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Print Verland Financials FINANCIAL SUMMARY & Stewardship

Subscribing to all rules as imposed by the governing bodies that fund Verland's services, Verland is a financially viable non-profit corporation that utilizes its government resources with the utmost efficiency while continuing to raise critical funds from community supporters.

               View financial statements:
               2008 and 2007
              
More detailed financial information is available upon request. All requests should be submitted to:

Carol B. Mitchell President/CEO
212 Iris Road, Sewickley, PA 15143-2400
(412) 741-2929

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VERLAND AND AFFILIATED CORPORATIONS
COMBINED STATEMENTS OF ACTIVITIES
YEARS ENDED JUNE 30, 2008 AND 2007
2008 2007
Changes in Unrestricted Net Assets:
Unrestricted revenues, gains, and other support:
  Resident care services, net  $29,643,100  $   28,582,862
Investment income         907,909            950,798
Contributions and fundraising activities         360,174            129,950
Other         762,592            343,198
   
Total unrestricted revenues, gains, and
    other support    31,673,775       30,006,808
Unrestricted expenses:
Personnel    19,455,564       19,013,509
Purchased services      4,185,680         3,713,113
Supplies, utilities, and other operating expenses      6,799,607         6,055,180
Depreciation and amortization         448,227            414,260
Interest         167,442            104,505
   
Total unrestricted expenses    31,056,520       29,300,567
   
     Operating Gain         617,255            706,241
Other changes in net assets           42,984              42,984
Net assets released from restriction             5,988                5,988
      Change in Unrestricted Net Assets  $     666,227  $        755,213


VERLAND AND AFFILIATED CORPORATIONS
COMBINED BALANCE SHEETS
JUNE 30, 2008 AND 2007
2008 2007
Assets
Current assets:
Cash and cash equivalents  $     1,317,316  $        514,111
Funds held for residents           212,053            255,113
Insurance contract           336,017            313,219
Accounts receivable arising from resident care         3,559,460          3,030,832
Pledges receivable           150,000            300,000
Deferred expense             18,442                8,919
Prepaid expenses and other           545,806            526,733
   
Total current assets         6,139,094          4,948,927
Investments         2,898,908          1,918,696
Assets whose use is limited         5,977,398          6,190,283
Financing costs, net             75,288              82,619
Property, plant, and equipment, net         9,979,501          9,389,270
Investment properties             24,505              23,985
Total Assets  $   25,094,694  $    22,553,780
Liabilities and Net Assets
Liabilities:    
Current:
Current portion of long-term debt  $     2,019,653  $        578,988
Accounts payable and other accrued expenses         2,974,861          2,559,713
Accrued salaries and withholdings         1,271,114          1,311,866
Accrued vacations           732,203            686,217
Funds held for residents           212,053            255,113
       
Total current liabilities         7,209,884          5,391,897
Long-term debt, net of portion currently payable         6,696,995          6,439,652
Total Liabilities       13,906,879        11,831,549
Net assets:  
Unrestricted         5,028,282          4,362,058
Temporarily restricted           638,816            839,456
Permanently restricted         5,520,717          5,520,717
Total Net Assets       11,187,815        10,722,231
Total Liabilities and Net Assets  $   25,094,694  $    22,553,780