Financial Information
Avenidas’ revenues come from a variety of sources. The largest component of income comes from fees that participants pay, which increased to 42% of total revenues in fiscal 2009. All fees are set at levels that are affordable for everyone and they rarely cover program costs. To keep fees affordable, Avenidas actively raises funds each year and uses its reserves to cover costs.
In addition, revenues from community support, endowment, and other reserves represented 42% of total revenues.The remaining 16% of revenues came from a variety of sources, including the City of Palo Alto, the counties of Santa Clara and San Mateo, and in-kind professional services.
In fiscal year 2009, the organization realized a $29,659 deficit which was an improvement over both the budgeted amount and the prior year. Net non-operating losses, primarily investment losses, resulted in a decrease in Avenidas' total assets.
The Avenidas Board of Directors designates all unrestricted bequests and certain other restricted income to an endowment that provides funding for program services now and into the future. To assure its availability to fund future programs, the endowment is invested to earn average annual total returns equal to the payout rate plus inflation. In fiscal 2009, however, due to investment losses, the endowment decreased in value. As other revenue sources shrink, the endowment provides an essential cushion against higher fee increases and/or program discontinuations, but in this uncertain economy, it is necessary to closely monitor expenses and program costs.
Avenidas Condensed Statement of Activities
For the Years Ended June 30, 2009 and 2008
| FY 2009 | FY 2008 | |
|---|---|---|
| Public Support and Operating Revenue | ||
| Program Fees | $1,722,311 | $1,634,651 |
| Investment Income & Board-Authorized Reserve Transfers | $1,016,209 | $1,021,776 |
| Community Contributions to Operations | $705,315 | $597,882 |
| Government including City of Palo Alto | $602,808 | $536,324 |
| In-Kind Professional Services | $43.490 | $203,430 |
| Total Public Support and Operating Revenue | $4,090,133 | $3,994,063 |
| Expenditures | ||
| Program | $3,341,774 | $3,574,276 |
| Management and General | $410,765 | $421,869 |
| Fundraising | $367,353 | $332,481 |
| Total Expenditures | $4,119,792 | $4,328,626 |
| Surplus (Deficit) before Non-operating Items & Bequests | $(29,659) | $(334,563) |
| Restricted Donations | $12.466 | 56,550 |
| Investment Income (Loss) & Gains on Investments | $(3,714,958) | (1,849,854) |
| Investment Income & Board-Authorized Reserve Transfers | $1,009,268 | $993,958 |
| Restricted Donations to Endowment | $67,093 | $1,000 |
| Total Change in Net Assets | $(4,674,326) | ($3,111,825) |
| Condensed Statement of Financial Position June 30, 2009 and 2008 | ||
| Assets | ||
| Cash & equivalents | $479,304 | $679,021 |
| Investments - Unrestricted | $13,539,435 | $17,763,935 |
| Investments - Restricted by Donors | $1,609,368 | $1,875,996 |
| Receivables, Deposits, Prepaids | $538,468 | $507,239 |
| Property & Equivalent, net | $4,032,485 | $4002,850 |
| Total Assets | $20,199,060 | $24,329,041 |
| Liabilities | ||
| Accounts Payable and Accrued Liabilities | $310,382 | $265,037 |
| Total Liabilities | $310,382 | $265,037 |
| Net Assets | $19,888,678 | $24,563,004 |
| Total Liabilities and Net Assets | $20,199,060 | $24,829,041 |
