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BRAINERD LAKES AREA DEVELOPMENT CORPORATION <br /> STATEMENTS OF ACTIVITIES <br /> YEARS ENDED SEPTEMBER 30, 2003 AND 2002 <br /> 2003 2002 <br /> CHANGES IN UNRESTRICTED NET ASSETS <br /> Public support and revenue <br /> Local government support contracts $ 117,513 $ 112,256 <br /> Memberships 26,900 30,150 <br /> Fees for services 17,948 17,569 <br /> Contributions 3,250 1,000 <br /> Contributed services and facilities 2,975 3,212 <br /> Total support and revenue 168,586 164,187 <br /> Operating expenses <br /> Program services 158,019 151,011 <br /> Management and general 23,891 22,170 <br /> Total operating expenses 181,910 173,181 <br /> DECREASE IN UNRESTRICTED NET ASSETS <br /> FROM OPERATIONS (13,324) (8,994) <br /> Other changes: <br /> Interest income 5,994 10,895 <br /> Total other changes 5,994 10,895 <br /> INCREASE(DECREASE)IN UNRESTRICTED NET ASSETS (7,330) 1,901 <br /> Net assets,beginning of year 319,603 317,702 <br /> NET ASSETS, END OF YEAR $ 312,273 $ 319,603 <br /> The accompanying notes are an integral part of these financial statements. <br /> 3 <br />