THE AMERICAN SOCIETY FOR THE PREVENTION OF CRUELTY ...

THE AMERICAN SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS

Financial Statements

December 31, 2013 and 2012

(With Independent Auditors’ Report Thereon)

Independent Auditors’ Report

The Board of Directors The American Society for the Prevention of Cruelty to Animals:

We have audited the accompanying financial statements of the American Society for the Prevention of Cruelty to Animals (the ASPCA), which comprise the balance sheets as of December 31, 2013 and 2012, and the related statements of activities, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the organization’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the organization’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

KPMG LLP 345 Park Avenue New York, NY 10154-0102

KPMG LLP is a Delaware limited liability partnership, the U.S. member firm of KPMG International Cooperative (“KPMG International”), a Swiss entity.

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Opinion

In our opinion, the financial statements referred to above present fairly in all material respects, the financial position of the American Society for the Prevention of Cruelty to Animals as of December 31, 2013 and 2012, and the changes in its net assets and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.

June 18, 2014

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THE AMERICAN SOCIETY FOR THE PREVENTION OFCRUELTY TO ANIMALS

Balance Sheets


Assets 2013 2012

Cash and cash equivalents $ 11,651,379 9,585,155 Bequests and contributions receivable 6,195,526 8,491,982 Other receivables, net of allowance of $247,000 in 2013 and

$79,000 in 2012 6,038,771 4,512,569 Prepaid expenses and other assets 3,064,644 3,174,863 Investments (note 3) 131,608,338 128,976,480 Beneficial interest in trusts held by others (note 4) 20,662,160 17,697,985 Land, building, and equipment, net (note 5) 45,377,230 41,053,221

Total assets $ 224,598,048 213,492,255

Liabilities and Net Assets

Liabilities:Accounts payable and accrued expenses $ 13,713,168 10,424,146 Grants payable 2,468,190 4,752,567 Deferred rent and other (note 7) 2,909,569 2,767,393 Annuity obligations 4,490,881 4,015,457 Unfunded pension obligation (note 6) 3,104,520 6,081,555

Total liabilities 26,686,328 28,041,118

Commitments and contingencies (note 7)

Net assets (notes 10 and 11):Unrestricted 135,314,763 127,755,165 Temporarily restricted 36,925,063 34,604,344 Permanently restricted 25,671,894 23,091,628

Total net assets 197,911,720 185,451,137 Total liabilities and net assets $ 224,598,048 213,492,255

See accompanying notes to financial statements.

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Statement of Activities

Year ended December 31, 2013

Temporarily PermanentlyUnrestricted restricted restricted Total

Operating support and revenues:Contributions and memberships $ 110,249,670 4,830,635 — 115,080,305 Animal health services fees 14,649,039 — — 14,649,039 Bequests and trusts 6,665,510 12,630,293 — 19,295,803 Grants and sponsorships 8,082,042 — — 8,082,042 Royalties, licenses and other 3,798,762 — — 3,798,762 Investment income designated for operations

(note 3) 5,143,000 — — 5,143,000 Net assets released from restrictions

(note 10) 16,648,149 (16,648,149) — —

Total operating support andrevenues 165,236,172 812,779 — 166,048,951

Operating expenses:Program expenses:

Animal health services 34,770,721 — — 34,770,721 Public education and communications 33,009,627 — — 33,009,627 Anticruelty programs 22,730,232 — — 22,730,232 Community outreach 20,847,140 — — 20,847,140 Grants (note 9) 18,112,859 — — 18,112,859

Total program expenses 129,470,579 — — 129,470,579

Supporting expenses:Membership development and fund-raising 33,548,939 — — 33,548,939 Management and general 9,200,071 — — 9,200,071

Total supporting expenses 42,749,010 — — 42,749,010

Total operating expenses 172,219,589 — — 172,219,589

Change in net assets fromoperating activities (6,983,417) 812,779 — (6,170,638)

Nonoperating activities:Investment return in excess of amounts

designated for operations (note 3) 11,690,631 1,151,898 — 12,842,529 Unrealized gain on beneficial interests in

perpetual trusts held by others (note 4) — — 1,790,018 1,790,018 Bequests and trust income restricted for

endowment (note 4) — 356,042 790,248 1,146,290 Pension-related charges other than net

periodic pension cost (note 6) 2,852,384 — — 2,852,384

Change in net assets 7,559,598 2,320,719 2,580,266 12,460,583

Net assets at beginning of year 127,755,165 34,604,344 23,091,628 185,451,137 Net assets at end of year $ 135,314,763 36,925,063 25,671,894 197,911,720


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Statement of Activities


Temporarily PermanentlyUnrestricted restricted restricted Total

Operating support and revenues:Contributions and memberships $ 104,876,620 6,802,417 — 111,679,037 Animal health services fees 14,332,923 — — 14,332,923 Bequests and trusts 6,465,617 7,284,097 — 13,749,714 Grants and sponsorships 10,557,146 — — 10,557,146 Royalties, licenses and other 4,475,512 — — 4,475,512 Investment income designated for operations

(note 3) 4,700,000 — — 4,700,000 Net assets released from restrictions

(note 10) 15,276,980 (15,276,980) — —

Total operating support andrevenues 160,684,798 (1,190,466) — 159,494,332

Operating expenses:Program expenses:

Animal health services 32,069,340 — — 32,069,340 Public education and communications 31,993,657 — — 31,993,657 Anticruelty programs 27,112,159 — — 27,112,159 Community outreach 20,554,329 — — 20,554,329 Grants (note 9) 18,057,270 — — 18,057,270

Total program expenses 129,786,755 — — 129,786,755

Supporting expenses:Membership development and fund-raising 31,287,838 — — 31,287,838 Management and general 6,922,121 — — 6,922,121

Total supporting expenses 38,209,959 — — 38,209,959

Total operating expenses 167,996,714 — — 167,996,714

Change in net assets fromoperating activities (7,311,916) (1,190,466) — (8,502,382)

Nonoperating activities:Investment return in excess of amounts

designated for operations (note 3) 9,902,930 813,064 — 10,715,994 Unrealized gain on beneficial interests in

perpetual trusts held by others (note 4) — — 946,718 946,718 Bequests and trust income restricted for

endowment (note 4) — 314,997 672,233 987,230 Other — — (415,875) (415,875) Pension-related charges other than net

periodic pension cost (note 6) (1,192,127) — — (1,192,127)

Change in net assets 1,398,887 (62,405) 1,203,076 2,539,558

Net assets at beginning of year 126,356,278 34,666,749 21,888,552 182,911,579 Net assets at end of year $ 127,755,165 34,604,344 23,091,628 185,451,137


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Statement of Functional Expenses


Program expenses Supporting expensesPublic Membership

Animal education Total development Management Totalhealth and Anticruelty Community program and and supporting Total

services communications programs outreach Grants expenses fund-raising general expenses expenses

Compensation $ 19,088,978 3,518,141 8,809,051 10,539,627 602,045 42,557,842 4,569,241 4,256,429 8,825,670 51,383,512 Employee benefits 6,039,195 962,441 2,519,013 3,108,914 149,932 12,779,495 1,352,323 1,135,784 2,488,107 15,267,602 Supplies 620,705 118,241 650,661 945,716 10,464 2,345,787 165,273 79,156 244,429 2,590,216 Telephone 349,439 57,188 186,516 265,868 7,583 866,594 56,626 174,539 231,165 1,097,759 Postage and shipping 91,543 4,452,257 175,754 28,656 1,863 4,750,073 4,111,937 27,597 4,139,534 8,889,607 Rent 713,214 578,108 1,094,470 342,253 75,840 2,803,885 691,452 515,047 1,206,499 4,010,384 Repairs and maintenance 392,343 13,983 136,517 342,520 1,899 887,262 16,571 55,939 72,510 959,772 Data processing 404,073 3,623,058 324,955 573,197 107,784 5,033,067 4,794,624 569,315 5,363,939 10,397,006 Printing 17,302 2,986,379 93,198 2,869 838 3,100,586 2,474,950 8,982 2,483,932 5,584,518 Auto expenses 200,336 207 179,263 35,004 29 414,839 268 1,127 1,395 416,234 Travel, conferences, and seminars 766,666 198,575 1,933,037 1,344,456 55,355 4,298,089 273,147 123,460 396,607 4,694,696 Insurance 256,725 37,293 293,008 100,066 5,008 692,100 47,621 45,191 92,812 784,912 Utilities 242,724 46,206 98,992 218,727 6,099 612,748 55,178 66,125 121,303 734,051 Veterinary and medical services 2,922,163 — 1,846,102 224,997 — 4,993,262 — — — 4,993,262 Media buys, promotion, and related costs 367,053 12,571,634 735,096 123,691 — 13,797,474 11,330,421 41,955 11,372,376 25,169,850 Professional services 708,118 2,950,164 2,833,526 1,097,802 66,654 7,656,264 3,287,573 1,582,824 4,870,397 12,526,661 Grants — — — — 16,929,404 16,929,404 — — — 16,929,404 Other 350,780 28,186 103,184 133,521 28,579 644,250 124,178 157,030 281,208 925,458

Total expenses before depreciationand amortization 33,531,357 32,142,061 22,012,343 19,427,884 18,049,376 125,163,021 33,351,383 8,840,500 42,191,883 167,354,904

Depreciation and amortization 1,239,364 867,566 717,889 1,419,256 63,483 4,307,558 197,556 359,571 557,127 4,864,685 Total expenses $ 34,770,721 33,009,627 22,730,232 20,847,140 18,112,859 129,470,579 33,548,939 9,200,071 42,749,010 172,219,589


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Statement of Functional Expenses


Program expenses Supporting expensesPublic Membership

Animal education Total development Management Totalhealth and Anticruelty Community program and and supporting Total

services communications programs outreach Grants expenses fund-raising general expenses expenses

Compensation $ 17,726,121 3,428,029 7,402,143 10,234,463 480,893 39,271,649 4,194,332 2,863,458 7,057,790 46,329,439 Employee benefits 5,735,105 1,042,713 2,135,314 3,085,398 126,919 12,125,449 1,245,864 723,656 1,969,520 14,094,969 Supplies 464,216 162,419 988,968 1,137,893 6,367 2,759,863 112,476 36,367 148,843 2,908,706 Telephone 389,169 69,586 169,723 320,744 8,965 958,187 77,686 158,581 236,267 1,194,454 Postage and shipping 93,262 4,018,258 204,348 40,291 1,348 4,357,507 3,805,689 35,842 3,841,531 8,199,038 Rent 457,731 748,045 826,171 412,145 58,235 2,502,327 934,756 391,433 1,326,189 3,828,516 Repairs and maintenance 304,855 10,439 74,387 285,644 932 676,257 13,188 9,080 22,268 698,525 Data processing 303,621 3,937,797 296,943 332,353 99,919 4,970,633 4,511,904 257,203 4,769,107 9,739,740 Printing 24,054 2,648,074 167,047 10,279 4,150 2,853,604 2,438,781 16,302 2,455,083 5,308,687 Auto expenses 309,418 341 151,084 20,565 28 481,436 428 222 650 482,086 Travel, conferences, and seminars 549,317 179,341 1,973,221 1,536,848 63,754 4,302,481 345,134 74,310 419,444 4,721,925 Insurance 181,722 37,087 239,621 92,737 2,478 553,645 38,516 17,706 56,222 609,867 Utilities 171,638 45,447 65,293 213,179 3,619 499,176 56,887 26,230 83,117 582,293 Veterinary and medical services 2,764,949 — 1,840,475 190,847 — 4,796,271 — — — 4,796,271 Media buys, promotion, and related costs 456,133 11,253,226 862,225 193,236 — 12,764,820 10,133,217 73,879 10,207,096 22,971,916 Professional services 773,618 2,962,947 9,031,239 1,278,739 78,429 14,124,972 2,958,578 1,781,557 4,740,135 18,865,107 Grants — — — — 17,018,180 17,018,180 — — — 17,018,180 Other 412,681 68,900 173,205 188,151 39,464 882,401 220,312 289,543 509,855 1,392,256

Total expenses before depreciationand amortization 31,117,610 30,612,649 26,601,407 19,573,512 17,993,680 125,898,858 31,087,748 6,755,369 37,843,117 163,741,975

Depreciation and amortization 951,730 1,381,008 510,752 980,817 63,590 3,887,897 200,090 166,752 366,842 4,254,739 Total expenses $ 32,069,340 31,993,657 27,112,159 20,554,329 18,057,270 129,786,755 31,287,838 6,922,121 38,209,959 167,996,714


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Statements of Cash Flows

Years ended December 31, 2013 and 2012

2013 2012

Cash flows from operating activities:Change in net assets $ 12,460,583 2,539,558 Adjustments to reconcile change in net assets to net cash

used in operating activities:Depreciation 4,746,219 4,340,380 Net investment gains (16,612,905) (13,725,146) Beneficial interests in perpetual trusts held by others (774,654) (497,532) Unrealized gain on beneficial interests in trusts held

by others (1,790,018) (946,718) Contributions restricted for endowments (15,594) (174,701) Loss on disposal of land, building, and equipment 204,106 — Changes in assets and liabilities:

Bequests and contributions receivable 2,296,456 (574,322) Other receivables, net 333,798 1,746,951 Prepaid expenses and other assets 110,219 (773,829) Beneficial interests in charitable remainder trusts held

by others (399,503) 994,176 Accounts payable and accrued expenses 2,305,101 (2,379,678) Grants payable (2,284,377) (781,890) Unfunded pension obligation (2,977,035) 205,430 Other liabilities 617,600 202,723

Net cash used in operating activities (1,780,004) (9,824,598)

Cash flows from investing activities:Additions to land, building, and equipment (9,274,334) (16,770,068) Purchases of investments (48,471,332) (48,270,054) Proceeds from sales of investments 62,452,379 66,419,217 Increase in other receivables related to investments (1,860,000) — Increase in accounts payable related to construction 983,921 —

Net cash provided by investing activities 3,830,634 1,379,095

Cash flows from financing activity:Contributions restricted for endowments 15,594 174,701

Net change in cash and cash equivalents 2,066,224 (8,270,802)

Cash and cash equivalents, beginning of year 9,585,155 17,855,957 Cash and cash equivalents, end of year $ 11,651,379 9,585,155



Notes to Financial Statements


9 (Continued)

(1) Description of the Organization

The American Society for the Prevention of Cruelty to Animals (the ASPCA) is North America’s first humane organization. The ASPCA provides effective means for the prevention of cruelty to animals throughout the United States. It has been headquartered in New York City since its founding in 1866 where it maintains a strong local presence. The ASPCA’s activities are focused on five primary program areas: animal health services, public education and communications, anticruelty programs, community outreach and grants and sponsorships to other animal welfare-related organizations. The ASPCA is a privately funded 501(c)(3) not-for-profit corporation. The ASPCA’s vision is that all animals are to be treated with respect and kindness.

(2) Summary of Significant Accounting Policies

(a) Basis of Presentation

The accompanying financial statements have been prepared on the accrual basis in accordance with United States generally accepted accounting principles (US GAAP) applicable to not-for-profit entities.

(b) Net Asset Classifications

The ASPCA’s net assets, revenues, gains, and losses are classified based on the existence or absence of donor-imposed restrictions. Accordingly, the net assets of the ASPCA and changes therein are classified and reported as follows:

Unrestricted – resources that are available for the general support of the ASPCA’s operations. The ASPCA’s Board of Directors (the Board) has approved the establishment of a long-term investment policy for operating reserves (designated fund) to ensure the stability of the mission, programs, employment, and ongoing operations of the ASPCA and to provide a source of internal funds for organization priorities.

Temporarily Restricted – net assets of which the use has been restricted by donors to specific purposes and/or the passage of time. In addition, temporarily restricted net assets also include endowment gains which have not been appropriated for expenditure. When a donor-imposed restriction expires, that is, when a stipulated time restriction ends or a purpose is accomplished, or endowment funds are appropriated through an action of the Board, those temporarily restricted net assets are reclassified to unrestricted net assets and reported in the accompanying statements of activities as net asset released from restrictions.

Permanently Restricted – net assets whereby donors have stipulated that the principal contributed be invested and retained in perpetuity, with investment return available for expenditure according to the restrictions, if any, imposed by those donors. Such resources also include the ASPCA’s beneficial interests in perpetual trusts held by others.




10 (Continued)

(c) Cash and Cash Equivalents

Cash equivalents are defined as short-term highly liquid investments with original maturities of three months or less, except for those cash equivalents included in the ASPCA’s investment portfolio that are held for long-term investment purposes.

(d) Fair Value

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The ASPCA measures the fair value of its financial assets using a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. The hierarchy is categorized into three levels using the following guidelines:

Level 1 – Inputs are quoted prices in active markets for identical assets, which are directly observable at year-end.

Level 2 – Inputs are other than quoted prices in active markets, which may be directly or indirectly observable at year-end. Also included in Level 2 are investments measured using a net asset value (NAV) per share, or its equivalent, that may be redeemed at that NAV at or near the balance sheet date generally within 90 days.

Level 3 – Holdings that have little or no pricing observability at year-end. These are measured using management’s best estimate of fair value, where inputs to determine fair value are not observable and require significant management judgment and estimation. Also included in Level 3 are investments measured using a NAV per share, or its equivalent, that cannot be redeemed at the NAV near the balance sheet date, or for which redemption at NAV is uncertain due to lockup periods or other investment restrictions.

The carrying value of cash, cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses, and grants payable is a reasonable estimate of their fair value due to their short-term nature. The carrying amounts of the ASPCA’s investments and beneficial interest in trusts held by others approximate fair value. The carrying value of bequests and contributions receivable is estimated based on the present value of expected future cash flows from these receivables, and thus approximates fair value. The fair value of prepaid expenses and other assets, accounts payable and accrued expenses, grants payable, and bequests and contributions receivable involve unobservable inputs considered to be Level 3 in the fair value hierarchy.




11 (Continued)

(e) Investments

The ASPCA’s investments in debt and equity securities are reported at fair value and are based upon quoted market prices. The alternative investments are reported at estimated fair value using the investee’s NAV per share or its equivalent, as a practical expedient. These values are provided by the fund managers. The values are reviewed by the ASPCA for reasonableness. Due to the inherent uncertainty of these estimates, these values may differ significantly from values that would have been used had a readily available market for such investments existed, and such differences could be material.

Investment transactions are accounted for on the dates the purchases or sales are executed (trade date). Dividend income is recorded on the ex-dividend date; interest income is recorded as earned on the accrual basis.

(f) Split-Interest Agreements

The ASPCA has recognized the following type of split-interest agreements:

Beneficial Interests in Perpetual Trusts Held by Others

Donors have established and funded trusts that are administered by third-party organizations. Under the terms of these trusts, the ASPCA has the irrevocable right to receive all or a portion of the income earned on the trust assets either in perpetuity or for the life of the trust. The ASPCA does not control the assets held by the respective third-party trustees. Accordingly, the ASPCA recognizes its interest in such trusts, based on the fair value of the assets contributed to the trusts and records them as permanently restricted contributions.

Charitable Remainder Trusts

Donors have established and funded trusts under which specified distributions are to be made to a designated beneficiary or beneficiaries over the trusts’ term. Upon termination of the trusts’ term, the ASPCA receives their interest in the assets remaining in those trusts. Trusts are recorded as increases to net assets at the fair value of trust assets, less the present value of the estimated future payments to be made under the specific terms of the trusts.

Charitable Gift Annuities

Donors have contributed assets to the ASPCA in exchange for a promise by the ASPCA to pay a fixed amount or percentage for a specified period of time to such donors or to individuals or organizations designated by those donors. Under the terms of such agreements, no trusts exist as the assets received are held by, and the annuity liability is an obligation of, the ASPCA. The discount rates used to measure the liabilities ranged from 1.0% to 2.4% at December 31, 2013 and 1.0% to 1.6% at December 31, 2012, respectively.

Split-interest agreements are recognized as revenue when notification of an irrevocable split-interest agreement exists and when fair value can reasonably be determined.




12 (Continued)

(g) Land, Building, and Equipment

Land owned by the ASPCA is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation that is calculated using the straight-line method over the estimated useful lives of the assets. Repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. At the time fixed assets are retired or disposed of, the fixed asset and related accumulated depreciation accounts are relieved of the applicable amounts, and any gain or loss is credited or charged to operations.

(h) Accrued Vacation

Employees accrue vacation based on tenure and salary band, which results in up to 200 hours of vacation per year. Employees are allowed to accumulate up to 300 hours of their yearly allotment, at which time accumulation ceases until vacation time is taken. Unused vacation balances carry over to future years. At December 31, 2013 and 2012, accrued vacation obligations were approximately $2,858,000 and $2,664,000, respectively.

The ASPCA’s obligation for accrued vacation is included as a liability in the accompanying balance sheet and represents the cost of unused employee vacation time payable in the event of employee terminations.

(i) Revenue Recognition

Contributions are considered to be available for unrestricted use, unless they are specifically restricted by the donor. Contributions are recognized as income, at their fair value, when they become unconditional promises to give. Contributions of securities and other tangible assets are recorded at fair value at the date of gift. Conditional contributions and promises to give are recorded as revenue when the conditions on which they depend have been substantially met. Bequests are recorded as income when notification of an irrevocable right to receive such assets exists and when a fair value can reasonably be determined. Bequests and contributions receivable are expected to be received within one year.

Animal health service fee revenues, primarily from the animal hospital and animal poison control center, are recognized when services have been performed.

The ASPCA enters into various grant and sponsorship agreements. Revenue relating to these agreements is recognized in accordance with the terms and conditions included therein. Grants are evaluated to determine if they represent an exchange transaction or contribution. If determined to be an exchange transaction, the grant is recognized as expenses are incurred. In addition, the ASPCA enters into various agreements that provide royalty and licensing revenues. Revenues relating to royalty contracts are recognized in accordance with the terms and conditions included therein.




13 (Continued)

Contributed services are reported at fair value in the financial statements only when those services (1) create or enhance nonfinancial assets, or (2) require specialized skills provided by individuals possessing those skills and are services, which would be typically purchased if not provided by donation. The ASPCA reported contributed services revenue and related expense for the years ended December 31, 2013 and 2012, of approximately $48,000 and $65,000, respectively.

Donated materials are reported at fair value at the date of the donation. The ASPCA reported donated materials revenue and related expense for the years ended December 31, 2013 and 2012, of approximately $563,000, and $761,000, respectively, primarily in support of the ASPCA’s response to Hurricane Sandy.

(j) Functional Allocation of Expenses

Expenses are presented according to the programs for which they were incurred and are summarized on a functional basis in the accompanying statements of activities. The various programs and supporting services of the ASPCA are as follows:

Animal health services – includes the ASPCA Animal Hospital, Spay/Neuter clinics in New York City and the Animal Poison Control Center, a 24-hour animal poison control telephone hotline in Urbana, Illinois.

Public education and communications – includes activities to create public awareness of animal-related issues.

Anticruelty programs – includes Humane Law Enforcement in New York and national, state, and local legislative initiatives, as well as animal behavior, animal field investigations and response, and animal forensic activities.

Community outreach – includes a state-of-the-art Adoptions center in New York City and extensive outreach, education, and training programs in communities throughout the United States.

Grants – represents programs designed to ensure the ASPCA’s leadership in serving the animal welfare field.

Membership development and fund-raising – involves the direction of the overall fund-raising affairs of the ASPCA, which include development and related areas.

Management and general – includes the direction of the overall affairs of the ASPCA, such as portions of accounting, human resources, administration, and related areas.




14 (Continued)

(k) Concentration of Market and Credit Risks

Financial instruments that potentially subject the ASPCA to concentrations of credit risk consist principally of cash, cash equivalents, and investments. The ASPCA maintains its cash and cash equivalents in various bank deposit accounts that may exceed federally insured limits at times. To minimize risk, the ASPCA’s cash accounts are placed with high-credit quality financial institutions, while the ASPCA’s investment portfolio is diversified with several investment managers in a variety of asset classes. The ASPCA regularly evaluates its depository arrangements and investments, including performance thereof.

(l) Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates relate to the valuation of the pension benefit obligation, alternative investments, annuity obligations, and the beneficial interest in third-party trusts, the useful lives of fixed assets, the functional allocation of expenses, and the collectability of receivables. Actual results could differ from those estimates.

(m) Measure of Operations

The ASPCA uses the “change in net assets from operating activities” as the measure of net assets that are available to support current and future programs and services. Operating activities include all revenues and expenses related to carrying out the ASPCA’s mission. Nonoperating activities include bequest and trust income restricted for endowment, changes in beneficial interests in perpetual trusts held by others, actuarial adjustments to the ASPCA’s frozen pension plan, and other activities considered to be of a more unusual or nonrecurring nature. In addition, the ASPCA has a spending policy under which a predetermined amount of investment return is authorized to fund operations. The difference between the actual investment return and the amount authorized to fund operations is reported as nonoperating.

(n) Income Taxes

The ASPCA qualifies as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code (IRC), and is not subject to federal income taxes. Accordingly, donors are entitled to a charitable contribution deduction as defined in the IRC. Continued qualification of tax-exempt status is contingent upon compliance with the requirements of the IRC.

The ASPCA recognizes the effects of income tax positions only if those positions are more likely than not of being sustained. No provision for income taxes was required for 2013 or 2012.

(o) Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.




15 (Continued)

(3) Investments

Investments as of December 31, 2013 and 2012 consisted of the following:

2013 2012

Short-term investments $ 2,548,776 2,288,679 Common stocks 24,085,509 22,760,140 Fixed-income securities 1,252,509 7,872,067 Mutual funds 59,203,067 58,882,088 Alternative investments 44,518,477 37,173,506

$ 131,608,338 128,976,480

Investment Return

The return on investments and interest-bearing cash and cash equivalents for the years ended December 31, 2013 and 2012 consist of the following:

2013 2012

Interest and dividends, net of expensesof $893,000 and $748,000, respectively $ 1,372,624 1,690,848

Unrealized gains 9,217,173 8,201,904 Realized gains 7,395,732 5,523,242

Net return on investments 17,985,529 15,415,994

Investment return designated for operations (5,143,000) (4,700,000)

Investment return in excess of amountsdesignated for operations (including temporaryrestricted amounts of $1,151,898 and $813,064,respectively) $ 12,842,529 10,715,994

Spending Policy

The objective of the ASPCA’s spending policy is to allocate in a reasonable and balanced manner the total earnings from the investment portfolio between current spending and reinvestment for future earnings and expenditures in order that the purchasing power of the investment portfolio shall be maintained or enhanced. Such purchasing power is to provide a stable source of income to the operating fund of the organization and to meet certain working capital and/or capital expenditures needs. Budgeted annual spending shall be set at the lesser of 5% of the investment portfolio’s average five-year portfolio value or 5% of the beginning year balance, and is subject to approval by the Finance Committee and the Board during the annual budget review and approval process. Any overage will reduce future spending by the amount of such overage (reduction implemented over subsequent one to three years).




16 (Continued)

For the years ended December 31, 2013 and 2012, the ASPCA’s board-approved spending rate on investments was approximately 5% of the average historical investment balance, excluding certain restricted investment balances. The board-approved spending rate in 2013 and 2012 was $5,143,000 and $4,700,000, respectively.

The following tables present the ASPCA’s fair value hierarchy for those investments measured at fair value on a recurring basis at December 31:

2013Level 1 Level 2 Level 3 Total

Short-term investments:Cash and cash equivalents $ 2,548,776 — — 2,548,776

Common stocks:Large cap equity 16,696,305 — — 16,696,305 Small and mid cap equity 7,389,204 — — 7,389,204

24,085,509 — — 24,085,509

Fixed-income securities:Domestic corporate bonds — 265,770 — 265,770 U.S. government bonds 634,609 — — 634,609 Municipal bonds — 352,130 — 352,130

634,609 617,900 — 1,252,509

Mutual funds:Total fixed income 16,406,392 — — 16,406,392 Small and mid cap equity 3,840,715 — — 3,840,715 Large cap equity 6,306,218 — — 6,306,218 Other equity 1,139,615 — — 1,139,615 International equity 8,958,625 — — 8,958,625 Global asset allocation 16,427,917 6,123,585 — 22,551,502

53,079,482 6,123,585 — 59,203,067

Alternative investments:Equity long — 9,743,644 — 9,743,644 Distressed debt — 6,646,321 — 6,646,321 Funds of funds — 5,804,266 — 5,804,266 Fund of funds – private equity — — 2,753,258 2,753,258 Fund of funds – capital

appreciation — 7,515,280 — 7,515,280 Private equity — — 5,857,541 5,857,541 Emerging markets — 6,198,167 — 6,198,167

— 35,907,678 8,610,799 44,518,477 $ 80,348,376 42,649,163 8,610,799 131,608,338




17 (Continued)

2012Level 1 Level 2 Level 3 Total

Short-term investments:Cash and cash equivalents $ 2,288,679 — — 2,288,679

Common stocks:Large cap equity 15,237,763 — — 15,237,763 Small and mid cap equity 7,522,377 — — 7,522,377

22,760,140 — — 22,760,140

Fixed-income securities:Domestic corporate bonds — 3,429,433 — 3,429,433 U.S. government bonds 2,471,868 — — 2,471,868 Municipal bonds — 1,970,766 — 1,970,766

2,471,868 5,400,199 — 7,872,067

Mutual funds:Total fixed income 9,017,523 — — 9,017,523 Small and mid cap equity 3,686,672 — — 3,686,672 Large cap equity 7,631,522 — — 7,631,522 Other equity 924,913 — — 924,913 International equity 9,302,851 — — 9,302,851 Global asset allocation 28,318,607 — — 28,318,607

58,882,088 — — 58,882,088

Alternative investments:Equity long — 8,329,931 — 8,329,931 Distressed debt — 7,464,103 — 7,464,103 Funds of funds — 5,135,725 — 5,135,725 Fund of funds – private equity — — 2,267,507 2,267,507 Fund of funds – capital

appreciation — 6,769,692 — 6,769,692 Private equity — — 5,132,619 5,132,619 Emerging markets — 2,073,929 — 2,073,929

— 29,773,380 7,400,126 37,173,506 $ 86,402,775 35,173,579 7,400,126 128,976,480




18 (Continued)

The following tables present the ASPCA’s activities for the years ended December 31, 2013 and 2012 for assets classified in Level 3:

Fund of funds Private equity Total

Beginning balance at January 1, 2013 $ 2,267,507 5,132,619 7,400,126 Acquisitions 532,464 562,501 1,094,965 Dispositions (610,984) (917,266) (1,528,250) Net appreciation 564,271 1,079,687 1,643,958 Ending balance at December 31, 2013 $ 2,753,258 5,857,541 8,610,799

Fund of funds Private equity Total

Beginning balance at January 1, 2012 $ 1,542,559 5,433,939 6,976,498 Acquisitions 833,274 330,000 1,163,274 Dispositions (409,038) (686,407) (1,095,445) Net appreciation 300,712 55,087 355,799 Ending balance at December 31, 2012 $ 2,267,507 5,132,619 7,400,126

Investments with a fair value of $8,551,417 and $6,937,014 and cash equivalents of $204,565 and $253,504 at December 31, 2013 and 2012, respectively, were held in investment accounts relating to charitable gift annuities, in compliance with the insurance laws of various states. The ASPCA maintains separate and distinct reserve funds adequate to meet the future payments of all outstanding charitable gift annuities administered by the ASPCA.

Certain information regarding the liquidity and redemption features of the ASPCA’s alternative investments (measured at NAV) is as follows:

20132013 2012 Unfunded Redemption Redemption

Fair value Fair value commitments frequency notice period

Equity long (a) $ 9,743,644 8,329,931 — Monthly 30 daysDistressed debt (b) 6,646,321 7,464,103 — Quarterly 90 daysFunds of funds (c) 5,804,266 5,135,725 — Annual 60 daysFund of funds – private equity (d) 2,753,258 2,267,507 1,307,087 None N/AFund of funds – capital

appreciation (e) 7,515,280 6,769,692 — Quarterly 90 daysPrivate equity (f) 5,857,541 5,132,619 3,337,019 None N/AEmerging markets (g) 6,198,167 2,073,929 — Daily 3–5 days

$ 44,518,477 37,173,506 4,644,106




19 (Continued)

(a) This category includes investments in a limited partnership that invests primarily in international equity securities.

(b) This category includes investments in a hedge fund that invests indirectly in a diversified portfolio focused on the securities of distressed companies, special situations, and related capital structure opportunities.

(c) This category includes investments in a fund that invests in offshore and advisory accounts that are managed outside of the United States, and domestically managed hedge funds, which are available for subscription by tax-exempt organizations.

(d) This category includes investments in a fund that invests in a diversified portfolio of interests in private investment funds, principally established global buyout, mezzanine and venture capital funds primarily through secondary market transactions.

(e) This category includes several fund of funds that invests in private investment funds that utilize a variety of alternative investment strategies that seek to produce an attractive absolute return on invested capital. These strategies include arbitrage, distressed and long/short strategies.

(f) This category includes several private equity funds that invest in privately held corporations and domestic and international venture capital and private funds. Certain of these investments can never be redeemed, and in these instances, distributions are received through the liquidation of the underlying assets of the fund.

(g) This category includes investments in a fund that invests in a diversified portfolio of emerging market securities.




20 (Continued)

(4) Beneficial Interests in Trusts Held by Others

Included as beneficial interests in trusts held by others in the accompanying balance sheets are remainder interests in several irrevocable trusts. The present value of the ASPCA’s share of future interests in charitable remainder trusts amounted to approximately $1,780,000 and $1,380,000 at December 31, 2013 and 2012, respectively, and has been included in temporarily restricted net assets. The present values of the trusts are calculated using discount rates ranging from 4.0% to 10.6%, respectively at December 31, 2013 and 2012. Beneficial interests in perpetual third-party trusts of approximately $18,882,000 and $16,318,000, valued at the ASPCA’s share of the fair value of the underlying trust assets, are included in permanently restricted net assets at December 31, 2013 and 2012, respectively.

At December 31, 2013 and 2012, the ASPCA’s beneficial interests in trusts held by third-party trustees were classified as Level 3 instruments within the fair value hierarchy. The following table summarizes the changes in the ASPCA’s Level 3 beneficial interests in trusts held by third-party trustees for the years ended December 31, 2013 and 2012:

Charitableremainder Perpetual

trusts trusts Total

Balance at January 1,2012 $ 2,374,459 14,873,452 17,247,911 Acquisitions 314,997 497,532 812,529 Dispositions (1,149,542) — (1,149,542) Net (depreciation) appreciation (159,631) 946,718 787,087

Balance at December 31, 2012 1,380,283 16,317,702 17,697,985

Acquisitions 356,042 774,654 1,130,696 Dispositions (17,728) — (17,728) Net appreciation 61,189 1,790,018 1,851,207

Balance at December 31, 2013 $ 1,779,786 18,882,374 20,662,160




21 (Continued)

(5) Land, Building, and Equipment, Net

Land, building, and equipment as of December 31, 2013 and 2012 consisted of the following:

Estimateduseful lives 2013 2012

Land — $ 4,440,000 4,440,000 Building 20–40 years 14,761,877 14,761,877 Building improvements 10–25 years 31,402,999 15,229,481 Furniture, fixtures, and equipment 3–10 years 16,599,824 13,855,929 Transportation equipment 4–6 years 4,554,787 4,104,238 Construction in progress 1,233,700 12,464,339

Total cost 72,993,187 64,855,864

Accumulated depreciation and amortization (27,615,957) (23,802,643) Net book value $ 45,377,230 41,053,221

As of December 31, 2013, approximately $18,843,000 has been spent and put into service for the 92nd Street renovation and other projects. During 2013, the ASPCA disposed fixed assets with a net book value of $204,106 in connection with this renovation project.

The ASPCA owns a building and land adjoining its headquarters facility in New York City, which was occupied by a commercial tenant under a ten-year lease. Total rental income recognized by the ASPCA in 2013 and 2012 was $280,542, and $279,968, respectively. Effective April 29, 2014, the ASPCA and its tenant, entered into an agreement to terminate the lease. Pursuant to the agreement, the lease was terminated as of May 12, 2014 and the ASPCA paid $537,500 to the tenant. This space be used by the ASPCA and will include a high-volume kitten nursery to provide life-saving care for kittens to survive on their own, as well as a specialized recovery ward to care for the increased number of canine cruelty victims rescued by the New York City Police Department.

(6) Pension Plan

The ASPCA has a defined benefit pension plan that was frozen effective June 30, 2006. All participants will receive benefits accrued through that date. Benefits under the plan are generally based on years of service and average compensation during the highest five years of employment. Annual contributions are determined by the ASPCA based upon calculations performed by the plan’s actuary.




22 (Continued)

The actuarial present value of the benefit obligation recognized in the accompanying balance sheets at December 31 is as follows:

2013 2012

Projected benefit obligation, beginning of year $ 18,397,277 16,500,387 Interest cost 672,822 706,475 Actuarial loss 127,088 231,458 Assumption change (1,914,698) 1,912,881 Benefits paid (777,129) (953,924)

Projected and accumulated benefit obligation, end of year 16,505,360 18,397,277

Fair value of plan assets, beginning of year 12,315,722 10,624,262 Return on plan assets 1,285,391 1,317,862 Employer contributions 576,856 1,327,522 Benefits paid (777,129) (953,924)

Fair value of plan assets, end of year 13,400,840 12,315,722 Funded status of plan, end of year $ (3,104,520) (6,081,555)

2013 2012

Amounts included in the balance sheets:Unfunded pension obligation $ (3,104,520) (6,081,555) Net accumulated actuarial loss within

unrestricted net assets 6,026,637 8,879,021

Components of net periodic pension cost in the statements of activities consist of the following:

2013 2012

Interest cost $ 672,822 706,475 Expected return on plan assets (739,375) (809,514) Actuarial loss 518,758 443,864

Net periodic pension cost $ 452,205 340,825




23 (Continued)

The weighted average rates used to determine net periodic pension cost and the year-end benefit obligation for the years ended December 31, 2013 and 2012 were:

2013 2012

Discount rate – benefit obligation 4.56% 3.76%Discount rate – net periodic benefit cost 3.76 4.35Expected long-term rate of return on plan assets 6.20 7.30

Other changes in plan assets and benefit obligation recognized in unrestricted net assets were as follows:

2013 2012

Net actuarial gain (loss) arising during measurement period $ 2,333,626 (1,635,991) Amortization of net actuarial gain 518,758 443,864

$ 2,852,384 (1,192,127)

The net accumulated actuarial loss within unrestricted net assets expected to be recognized in net periodic benefit cost during 2014 is $317,339.

The Finance Committee of the Board of Directors determines the allocation of plan assets and the external money managers based on recommendations of an independent investment advisor. The investment strategy for pension assets has a long-term horizon, with a preference for lower volatility, in keeping with the long-term nature of the benefit liabilities. The following tables categorize the inputs used to report the fair value of the plan’s investments within the fair value hierarchy as of December 31, 2013 and 2012:

2013Level 1 Level 2 Total

Equity – domestic common stock:Large cap equity $ 2,647,397 — 2,647,397

Fixed-income securities:Domestic corporate bonds — 595,611 595,611 U.S. government bonds 1,780,824 — 1,780,824

Mutual funds:Small cap equity 2,391,002 — 2,391,002 International equity 2,338,164 — 2,338,164 Global asset allocation 3,366,351 — 3,366,351

Cash and cash equivalents 281,491 — 281,491 $ 12,805,229 595,611 13,400,840




24 (Continued)

2012Level 1 Level 2 Total

Equity – domestic common stock:Large cap equity $ 2,183,682 — 2,183,682

Fixed-income securities:Domestic corporate bonds — 2,202,325 2,202,325 U.S. government bonds 466,014 — 466,014

Mutual funds:Small cap equity 2,032,391 — 2,032,391 International equity 1,755,793 — 1,755,793 Global asset allocation 3,340,736 — 3,340,736

Cash and cash equivalents 334,781 — 334,781 $ 10,113,397 2,202,325 12,315,722

The plan’s weighted average asset allocation at December 31, 2013 and 2012, by asset category, is as follows:

2013 2012

Equities 55.0% 48.5%Fixed income 17.7 21.7Mutual funds 25.1 27.1Cash and cash equivalents 2.2 2.7

100.0% 100.0%

Plan benefits are expected to be paid as follows:

2014 $ 947,000 2015 959,000 2016 965,000 2017 879,000 2018 1,438,000 2019 – 2023 6,327,000

Projected contributions for 2014 are estimated to be $700,000.




25 (Continued)

The ASPCA also sponsors a 401(k) defined contribution retirement plan. Substantially all full-time employees over age 21 are eligible to participate. The ASPCA matches 100% of pretax employee contributions up to 4% of eligible compensation in each pay period. Employee and matching employer contributions are immediately 100% vested. Additional employer contributions are also made as a percentage of compensation in each pay period. These additional contributions are fully vested for employees who have attained at least three years of eligible service. Employer contributions, representing matching employee contributions plus additional employer contributions, totaled approximately $3,218,000 and $2,815,000 in 2013 and 2012, respectively.

(7) Commitments and Contingencies

The ASPCA holds leases in Queens, New York, Washington DC and Urbana, Illinois. The aggregate commitment under these leases will be charged to expense on a straight-line basis over the terms of respective leases. The ASPCA’s approximate aggregate annual minimum rental obligations at December 31, 2013, for facilities under operating leases expiring through 2026 are:

2014 $ 3,032,000 2015 2,855,000 2016 2,735,000 2017 2,533,000 2018 2,617,000 Thereafter 24,795,000

$ 38,567,000

The difference between rent expense incurred by the ASPCA on an accrual basis and the rent amounts paid in cash is reported as deferred rent payable in the accompanying statement of financial position.

The ASPCA, along with at least three other entities, was a party to a pending civil litigation matter. The ASPCA entered into a settlement agreement in 2012.

In addition, ASPCA is a defendant in several lawsuits arising in the normal course of operations. While outside counsel cannot predict the outcome of such litigation, management does not expect the outcome to have a material effect on the financial position, changes in net assets, and cash flows of the ASPCA.




26 (Continued)

(8) Allocation of Joint Costs

Direct appeal program joint costs incurred in connection with mailing educational and informational materials are allocated to program and supporting services on the basis of the content of the respective materials. For the years ended December 31, 2013 and 2012, these costs were allocated as follows:

2013 2012

Program $ 23,333,163 20,584,370 Membership development and fund-raising 24,346,771 22,701,230 Management and general 85,074 143,917

$ 47,765,008 43,429,517

(9) Grants

Grants are recorded as an expense and a liability based on funds committed per the grant agreements once final approval by the grants department has occurred. No grant payments may be made prior to the final approval.

ASPCA granted approximately $16,929,000 and $17,018,000 during 2013 and 2012, respectively. The grants were spent in furtherance of the mission in the following program areas:

2013 2012

Animal health services $ — 182,000

Anti cruelty:Anti cruelty response 3,706,176 1,835,408 Disaster/emergency 457,206 454,355 Equine 1,397,105 1,837,167 Farm animals 453,200 1,016,490

6,013,687 5,143,420

Community outreach:Intake reduction 837,578 1,183,749 Live release 4,867,034 4,498,953 Other 1,500 5,500 Relocation 1,517,606 868,641 Spay/Neuter 4,123,486 5,135,917

11,347,204 11,692,760

Grant refunds (431,487) —

Total amount granted 16,929,404 17,018,180

Other grant expenses 1,183,455 1,039,090 Total grants expense $ 18,112,859 18,057,270




27 (Continued)

(10) Net Assets

Net assets available by fund designations are for the following purposes at December 31, 2013 and 2012:

Unrestricted net assets

2013 2012

Operating $ 89,166,403 85,866,005 Board-designated endowment funds 46,148,360 41,889,160

$ 135,314,763 127,755,165

Temporarily restricted net assets

Temporarily restricted net assets were available for the following purposes at December 31, 2013 and 2012:

2013 2012

Animal health services $ 25,330,031 25,560,334 Anticruelty programs 367,233 166,700 Grants and sponsorships 2,359,045 1,567,338 Restricted for use in future periods 7,452,364 5,861,861 Other 1,416,389 1,448,111

$ 36,925,062 34,604,344

During each year, net assets released from restriction resulted from the satisfying of the following donor restriction:

2013 2012

Animal health services $ 891,959 425,468 Anticruelty programs 1,766,416 357,088 Grants and sponsorships 2,451,922 2,532,613 Time restrictions satisfied 10,020,400 9,592,834 Other 1,517,452 2,368,977

$ 16,648,149 15,276,980




28 (Continued)

Permanently restricted net assets

Permanently restricted net assets consists of the following at December 31, 2013 and 2012:

2013 2012

Beneficial interest in perpetual trusts $ 18,882,374 16,317,702 Donor-restricted endowment funds 6,789,520 6,773,926

$ 25,671,894 23,091,628

(11) Endowment Net Assets

The ASPCA’s endowment includes both donor-restricted endowment funds and funds designated by the Board to function as endowment. The ASPCA’s endowment is subject to the provisions of the New York Prudent Management of Institutional Funds Act (NYPMIFA).

Return objectives and risk parameters

The Board has adopted investment and spending policies for the ASPCA’s endowment assets that seek to provide a predictable stream of funding to programs supported by its endowment funds, and main purchasing power of the endowment over time.

Strategies employed for achieving objectives

To satisfy its long-term rate-of-return objectives, the ASPCA relies on a total-return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The ASPCA targets a diversified asset allocation within prudent risk constraints.

Spending Policy

The ASPCA applies the spending policy described in note (3) to its endowment funds.

Funds with deficiencies

Due to unfavorable market fluctuations, from time-to-time the fair value of assets associated with individual donor-restricted endowment fund may decline below the historical dollar value of the donor’s original, permanently restricted contribution. There were no such deficiencies in either year 2013 or 2012.




29 (Continued)

The following summarizes the ASPCA’s endowment net asset composition as of December 31, 2013 and 2012:

2013Endowment composition by Temporarily Permanently

net asset category Unrestricted restricted restricted Total

Donor-restricted endowment funds $ — 1,624,357 6,789,520 8,413,877 Board-designated endowment funds 46,148,360 — — 46,148,360

Total endowment funds $ 46,148,360 1,624,357 6,789,520 54,562,237

Changes in endowment net assets

Endowment net assets, beginningof year $ 41,889,160 823,698 6,773,926 49,486,784

Contributions and bequests — — 15,594 15,594 Investment return 6,145,878 1,151,898 — 7,297,776 Appropriation of endowment

assets for expenditures (1,886,678) (351,239) — (2,237,917)

Endowment net assets, end of year $ 46,148,360 1,624,357 6,789,520 54,562,237

2012Endowment composition by Temporarily Permanently

net asset category Unrestricted restricted restricted Total

Donor-restricted endowment funds $ — 823,698 6,773,926 7,597,624 Board-designated endowment funds 41,889,160 — — 41,889,160

Total endowment funds $ 41,889,160 823,698 6,773,926 49,486,784

Changes in endowment net assets

Endowment net assets, beginningof year $ 39,262,859 331,124 7,015,100 46,609,083

Contributions and bequests — — 174,701 174,701 Investment return 4,626,301 813,064 — 5,439,365 Other — — (415,875) (415,875) Appropriation of endowment

assets for expenditures (2,000,000) (320,490) — (2,320,490)

Endowment net assets, end of year $ 41,889,160 823,698 6,773,926 49,486,784




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(12) Subsequent Events

The ASPCA evaluated its December 31, 2013 financial statements for subsequent events through June 18, 2014, the date the financial statements were available to be issued. The ASPCA is not aware of any subsequent events that would require additional recognition or disclosure in the accompanying financial statements.

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