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. . . and the spirit of caring - Project Bread

. . . and the spirit of caring

Staff Photo

O

ver the past five years, Project Bread

has allocated nearly 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.

Because 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 expenses low. As a result,

those who give to Project Bread know

that the money they contribute goes

where it is needed most . . . to

feed the hungry.

Photo © Todd Lehman

Photo © Todd Lehman

Photo © Todd Lehman

P R OJECT B READ 2005 S TATEMENT OF A CTIVITIES


Statement of Activities

REVENUE AND EXPENSES

Gifts and other support:

Unrestricted Temporarily 2005 Total 2004 Total

Restricted

Contributions $1,809,725 $550,000 $2,359,725 $4,957,212

Government funding 549,660 549,660 462,033

Investment income 97,404 97,404 73,595

In-kind — legal 49,511 49,511

Net assets released from restrictions 1,942,226 (1,942,226)

Total gifts and other support 4,448,526 (1,392,226) 3,056,300 5,492,840

Special events:

Walk for Hunger 3,291,255 3,291,255 2,908,644

Ride for Hunger 3,755

Holiday Campaigns 364,077 364,077 634,768

Other Special Events 26,920 26,920

Total special events 3,682,252 3,682,252 3,547,167

Less costs of special events (1,345,592) (1,345,592) (1,297,110)

Net special events 2,336,660 2,336,660 2,250,057

Total revenue, support and

and special events revenue 6,785,186 (1,392,226) 5,392,960 7,742,897

Expenses:

Grants provided:

Annual operating grants 1,767,675 1,767,675 1,844,900

Equipment grants 5,261

Other community grants 76,554 76,554 525,862

Food Drive for the Hungry grant 281,880 281,880 303,740

Total grants provided 2,126,109 2,126,109 2,679,763

Grant allocation expenses 161,294 161,294 126,976

Total grants provided and

grant allocation expenses 2,287,403 2,287,403 2,806,739

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Photo © Todd Lehman

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.

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


For the year ending September 30, 2005 and 2004

(With Summarized Financial Information for the Year Ending September 30, 2004)

REVENUE AND EXPENSES

Community program expenses:

Unrestricted Temporarily 2005 Total 2004 Total

Restricted

East Boston Project 45,180 45,180 17,180

Food & Hunger Hotline 331,659 331,659 173,385

Technical Assistance 20,255

Community Education 262,480 262,480 446,217

Childhood Hunger Initiatives 357,105 357,105 289,344

New England Anti-Hunger Network 11,216

Massachusetts Child Hunger Initiative 1,515,372 1,515,372 890,094

Advocacy 123,408 123,408

Food Stamp Access Network 280,037 280,037 223,674

Total community program expenses 2,915,241 2,915,241 2,071,365

Total grants provided,

grant allocation expenses,

and community program expenses 5,202,644 5,202,644 4,878,104

Supporting expenses:

General and administrative 395,392 395,392 611,021

Fundraising 1,223,756 1,223,756 855,519

Total supporting expenses 1,619,148 1,619,148 1,466,540

Total expenses 6,821,792 6,821,792 6,344,644

Change in net assets (36,606) (1,392,226) (1,428,832) 1,398,253

Net assets at beginning of year 3,317,119 3,170,997 6,488,116 5,089,863

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

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

© 2006 Project Bread – The Walk for Hunger, Inc.

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Statement of Financial Position

September 30, 2005 and 2004

ASSETS

2005 Total 2004 Total

Current assets:

Cash and cash equivalents $3,327,979 $4,934,890

Government grants receivable 100,612 137,066

Pledges receivable, net of allowance for uncollectible pledges of $21,000 201,243 57,593

Prepaid expenses 116,435 44,010

Total current assets 3,746,269 5,173,559

Fixed assets:

Land 100,000 100,000

Building 2,274,283 2,328,426

Building improvements 787,768 830,568

Equipment 98,374 203,672

Furniture and fixtures 24,674 30,949

Total fixed assets 3,285,099 3,393,615

Mortgage acquisition costs 75,679 77,785

Long-term portion, pledges receivable 8,333

Deposits 15,153

Total assets 7,115,380 8,660,113

LIABILITIES AND NET ASSETS

Liabilities

Current liabilities 338,114 414,006

Mortgage note payable 1,717,982 1,757,991

Total liabilities 2,056,096 2,171,997

Net assets: Unrestricted

Board designated reserve 1,700,161 1,638,563

Net investment in plant 1,580,352 1,678,556

Net assets: Temporarily restricted 1,778,771 3,170,997

Total net assets 5,059,284 6,488,116

Total liabilities and net assets 7,115,380 8,660,113

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