The following breakout is a summary of GSUSA’s financials during FY2022, and this data comes from two sets of reports:
Before delving into the data, you may want to read through this article called How to Navigate Council Finances if you aren’t already familiar with nonprofit financial documents and reports. Even though it’s specific to councils, it explains what some of the following information provides, what it means, and its context.
“FY2022” covers the period between 10/1/2021 and 9/30/2022.
Note that this is NOT an in-depth review of finances, and conclusions should not be based on this very brief snapshot. For a more complete picture, one should look through all balance sheets and review them over a number of years.
REVENUE
These figures come from the FY2022 audit (pg. 7):
Software maintenance comprises payments from councils for the use of Volunteer Systems 2.0, the GSUSA IT platform that all councils are required to use.
EXPENSES
Expenses for FY2022 were as follows in these major categories (also found on pg. 7 of the audit):
Expense category definitions for can be found on pg. 10-12 of the audit. Many things can fall under “Comprehensive council support” and “Girl program development and adult learning opportunities” including:
- Salaries and related benefits
- Travel and related expense
- Nonstaff services
- Professional services
- Rent, occupancy and depreciation
- Office, publishing and technology
- Grants and scholarships
- Other expenses
A breakout of these specifics can be found on pg. 8 of the audit and on page 13 of the 990.
GSUSA is in the process of building and maintaining a council-wide IT platform called Volunteer Systems 2.0 (formally known as CEI) that all councils are required to use as a part of their charter criteria. During FY2022, expenses for VS 2.0 cost $13,500,000 ($4.7 mil capital & $8.8 mil expenses). Since FY2014 when the project first started, a total of $169 million has been spent on this IT platform.
The Consolidated Statements of Financial Position (listing of assets & liabilities) is found on pg. 6 of the audit.
NOTES OF INTEREST
* A $2,000,000 PPP loan was forgiven in March of 2022 (FY2022 audit, pg. 28).
* For the second year in a row, there was a large intake of gifts, grants, and bequests. In FY2021, $28,218,000 was received while in FY2022, $28,557,000 was recorded. In comparison, only $8,445,000 was received in FY2020 and $17,497,000 in FY2019.
* A total of $1,544,863 was spent on legal services which was down from $2,994,645 in FY2021 (FY2022 990, pg. 13).
* GSUSA spent $48,037,000 on salaries in FY2022, up from $42,098,000 in FY2021 (FY2022 audit, pg. 8).
* The top 12 salaries of GSUSA’s Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees were as follows (FY2022 990, pg. 9):
The total column reflects a combination of a base salary, bonus & incentives, retirement & other deferred compensation, and nontaxable benefits.
* Total number of GSUSA staff employed during FY2022: 447 (FY2022 990, pg. 2). This is down from 478 in FY2021.
* Total number of GSUSA staff making over $100,000: 139 (FY2022 990, pg. 10). This is down from 191 in FY2021.
* One GS Media (CircleAround.com website) brought in $13,252 of revenue for FY2022. In July of 2022, CircleAround.com was wound down. Over its lifetime, CircleAround.com brought in a total of $995,330 in revenue, but according to past Stewardship Reports, $6.75 million was invested in total. A last Statement of Financial Position for One GS Media can be found on page 43 of the FY2022 Audit.
* For the third year in a row, GSUSA used its line of credit. A line of credit is a preset borrowing limit that can be tapped into at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. In FY2020, GSUSA borrowed $7 million against its line of credit and took out an additional $17 million in FY2021 for a total of $24 million. In FY2022, the debt was reduced to $8,200,000. Interest paid on the line of credit in FY2022 totaled $316,000 (FY2022 audit, pg. 29). According to the last Stewardship Report, GSUSA plans on taking out an additional $9 million for FY2023 which will raise the outstanding amount to $17.2 million.
* GSUSA distributed $9,211,245 to councils in the form of grants (FY2022 990, pg. 13). Specific amounts per council can be found in the FY2022 990 starting on pg. 51.
* Top 5 Contractors (FY2022 990, pg. 10):
* Independent contractors receiving over $100,000: 78 (FY2022 990, pg. 10). This is down from 119 in FY2021.
* Additionally in FY2022, GSUSA spent (pg. 77-79 of FY2022 990):
- $1,860,289 on marketing consultants
- $1,112,250 for property strategy consulting
- $971,214 for technology & fund development consulting
- $217,967 for a DEI/RJ audit
- $300,225 for a membership recruitment consultant
- $93,663 on media content consultants
THROUGH THE YEARS
The following figures are from official audits and differ slightly than what is found in the 990s due to accounting differences. Revenue from FY2018 included the $10 raise in membership dues.
The next chart’s data is pulled from 990s:
Other charts of interest:
Previous years’ financial summaries can be found here:
Why is Silvia still being paid 6-figures in 2022??
It looks like she got a pretty nice severance package.