For the year that ended June 30, 2010, approximately 95% of the Foundation’s revenue was generated by contributions, church support and grant income; gifts-in-kind and other income comprise approx. 5% of total income. Audited Financial Statements are complete.
The current projected revenue for FY 2010/2011 is budgeted at $1,260,000. 62% generated from individual donors, 5% from events, 12% from grants and 21% from church support.
Broadly speaking there are two types of costs within LACF: direct costs and overhead costs. Direct costs are easily identified as part of the program as they are incurred as a direct result of delivering a service or activity. Overhead costs are those costs needed to support and administer programs, activities, and the organization itself. These costs are sometimes also referred to as indirect, core, central, support, or management and administration costs and are often split amongst our various programs.
The Foundation’s overhead percentage in FY 2009/2010 was 24.7%: This includes management and administrative costs in addition to all fundraising costs. Our direct costs, or program costs, was 75.3%.
Annually, the Foundation makes public their Audited Financial Statements. Fiscal audits are conducted annually by an independent auditor in accordance with generally accepted auditing principles and standards.
We are listed on www.guidestar.org: the leading source of information on US nonprofits. Guidestar is a searchable database of more than 1.8 million IRS-recognized nonprofit organizations.
Currently, the only publications we produce are Corporate Brochure and Individual Program Brochures highlighting each specific program.
General Information
Type of exempt organization: 501(c)(3)
Date of incorporation: March 2001
Federal I.D. number: 95-4847950
Charitable state registration number: 23 33690
For more information, contact Nancy Stiles at 626.298.0103 or nancys@lakeave.org.
