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:
               2007 and 2006
More detailed financial information is available upon request. All requests should be submitted to:

Carol B. Mitchell President/CEO

212 Iris Rd.
Sewickley, PA 15143-2400
(412) 741-2929

Patrick Mezyk, CFO

212 Iris Rd.
Sewickley, PA 15143-2400
(412) 741-2375 ext. 210

Verland & Affiliated Corporations
Combined Balance Sheets
June 30, 2007 and 2006

Assets
2007
2006

Current Assets:
Cash and cash equivalents
Funds held for residents
Insurance contract
Accounts receivable arising from resident care
Pledges receivable
Deferred expense
Prepaid expenses and other

$514,111
$255,113
$313,219
$3,030,832

$300,000
$8,919
$526,733

$454,173
$193,467
$286,568
$2,647,330

$135,000
$4,371
$603,056
Total current assets
$4,948,927
$4,323,965
Investments
Assets whose use is limited
Financing costs, net
Property, plant and equipment, net
Investment properties
Total Assets
$1,918,696
$6,190,283
$82,619
$9,389,270
$ 23,985
$22,553,780
$1,192,106
$5,545,270
$89,950
$8,530,768
$23,101
$19,705,160
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


$578,988
$ 2,559,713

$1,311,866
$686,217
$255,113


$778,804
$2,100,599

$1,116,789
$620,455
$193,467
Total current liabilities
$5,391,897
$4,810,114
  Long-term debt, net of bond discount
    and portion currently payable
 $6,439,652
 $5,579,897
Total liabilities
$11,831,549
$10,390,011
Net assets
  Unrestricted
  Temporarily restricted
  Permanently restricted		 $4,362,058
$839,456
$5,520,717		 $3,606,845
$612,587
$5,095,717
Total Net Assets
$10,722,231
$9,315,149
Total Liabilities and Net Assets
$22,553,780
$19,705,160


Verland & Affiliated Corporations
Combined Statements of Activities
Years ended June 30, 2007 and 2006

 

Changes in Unrestricted Net Assets:
  Unrestricted revenues, gains, and other   support:
    Resident care services, net
    Investment income
    Contributions and fundraising activities
    Other
2007
2006




$28,582,862
$950,798
$129,950
$343,198




$27,732,343
$301,471
$111,817
$192,224
Total unrestricted revenues, gains, and other support
$30,006,808
$28,337,855

Unrestricted expenses:
  Personnel
  Purchased services
  Supplies, utilities, and other operating   expenses
  Depreciation and amortization
  Interest
Total unrestricted expenses

$19,013,509
$3,713,113
$6,055,180

$414,260
$104,505
$29,300,567

$17,983,122
$3,630,074
$6,179,327

$393,367
$93,391
$28,279,281

    Operating Loss
  $706,241
  $58,574
Other changes in net assets
Net assets released from restriction
  $42,984
$5,988
  $42,984
$523,209

    Change in Unrestricted Net Assets
_________
  $   $755,213
=========
_________
  $   $624,767
=========