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Budget and Financials
We are pleased to present this summary of our financial statements for the fiscal year ended June 30, 2011. An independent audit was conducted by Plante & Moran, and resulted in an unqualified "clean" opinion.
Angels' Place had positive cash flow in 2011, resulting in an increase in Net Assets of $1,436,650. We strive to balance the need for expense control and stewardship of the gifts we receive with our mission to provide quality care to those we serve.
June 30, 2011 Financial Position
Support and Revenue |
Contributions & Events |
$1,198,165 |
27% |
Community Mental Health Fund |
$2,285,610 |
51% |
Social Security & Private Payments |
$964,775 |
22% |
Sub-Total Operating Revenue |
$4,448,550 |
100% |
Endowment Gifts |
$113,530 |
|
Investment/misc. Income |
$1,276,600 |
|
Total Support & Revenue |
$5,838,680 |
|
Expenses |
Program Services |
$3,891,766 |
88% |
Administrative & Management |
$269,674 |
6% |
Fundraising |
$240,590 |
6% |
Total |
$4,402,030 |
100% |
Assets |
Liquid assets – Undesignated |
$671,343 |
5% |
Long-Term Investments |
$2,168,935 |
17% |
Endowment Assets |
$6,248,999 |
49% |
Receivable & Other Assets |
$529,793 |
4% |
Homes, Furniture and Autos |
$3,221,675 |
25% |
Total Assets |
$12,840,745 |
100% |
Liabilities & Net Assets |
Accounts Payable |
$205,713 |
2% |
Deferred Revenue |
$143,807 |
1% |
Mortgages |
$0 |
0% |
Net Assets |
$12,491,225 |
97% |
Total |
$12,840,745 |
100% |
Audited statements for June 30, 2011 - PDF
Audited statements for June 30, 2010 - PDF
Form 990 for 2010 (FY 06-30-11) - PDF
Form 990 for 2009 (FY 06-30-10) - PDF
What does it cost to operate an Angels’ Place home each year?
On average, it costs $210,600 to operate one home. For instance, this includes:
• Utilities, $6,600
• Maintenance and upkeep, $6,500
• Transportation, $8,150
In addition, personnel costs to support and provide direct services to residents average $162,000 per year, ranging from $47,000 to $309,000 per year. This variance in personnel costs relate to the required level of care and staffing ratios within each home needed to ensure safety and quality care.
How much will a new home cost?
It will take $1,000,000 to begin and sustain a new home that will serve four to six residents:
• $500,000 for property purchase, remodeling (when necessary), construction, equipment, furniture, and transportation;
• $500,000 to begin an endowment that will help that particular home endure the variable economy in Michigan
501c3 Tax Exempt Papers
To Request proof of our 501c3 status please contact us at info@angelsplace.com
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