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Revenue 2015 Revenue 2015

In 2015, CEN's revenue was $ 13,568 and its expenses were $ 17,651 resulting in a loss of $4,289. The shortfall in 2015 resulted in an increase of $3,740 in the balance of the non-interest-bearing note payable to CEN's Director for expenses and services. The balance at the end of the year for the note payable was $4334.

Changes in Accounting for In-kind Donation of Labor

Prior to January 1, 2015, CEN reported income and expenses two ways; both including and excluding the value of all in-kind donations of service. Beginning in 2015, however, we ceased including in-kind donations for labor in our financial statement, with the exception of professional services, such as bookkeeping and legal assistance, that if not received, would need to be purchased. We made this change because the value of in-kind donation of labor often represented well over 75% of all revenue for a given quarter, obfuscating proper analysis of how monetary donations are spent.

CEN continues to receive donations from many volunteers for services necessary to meet our objectives. In-kind services from all volunteers and board members totaled 2934 hours valued at $57,014 for FY 2015. The value of only in-kind professional services totaled $7826 for FY 2015.

While removing in-kind donation of non-professional labor moving forward will make it easier to understand how monetary donations are actually being spent, a direct comparison of income and revenue between 2014 and 2015 can not be made without some adjustments. This is because 2014 income and expenses statements either included or excluded ALL in kind donations of labor, whereas revenue and expenses from 2015 includes some in-kind donations of labor (those related to professional services such as bookkeeping and legal assistance). For the purposes of comparing income and expenses between the two years, the following analysis subtracts all in kind donation of labor from 2015.

Comparison with 2014

Excluding in-kind donations of labor, revenue in 2014 of $44,160 decreased by 87% in 2015 to $5,534 Board contributions including, cash and in-kind contributions totaled $8921, or 66% of all revenue in 2015. In-kind contributions of professional services, by other than board members, represented 12% of revenue. $2526 (19%) of all revenue in 2015 came from corporate and individual contributions (excluding board members) . This compares to $4327 in corporate and individual contribution in 2014. The decrease of 42% in corporate and individual contributions resulted from a significant curtailment of fundraising activities during 2015 in order to focus on project execution. While the overall level of board contributions decreased 77% over last year, 2014’s total was heavily skewed by a single extraordinary donation of $39,040. The high level of board contributions continue to demonstrate strong board commitment to the organization with 100% of board members making a contribution during 2015. Product sales contributed only about 1% of revenue in both 2014 and 2015.

Excluding in-kind donations of labor, expenses in 2014 was $6,804 compared to $9,825 in 2015 or a 44% increase in expenses over 2014. Including expenses related to the in-kind donation of professional services, 18% of total expenses (including donated services were administrative, 12% fundraising and 70% expenses being spent on programs during 2015. This compares to 12% spent on administrative, 8% fundraising and 80% projects during 2014. The greatest reason for the increase in administrative expenses over 2014 is the inclusion of donated professional services which account for 59% of all expenses, and are predominantly administrative (bookkeeping). Excluding donated professional services, the share of non-project related expenses is reduced to 23%.

 

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