November
2, 2006
Board
of Directors
Ecumenical
Community Helping Others, Inc.
7205 Old Keene Mill Road
Springfield
,
Virginia
22150
We
have audited the accompanying statements of financial position of Ecumenical
Community Helping Others, Inc. (ECHO, Inc.) a nonprofit organization as of
June
30, 2006
and 2005, and the related statements of activities and changes in net assets,
functional expenses, and cash flows for the years then ended.
These financial statements are the responsibility of the Organization's
management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We
conducted our audits in accordance with
U.S.
generally accepted auditing standards. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In
our opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of ECHO, Inc. as of June 30, 2006
and 2005, and changes in its net
assets and its cash flows for the years then ended in conformity with U.S.
generally accepted accounting principles.
SCHREINER, LEGGE & COMPANY
CERTIFIED
PUBLIC ACCOUNTANTS
ECHO,
INC.
STATEMENTS
OF FINANCIAL POSITION
AS
OF
JUNE 30, 2006
AND 2005
|
|
2006
|
2005
|
|
ASSETS
|
|
|
|
Cash and Cash
Equivalents
|
$ 252,320
|
$ 207,811
|
|
Investments
|
364,485
|
449,957
|
|
Accounts Receivable
|
37,530
|
68,256
|
|
Prepaid Expenses
|
4,144
|
3,797
|
|
Refundable Deposits
|
70,988
|
-0-
|
|
Inventory
|
81,760
|
109,160
|
|
Land
|
180,000
|
180,000
|
|
Capitalized Building
in Progress
|
652,489
|
270,060
|
|
Property and
Equipment, Net of Depreciation
$212,336 (2006) and $198,535 (2005)
|
263,946
|
277,747
|
|
TOTAL ASSETS
|
$ 1,907,662
|
$ 1,566,788
|
|
LIABILITIES
|
|
|
|
Accounts Payable
|
$ 133,369
|
$
4,632
|
|
Other Liabilities
|
65,388
|
-0-
|
|
TOTAL LIABILITIES
|
198,757
|
4,632
|
|
NET ASSETS
|
|
|
|
Temporarily
Restricted:
|
|
|
|
Restricted by Timing
|
34,530
|
52,045
|
|
Restricted by Purpose
|
400
|
186,197
|
|
Total Temporarily Restricted
|
34,930
|
238,242
|
|
Unrestricted:
|
|
|
|
Net Investment in Fixed Assets
|
1,096,435
|
727,807
|
|
Undesignated - Available for General Activities
|
83,043
|
99,663
|
|
Donated Inventory
|
81,760
|
109,160
|
|
Board Designated - Capital Reserve
|
29,521
|
22,200
|
|
Board Designated - Building Fund
|
383,216
|
365,084
|
|
Total Unrestricted
|
1,673,975
|
1,323,914
|
|
TOTAL NET ASSETS
|
1,708,905
|
1,562,156
|
|
TOTAL LIABILITIES
AND NET ASSETS
|
$ 1,907,662
|
$ 1,566,788
|
ECHO,
INC.
STATEMENTS
OF ACTIVITIES AND CHANGES IN NET ASSETS
FOR
THE YEARS ENDED
JUNE 30, 2006
AND 2005
|
|
2006
|
2005
|
|
|
Unrestricted
|
Temporarily
Restricted
|
Total
|
Unrestricted
|
Temporarily
Restricted
|
Total
|
|
SUPPORT
|
|
|
|
|
|
|
|
Contributions
|
$
76,641
|
$
89,203
|
$ 165,844
|
$ 89,644
|
$ 114,237
|
$ 203,881
|
|
Workplace Campaigns
|
-0-
|
33,087
|
33,087
|
-0-
|
57,644
|
57,644
|
|
State Grant
|
-0-
|
25,000
|
25,000
|
-0-
|
10,200
|
10,200
|
|
Sale
of Unusable Donations
|
19,660
|
40,035
|
59,695
|
63,502
|
-0-
|
63,502
|
|
Value of Items Sold
|
(19,660)
|
(40,035)
|
(59,695)
|
(63,502)
|
-0-
|
(63,502)
|
|
Interest
|
2,917
|
16,522
|
19,439
|
8,870
|
-0-
|
8,870
|
|
Fundraising Income
|
6,164
|
6,520
|
12,684
|
6,090
|
54,581
|
60,671
|
|
Less Expenses
|
(4,349)
|
(2,658)
|
(7,007)
|
(4,260)
|
(17,118)
|
(21,378)
|
|
Non-Cash
Contributions - Services
|
2,519
|
30,544
|
33,063
|
984
|
63,512
|
64,496
|
|
Non-Cash
Contributions - Inventory and Supplies
|
697,553
|
-0-
|
697,553
|
908,140
|
-0-
|
908,140
|
|
Non-Cash Security
|
-0-
|
4,704
|
4,704
|
-0-
|
-0-
|
-0-
|
|
Net Assets Released
from Time Restrictions
|
49,802
|
(49,802)
|
-0-
|
50,588
|
(50,588)
|
-0-
|
|
Net Assets Released
from Purpose Restrictions
|
356,432
|
(356,432)
|
-0-
|
138,815
|
(138,815)
|
-0-
|
|
Total Support
|
1,187,679
|
(203,312)
|
984,367
|
1,198,871
|
93,653
|
1,292,524
|
|
EXPENSES
|
|
|
|
|
|
|
|
Program Services:
|
|
|
|
|
|
|
|
Assistance to Individuals
|
826,186
|
-0-
|
826,186
|
1,020,443
|
-0-
|
1,020,443
|
|
Supporting Services:
|
|
|
|
|
|
|
|
Management and General
|
10,227
|
-0-
|
10,227
|
6,960
|
-0-
|
6,960
|
|
Fund-Raising
|
1,205
|
-0-
|
1,205
|
1,407
|
-0-
|
1,407
|
|
Total Expenses
|
837,618
|
-0-
|
837,618
|
1,028,810
|
-0-
|
1,028,810
|
|
Change in Net Assets
|
350,061
|
(203,312)
|
146,749
|
170,061
|
93,653
|
263,714
|
|
Net Assets -
Beginning of Year
|
1,323,914
|
238,242
|
1,562,156
|
1,153,853
|
144,589
|
1,298,442
|
|
Net Assets - End of
Year
|
$
1,673,975
|
$
34,930
|
$ 1,708,905
|
$ 1,323,914
|
$ 238,242
|
$ 1,562,156
|
ECHO,
INC.
STATEMENTS
OF FUNCTIONAL EXPENSES
FOR
THE YEARS ENDED
JUNE 30, 2006
AND 2005
|
|
2006
|
2005
|
|
|
Management
and
General
|
Fund-Raising
|
Program
|
Total
|
Management
and
General
|
Fund-Raising
|
Program
|
Total
|
|
Professional Fees
|
$
3,000
|
$
-0-
|
$
-0-
|
$
3,000
|
$
3,050
|
$
-0-
|
$
-0-
|
$
3,050
|
|
Office
Expenses/Supplies
|
2,864
|
-0-
|
1,234
|
4,098
|
1,822
|
-0-
|
1,512
|
3,334
|
|
Telephone
|
-0-
|
-0-
|
2,015
|
2,015
|
-0-
|
-0-
|
2,001
|
2,001
|
|
Occupancy
|
2,519
|
-0-
|
4,548
|
7,067
|
-0-
|
-0-
|
5,717
|
5,717
|
|
Repairs and
Maintenance
|
1,504
|
-0-
|
2,780
|
4,284
|
1,364
|
-0-
|
555
|
1,919
|
|
Postage
|
260
|
518
|
260
|
1,038
|
517
|
783
|
266
|
1,566
|
|
Publicity
|
-0-
|
467
|
-0-
|
467
|