Guide to BSNC’s 2016 Annual Report

September 9, 2016by Media

UNDERSTANDING BSNC’S FINANCIAL STATEMENTS
BSNC recently released its 2016 Annual Report. The Annual Report includes an independent auditor’s report, which includes financial statements that detail the company’s performance. Independent auditor RSM US LLP audited the financial statements and issued opinions as to BSNC’s conformity with generally accepted accounting principles. The consolidated financial statements are accompanied by footnotes that provide additional details about the company’s financial position, investments and earnings.

This guide explains key parts of the financial statements that are
on pages 30-36 of BSNC’s 2016 Annual Report. The consolidated
financial statements include:

• Consolidated Balance Sheets
• Consolidated Statements of Income
• Consolidated Statements of Other Comprehensive Income
• Consolidated Statements of Changes in Equity
• Consolidated Statements of Cash Flows

CONSOLIDATED BALANCE SHEETS
A consolidated balance sheet (pp. 30-31) presents the assets and liabilities of a parent company and all its subsidiaries on a single document, with no distinctions on which items belong to which companies.

Assets: What the company owns and what is owed to it.
Liabilities: What the company owes.
Shareholders’ equity: The net worth of the company, which is equal to
company assets minus company liabilities.

CONSOLIDATED STATEMENTS OF INCOME
Consolidated Statements of Income (p. 32) is a financial statement that combines the revenue, expenses and income of a parent company and its subsidiaries.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
This financial statement (p. 33) shows non-cash gains (or losses).

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
This financial statement (p. 34) shows the year’s activity in each of the components of shareholders’ equity including current year net income and dividends paid to shareholders.

• Net income as reported in the statements of operations.
• Total dividends paid to shareholders during fiscal year 2016.

CONSOLIDATED STATEMENTS OF CASH FLOWS
These reports (pp. 35-36) show the amount of cash received and spent during a fiscal year, including:

• Cash received or spent operating a business
• Cash received or spent buying and selling assets
• Cash borrowed or paid on debt and/or paid to shareholders.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The auditor provided explanatory notes to specific items contained in the financial statements. These Notes appear on pages 37-64.

GLOSSARY OF FINANCIAL TERMS

Asset: Something of value that is owned, including cash and items that are convertible to cash. Examples of assets include receivables (monies owed to the company), inventories (supplies), property and equipment (buildings, land, machinery, etc.).

Consolidated Balance Sheets: These reports show what a corporation and its subsidiaries own (assets) and owe (liabilities) at a certain date. They also show shareholders’ equity.

Expenses: The costs required to generate revenue. For example, fuel to operate construction equipment.

Fiscal year: BSNC’s fiscal year is April 1 through March 31.

Liability: A company’s legal debt or obligation that arises during the course of business operations.

Liquidity: Cash and current assets sufficient to satisfy a company’s liabilities and commitments as they come due.

Marketable securities: A general term for stocks, bonds or other investments that can be sold on the open market.

Net income: When total revenues exceed total expenses.

Net loss: When total expenses exceed total revenues.

Revenue: The money received from operating a business or earned from holding an asset.

Total shareholders’ equity: Total assets minus total liabilities.

OFFICESWhere to find us?
Bering Straits Native Corporation is headquartered in Nome, has a business office in Anchorage and site locations and offices across the U.S.
OUR LOCATIONS
ANCHORAGE
3301 C Street, Suite 100, Anchorage, AK 99503
NOME
PO Box 1008. 110 Front Street, Suite 300, Nome, Alaska 99762
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OFFICESBering Straits Native Corporation
OFFICESWhere to find us?
BSNC is headquartered in Nome, has a business office in Anchorage and site locations and offices across the U.S.
OUR LOCATIONSWhere to find us?
ANCHORAGE
3301 C Street, Suite 100, Anchorage, AK 99503
NOME
PO Box 1008. 110 Front Street, Suite 300, Nome, Alaska 99762
GET IN TOUCHStay Connected
Follow BSNC for news, updates, stories, and opportunities to share in this journey.
Sign up for our newsletter

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