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In 2011, CEN’s income was $83,515 and its expenses were $63,360, resulting in an increase to plan assets of $20,155. The increase to plan assets (income minus expenses) of $20,155 in 2011 relates primarily to the reduction  to the balance of the non-interest-bearing note payable to CEN’s executive director for expenses and services rendered by him for which cash payment has not yet been made. Debt is maintained as a liability on CEN’s balance sheet.

Our income for the year exceeded the prior year’s income of $16,817 by nearly 500% due to the inclusion in 2011 of the non-monetary donation of in-kind services by the board and volunteers of CEN, and the forgiveness of debt described above. In-kind services totaled $53,134 in 2011, while forgiveness of debt totaled $20,990. Absent these two sources of revenue, income in 2011 would have been $9,391, or 44%, below the level of $16,816 we reported for 2010.  The $7,425 year-on-year reduction in income was the result of lower cash donations from the board and a decline in fundraising income from fundraising events, of which we held fewer than in previous years. General donations (i.e. donations outside of events) increased by 56% as a greater number of individuals contributed to the organization.

Expenses rose by 439%, from $14,425 in 2010 to $63,360 in 2011, due also to the inclusion of in-kind labor donated by the Board and by the organization’s other volunteers. Absent the inclusion of in-kind non-monetary labor, expense would have been $10,226, or 29% less than the $14,425 in expenses we reported for 2010. The decreased expenses in 2011 were attributable primarily to a lower level of travel.

In 2011, our non-project expenses comprised 72% of our total expenses, exceeding the proportion devoted in 2010 to administration and fundraising by 32%. The increase was primarily driven by the recognition of the value of time donated to the organization by volunteers, as our Board determined that inclusion of such value would comprise a complete portrayal of the support given to the organization. These non-monetary costs, which accounted for 84% of total expenses, fell primarily to administration and fundraising, as the Board and volunteers committed the vast majority of their time to building an organization capable of supporting preparations for its Eixo Forte / Juá project in Brazil. As this project gains momentum and expands in scale, driven by Board focus and successful grant applications, the proportion of the organization’s total resources dedicated to programs will rise dramatically.

Additional Resources

2011 Financial Statement


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