2022 Draft
FinancialsFinancial Statements
for December 31, 2022
Balance Sheet
| ASSETS | |||
| Cash | |||
| Operating | $ 2,642,537 | ||
| Restricted | $ 875,728 | ||
| Subtotal | $ 3,518,265 | ||
| Accounts Receivable | |||
| Revolving Loan Fund Notes, net | $ 4,255,298 | ||
| Other Receivables, net | $ 767,767 | ||
| Subtotal | $ 5,023,064 | ||
| Construction in Process | $ 2,332,732 | ||
| Property & Equipment | |||
| Office Equipment | $ 275,637 | ||
| Leasehold Improvements | $ 182,426 | ||
| Land | $ 1,984,771 | ||
| Rental Buildings & Improvements | $15,657,572 | ||
| Vehicles | $ 77,124 | ||
| Accumulated Depreciation | $(6,948,392) | ||
| Accumulated Amortization | $ (42,508) | ||
| Subtotal | $13,519,362 | ||
| Noncurrent Assets | |||
| Property Investments | $ 2,675,846 | ||
| Right of Use Asset – Capital Leases, net | $ 691,140 | ||
| Subtotal | $ 3,366,986 | ||
| TOTAL ASSETS | $25,427,677 | ||
| Liabilities | |||
| Accounts Payable | $ 79,150 | ||
| Accrued Expenses | $ 334,234 | ||
| Other Liabilities | $ 982,056 | ||
| Notes & Mortgages Payable | $ 7,570,058 | ||
| Lease Liability – Capital Leases | $ 774,158 | ||
| TOTAL LIABILITIES | $ 9,739,656 | ||
| Net Assets | $15,688,021 | ||
| TOTAL LIABILITIES & NET ASSETS |
$25,427,677 | ||
Income Statement
| REVENUE | |||
| Asset & Property Management | $1,288,662 | ||
| Rental Property | $1,439,631 | ||
| Development Fees Income | $ 281,695 | ||
| Donations | $ 431,379 | ||
| Grant income | $3,227,342 | ||
| HOC & Homeland Fees | $ 71,347 | ||
| Interest | $ 9,632 | ||
| Miscellaneous Income/Debt forgiveness | $ 244,642 | ||
| Total Revenue | $6,994,330 | ||
| EXPENSES | |||
| Salaries | $1,769,082 | ||
| Fringe & Benefits | $ 305,487 | ||
| Management & General Admin | $ 158,753 | ||
| Rental Property Management | $ 812,077 | ||
| Property Operations | $1,315,378 | ||
| Real Estate Development | $ 131,223 | ||
| Fundraising | $ 23,780 | ||
| HOC Program | $ 350,769 | ||
| Total Expenses | $4,898,572 | ||
| NET INCOME | $2,095,759 | ||
| Depreciation | $ 637,629 | ||
| Deferred Interest Expense | $ 36,872 | ||
| Net income after Deprec & Deferred Interest | $1,421,257 | ||