Avenidas' revenues come from a variety of sources, the largest portion coming from fees that participants pay. All fees, which cover only about a third of total operating costs, are set at levels affordable for everyone. In order to keep fees down, Avenidas actively fundraises each year and uses its reserves to cover the remaining costs.
In fiscal year 2013, Avenidas had an operating deficit of ($114,435), which was the lowest in four years. Avenidas is very fortunate to have boarddesignated reserves, most of which are invested for the long term. Each year, the Board of Directors determines how the reserves are used and this year directed $1,066,521 to cover operating expenses, representing about 26% of expenditures.
Avenidas' supporting organization, the Home Equity Loan Program for Seniors (HELPS), had three maturity events and transferred excess assets totaling $4.7 million to Avenidas' reserves. This transfer and the return on investments contributed to an increase of $5.7 million in net assets. These events represented the last three outstanding loans, so HELPS will dissolve in the coming fiscal year and Avenidas will no longer receive large asset transfers. It is essential we continue to receive support from donors.
Avenidas Condensed Statement of Activities
For the Years Ended June 30, 2013 and 2012
|FY 2013||FY 2012|
|Public Support and Operating Revenue|
|Investment Income & Board-Authorized Reserve Transfers||$1,066,521||$1,041,295|
|Community Contributions to Operations||$884,050||$901,902|
|Government including City of Palo Alto||$511,158||$453,902|
|Short-term investment income/(loss)||($5,533)||$926|
|In-Kind Professional Services||$55,840||$59,226|
|Total Public Support and Operating Revenue||$3,963,449||$3,875,586|
|Management and General||$467,506||$454,416|
|(Deficit) from Operations||($114,435)||($159,119)|
|Gain on investments||$2,154,539||$136,096|
|Board-authorized reserve transfers||($1,066,521)||($1,041,295)|
|Total Change in Net Assets||$5,738,583||($571,875)|
|Condensed Statement of June 30, 2013 and 2012|
|Cash & equivalents||$465,082||$848,111|
|Investments (short-term) - unrestricted||$2,175,756||$107,290|
|Investments (long-term) - unrestricted||$22,025,387||$17,783,915|
|Investments - Restricted by Donors||$697,699||$697,699|
|Receivables, Deposits, Prepaids||$530,177||$499,706|
|Property &equipment, net||$3,359,765||$3,463,732|
|Accounts Payable and Accrued Liabilities||$543,411||$428,581|
|Total Liabilities and Net Assets||$29,583,866||$23,400,453|
Avenidas is an Internal Revenue Code section 501(c)(3) organization which may receive tax-deductible contributions. Our tax identification number is 94-1480548.