Verland Endowment 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: 2005 and 2004 2004 and 2003 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 Patrick Mezyk, CFO 212 Iris Road, Sewickley, PA 15143-2400 (412) 741-2375 ext. 210
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Verland & Affiliated Corporations
Combined Balance Sheets
June 30, 2004 and 2005

Assets	2005	2004
Current Assets: Cash and cash equivalents Assets whose use is limited Insurance contract Accounts receivable arising from resident care Pledges receivable Deferred expense Prepaid expenses and other	$902,906 $261,294 $268,811 $2,087,245 $ - $3,916 $463,343	$327,833 $232,811 $220,900 $3,959,796 $270,000 $6,780 $405,678
Total current assets	$3,987,515	$5,423,798
Assets whose use is limited Financing costs, net Property, plant and equipment, net Investment properties Total Assets	$ 6,214,115 $ 58,038 $8,794,682 $ 22,629 $19,076,979	$5,269,380 $72,975 $7,050,537 $22,085 $17,838,775
Liabilities and Net Assets
Current Liabilities: Current portion of long-term debt Accounts payable and other accrued expenses Accrued salaries and withholdings Accrued vacations Funds held for residents Other	$1,158,558 $2,106,278 $1,044,748 $556,958 $259,483 --	$686,101 $3,002,764 $1,027,873 $556,196 $191,267 --
Total current liabilities	$5,126,025	$5,464,201
Long-term debt, net of bond discount and portion currently payable	$5,023,123	$4,076,859
Total liabilities	$10,149,148	$9,541,060
Net assets Unrestricted Temporarily restricted Permanently restricted	$2,982,078 $1,120,036 $4,825,717	$3,015,404 $456,594 $4,825,717
Total Net Assets	$8,927,831	$8,297,715
Total Liabilities and Net Assets	$19,076,979	$17,838,775

Verland & Affiliated Corporations
Combined Statements of Activities
Years ended June 30, 2004 and 2005

Changes in Unrestricted Net Assets: Unrestricted revenues, gains, and other support: Resident care services, net Investment income Contributions and fundraising activities Other	2005	2004
	$26,556,285 $133,219 $213,626 $134,861	$26,350,499 $457,197 $215,465 $247,549
Total unrestricted revenues, gains, and other support	$27,037,991	$27,270,710
Unrestricted expenses: Personnel Purchased services Supplies, utilities, and other operating expenses Depreciation and amortization Interest Total unrestricted expenses	$17,881,201 $3,292,191 $5,434,951 $388,796 $132,655 $27,129,794	$17,638,663 $3,640,416 $5,509,456 $419,566 $152,589 $27,360,690

Operating Loss	$(91,803)	$(89,980)
Other changes in net assets Net assets released from restriction	$42,984 $15,493	$13,531 $49,811
Change in Unrestricted Net Assets	_________ $ $(33,326) =========	_________ $ $(26,638) =========

Verland & Affiliated Corporations
Combined Balance Sheets
June 30, 2003 and 2004

Assets	2004	2003
Current Assets: Cash and cash equivalents Assets whose use is limited Insurance contract Accounts receivable arising from resident care Pledges receivable Deferred expense Prepaid expenses and other	$327,833 $574,823 $220,900 $3,959,796 $270,000 $6,780 $405,678	$263,007 $538,173 $225,116 $2,056,497 $500,000 $15,726 $325,300
Total current assets	$5,765,810	$3,923,819
Assets whose use is limited Financing costs, net Property, plant and equipment, net Investment properties Total Assets	$4,927,368 $72,975 $7,050,537 $22,085 $17,838,775	$ 5,778,886 $89,452 $6,840,246 $20,812 $16,653,215
Liabilities and Net Assets
Current Liabilities: Current portion of long-term debt Accounts payable and other accrued expenses Accrued salaries and withholdings Accrued vacations Funds held for residents Other	$686,101 $3,002,764 $1,027,873 $556,196 $191,267 --	$637,558 $1,954,224 $713,106 $470,922 $178,964 --
Total current liabilities	$5,464,201	$3,954,774
Long-term debt, net of bond discount and portion currently payable	$4,076,859	$4,169,932
Total liabilities	$9,541,060	$8,124,706
Net assets Unrestricted Temporarily restricted Permanently restricted	$3,015,404 $456,594 $4,825,717	$3,042,042 $660,750 $4,825,717
Total Net Assets	$8,297,715	$8,528,509
Total Liabilities and Net Assets	$17,838,775	$16,653,215

Verland & Affiliated Corporations
Combined Statements of Activities
Years ended June 30, 2003 and 2004

Changes in Unrestricted Net Assets: Unrestricted revenues, gains, and other support: Resident care services, net Investment income Contributions and fundraising activities Other	2004	2003
	$26,350,499 $457,197 $215,465 $247,549	$23,476,968 ($108,226) $261,755 $306,427
Total unrestricted revenues, gains, and other support	$27,270,710	$23,936,924
Unrestricted expenses: Personnel Purchased services Supplies, utilities, and other operating expenses Depreciation and amortization Interest Total unrestricted expenses	$17,638,663 $3,640,416 $5,509,456 $419,566 $152,589 $27,360,690	$18,029,939 $1,338,713 $5,051,585 $454,040 $182,797 $25,057,074

Operating Loss	$(89,980)	$(1,120,150)
Other changes in net assets Net assets released from restriction	$13,531 $49,811	$10,185 $537,459
Change in Unrestricted Net Assets	_________ $ $(26,638) =========	_________ $ $(572,506) =========