently restricted net assets.

Cash and Cash Equivalents For purposes of the statement of cash flows, the Association considers all financial instruments with an original maturity of three months or less, at the date of acquisition, to be cash equivalents. Accounts Receivable Accounts receivable are stated at the net realizable value. No allowance for doubtful accounts has been provided as management believes that essentially all receivables are collectible. If balances are uncollectible after management has made reasonable collection efforts, the amount is charged to bad debt expense in the period when the determination is made. Generally, the Association does not accrue interest charges on past due receivables.

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue Recognition Income from membership dues, rent and annual meeting reservations and sponsorships are recorded as deferred and recognized over the periods to which the dues, rents and reservations relate. Prepaid Commissions Lease commissions and other direct costs of obtaining tenant leases are capitalized and amortized in proportion to the rental income recognized on the related leases. Total prepaid commissions are $147,738 and $144,109 at December 31, 2015 and 2014, respectively. The current portion of $62,000 is included in prepaid expenses in the accompanying financial statements at December 31, 2015 and 2014. Property and Equipment Property and equipment are stated at cost and are depreciated over the estimated useful lives of the assets using the straight-line and accelerated methods of depreciation. Leasehold improvement costs are depreciated on a straight-line basis over the life of the respective lease. Depreciation is provided over the following lives: Land and improvements 15 Buildings 15-39 Furniture and equipment 3-10 Automobiles 5-7 Marina 10-15 Depreciation expense for the years ended December 31, 2015 and 2014 was $641,022 and $610,716, respectively. Advertising The Association expenses advertising costs as they are incurred. Advertising costs totaled $55,795 and $67,254 for the years ended December 31, 2015 and 2014, respectively. Federal Income Taxes The Association is exempt from federal income taxes under Section 501(c)(6) of the Internal Revenue Code (IRC). The Association is required to pay federal income taxes on unrelated business income resulting from advertising revenues, an affinity program and debt-financed rental property.

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Federal Income Taxes (Continued) The Association’s accounting policy for tax-related penalties and interest is to classify those items as federal income tax penalty and interest expense, respectively. No amounts were incurred during 2015 and 2014 for interest and penalties. Investment Policy The Association’s primary investment objective is the preservation of capital to ensure that sufficient funds are available to meet current and future operations, contingency and growth needs. The policy contains guidelines for the type of financial instrument in which Association funds may be invested. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Material estimates that are particularly susceptible to significant changes relate to future group refunds or penalties which may exceed the amounts held in trust for the retrospective rating plan (see Note 2). Actual results could differ from those estimates. Reclassifications Certain amounts for 2014 have been reclassified to conform to the 2015 presentation. The reclassifications have no effect on the previously reported financial position, changes in net assets or cash flows. Subsequent Events Management has evaluated subsequent events through March 31, 2016, which is the date that the financial statements were available to be issued. NOTE 2 - GROUP RETROSPECTIVE RATING PROGRAM The Association sponsors a group of members that participates in a special program offered by the Washington State Department of Labor and Industries (the Department) for trade association members. Members that apply for participation and are accepted into the group combine their premiums and claim costs. The group premium is compared annually with developed claim costs by the Department and the group receives a refund or penalty based on actual experience. To date, there have been no penalties assessed. The group refunds are reduced by the costs of administering the group and then the Association receives a sponsorship fee equal to 5% of the net refund.

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 2 - GROUP RETROSPECTIVE RATING PROGRAM (Continued) The Association sponsorship fees, net of expenses, were $451,345 and $593,192 for the years ended December 31, 2015 and 2014, respectively. Refunds are not fully distributed to participating members until the final annual adjustment is completed by the Department. Refunds held in trust prior to distribution to participating members are reflected as Group retrospective rating plan assets on the balance sheets and were invested as follows at December 31:

2015 2014

Checking and savings accounts $ 859,172 $ 586,712 Money market funds 2,594,067 2,857,167 CDs and bankers acceptance investments 1,390,187 3,644,972 Fixed income funds 711,149 717,420 Government obligations 12,903,463 10,440,436 $ 18,458,038 $ 18,246,707 NOTE 3 - RENTAL INCOME The Association leases property to various tenants under terms of non-cancelable operating leases. Property leased includes buildings, docks and tenant improvements with a cost of $17,405,163 and a net book value $ 6,894,704 at December 31, 2015. Minimum future lease income is as follows: Years Ended December 31, 2016 $ 2,769,000 2017 2,557,000 2018 2,007,000 2019 1,316,000 2020 1,078,000 Total Minimum Future Lease Income $ 9,727,000

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 4 - FAIR VALUE MEASUREMENTS The Association uses the FASB ASC topic for Fair Value Measurements, which establishes a fair value hierarchy for reporting that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels: Level 1 inputs consist of unadjusted quoted prices in active markets for identical assets and have the highest priority; Level 2 inputs consist of observable units other than quoted prices for identical assets; and Level 3 inputs have the lowest priority. There were no Level 2 or Level 3 inputs applied to the Association’s investments. The Association uses appropriate valuation techniques based on the available inputs to measure the fair value of its financial instruments. When available, the Association measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. NOTE 5 - INVESTMENT INCOME AND GAINS Investment income and gains from these investments is summarized as follows:

2015 2014

Interest and dividends $ 62,804 $ 39,206 Net realized gain 31,924 111,771

Net unrealized loss (71,119) (27,025) Investment fees (11,592) (11,162) Total $ 12,017 $ 112,790

A reconciliation of the investment account at December 31 is as follows:

2015 2014 Beginning balance $ 2,236,072 $ 2,111,608 Transfer (to)/from cash equivalent, net (100,407) 11,674 Interest and dividends 62,804 39,206 Realized gain 31,924 111,771 Unrealized gain (loss) (71,119) (27,025) Investment fees (11,592) (11,162)

Ending Balance $ 2,147,682 $ 2,236,072

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 6 - LEASE COMMITMENTS Operating Leases The Association leases two offices in Olympia and equipment under various operating leases with terms ending 2016 through 2018. The related future minimum lease payments are as follows: Years Ended December 31, 2016 $ 88,000 2017 77,000 2018 7,000 Total Minimum Future Lease Payments $ 172,000 The Association also leases two additional offices located in Yakima and Bellingham, both of which are on a month-to-month lease. Total lease expense incurred for the above operating leases was $117,564 and $113,914 for the years ended December 31, 2015 and 2014 , respectively. Capital Leases The Association entered into a lease agreement during 2011 for a copier with monthly payments approximating $410, including interest at 19.11%, commencing January 2011 through April 2016. The capitalized cost is $21,729 and accumulated amortization is $21,729 and $20,350 at December 31, 2015 and 2014, respectively. The Association entered into a lease agreement during 2012 for a copier with monthly payments approximating $150, including interest at 20.48%, commencing May 2012 through August 2017. The capitalized cost is $5,758 and accumulated amortization is $1,097 and $2,833 at December 31, 2015 and 2014, respectively. The related future minimum lease payments are as follows: Year Ended December 31, 2016 $ 3,441 2017 1,198 4,639 Less amount representing interest (497) Total Minimum Future Lease Payments $ 4,142 The current portion of capital leases payable is $3,030 and $5,798 at December 31, 2015 and 2014, net of interest portion, respectively.

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 7 - EMPLOYEE BENEFIT PLANS The Association offers eligible employees a defined contribution and profit sharing plan. The benefits are offered through participation in the Northwest AGC Chapters Retirement Plan document, which operates as a multiple employer pension plan. The principal plan sponsor is the Oregon-Columbia Chapter AGC. As an adopting employer, the Association is a plan co-sponsor and relies upon the principal plan sponsor for pension plan administration and asset oversight. Eligible employees are those individuals who have worked 1,000 hours and have also attained age 18. The Association matches employee contributions with a 50% contribution, up to 2.5% of the employee’s eligible wages. The Association may also elect to make a discretionary contribution to the Profit Sharing Plan. Association contributions charged to expense under this plan totals $196,770 and $191,145 for the years ended December 31, 2015 and 2014, respectively. The principal plan sponsor allocates a portion of plan administrative costs to AGC, who pays substantially all allocated costs attributable to Association employees. NOTE 8 – PROJECT AGREEMENT The Association has an agreement with the Washington State Department of Transportation (DOT) to administer funds for the SR 520 ceremony commemorating the bridge opening scheduled for 2016. As part of this agreement, the Association will serve as the fiscal agent. The contributions collected at December 31, 2015 approximate $115,700 and are included with accounts payable in the accompanying balance sheet. At the conclusion of the celebration, DOT will determine, and communicate to AGC, the amount due to the marketing agency responsible for the event coordination. NOTE 9 - LONG-TERM DEBT The Association had a mortgage note payable to Union Bank with interest at 3.91% per annum and monthly installments of $7,919, including interest. The note was due April 2020. During June 2015, the note was paid in-full. The balance outstanding at December 31, 2014 was $450,103, with $78,779 representing the current portion. Interest paid on the above note was $21,385 and $19,556 for the years ended December 31, 2015 and 2014, respectively.

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 10 - BOARD-DESIGNATED NET ASSETS The board has a policy, which provides for reserve funds to be set aside as board-designated, unrestricted net assets in the following broad categories:

Operating Reserve: to protect against unforeseen economic emergencies with respect to Association operations;

Plant and Equipment Reserve: to provide adequate resources to maintain real property assets and replace and maintain essential equipment;

Special Project Reserve: to provide financial support for special issues that are beyond the scope of the annual operating budget.

Annually, the minimum reserve investment account balance will be the greater of thirty percent (30%) of AGC’s annual budget revenues or the annual earthquake insurance deductible. The reserve funds are adjusted amongst the categories based upon the expected future needs, and upon certain reserve targets contained within the policy. When an authorized expenditure is drawn against one of the funds, the policy requires that an approved plan must be in place to replenish the amount expended from the fund. The board designated net assets consist of the following at December 31, 2015 and 2014: 2015 2014 Operating reserve $ 840,000 $ 420,000 Plant and equipment reserve 2,060,000 1,980,000 Special project reserve 100,000 100,000 Total Board-Designated Net Assets $ 3,000,000 $ 2,500,000 NOTE 11 - INCOME TAXES The Association follows the FASB ASC guidance contained in the topic for Income Taxes. The Internal Revenue Service (IRS) generally has three years from the date the return is filed to examine and assess additional tax. The Association has filed its federal tax returns timely with the IRS.

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 11 - INCOME TAXES (Continued) Income Taxes Certain activities of the Association are subject to IRS taxation as unrelated business income (UBI). These activities primarily include affinity programs and advertising income. After applying direct or indirect expenses to these activities, the net UBI is subject to federal income tax, using the corporate rate in effect. In most instances, a prior net operating loss (NOL) carryforward may be used to offset the net UBI. However, an operating loss carryforward is not allowed to reduce any tax liability payable to the IRS on lobbying or political activity. The Association did not incur any such federal tax liability for lobbying or political activity for the years ended December 31, 2015 or 2014. Net Operating Loss Carryforward At December 31, 2014, a valuation allowance was applied against a net operating loss carryforward, which reduced the deferred income tax asset to zero. The valuation allowance was based on management's best estimate of the amount of the NOL that would be realized. During 2015, the valuation allowance was reduced to zero, primarily based upon expected future taxable income from UBI activities. As of December 31, 2015, the Association has approximately $100,000 in operating losses which begin to expire in 2021. Provision for Tax Deferred income tax asset at December 31, 2015 and 2014 is: 2015 2014 Deferred tax asset $ 15,000 $ 23,000 Valuation Allowance (23,000) Deferred Tax Asset $ 15,000 $ Income taxes for the years ended December 31, 2015 and 2014 are as follows: 2015 2014 Change in deferred income tax $ (8,000) $ 6,000 Change in valuation allowance 23,000 (6,000) Income Tax Benefit $ 15,000 $

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 12 - PARTNERSHIP WITH OTHER ORGANIZATION The AGC Education Foundation (the Foundation) was formed by current and former members of AGC of Washington and the two organizations maintain a close working relationship. However, the Foundation operates as a separate not-for-profit organization with its own board of directors and employees. The Foundation is the primary resource for education programs for AGC. The Association provides a $25 continuing education scholarship to its members for attending a class instructed by AGC Education Foundation. The education assistance paid on behalf of members was $24,250 and $26,700 for the years ended December 31, 2015 and 2014, respectively. The Association provides the Foundation with cash contributions which totaled $126,500 for the years ended December 31, 2015 and 2014. During 2015, the Association contributed an additional $26,000 of which $25,000 was used to create a permanent named endowment and $1,000 was contributed towards the annual fund. The Association provides space in its Seattle office building to the Foundation at no charge. The value of this space for 2015 and 2014 approximates $21,000 and has not been included in the accompanying financial statements based on the FASB ASC topic for not-for-profit entities. The Association also provides the Foundation with administrative and accounting support, and services and allocates a portion of staff salaries to education training. The value of those services was $24,696 and $27,163 for the years ended December 31, 2015 and 2014, respectively. NOTE 13 - CONCENTRATION Concentration of Credit Risk At December 31, 2015 and 2014, there were cash and cash equivalents in excess of federally insured limits. The Association also has certain investments which are not federally insured. The Board has an investment policy that provides guidelines to minimize the Association’s risk of loss from such uninsured investments. Major Income Sources The Association receives a substantial amount of its total revenue and support from rental income and the retrospective rating plan program.

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ASSOCIATED GENERAL CONTRACTORS OF WASHINGTON NOTES TO FINANCIAL STATEMENTS December 31, 2015 and 2014 NOTE 14 - RISKS AND UNCERTAINTIES Investment securities are exposed to various risks such as significant world events, interest rate, credit and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the fair value of investments will occur in the near term and that such changes could materially affect the amounts reported in the accompanying Statement of Financial Position (Balance Sheet).

OTHER FINANCIAL INFORMATION (AUDITED)

Associated General Contractors of WashingtonChart I - Revenue

22%

28%

2%

48%

Revenue - 2015

Member Dues

Programs & Field Days

Investments & Other (Calculated)

Rents

22%

28%

5%

45%

Revenue - 2014

Member Dues

Programs & Field Days

Investments & Other (Calculated)

Rents

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Associated General Contractors of WashingtonChart II - Functional Expenses

57%

11%

32%

Functional Expenses - 2015

Member Programs

Other supporting services

Facility Management

57%

12%

31%

Functional Expenses - 2014

Member Programs

Other supporting services

Facility Management

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Associated General Contractors of WashingtonChart III - Non-Facility Expenses

84%

16%

Non-Facility Expenses - 2015

Member Programs

Administration &Management

83%

17%

Non-Facility Expenses - 2014

Member Programs

Administration &Management

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Board of Trustees1.73%

Tech2.7%

Administration9.48%

Accounting5.85%

Communications5.95%

Meetings & Events1.81%

Special Events5.36%

Member Service5.25%

FLF0.98%

Workforce Development (AGCEF )

5.0%

Safety11.98%

GAC12.90%

Federal Facilities0.16%

Labor6.94%

Open Shop0.51%

Seattle Dist.6.33%

Southern Dist.8.20%

Northern Dist.3.33%

Central Dist.4.05%

Associated General Contractors of WashingtonChart IV ‐ Expenses by Department, Net of Facility

and RETRO Expenses

2015

2015 Association Expense = $3,596,251

Board $62KTechnology $119KAdmin $341KAccting $210KComm $214KMeet ‐ Event $65KSp Events $193KMbr Service $189KFLF $35KAGCEF $211K

Safety $431KGAC $464KFed Fac $6K Labor $250KOpen Shop $18KSea. Dist $228KS. Dist $295K N. Dist $120KC. Dist $146K

Associated General Contractors of WashingtonGraph I - Current and Debt/Equity Ratios

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2.152.05

2.57

3.24

2.97 3.04

0.27 0.28 0.23 0.19 0.20 0.18

-0.25

0.25

0.75

1.25

1.75

2.25

2.75

3.25

2010 2011 2012 2013 2014 2015

Current Ratio = Current Assets + Investments / Current Liabilities Debt to Equity = % of Debt to Total Equity

Associated General Contractors of WashingtonGraph II - Buildings and Marina Activities

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$3,523,174 $3,533,876 $3,660,132 $3,591,123

$3,738,495

$3,971,995

$1,289,981 $1,307,406 $1,439,099 $1,430,203 $1,449,099

$1,564,709

$701,576

$1,022,851

$570,537 $391,508

$1,009,759

$402,077

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

2010 2011 2012 2013 2014 2015

Rents Net income (for rental activity) Buildings and Marina Capitalized Expenditures

Associated General Contractors of WashingtonGraph III - Dues Revenue as a Percentage of Association Expenses (excludes facility expenses )

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34.3% 34.7%

31.1%

34.9%36.3%

34.5%

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

2010 2011 2012 2013 2014 2015

Ave

rage

Ret

urn

Associated General Contractors of WashingtonGraph IV - Six-Year Income and Cash/Investment Balances

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2010 2011 2012 2013 2014 2015

Cash & Investments $3,795,900 $3,755,497 $4,110,533 $4,710,574 $5,059,800 $5,548,499

Operating Income Before Tax & Other $28,388 $289,513 $513,899 $460,947 $798,633 $614,452

Total Income After Tax & Other $185,615 $219,931 $641,046 $763,997 $771,608 $700,571

$3,795,900 $3,755,497

$4,110,533

$4,710,574

$5,059,800

$5,548,499

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

Dol

lars

Associated General Contractors of WashingtonGraph V - Dues by Membership Type

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2010 2011 2012 2013 2014 2015

Generals $1,133,660 $1,095,611 $1,071,191 $1,203,477 $1,218,829 $1,169,288

Subs $405,546 $378,846 $356,717 $367,983 $373,610 $419,641

Associates $181,638 $182,946 $173,328 $173,593 $186,319 $189,636

Retro & Other $6,350 $6,250 $6,175 $6,675 $6,500 $6,700

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

Due

s R

even

ue GeneralsSubsAssociatesRetro & Other

NONACCOUNTING DATA (UNAUDITED)

Associated General Contractors of WashingtonGraph A - Total Members

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167171 169 172

188

174

149 148153 155

176180

225 223 222217

237230

61 63 6266

61 59

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015

Mem

bers

Generals Subs Associates RETRO only

AGC OF WASHINGTON BOARD OF TRUSTEES MEETING April …...Apr 08, 2019 · within AGC of America and...

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Transcript of AGC OF WASHINGTON BOARD OF TRUSTEES MEETING April …...Apr 08, 2019 · within AGC of America and...