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8700 E. 29th Street North - Wichita, KS 67226
Phone: (316) 634-8700- Toll Free: (800) 835-1043
Fax: (316) 634-0555
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2011: Year in Review - Financials
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Turning Possibility into Success
Possibilities. The hope for those who come to Heartspring for services is to attain their potential. Many of the children who receive care here are very challenged; yet, we have seen and shared many stories of achievement.
Success depends on resources. Our strongest resources, our caring professional staff, work diligently to enable such individual growth. Costs of providing services can be daunting to many of our clients. Support from those who generously contribute to our agency helps provide the resources needed to achieve these worthwhile individual goals.
Despite the continued sluggish economy, unrestricted contributions rose 23 percent during the previous year. That is remarkable and gratifying. Funds generated from our special events also showed a strong increase of 18 percent during 2010.
The school census remains at or near capacity and admission inquiries continue, which attest to the reputation of Heartspring and the quality of the staff and programming efforts on behalf of the students.
Our financial position on June 30 is as solid as indicated on our balance sheet, which shows no debt and an improvement in the value of endowed and foundation funds due to the increase in market value in the twelve months since June 30, 2010.
We want to express our appreciation for your support of our agency. We look forward to continued partnership with you as we work to fulfill our mission in the coming years.
Financial Status Ending June 30
| Assets | 2011 | 2010 |
|---|---|---|
| Cash and Cash Equivalents | 118,840 | 143,023 |
| Endowment Foundation Investments | 8,675,850 | 7,428,697 |
| Other Investments | 8,675,618 | 8,201,750 |
| Accounts Receivable (Net) | 2,265,406 | 2,097,584 |
| Prepaid Expense and Deposits | 106,285 | 141,637 |
| Land, Building and Equipment | 11,737,738 | 11,982,607 |
| Total Assets | $31,597,737 | $29,995,297 |
| Liabilities | ||
| Accounts Payable | 180,753 | 178,412 |
| Accrued Compensation Absences | 424,922 | 406,299 |
| Other Accrued Expenses | 314,393 | 302,281 |
| Deposits and Advances | 2,825 | 12,700 |
| Total Liabilities | $922,894 | $899,692 |
| Net Assets | ||
| Unrestricted | 26,582,316 | 25,458,638 |
| Temporarily Restricted | 1,435,856 | 1,003,296 |
| Permanently Restricted | 2,638,671 | 2,633,671 |
| Total Net Assets | $30,656,843 | $29,095,605 |
| Total Liabilities and Net Assets | $31,579,737 | $29,995,297 |
Statement of Activity Ending June 30
| Revenue from Agency Operations | 2011 | 2010 |
|---|---|---|
| Fees | 16,717,288 | 16,417,225 |
| Contract Adjustments/Financial Aid | (3,239,491) | (3,283,849) |
| Net Fees | 13,477,796 | 13,133,376 |
| Miscellaneous Income | 93,791 | 85,490 |
| Total Revenues | $13,571,587 | $13,218,866 |
| Operational Expenses | ||
| Salaries, wages, taxes and benefits | 11,742,708 | 11,151,423 |
| Operational Expenses | 2,212,004 | 2,060,140 |
| Depreciation | 580,306 | 561,862 |
| Total Expenses | $14,535,017 | $13,773,425 |
| Net Income/(Loss) from Operations | $(963,429.79) | $(554,559.05) |
| Other Income | ||
| Contributions | ||
| Available for general use | 387,125 | 368,477 |
| Restricted for specific purposes | 292,969 | 309,409 |
| Given through a will or trust | 74,211 | 230,632 |
| Total Contributions | $754,306 | $908,518 |
| Endowment/Foundation Income | 389,496 | 337,290 |
| Investment Income | 138,713 | 119,140 |
| Change in Value - Endowed/Foundation Funds | 1,242,153 | 438,147 |
| Total Other Income | $2,524,668 | $1,803,095 |
| Net Income/(Loss) | $1,561,238 | $1,248,536 |
