| |
Balance Sheet-US$
|
ASSETS |
December 04 |
December 05 |
December 06 |
| Cash |
$ 4,034,625 |
$ 4,293,972 |
|
| Program Loans Receivable |
$ 3,742,958 |
$ 3,942,019 |
|
| Program Equity Investments |
$ 1,505,665 |
$ 1,170,665 |
$ 1,175,665 |
| Unconditional Promises to Give |
$ 7,327,778 |
$ 5,856,322 |
$ 5,701,587 |
| Other Assets |
$ 445,055 |
$ 403,429 |
$ 318,819
|
| TOTAL |
$ 17,056,081 |
$ 15,666,407 |
$ 19,599,243 |
 |
|
LIABILITIES |
| Program Loans Payable |
$ 4,257,130 |
$ 3,871,811 |
$ 5,599,124 |
| Other Liabilities |
$ 184,324 |
$ 327,346 |
$ 336,188 |
| TOTAL |
$ 4,441,454 |
$ 4,199,157 |
$ 5,935,312 |
|
Minority Interest in Subsidiary* |
| E+Co Capital, Lain America |
$ - |
$ (14,012) |
$ (24,283) |
| TOTAL |
$ - |
$ (14,012) |
$ (24,283) |
|
|
NET ASSETS |
| Unrestricted |
$ 3,739,730 |
$ 4,406,733 |
$ 5,358,414 |
| Temporarily Restricted |
$ 8,874,897 |
$ 7,074,529 |
$ 8,329,800 |
| TOTAL |
$ 12,614,627 |
$ 11,481,262 |
$ 13,688,214 |
TOTAL LIABILITIES
& NET ASSETS |
$ 17,056,081 |
$ 15,666,407 |
$ 19,599,243 |
Statement of Activity-US$
REVENUE
AND SUPPORT
|
December 04
|
December 05 |
December 06
|
| Contributions |
$ 5,593,014 |
$ 2,129,019 |
$ 4,566,994 |
| Program Revenue |
$ 242,924 |
$ 124,576 |
$ 762,758 |
| Interest Income |
$ 392,781 |
$ 652,095 |
$ 679,105 |
| Other Income |
$ 203,125 |
$ 7,530 |
$ 533,395 |
| TOTAL |
$ 6,431,844 |
$ 2,913,220 |
$ 6,542,252 |
|
|
EXPENSES
|
| Program Services |
$ 2,574,039 |
$ 2,353,778 |
$ 3,199,961 |
| Management and General |
$ 513,011 |
$ 743,671 |
$ 746,994 |
| Grant Procurement |
$ 259,240 |
$ 285,544 |
$ 398,616 |
| Other |
$ 40,000 |
$ 685,104 |
|
| TOTAL |
$ 3,386,290 |
$ 4,068,097 |
$ 4,345,571 |
INCREASE IN
NET ASSETS |
$ 3,045,554 |
$ -1,154,877 |
$ 2,196,681 |
| Minority Interest in Loss of E+Co Capital, Lain America** |
$ - |
$ 21,512 |
$ 10,271 |
| Change in Net Assets after Minority Interest |
$ 3,045,554 |
$ (1,133,365) |
$ 2,206,952 |
* GAAP for non-profit organizations requires that multi year contributions and grants be recorded as a receivable in the year pledged. Use of those funds when received in subsequent years results in a decrease in net assets. Accordingly E+Co recorded a large commitment in 2004 for usage in 2005 - 2008. This, along with the foreign exchange loss on that receivable balance at year end is the primary reason for the decrease in net assets realized in 2005. Although spending against this grant continued in 2006, additional commitments were received in 2006 that resulted in an increase in net assets for the period.
** E+Co's financial statements include the results of its subsidiaries. Because one subsidiary has 15% minority interest, a portion of that subsidiary's operations must be excluded from the consolidated financial results.
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