Financial Statements and Supplemental Information
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization) Years Ended June 30, 2011 and 2010
with Report of Independent Auditors
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization)
Financial Statements and Supplemental Information
Years Ended June 30, 2011 and 2010
Contents
Report of Independent Auditors... 1
Audited Financial Statements Statements of Financial Position ... 3
Statements of Activities ... 4
Statements of Functional Expenses ... 6
Statements of Cash Flows ... 8
Notes to Financial Statements ... 9
Supplemental Information Report of Independent Auditors on Supplemental Information ... 17
Schedule of Functional Revenue and Expenses ... 18
Report of Independent Auditors
Board of Directors
Home Repair Services of Kent County, Inc.
Grand Rapids, Michigan
We have audited the accompanying statements of financial position of Home Repair Services of Kent County, Inc. (Organization) as of June 30, 2011 and 2010, and the related statements of activities, functional expenses, and cash flows for the years then ended. These financial statements are the responsibility of the Organization’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Those standardsrequire that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Organization’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Home Repair Services of Kent County, Inc. as of June 30, 2011 and 2010, and the changes in its net assets and cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated November 7, 2011, on our consideration of Home Repair Services of Kent County, Inc.’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or compliance. That report is an integral part of an audit performed in accordance with
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Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit.
Grand Rapids, Michigan
November 7, 2011
Assets 2011 2010 Current assets
Cash and cash equivalents $ 798,468 $ 756,297
Accounts receivable:
Trade 88,155 72,755
Grants 96,206 323,588
Spendable balance - Agency Endowment 12,785 9,511 Inventory:
Work in process 44,129 69,268
Material 3,827 2,471
Builders' Abundance 39,952 36,826
Accrued interest and prepaid expenses 6,049 9,171
Short-term investments 788,735 578,485
Total current assets 1,878,306 1,858,372
Property and equipment 2,679,416 2,661,863
Less accumulated depreciation (1,157,236) (1,078,685)
Net property and equipment 1,522,180 1,583,178
June 30 Home Repair Services of Kent County, Inc.
Statements of Financial Position (A Non-Profit Organization)
Other assets
Long-term deposits 4,371 3,339
Beneficial interest in assets held by Community Foundation 109,456 83,134
Total other assets 113,827 86,473
Total assets $ 3,514,313 $ 3,528,023
Liabilities and net assets Liabilities:
Accounts payable $ 113,439 $ 97,603
Deferred agency income 33,748 48,019
Other accrued expenses 94,469 91,834
Total liabilities 241,656 237,456
Net assets:
Unrestricted 3,101,534 3,054,482
Temporarily restricted 61,667 152,951
Permanently restricted 109,456 83,134
Total net assets 3,272,657 3,290,567
Total liabilities and net assets $ 3,514,313 $ 3,528,023
Unrestricted
Temporarily Restricted
Permanently
Restricted Total
Support and other revenue
HUD Community Development Block Grant $ 802,210 $ 802,210
Contracts 821,527 821,527
Contributions 523,259 $ 5,000 528,259
Donated goods and services 224,579 224,579
Builders' Abundance sales 158,031 158,031
Fees from clients 92,954 92,954
Program income returned to local municipalities (91,105) (91,105)
Other grants 67,123 41,667 108,790
Interest income 8,544 8,544
Other income 16,599 16,599
Transfers from Agency Endowment 3,274 3,274
Change in beneficial interest $ 26,322 26,322
Net assets released from restrictions 137,951 (137,951) - Total support and other revenue 2,764,946 (91,284) 26,322 2,699,984
Home Repair Services of Kent County, Inc.
Statement of Activities Year Ended June 30, 2011 (A Non-Profit Organization)
Expenses Program services:
Repairs 1,020,332 1,020,332
Access Modifications 196,044 196,044
Do-It-Yourself 255,387 255,387
Volunteer Coordination 8,081 8,081
Homeowner Counseling 325,370 325,370
Air Sealing 63,591 63,591
City Bag Distribution 9,626 9,626
Donated goods and services 224,579 224,579
Total program services 2,103,010 - - 2,103,010 Support services:
Management and general 426,453 426,453
Fundraising 188,431 188,431
Total support services 614,884 - - 614,884 Total expenses 2,717,894 - - 2,717,894 Increase (decrease) in net assets 47,052 (91,284) 26,322 (17,910) Net assets - beginning of year 3,054,482 152,951 83,134 3,290,567 Net assets - end of year $ 3,101,534 $ 61,667 $ 109,456 $ 3,272,657
Unrestricted
Temporarily Restricted
Permanently
Restricted Total
Support and other revenue
HUD Community Development Block Grant $ 773,152 $ 773,152
Contracts 800,203 800,203
Contributions 566,667 $ 136,000 702,667
Donated goods and services 267,988 267,988
Builders' Abundance sales 191,812 191,812
Fees from clients 113,711 113,711
Program income returned to local municipalities (94,640) (94,640)
Other grants 72,862 72,862
Interest income 13,281 13,281
Other income 11,505 11,505
Transfers from Agency Endowment 2,864 2,864
Change in beneficial interest $ 16,664 16,664
Net assets released from restrictions 16,623 (16,623) - 2,736,028
119,377 16,664 2,872,069 Home Repair Services of Kent County, Inc.
Statement of Activities Year Ended June 30, 2010 (A Non-Profit Organization)
Expenses Program services:
Repairs 936,738 936,738
Access Modifications 167,010 167,010
Do-It-Yourself 296,902 296,902
Volunteer Coordination 8,699 8,699
Homeowner Counseling 325,819 325,819
Air Sealing 62,146 62,146
Donated goods and services 267,988 267,988
Total program services 2,065,302 - - 2,065,302 Support services:
Management and general 451,634 451,634
Fundraising 155,443 155,443
Total support services 607,077 - - 607,077 Total expenses 2,672,379 - - 2,672,379 Increase in net assets 63,649 119,377 16,664 199,690 Net assets - beginning of year 2,990,833 33,574 66,470 3,090,877 Net assets - end of year $ 3,054,482 $ 152,951 $ 83,134 $ 3,290,567
Donated
Access City Bag
Repairs Modifications Distribution Total
Personnel expenses $ 349,043 $ 103,624 $ 196,172 $ 6,093 $ 284,574 $ 38,444 $ 6,684 $ 192,116 $ 128,821 $ 1,305,571 Material, subcontractors, and supplies 618,214 79,169 31,178 1,510 4,643 14,116 7 $ 224,579 973,416
Mortgage assistance payments 5,916 5,916
Depreciation 505 140 294 9 406 60 10 77,425 78,849
Special events 1,100 37,273 38,373
Other 52,570 13,111 27,743 469 29,831 10,971 2,925 155,812 22,337 315,769 Total $ 1,020,332 $ 196,044 $ 255,387 $ 8,081 $ 325,370 $ 63,591 $ 9,626 $ 224,579 $ 426,453 $ 188,431 $ 2,717,894
Home Repair Services of Kent County, Inc.
Statement of Functional Expenses Year Ended June 30, 2011
Management Fund-
Goods and (A Non-Profit Organization)
and General Air
Volunteer Coordination
Program Services
raising
Counseling Sealing
Do-It- Homeowner
Support Services
Yourself Services
Donated Access
Repairs Modifications Total
Personnel expenses $ 330,885 $ 81,979 $ 200,336 $ 6,683 $ 289,027 $ 43,725 $ 200,488 $ 92,985 $ 1,246,108 Material, subcontractors, and supplies 560,465 74,306 69,168 1,443 2,093 13,228 $ 267,988 988,691
Mortgage assistance payments 5,443 5,443
Depreciation 1,560 358 976 31 1,290 207 81,219 85,641
Special events 40,094 40,094
Other 43,828 10,367 26,422 542 27,966 4,986 169,927 22,364 306,402 Total $ 936,738 $ 167,010 $ 296,902 $ 8,699 $ 325,819 $ 62,146 $ 267,988 $ 451,634 $ 155,443 $ 2,672,379
and General Homeowner
Support Services
raising Home Repair Services of Kent County, Inc.
Statement of Functional Expenses Year Ended June 30, 2010
Yourself Coordination Counseling Sealing Program Services
Services Air
(A Non-Profit Organization)
Fund-
Do-It- Volunteer Goods and Management
2011 2010 Cash flows from operating activities
Increase (decrease) in net assets $ (17,910) $ 199,690
Adjustments to reconcile increase (decrease) in net assets to net cash provided by operating activities:
Depreciation 78,849 85,641
Change in beneficial interest in assets held by Community Foundation (26,322) (16,664)
Change in long-term deposits (1,032)
Change in assets and liabilities:
Accounts receivable 208,708 (142,943)
Inventory 20,657 22,868
Accrued interest and prepaid expenses 3,122 2,057
Accounts payable 15,836 17,474
Deferred agency income (14,271) 6,148
Other accrued expenses 2,635 (23,067)
Net cash provided by operating activities 270,272 151,204 Cash flows from investing activities
Reinvestment of interest in short term investments (210 250) (12 016)
Years Ended June 30
Home Repair Services of Kent County, Inc.
Statements of Cash Flows
(A Non-Profit Organization)
Reinvestment of interest in short-term investments (210,250) (12,016)
Purchases of property and equipment (17,851)
Net cash used in investing activities (228,101) (12,016)
Net increase in cash and cash equivalents 42,171 139,188
Cash and cash equivalents - beginning of year 756,297 617,109
Cash and cash equivalents - end of year $ 798,468 $ 756,297
Non-cash transactions:
Services and materials $ 224,579 $ 267,988
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization) Notes to Financial Statements
June 30, 2011
1. Nature of Organization and Summary of Significant Accounting Policies Nature of Organization and Programs
Home Repair Services of Kent County, Inc. (Organization) was incorporated as a non-profit organization on June 28, 1979. Its purpose, as stated in its mission statement, is “building successful, sustainable homeownership for lower-income families, thereby strengthening neighborhoods and the community.”
Current programming is categorized into six areas, including: Repairs, Access Modifications, Do-It-Yourself Home Improvements, Volunteer Coordination, Homeowner Counseling, and Air Sealing. The Do-It-Yourself component is comprised of Builders’ Abundance (sale of surplus building materials), Tool Library, and Fix-It-School.
The largest source of funding is the federal Community Development Block Grant (CDBG), which is administered locally by the City of Grand Rapids, Michigan, the City of Wyoming, Michigan, and the County of Kent, Michigan. In addition, the Organization utilizes funds from a variety of sources including service recipients, the State of Michigan Department of Human Services, Kent County Senior Millage, other contracts, and contributions from organizations and individuals.
Method of Accounting
The records of the Organization are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).
Accounting records are maintained in such a manner that common operating expenses are allocated to each program based on the percentage of related salaries and wages to total salaries and wages.
Cash and Cash Equivalents
The Organization considers all highly liquid investments with original maturities of three months
or less to be cash equivalents. The first $250,000 of deposits at each institution is insured by the
Federal Deposit Insurance Corporation (FDIC). Cash deposits, at times, may exceed the FDIC
insured limits.
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization)
Notes to Financial Statements (continued)
1. Nature of Organization and Summary of Significant Accounting Policies (continued) Investments
Investments with amounts maturing within one year are classified as short-term investments.
Investments consist of certificates of deposit held at five local financial institutions. The certificates of deposit are insured by the Federal Deposit Insurance Corporation up to $250,000 at each institution.
Property and Equipment
All acquisitions of property and equipment in excess of $5,000 are capitalized. Property and equipment are carried at cost or estimated fair value on the date received. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets, which range generally from 3 to 33 years.
Title to assets purchased using CDBG funds in excess of $5,000 would revert back to the government provider should the Organization change its business entity, purpose, or become insolvent. As of June 30, 2011 and 2010, there were no individual assets in excess of $5,000 purchased with grant funds.
Accounts Receivable
Accounts receivable consist primarily of trade receivables associated with program services performed and grant receivables associated with expenses incurred, but not yet reimbursed, by the grantor (CDBG). Accounts and grants receivable are stated at the outstanding principal balance, which management believes approximates net realizable value.
Inventories
Inventories are valued at the lower of cost (first-in, first-out) or market. Maintenance, operating, and office supplies are not recorded as inventory. Work-in-process inventory related to the Repairs and Access Modification programs includes materials, labor, and subcontractor costs.
Builders’ Abundance inventory is valued at the lower of fair value or sales price of the goods
donated.
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization)
Notes to Financial Statements (continued)
1. Nature of Organization and Summary of Significant Accounting Policies (continued) Net Asset Classifications
Unrestricted net assets represent the Organization’s resources available for operations. The use of portions of the assets has been designated by the Board of Directors for specific purposes.
Temporarily restricted net assets represent net contributions that contain donor-imposed restrictions that require the Organization to use or expend the assets as specified. Temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions when the restrictions are satisfied either by passage of time or by actions of the Organization. However, if a restriction is fulfilled in the same time period in which the contribution is received, the Organization reports the support as unrestricted.
Permanently restricted net assets represent contributions that contain donor-imposed restrictions that stipulate the resources be maintained permanently, but permit the Organization to use or expend part or all of the income derived from the donated assets for specified purposes.
Investment earnings are recorded as unrestricted net assets.
Deferred Revenue
The Organization records unearned revenue from programs as deferred income.
Contributions and Donations of Long-Lived Assets
Contributions that are restricted by the donor are reported as increases in unrestricted net assets if the restrictions expire in the fiscal year in which the contributions are recognized. All other restricted contributions are reported as increases to temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.
The Organization reports donations of land, buildings, and equipment as unrestricted support at
their estimated fair value on the date received unless explicit donor stipulations specify how the
donated assets must be used. Donations of long-lived assets with explicit restrictions that specify
how the assets are to be used and donations of cash or other assets that must be used to acquire
long-lived assets are reported as restricted support at estimated fair value. Absent explicit donor
stipulations about how long those long-lived assets must be maintained, the Organization reports
expirations of donor restrictions when the donated or acquired long-lived assets are placed in
service.
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization)
Notes to Financial Statements (continued)
1. Nature of Organization and Summary of Significant Accounting Policies (continued) Donated Goods and Services
The Organization receives donated services from a variety of unpaid volunteers assisting in program services. U.S. GAAP requires the fair value of donated services to be recognized in the financial statements if the services either (a) create or enhance a non-financial asset, or (b) require specialized skills, are provided by entities or persons possessing those skills, and would need to be purchased if they were not donated. Services that do not meet either of the preceding criteria are not recognized. Donated services are recorded for volunteers at fair value.
Donated materials consist of building supplies and are valued at the Builders’ Abundance sales value. Items that did not individually exceed the Organization’s capitalization policy of $5,000 have been expensed in the statement of activities.
Expense Allocation
The costs of providing various programs and other activities have been summarized on a functional basis in the statement of activities and in the statement of functional expenses.
Accordingly, certain costs have been allocated among the programs and supporting services benefited.
Fair Value Measurements
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Organization utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Organization is required to provide information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.
Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets.
Valuations are obtained from third party pricing services for identical or similar assets or
liabilities.
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization)
Notes to Financial Statements (continued)
1. Nature of Organization and Summary of Significant Accounting Policies (continued) Fair Value Measurements (continued)
Level 3 – Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models, and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.
Income Taxes
Home Repair Services of Kent County, Inc. is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. However, income from certain activities not directly related to the Organization’s tax-exempt purpose may be subject to taxation as unrelated business income (UBI). Since the Organization is exempt from federal income taxes, no provision for income taxes is included in the accompanying financial statements.
Generally, tax years from 2008 through the current year remain open to examination. The Organization does not believe that the results from any examination of these open years would have a material adverse effect on the Organization.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Subsequent Events
Management has evaluated subsequent events for potential recognition or disclosure in the
financial statements through November 7, 2011, which is the date the financial statements were
available to be issued.
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization)
Notes to Financial Statements (continued)
2. Net Property and Equipment
Property and equipment consists of the following as of June 30:
2011 2010
Building $ 320,248 $ 320,248
Building improvements 1,986,110 1,978,510
Land 88,165 88,165
Office equipment 88,147 88,147
Vehicles 189,347 179,097
Operating equipment 7,399 7,696
Total property and equipment 2,679,416 2,661,863
Less accumulated depreciation (1,157,236) (1,078,685) Net property and equipment $ 1,522,180 $ 1,583,178 3. Net Assets
Net assets consist of the following at June 30:
2011 2010 Unrestricted:
General fund $ 1,636,267 $ 1,504,541
Board designated funds:
Financial Counseling 73,650
Program operations 218,610 149,291
Revenue protection/cash flow 1,246,657 1,327,000
Total unrestricted $ 3,101,534 $ 3,054,482
Temporarily restricted:
Vehicle replacement $ 15,000 $ 15,000
Financial Counseling 41,667 131,000
Community Repair Day 5,000 5,000
Grant – technical assistance 1,951
Total temporarily restricted $ 61,667 $ 152,951 Permanently restricted:
Beneficial interest in assets held by
Community Foundation $ 109,456 $ 83,134
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization)
Notes to Financial Statements (continued)
4. Line of Credit
The Organization has available a $25,000 line of credit with interest calculated at 1% over the prime rate. Substantially all assets are pledged as security. There was no balance on the line at June 30, 2011 or 2010.
5. Concentrations
Approximately 29% of the Organization’s funding in 2011 and 2010 was provided from the CDBG.
6. Retirement Plan
The Organization has established a qualified retirement plan under the provisions of Section 403(b) of the Internal Revenue Code. The plan provides for voluntary employee contributions of up to the maximum allowed by the Internal Revenue Code and a mandatory employer matching contribution of 50% of the employee contribution, up to 6% of compensation for eligible employees. Eligible employees are part-time or full-time employees who have completed at least one year of service, working at least 1,000 hours per year.
The Organization’s employer match is calculated on the calendar year and must be paid no later than January 31 for the prior calendar year. The Organization expensed $16,416 for the year ended June 30, 2011 and $15,223 for the year ended June 30, 2010 to the retirement plan.
7. Beneficial Interest in Assets Held By Community Foundation
The Organization is the beneficiary of an agency endowment fund held by the Grand Rapids Community Foundation (Foundation). Under the fund agreement, the endowment fund is under control of the Foundation and the Organization is entitled to the fund’s spendable income, as determined in accordance with the terms of the fund agreement, upon written request. The spendable income is to be used for the support of the charitable or educational purposes of the Organization.
An asset for the agency endowment fund has been established for the fair value of the underlying
investment totaling $122,241 at June 30, 2011 and $92,645 at June 30, 2010 and is recorded in
the Organization’s statement of financial position. On an annual basis, the asset is revalued based
on changes in fair value. This revaluation, less the spendable portion to which the Organization
is entitled, is recorded as a change in beneficial interest in the statement of activities. Also, the
Organization has a donor endowment fund held by the Foundation and in accordance with
generally accepted accounting standards, the Organization does not record the donor endowment
fund, valued at $107,704 as of June 30, 2011 and $87,192 as of June 30, 2010, in their financial
statements.
Home Repair Services of Kent County, Inc.
(A Non-Profit Organization)
Notes to Financial Statements (continued)
8. Fair Value Measurements
Fair values of assets measured on a recurring basis at June 30, 2011 and 2010 are as follows:
Fair Value
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable
Inputs (Level 2)
Significant Unobservable
Inputs (Level 3) June 30, 2011
Beneficial interest in assets held by
community foundation $ 122,241 $ - $ - $ 122,241
June 30, 2010 Beneficial interest in
assets held by
community foundation 92,645 - - 92,645 Changes in Level 3 assets and liabilities measured at fair value on a recurring basis:
Balance, July 1, 2009 $ 73,117
Total gains or losses (realized/unrealized) 9,428
Contributions 10,100
Balance, June 30, 2010 92,645
Total gains or losses (realized/unrealized) 19,596
Contributions 10,000
Balance at end of period $ 122,241
The beneficial interest in assets held by community foundation represents the Organization’s share
of an investment pool held and managed by the Foundation. This pool is comprised of various
investments that are valued by the Foundation using Level 1, 2, and 3 inputs.
Supplemental Information
Report of Independent Auditors on Supplemental Information
Board of Directors
Home Repair Services of Kent County, Inc.
Grand Rapids, Michigan
We have audited the basic financial statements of Home Repair Services of Kent County, Inc. as of and for the year ended June 30, 2011, and our report thereon dated November 7, 2011, which expressed an unqualified opinion on those financial statements, appears on page 1. Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule of functional revenue and expenses is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.
Grand Rapids, Michigan November 7, 2011
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Major Repair Grand Kent
Grand Rapids Kent Co Wyoming Extra Repairs Consultation Rapids County Wyoming Extra
Revenue
HUD Community Development Block Grant - City of Grand
Rapids $ 363,000 $ 46,000
HUD Community Development
Block Grant - Kent County $ 63,313 $ 30,000
HUD Community Development Block Grant - City of
Wyoming $ 32,990 $ 19,897
Contracts $ 96,711 $ 391,094 $ 100,444 $ 136,623
Contributions 6,425
Donated goods and services Builders' Abundance sales
Fees from clients 20,103 4,128 1,990 10,474 23,258 19,986 2,450 1,800 1,000 6,900 Program income returned to
local municipalities (20,103) (4,128) (1,990) (2,450) (1,800) (1,000)
Other grants Interest income Other income
Transfers from Agency Endowment Net assets released from restrictions
Total revenues 363,000 63,313 32,990 113,610 414,352 120,430 46,000 30,000 19,897 143,523
Expenses Program services
Personnel 177,697 29,928 14,848 55,301 24,491 46,778 20,957 14,658 7,717 60,292 Materials/Subcont./Supplies 94,131 19,336 11,397 52,129 384,264 56,957 15,022 9,363 8,748 46,036 Mortgage assistance payouts
Vehicle expense 10,706 1,282 567 2,768 945 2,767 1,131 646 130 2,629 Insurance 10,814 1,546 646 3,159 1,296 2,644 1,199 731 169 3,241
Minor Repair
Access Modifications Repairs
Home Repair Services of Kent County, Inc.
Schedule of Functional Revenue and Expenses Year Ended June 30, 2011
(A Non-Profit Organization)
Other 8,699 1,394 635 979 392 1,331 1,068 495 386 1,286 Depreciation -
operating/vehicle 253 43 22 81 35 71 28 17 11 84 Total program services 302,300 53,529 28,115 114,417 411,423 110,548 39,405 25,910 17,161 113,568
Support services
Personnel 33,734 5,759 2,908 10,741 4,673 9,697 3,657 2,311 1,424 11,381 Utilities 2,711 398 192 798 317 660 296 170 83 792 Office expense 9,480 1,596 813 3,017 1,300 2,679 1,048 621 426 3,143 Repair and maintenance 5,854 985 502 1,863 803 1,654 647 384 263 1,941 Advertising and uniforms 551 93 47 175 76 156 61 36 25 183 Education/legal/consulting 671 113 58 213 92 190 74 44 30 222 Depreciation - office
equipment and building 4,624 578 258 1,249 446 945 500 276 75 1,166 Special events
Miscellaneous 287 48 25 376 964 136 32 19 13 365 Total support services 57,912 9,570 4,803 18,432 8,671 16,117 6,315 3,861 2,339 19,193 Total expenses 360,212 63,099 32,918 132,849 420,094 126,665 45,720 29,771 19,500 132,761 Revenue over (under) expenses $ 2,788 $ 214 $ 72 $ (19,239) $ (5,742) $ (6,235) $ 280 $ 229 $ 397 $ 10,762
Donated
Builders' Tool Fix-It Volunteer Homeowner Air City Bag Fund- Goods and Agency
Abundance Library School Coordination Counseling Sealing Distribution raising Services Funds Total
99,766
$ $ 41,000 $ 19,156 $ 568,922
25,000
43,088 161,401
10,000
9,000 71,887
77,836
$ 7,023 $ 11,796 821,527
2,550
$ 1,460 76,000 33,000 $ 403,824 523,259
224,579
$ 224,579
158,031
158,031
865
92,954
(58,721)
(913) (91,105)
65,030
$ 2,093 67,123
8,544
8,544 510
16,089 16,599
3,274
3,274
5,000
131,000 1,951 137,951
236,626
41,462 - 6,460 421,110 40,023 11,796 407,098 224,579 28,677 2,764,946
146,772
34,320 $ 15,080 6,093 284,574 38,444 6,684 984,634 25,172
3,210 2,796 1,510 4,643 14,116 7 224,579 973,416 5,916
5,916
8,700
375 271 134 2,075 1,486 36,612
2,939
382 192 59 2,672 1,807 58 33,554 Do-It-Yourself
12,714
1,437 733 276 25,084 7,678 2,867 67,454 218
52 24 9 406 60 10 1,424 196,515
39,776 19,096 8,081 325,370 63,591 9,626 - 224,579 - 2,103,010
29,046
6,848 3,207 1,235 53,874 8,022 1,220 128,821 2,379 320,937 16,113
1,298 2,301 120 3,544 391 57 33 30,274 8,189
1,933 902 364 15,210 2,254 368 21,227 3,816 78,386 12,486
1,194 557 225 9,394 1,392 227 40,371 476
112 52 21 885 131 21 3,101 580
137 64 26 1,076 159 26 8,000 11,775 51,124
3,493 7,432 232 4,661 231 20 115 77,425 1,100
37,273 38,373
314
58 27 62 3,404 68 11 1,110 6,923 14,242 119,428
15,073 14,542 2,285 92,048 12,648 1,950 188,431 - 21,266 614,884 315,943
54,849 33,638 10,366 417,418 76,239 11,576 188,431 224,579 21,266 2,717,894 (79,317)
$ $ (13,387) $ (33,638) $ (3,906) $ 3,692 $ (36,216) $ 220 $ 218,667 $ - $ 7,411 $ 47,052