The Great Salt Lake Council desires to be transparent to its volunteers, members, and donors. Below are our 2015 Audited Consolidated Financial Statements and 2016 Budget.  A short explanation is provided for certain significant transactions.

            The Year ending December 31, 2015 was a fair financial year for the Council with a net increase in net assets in the unrestricted portion of the Operating Fund of $285,047. This was under budget by $20,481. (Note: we are bound by terms of a bond to have a $300,000 annual increase in net assets.)  Revenues were $256,619 under budget, primarily due to a shortfall in donations of $196,112 (figures do not include World Jamboree, which was not in budgeted figures).  Most other revenue categories came in fairly close to budgeted levels.  Expenses came in under budget by $237,856, which largely offset the revenue shortages.

            The Capital Fund had fixed assets additions of $1,386,968.  The new additions included a new water tank and system at Hinckley Scout Ranch, which cost $1,217,233.  Construction was started on the Thomas S. Monson Lodge and construction expenses at year end were $2,688,399. The Lodge is scheduled to be completed by the fall of 2016.

            The Endowment Fund had an increase in permanently restricted donations totaling just under $115,000, which was another strong year after 2014 when donations were at Council high of $151,000.

            The Operating Fund had a decrease in net assets from all classes of $275,478, due to a shortfall in Friends of Scouting collections for 2016 of $560,525.  The Capital Fund had an increase overall in net assets with an increase in unrestricted net assets of $1,075,358 due to the Hinckley water tank and system being place into service. This offset a small decrease in temporarily restricted net assets.  The Endowment net assets declined $19,636 with donations being offset by the market returns generating a small negative net return.  Noteworthy was the long-term debt of the Council was reduced from $1,438,151 to $1,257,000. The reduction of $181,151, or 12.6%, was due to prepayments made on the Teton Whitewater loan, which was able to be paid without penalty and was fully paid off in February 2016.  Also, noteworthy is the Teton Whitewater operation generated a book profit of $20,285, up from the previous year and is its third consecutive year of making a profit.

            If there are further questions about these documents you are welcome to contact Brian P. Sheets, CPA (the Council’s chief financial officer) at

Audited Consolidated Financial Statements


Great Salt Lake Council Audited Consolidated Financial Statement Explanations

To assist you in better understanding the Audited Consolidated Financial Statements for the Great Salt Lake Council, BSA for the year ending December 31, 2015 the following major points of explanation are made below.

1.         Boy Scout Financial Policy requires all Councils to report in a three fund format.  The funds are:

a.     General Operating Fund, which includes all normal day to day operations of the Council for the year.

b.     Capital Fund, which includes all of the fixed assets for the Council based on their Capitalization Policy.  It also includes the Capital Campaign income and expenses, and any construction in progress for fixed assets the Council is going to keep.

c.     Endowment Fund, which holds funds that are to be invested, made up of unrestricted, temporarily restricted, and permanently restricted funds with the interest, dividends, and gains used to support Scouting programs in the Operating Fund, capital repair, and maintenance.

2.         The Audited Consolidated Financial Statements are made up of six basic sections.  The operations of the Council are consolidated with the operations of Teton Whitewater, LLC a for–profit subsidiary.  Those six sections are:

a.     Independent Auditors Report page 1 & 2, which gives the Great Salt Lake Council, BSA an unqualified opinion and was a clean audit. This means the Council Consolidated Financial Statements for the year ending December 31, 2015 presents fairly, in all material respects, the financial position of the Council.  The Audit Committee of the Council approved the audit by Mayer, Hoffman & McCann, PC at their meeting on May 5, 2016.

b.     Consolidated Statement of Financial Position, page 3, which reflects all of the Assets, Liabilities, and Net Assets (i.e. equity or retained earnings) for all three funds for the year ending December 31, 2015.

c.     Consolidated Statement of Changes in Net Assets, pages 4-5, which show the income and expenses for all three funds broken out by the type of restrictions placed on the revenue: unrestricted, temporarily restricted, and permanently restricted.

d.     Consolidated Statement of Cash Flows, page 6, shows the changes in cash for all three funds broken into three major sections of Cash Flows from Operations, Cash Flows from Investing Activities, and Cash Flows from Financing Activities.

e.     Consolidated Statement of Functional Expenses, page 7 reflects the functional expenses of Program Services, Management and General, and Fund Raising broken down to their natural classifications.

f.     Notes to Consolidated Financial Statements, page 8-33, which represents 17 notes giving further details on various aspects of the Consolidated Audited Financial Statements.

g.     Additional Information, page 34-36 presents program expenses for the year categorized by the major programs they are associated.

December 31, 2016 Budget


Budgeting Process

            The budgeting process for a year begins in the spring of the prior year and usually concludes in November when the volunteer executive board of the council approves the upcoming year’s operating budget.  The Budget was approved by the board at their meeting on November 18, 2015.

  1. Volunteers and professionals together prepare initial budgets in the Summer
  2. Those are reviewed by their functional leadership and the accounting department, and are entered into the accounting system.
  3. The Budget is then compiled and reviewed by the Council’s staff leadership cabinet, made up of the Scout executive, director of support services, director of development, director of field service, and the chief financial officer. 
  4. Changes recommended and approved by the cabinet are implemented into the proposed budget and prepared for presentation to, and review by, the volunteer Budget Committee.
  5. The Budget Committee meets and reviews the budget. Further changes are recommended, and the budget is approved for presentation to the council officers and executive board.
  6. The Budget is presented to the council officers for approval, usually during the first part of November, and the full executive board approves it later that month.
  7. The Budget is monitored throughout the year by staff, officers, and board.