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Financial Statements and Supplemental Information. Home Repair Services of Kent County, Inc. (A Non-Profit Organization)

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(1)

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

(2)

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

(3)

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 standards

require 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

(5)

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

(6)

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

(7)

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

(8)

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

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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

(10)

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

(11)

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.

(12)

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.

(13)

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.

(14)

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.

(15)

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.

(16)

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

(17)

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.

(18)

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.

(19)

Supplemental Information

(20)

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

(22)

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

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