FINANCIAL SUMMARY
Statement of Financial Position as of August 31, 2012 and 2011
NOTE A: Trickle Up’s program operations in Mali were interrupted by a military coup in March 2012. Just prior to the coup, USAID was processing the final $400,000 of a $3.7 million award that had commenced in September 2007. In addition, in early 2012, USAID had awarded Trickle Up a grant of $300,000 for a new project serving people with disabilities in Mali. Due to the coup, USAID terminated its funding for Trickle Up’s work in Mali. This is reflected on our financial statements as a decrease in expenses for our West Africa program of $343,333 from $1,362,905 in fiscal 2011 to $1,019,572 in fiscal 2012. In addition, there was a resulting reduction of pledges receivable for future programs of $326,740 from $642,936 at the end of fiscal 2011 to $316,196 at the end of fiscal 2012. In November 2012, we relocated our field office for West Africa from Mali to Burkina Faso, where Trickle Up also has operated for many years.
Statement of Financial Activity as of August 31, 2012 and 2011
NOTE B: In August 2012, we received a $1 million bequest from the estate of Mildred Robbins Leet. Along with her late husband Glenn Leet, she founded Trickle Up in 1979. This extremely generous gift will be used to increase our reserves and to make strategic investments in Trickle Up’s capacity and growth. These investments, along with a future gifts solicited for this purpose, will form a new “Fund for the Future,” essential to the achievement of our strategic plan. The Leet bequest accounts for the large incrase in 2012 Total Unrestricted Net Assets and is shown as Non-Operating Activity on the Statement of Financial Activity including in these financial tables.
Our Commitment to Accountability & Transparency
Trickle Up is committed to meeting the highest ethical standards in every aspect of our work. We hold one another financially and morally accountable for the achievement of our mission and the effective and efficient use of our resources. Our annual financial statements have been audited by Lutz & Carr Certified Public Accounts, LLP, an independent audit firm with substantial expertise in nonprofit accounting.
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