35 THE NAFCU JOURNAL JULY–AUGUST 2022 NAFCU 2021 Annual Report 12 Activities with donor restrictions Net Assets PROGRAM SERVICES EXPENSES 2021 2020 ADVOCACY AND COMPLIANCE $ 7,217,727 $ 6,811,802 CONFERENCES AND SEMINARS 3,305,169 2,557,371 COMMUNICATIONS, PUBLICATIONS AND MARKETING 3,254,387 3,420,966 MEMBERSHIP SERVICES 1,278,608 1,427,706 TOTAL PROGRAM SERVICES $ 15,055,891 $ 14,217,845 SUPPORTING SERVICES EXPENSES MANAGEMENT AND GENERAL $ 3,761,337 $ 3,124,147 TOTAL PROGRAM SERVICES $ 3,761,337 $ 3,124,147 TOTAL EXPENSES $ 18,817,228 $ 17,341,992 CHANGE IN NET ASSETS FROM OPERATIONS $ 1,538,733 $ 280,860 CONTRIBUTIONS $ 1,082,111 $ 860,566 INTEREST INCOME 4,333 5,949 NET ASSETS RELEASED FROM RESTRICTIONS (695,165) (496,495) CHANGE IN NET ASSETS WITH DONOR RESTRICTIONS $ 391,279 $ 370,020 BEGINNING $ 15,828,437 $ 15,068,361 ENDING $ 17,740,980 $ 15,828,437 CHANGE IN FAIR VALUE OF INVESTMENTS $ (17,469) $ 109,196 CHANGE INNETASSETSWITHOUTDONORRESTRICTIONS $ 1,521,264 $ 390,056 Financial Oversight The NAFCU Board of Directors and its audit committee support the highest standards of corporate accounting and governance. An audit by the independent certified public accounting firm of Johnson Lambert LLP provided an unmodified opinion on the consolidated National Association of Federally-Insured Credit Unions financial statements as of December 31, 2021. CHANGE IN NET ASSETS $ 1,912,543 $ 760,076
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