SAE Annual Report 2009 - 27
Net assets increased $5.1 million during 2009 as a result of the non-operating gains noted above. The increase in net assets for the year of $5.1 million, when combined with net assets at the beginning of the year of $25.1 million, resulted in $30.2 million net assets at year-end. Once again we received a favorable management letter from our independent auditors. Cited positively were SAE internal control activities including budgeting and reporting to the Finance Committee, and the SAE control environment including integrity and ethical values, commitment to competence, Board of Directors and Audit Committee participation, and management’s philosophy and operating style. As a reminder, please recall that SAE is tax exempt under Section 501(c)(3) of the Internal Revenue Code. Ultimate responsibility for the financial statements and other information in the annual report rests with the SAE Board of Directors. The Board, through its Finance Committee and Financial Audit Committee, monitors the system of accounting and internal controls, investment management, and the professional competency and integrity of persons performing these functions. The independent auditors have direct access to the Financial Audit Committee to discuss the scope and results of their audit, their comments on the adequacy of internal accounting controls, and the quality of financial reporting.
If you would like more details about the accompanying financial statements or any aspect of financial operations at SAE, please feel free to contact either of us or Dana Pless, Chief Financial Officer at SAE World Headquarters (dpless@sae.org). Respectfully submitted,
Terence J. Rhoades Treasurer
Carol A. Story Assistant Treasurer
2009 Annual Report
27
SAE Annual Report 2009
Table of Contents for the Digital Edition of SAE Annual Report 2009
SAE Annual Report 2009
Defining our Future
Strong
Changing for the Future
Responding to Industry Needs
Technology
Technically Relevant
Knowledge
Inspiration
Diverse
You
SAE International Financials
The Financial Message
Independent Auditors’ Report
Statements of Financial Position
Statement of Activities and Changes in Net Assets
Statements of Cash Flows
Notes to the Financial Statements
SAE International Supplemental Information
Statement of Activities and Changes in Net Assets
Board of Directors
Executive Management Council
Affiliates and Sections
SAE International Business Partners
SAE Annual Report 2009 - SAE Annual Report 2009
SAE Annual Report 2009 - Defining our Future
SAE Annual Report 2009 - 2
SAE Annual Report 2009 - 3
SAE Annual Report 2009 - Strong
SAE Annual Report 2009 - Changing for the Future
SAE Annual Report 2009 - Responding to Industry Needs
SAE Annual Report 2009 - 7
SAE Annual Report 2009 - 8
SAE Annual Report 2009 - Technology
SAE Annual Report 2009 - 10
SAE Annual Report 2009 - Technically Relevant
SAE Annual Report 2009 - 12
SAE Annual Report 2009 - 13
SAE Annual Report 2009 - Knowledge
SAE Annual Report 2009 - 15
SAE Annual Report 2009 - 16
SAE Annual Report 2009 - Inspiration
SAE Annual Report 2009 - 18
SAE Annual Report 2009 - 19
SAE Annual Report 2009 - Diverse
SAE Annual Report 2009 - 21
SAE Annual Report 2009 - You
SAE Annual Report 2009 - 23
SAE Annual Report 2009 - SAE International Financials
SAE Annual Report 2009 - The Financial Message
SAE Annual Report 2009 - 27
SAE Annual Report 2009 - Independent Auditors’ Report
SAE Annual Report 2009 - Statements of Financial Position
SAE Annual Report 2009 - Statement of Activities and Changes in Net Assets
SAE Annual Report 2009 - 31
SAE Annual Report 2009 - Statements of Cash Flows
SAE Annual Report 2009 - Notes to the Financial Statements
SAE Annual Report 2009 - 34
SAE Annual Report 2009 - 35
SAE Annual Report 2009 - 36
SAE Annual Report 2009 - 37
SAE Annual Report 2009 - 38
SAE Annual Report 2009 - 39
SAE Annual Report 2009 - 40
SAE Annual Report 2009 - 41
SAE Annual Report 2009 - SAE International Supplemental Information
SAE Annual Report 2009 - Statement of Activities and Changes in Net Assets
SAE Annual Report 2009 - Board of Directors
SAE Annual Report 2009 - 45
SAE Annual Report 2009 - Executive Management Council
SAE Annual Report 2009 - Affiliates and Sections
SAE Annual Report 2009 - SAE International Business Partners
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