2022 Draft

Financials

Financial 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