2024 financial statement
COMMUNITY SUPPORT AND IMPACT
This year, thanks to the incredible generosity of our community, we were able to distribute a record 145 million meals to our neighbors. This achievement was made possible by the remarkable $58.2 million in community donations and $216.7 million in in-kind product and service contributions.
RESPONSIBLE RESOURCE MANAGEMENT
Of the $58.2 million in donations, $17.8 million represents pledges with multi-year payment plans. These future commitments reflect the ongoing dedication of our supporters and contribute to the strength of our long-term financial health.
We are committed to transparency and efficiency. In this fiscal year, 92.5% of our total expenses were dedicated directly to Program Services, ensuring that most of our resources go toward fulfilling our mission. Management and general expenses accounted for 3.6%, while fundraising expenses represented 3.9%.
FINANCIAL STEWARDSHIP
Our cash and cash equivalents decreased by $6.2 million year-over-year. This strategic reduction reflects our commitment to utilizing available resources to address the immediate needs of our community.
The organization experienced a $14.7 million increase in net assets. This positive change was largely attributed to favorable investment returns ($7.4 million) and pledge revenue ($17.9 million). As we continue to invest in our community, we are proactively planning for the future to ensure the sustainability of our services.
10/1/2023 – 9/30/2024
| Revenue | FY2024 | FY2023 | % Change |
|---|---|---|---|
| Food Donations, In Kind | $216,020 | $175,231 | 23.3% |
| Contributions | $58,207 | $53,954 | 7.9% |
| Program Services | $36,291 | $28,101 | 29.1% |
| Government Contracts | $5,469 | $6,094 | -10.2% |
| Total Revenue | $315,987 | $263,379 | 20.0% |
| Program Expenses | FY2024 | FY2023 | % Change |
|---|---|---|---|
| Food Distributed, In Kind | $213,447 | $175,626 | 21.5% |
| Programs | $65,188 | $61,339 | 6.3% |
| Fundraising Expenses | $11,729 | $8,778 | 33.6% |
| Administrative Expenses | $10,888 | $9,315 | 16.9% |
| Total Functional Expenses | $301,252 | $255,057 | 18.1% |
| Net Excess (or Deficit) | $14,735 | $8,322 |
| Assets | FY2024 | FY2023 | % Change |
|---|---|---|---|
| Current Assets | |||
| Cash and Cash Equivalents | $29,794 | $36,005 | -17.3% |
| Accounts Receivable/Other | $9,685 | $5,488 | 76.5% |
| Inventory | $9,886 | $6,695 | 47.7% |
| Total Current Assets | $49,365 | $48,188 | 2.4% |
| Property | $38,071 | $37,653 | 1.1% |
| Endowment | $25,383 | $21,221 | 19.6% |
| Investments/Other Assets | $10,308 | $1,037 | 894.2% |
| Total Assets | $123,127 | $108,099 | 13.9% |
| Liabilities and Net Assets | FY2024 | FY2023 | % Change |
|---|---|---|---|
| Current Liabilities | |||
| Accounts Payable | $2,126 | $1,527 | 39.3% |
| Current Debt | $571 | $546 | 4.6% |
| Accrued Liabilities | $2,492 | $2,580 | -3.4% |
| Total Current Liabilities | $5,190 | $4,652 | 11.6% |
| Long Term Debt, Net | $4,828 | $5,073 | -4.8% |
| Total Liabilities | $10,018 | $9,725 | 3.0% |
| Net Assets | |||
| Unrestricted | $93,241 | $92,427 | 0.9% |
| Temporarily Restricted | $19,868 | $5,947 | 234.1% |
| Total Net Assets | $113,109 | $98,374 | 15.0% |
| Total Liabilities and Net Assets | $123,127 | $108,099 | 13.9% |
| Program Expense: | 92.5% | 92.9% | |
| General and Administration Expense: | 3.6% | 3.7% | |
| Fundraising Expense: | 3.9% | 3.4% |
