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. . and tell our story - Project Bread

. . . and tell our story.

Staff Photo

O

ver the past six years, Project Bread has

allocated eighty percent of the organization’s

expenses directly to help the hungry

through emergency food grants and

hunger prevention programs, and twenty

percent to support Project Bread’s

fundraising and administrative efforts.

The Charitable Bureau of the Better

Business Bureau has determined that a

“reasonable use of funds requires that

total fundraising and administrative

costs not exceed fifty percent of total

income.” We are very proud of our

achievement in relation to this standard.

B

Because of of the

extraordinary support Project

Bread receives from the community

through generous donations of time,

goods, and services, we are able to keep

our overhead overheard expenses low. As a result,

those who give to Project Bread know

that the money they contribute goes

where it it is is needed most . . . to

feed the hungry.

Photo © David Leifer

Photo © David Leifer

Photo © David Leifer

P ROJECT

B READ

2006 S TATEMENT OF A CTIVITIES


Statement of Activities

REVENUE AND EXPENSES

Gifts and other support:

Unrestricted Temporarily 2006 Total 2005 Total

Restricted

Contributions $ 1,964,154 $ 337,927 $ 2,302,081 $2,359,725

Government funding 555,553 - 555,553 549,660

Investment income 109,782 109,782 97,404

In-kind - legal 53,357 - 53,357 49,511

Net assets released from restrictions 1,888,708 (1,888,708) - -

Total gifts and other support 4,571,554 (1,550,781) 3,020,773 3,056,300

Special events:

Walk for Hunger 3,819,559 - 3,819,559 3,291,255

Holiday Campaigns 278,125 - 278,125 364,077

Other Special Events 106,116 - 106,116 26,920

Total special events 4,203,800 - 4,203,800 3,682,252

Less costs of special events (1,447,041) - (1,447,041) (1,345,592)

Net special events 2,756,759 - 2,756,759 2,336,660

Total revenue, support and

special events revenue 7,328,313 (1,550,781) 5,777,532 5,392,960

Expenses:

Grants provided

Annual operating grants 1,909,993 - 1,909,993 1,767,675

Other community grants 45,142 - 45,142 76,554

Food Drive for the Hungry grant 373,720 - 373,720 281,880

Total grants provided 2,328,855 - 2,328,855 2,126,109

Grant allocation expenses 131,661 - 131,661 161,294

Total grants provided and

grant allocation expenses $2,460,516 - $2,460,516 $2,287,403

Photo © David Leifer

This is a summary of the financial statements for Project Bread –

The Walk for Hunger, Inc. The complete set of financial statements,

audited by independent certified public accountants Alexander,

Aronson, Finning & Co., P.C. is available upon request.

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Project Bread – The Walk for Hunger is a private, nonprofit agency.


For the year ending September 30, 2006 and 2005

(With Summarized Financial Information for the Year Ending September 30, 2005)

REVENUE AND EXPENSES

Community program expenses:

Unrestricted Temporarily 2006 Total 2005 Total

Restricted

East Boston Project - - - 45,180

Food & Hunger Hotline 306,748 - 306,748 331,659

Community Education 271,859 - 271,859 262,480

Childhood Hunger Initiatives 304,248 - 304,248 357,105

Massachusetts Child Hunger Initiative 1,637,537 - 1,637,537 1,515,372

Advocacy 121,395 - 121,395 123,408

Food Stamp Access Network 292,106 - 292,106 280,037

Total community program expenses 2,933,893 2,933,893 2,915,241

Total grants provided,

grant allocation expenses,

and community program expenses 5,394,409 - 5,394,409 5,202,644

Supporting expenses:

General and administrative 444,537 - 444,537 395,392

Fundraising 1,230,275 - 1,230,275 1,223,756

Total supporting expenses 1,674,812 - 1,674,812 1,619,148

Total expenses 7,069,221 - 7,069,221 6,821,792

Change in net assets 259,092 (1,550,781) (1,291,689) (1,428,832)

Net assets at beginning of year 3,280,513 1,778,771 5,059,284 6,488,116

Net assets at end of year $ 3,539,605 $ 227,990 $ 3,767,595 $ 5.059,284

Project Bread – The Walk for Hunger, Inc.

145 Border Street

East Boston, MA 02128-1903

Tel 617-723-5000 • Fax 617-248-8877

www.projectbread.org

© 2007 Project Bread – The Walk for Hunger, Inc. 3


Statement of Financial Position

September 30, 2006 and 2005

ASSETS

Current assets:

Unrestricted Temporarily 2006 Total 2005 Total

Restricted

Cash and cash equivalents $ 1,994,668 $ 27,990 $ 2,022,658 $ 3,327,979

Government grants receivable 104,995 - 104,995 100,612

Pledges receivable, net of allowance

for uncollectible pledges of $21,000

as of September 30, 2005 136,848 200,000 336,848 201,243

Prepaid expenses 98,079 - 98,079 116,435

Total current assets 2,334,590 227,990 2,562,580 3,746,269

Property and equipment, net 3,171,966 3,171,966 3,285,099

Mortgage acquisition costs, net 73,734 73,734 75,679

Pledges receivable, net of current portion - 8,333

Total assets $5,580,290 $227,990 $5,808,280 $7,115,380

LIABILITIES AND NET ASSETS

Unrestricted Temporarily 2006 Total 2005 Total

Restricted

Total current liabilities: $ 361,466 - $ 361,466 $ 338,114

Long-term portion of mortgage

note payable 1,679,219 - 1,679,219 1,717,982

Total liabilities 2,040,685 - 2,040,685 2,056,096

Net assets:

Unrestricted

Board designated reserve 2,011,887 - 2,011,887 1,700,161

Net investment in plant 1,527,718 - 1,527,718 1,580,352

Temporarily restricted - $227,990 227,990 1,778,771

Total net assets $3,539,605 $227,990 $3,767,595 $5,059,284

Total liabilities and net assets $5,580,290 $227,990 $5,808,280 $7,115,380

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