CHURCH MINISTRIES INTERNATIONAL, INC. FINANCIAL STATEMENTS With Independent Accountants Report. May 31, 2012 and 2011

Transcription

1 FINANCIAL STATEMENTS With Independent Accountants Report May 31, 2012 and 2011

2 Table of Contents Management Discussion and Analysis 1 Independent Accountants Report 6 Financial Statements Statements of Financial Position 7 Statements of Activities 8 Statements of Cash Flows 9 Notes to Financial Statements 10 Supplementary Data Independent Accountants Report on Supplementary Data 17 Schedules of Functional Expenses 18 Page

3 Management and Discussion Analysis The end of the Fiscal Year marked a significant moment in the life of Church Ministries International as the torch of CMI leadership was handed from Jim Murray to Craig Murray. Craig is only the second Executive Director in the history of CMI and just the third in the combined history of CMI and its forerunner LeTourneau Ministries International, led by Roy LeTourneau. Jim and Roy have given the better part of their lives to the incredible Encounter with God vision of equipping urban churches to disciple their nations. It is a vision worthy of their efforts and worthy of continued advancement. In 2013 we will celebrate the 40 th anniversary of Encounter with God and the 25 th anniversary of Church Ministries International. For many organizations that begin to measure their years by decades, the future can become merely a rehearsal of the past. But the power of the vision birthed in the streets of Lima is of even greater importance in the increasingly urbanized world of the 21 st Century. The greatest days of God s blessings are still to come. In view of this, CMI is pleased to provide a brief perspective on the prior fiscal year and share projections for the current one. Celebrating God s Faithfulness The CMI Fiscal Year was one of great significance and blessing from the Lord. Here are some highlights: Thanks to the Lord s provision through many generous friends, CMI realized its highest level of income in 25 years. Relationships with Latin pastors and the confidence they have in CMI are at an all time high. Such confidence is earned through years of faithfully fulfilling our commitments. This is testament to the generosity and support of CMI donors, the integrity and faithfulness of the CMI team, and the creativity, perseverance, and leadership of CMI s previous Executive Director, Jim Murray. Our current concentrated focus on the Encounter with God Churches in Quito, Ecuador continues to bear great fruit.

4 o There are now 6 Encounter churches in Quito ministering weekly to approximately 6,000 people. o Combined, these six churches have an annual budget of approximately $2,000,000. This amount is not just unusual by Latin American standards it is exceptional. This is $2,000,000 annually that goes directly toward evangelism, discipleship, leadership training, and locally-driven compassion ministries. It is evidence that we are building truly sustainable churches. These churches are not just capable of surviving, but thriving reproducing new disciples, new leaders, and new congregations! o In January 2012, we celebrated the start of the first granddaughter church in the Quito Encounter Movement. This is a significant achievement giving evidence that the DNA of multiplication and reproduction is being passed on from one generation of churches to the next. Evidence of the long-term impact of the Encounter vision is undeniable. Recently, we received a report from Peru on the impact of Encounter through its first 4 decades in the life of one denomination. o 40 years ago the denomination had just 1 church in the capital city of Lima. Today there are over 70. o 40 years ago there were only 180 church members in Lima. Today there are more than 50,000! o In 40 years of ministry PRIOR to the start of Encounter with God, the denomination saw 16,461 make commitments of faith in Christ. In the 40 years since the start of Encounter, there have been 658,274 and these numbers continue to grow exponentially with each new decade. o 75,489 have made decisions for Christ through the churches in just the last two years. Without projecting for further exponential growth, they are on pace to realize more than 377,000 new converts in this decade alone. In view of these things, we can t help but celebrate and praise the Lord for His blessings and faithfulness. It strengthens our conviction that the Encounter vision for discipling nations works. The importance of this vision is only magnified by the ever-increasing urbanization throughout Latin America and the world. Commitment to Integrity A fundamental belief of CMI is that great ministry requires great integrity. Our financial integrity is not only important for our donors, but also for insuring that we maximize our resources for the advancement of God s church in Latin America. For this reason, we submit annually to an outside independent review or audit of our financials.

5 As you review the information provided in the following pages of the independent review of CMI s Fiscal Year Financials conducted by CapinCrouse, LLC, there are two elements that merit additional comment. First is the ratio between Ministry and Operations Expenditures reflected in the Schedule of Functional Expenses. CMI typically aims to restrain operation expenses to 20-25% of overall expenditures. This is comparable to percentages of other nonprofit organizations, and well below the ratios of for-profit industries. However, as reflected in the Schedule of Functional Expenses table, the ratio of Ministry to Operations reported in FY was 64% Ministry to 36% Operations. This change in ratios was not due to increases in operational expenses. In fact, overall operational expenses were lower in FY than FY The primary reason for the change in ratios is due to the lack of major project grants given for church property purchases and church facility construction. In a typical year, grants for property and construction comprise a sizable majority of ministry expenditures. However, in FY , we encountered a temporary gap in project grants. One of our core strategic concepts is concentrating resources to maximize impact. The nature of our concentrated focus means that, in a typical year, the majority of our grants are directed to a small number of projects. This helps us gain greater value for every dollar given, but it does create unusual challenges within a given year if anticipated projects experience delays. In FY , the two projects in Quito that were scheduled to receive the bulk of CMI grants were delayed due to a variety of circumstances on the local level. In both instances, local churches were not prepared to receive the funds in the timeframe originally projected. These projects are still active, just temporarily delayed to permit the local churches time to address important issues related to ensuring that the funds achieve their original intent. CMI anticipates that the bulk of grants originally planned for FY will occur in FY along with additional grants projected for the current year. We anticipate that, when the FY and FY are viewed as a 2-year composite, the Ministry/Operations ratio will be in line with historic percentages. It is not our preference or plan to withhold the grants. However, as stewards of the resources entrusted to us, we determined that it was in the best interest of the local churches and our donors to temporarily delay the deployment of those resources to a time when we could be more assured that they will meet their goals and objectives. The second comment related to the independent review pertains to the small, but notable deficit of <$3,832> in CMI s Encounter Mobilization Fund. The EMF represents unrestricted resources available for use wherever most needed. While this is a relatively small deficit, it is essential that

6 we restore the EMF to a positive balance along with a modest but healthy reserve to guard against the variability of uncertain economic times. From a resourcing perspective, there is no more important challenge than this one for equipping and preparing CMI to extend its impact and advance this proven and compelling model for discipling nations for Jesus Christ. To address this issue, the latest CMI budget anticipates reductions in expenditures to the Encounter Mobilization Fund and increases in revenue that, Lord willing, will restore the EMF to a healthy balance by the end of FY Looking Forward to the Future In considering God s faithfulness to the Encounter with God Movement through nearly 40 years and in view of His blessings to CMI as recent as this past year, we look forward with great anticipation to what the Lord will do in this new fiscal year and the years to come. When Encounter began, the idea of gospel-centered, dynamic churches ministering in the strategic crossroads of urban society was a novel and practically unheard of concept. Today that is changing. There is a growing awareness among Christian leaders around the world of the great importance of reaching urban centers with the gospel a conviction that we have preached and practiced for nearly 40 years. It is gratifying to see the philosophies and principles that we have long advocated beginning to receive overdue recognition. It presents us with a new challenge and a greater opportunity. As Christians consider anew what it means to engage the great cities of the world with the gospel, where can they turn for workable models forged in the furnace of experience? We believe that CMI and our partner churches in Latin America provide answers uniquely suited to the present need. We believe that the first 40 years of Encounter with God are merely the prelude a time of testing, proving, and learning that has uniquely prepared us to contribute greatly to the renewal of the earliest missionary vision of reaching the cities for Christ. In response to this moment of opportunity, CMI launched a new 5-Year Strategic Plan at the beginning of this fiscal year aimed at significantly enhancing and expanding the impact and reach of our ministry efforts. There are 5 Primary Goals of this Strategic Plan: 1. Strengthen Our Core: To increasingly submit all that we do to the leading of the Holy Spirit through fidelity to God s Word, faithfulness in prayer and trust in the sovereignty of God.

7 2. Maximize Our Team: To grow the CMI team to meet the needs of current and projected ministry and to cultivate a strength-based work environment that maximizes the natural talents and skills of every staff member, board member and volunteer. 3. Expand Our Resources: To expand the network of prayer and financial partners to more rapidly advance the development of churches in Quito and expand the Encounter vision to other countries in Latin America. 4. Deepen Our Partnerships: To cultivate strong, enduring partnerships with churches, ministries, and educational institutions with particular specializations essential to creating healthy, sustainable gospel movements in major urban centers. 5. Amplify Our Service: To enhance our ongoing ministry of vision, encouragement, counsel, training, organization, and resourcing to extend the impact of local Encounter churches in Quito and to launch new initiatives in at least two other major Latin American cities by In view of God s faithfulness, we have confidence that the Lord will enable us to fulfill these goals and more for the sake of His glory and for the extension of His Kingdom. Thank you for your interest and if we can answer any questions you may have, please do not hesitate to contact us. We welcome the opportunity to partner with you to equip urban churches to disciple their nation. For His Glory, Craig A. Murray Executive Director

8 INDEPENDENT ACCOUNTANTS REPORT Board of Directors Church Ministries International, Inc. Dallas, Texas We have reviewed the accompanying statements of financial position of Church Ministries International, Inc. as of May 31, 2012 and 2011, and the related statements of activities and cash flows for the years then ended. A review includes primarily applying analytical procedures to management s financial data and making inquiries of management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the review in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that the results of our procedures provide a reasonable basis for our report. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America. Dallas, Texas June 28, 2012

9 Statements of Financial Position May 31, ASSETS: Cash and cash equivalents $ 483,235 $ 104,023 Other receivable - 20,000 Note receivable 45,000 50,000 Deposits 1,612 2,812 Long-term investments 6,587 6,125 Furniture and equipment net 11,593 13,008 Total Assets $ 548,027 $ 195,968 LIABILITIES AND NET ASSETS: Liabilities: Accounts payable $ 2,990 $ 1,474 Accrued wages and payroll taxes 17,811 17,334 Note Payable 45,000 50,000 65,801 68,808 Net assets: Unrestricted (3,832) (16,120) Temporarily restricted 481, ,957 Permanently restricted 4,323 4, , ,160 Total Liabilities and Net Assets $ 548,027 $ 195,968 See accompanying notes and accountants report -7-

10 Statements of Activities Year Ended May 31, Temporarily Permanently Temporarily Permanently Unrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total SUPPORT AND REVENUE: Contributions $ 112,239 $ 645,646 $ - $ 757,885 $ 144,010 $ 448,117 $ - $ 592,127 Donated rent 13, ,978 13, ,978 Program service revenue 4, ,000 51, ,250 Investment income Other income Total Support and Revenue 130, , , , , ,661 RECLASSIFICATIONS: Administration assessments 98,445 (98,445) ,105 (59,105) - - Satisfaction of purpose restrictions 201,380 (201,380) ,148 (510,148) - - Total Reclassifications 299,825 (299,825) ,253 (569,253) - - EXPENSES: Program services: Program development and ministry to constituency 269, , , ,167 Supporting activities: Management and general 137, , , ,682 Fund-raising 14, ,408 35, , , , , ,222 Total Expenses 421, , , ,389 Change in Net Assets 9, , ,066 (24,592) (121,136) - (145,728) Net Assets, Beginning of Year (13,077) 135,914 4, ,160 11, ,050 4, ,888 Net Assets, End of Year $ (3,832) $ 481,735 $ 4,323 $ 482,226 $ (13,077) $ 135,914 $ 4,323 $ 127,160 See accompanying notes and accountants report -8-

11 Statements of Cash Flows Year Ended May 31, CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets $ 355,066 $ (145,728) Adjustments to reconcile change in net assets to net cash provided (used) by operating activities: Depreciation 5,783 5,497 Unrealized gain on investments (462) (287) Changes in operating assets and liabilities: Contributions receivable - 1,000 Other receivable 20,000 (20,000) Deposits 1, Accounts payable 1, Accrued wages and payroll taxes 477 (3,147) Net Cash Provided (Used) by Operating Activities 383,580 (162,053) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of furniture and equipment (4,368) (5,607) Payments received on note receivable 5,000 - Proceeds from issuance of note receivable - (50,000) Net Cash Provided (Used) by Investing Activities 632 (55,607) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from note payable - 50,000 Payment made on note payable (5,000) - Net Cash Provided (Used) by Financing Activities (5,000) 50,000 Net Change in Cash and Cash Equivalents 379,212 (167,660) Cash and Cash Equivalents, Beginning of Year 104, ,683 Cash and Cash Equivalents, End of Year $ 483,235 $ 104,023 See accompanying notes and accountants report -9-

12 Notes to Financial Statements May 31, 2012 and NATURE OF ORGANIZATION: Church Ministries International, Inc. (CMI) is a Texas nonprofit corporation exempt from federal income tax under Internal Revenue Code Section 501(c)(3), except on unrelated business income, if any. Contributions to CMI are tax deductible within the limitations prescribed by the code. CMI has been classified as a publicly supported organization which is not a private foundation under Section 509(a) of the code. CMI s mission is to help reach nations for Christ by serving as a catalyst for urban churches toward strategic planning, partnerships, leadership training, and ministries that address the goal of evangelizing and discipling entire countries. CMI s goals are: To motivate Christians to focus their time, resources, and prayer towards such efforts To inform and focus attention toward such programs within existing churches and missionary organizations To assist these missionary organizations in establishing, funding, and directing such programs To provide initial seed funding to participating organizations to expedite their programs CMI receives support from individuals, churches, and foundations to fund its ministries. Workers raise support for their ministry based on ministry costs, including salary, housing, benefits, travel, ministry expenses, and an administrative assessment to underwrite administration costs. CMI serves as a catalyst with the churches, donors, and mission organizations with whom it works. In this catalytic role, CMI promotes project funding through channels other than its own. As such, the income reflected in CMI s financial statements does not reflect the total project resources generated or the full impact of its ministry. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The financial statements of CMI have been prepared on the accrual basis of accounting. The significant accounting policies followed are described below to enhance the usefulness of the financial statements to the reader. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts and disclosures of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash is considered to be cash held in checking and money market accounts. These accounts may, at times, exceed federally insured limits. CMI believes it is not exposed to any significant credit risk on cash and cash equivalents. -10-

13 Notes to Financial Statements May 31, 2012 and SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued: NOTE RECEIVABLE Note receivable consists of an advance to a church for the construction of the building. Interest rate of 6% is accruing on the note and the balance is due August INVESTMENTS Investments consist of a bond market index fund which is reported at fair market value. Based on quoted prices in active markets for identical assets, which is Level 1 of the fair value hierarchy. FURNITURE AND EQUIPMENT Furniture and equipment are recorded at cost. Contributed assets are recorded at estimated market value at the date of contribution. Depreciation is recognized on the straight-line method over the estimated useful lives of the assets ranging from 1 to 5 years. CMI s capitalization policy requires furniture and equipment additions to have a cost greater than $500. NOTE PAYABLE Note payable consists of an agreement between CMI and a family trust. No interest is accruing on the note and the note matures in August CLASSES OF NET ASSETS The financial statements report amounts by class of net assets: Unrestricted net assets are those currently available for use in the international ministries of CMI under the direction of the board and those resources invested in furniture and equipment. Temporarily restricted net assets are those stipulated by donors for specific operating purposes, including projects and support of staff ministries or for the acquisition of property and equipment, or those with time restrictions not currently available for use until commitments regarding their use have been fulfilled. Permanently restricted net assets are those which are contributed with donor restrictions requiring that they be held in perpetuity. -11-

14 Notes to Financial Statements May 31, 2012 and SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued: SUPPORT, REVENUE, AND EXPENSES Revenue is recognized when earned and support when contributions are made, which may be when cash is received, unconditional promises are made, or ownership of other assets is transferred to CMI. Program service revenue represents payments from Encounter with God participants for supporting services provided by CMI, including training seminars for nationals and fund-raising. Encounter with God is a missions movement that employs a model for evangelism and church growth that combines biblically based principles, astute social analysis and innovative missions methodology for the purpose of establishing dynamic, self-sustaining, and reproducing churches fully equipped to carry out the task of reaching their nation for Christ. CMI reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statements of activities as net assets released from restrictions. CMI s policy is to record temporarily restricted contributions and net assets released from restrictions. Temporarily restricted contributions are subject to assessments ranging from 10% to 20%, which are used for general and administrative expenses. CMI reports gifts of land, buildings, and equipment as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Gifts of long-lived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire long-lived assets are reported as restricted support. CMI reports expirations of donor restrictions when the donated or acquired longlived assets are placed in service. Expenses are reported when costs are incurred in accordance with the accrual basis of accounting. ALLOCATION OF EXPENSES The costs of providing the program services and supporting activities of CMI have been summarized on a functional basis in the statements of activities. Accordingly, certain costs have been allocated among the program and supporting activities benefited. During the years ended May 31, 2012 and 2011, CMI incurred joint costs (exclusive of salaries) of $3,156 and $5,595, respectively, for printing, postage, and activities that included fund-raising appeals. These costs were allocated as follows: $1,008 and $2,064 to program development and ministry to constituency, $1,482 and $1,631 to management and general, and $666 and $1,900 to fund-raising expense, respectively. -12-

15 Notes to Financial Statements May 31, 2012 and SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued: UNCERTAIN TAX POSITIONS The financial statement effects of a tax position taken or expected to be taken are recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the statements of activities. As of May 31, 2012 and 2011, CMI had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. RECLASSIFICATIONS Certain prior year amounts have been reclassified in order to conform to current year presentation. 3. FURNITURE AND EQUIPMENT NET: Furniture and equipment net consist of: May 31, Furniture and equipment $ 79,252 $ 74,884 Less accumulated depreciation (67,659) (61,876) 4. NET ASSETS: Net assets consist of: $ 11,593 $ 13,008 May 31, Unrestricted: Encounter mobilization fund $ (4,084) $ (12,092) Deficit temporarily restricted accounts: Craig Murray support (11,341) (17,036) Investment in furniture and equipment net 11,593 13,008 $ (3,832) $ (16,120) -13-

16 Notes to Financial Statements May 31, 2012 and NET ASSETS, continued: Net assets consist of: May 31, Temporarily restricted: Projects: Quito initiative $ 232,215 $ 33,962 Cumbaya 41,989 58,149 Ecuador general 1,831 8,475 Norte 160,000 - Staff infrastructure fund 17,880 17,600 Ricardo Diaz Support 17,992 9,714 John Turnidge Support 9,588 7,291 Inge Lise Valencia Support $ 481,735 $ 135,914 Permanently restricted: The Roy S. LeTourneau Endowment $ 4,323 $ 4, COMMITMENTS: CMI is obligated under an operating lease for its office facilities under a 60-month lease commencing November 2009 at a monthly rate of $1,563. Future minimum lease payments are as follows: Years Ending May 31, Amounts , ,630 $ 34,386 The office rent expense totaled $32,728, which includes $13,978 of donated rent, and $18,750 for the years ended May 31, 2012 and 2011, 6. RETIREMENT PLAN: CMI has established a voluntary salary reduction arrangement under section 403(b) of the Code. CMI provides a 1, 3, or 5 percent match depending on years of service. Employer contributions totaled $7,898 and $8,270 for the years ended May 31, 2012 and 2011, respectively. -14-

17 Notes to Financial Statements May 31, 2012 and ENDOWMENT FUNDS: CMI s endowments consist of one individual fund established to support the general fund. As required by the accounting principles generally accepted in the United States, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. The management of CMI has interpreted the Texas Uniform Prudent Management of Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of the original gift, as of the gift date of the donorrestricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, CMI classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as unrestricted net assets due to the terms of the endowment that do not restrict the income. Endowment net asset composition by type of fund as of May 31, 2012 and 2011: Temporarily Permanently Unrestricted Restricted Restricted Total Donor-restricted endowment funds $ - $ - $ 4,323 $ 4,323 Total endowment funds $ - $ - $ 4,323 $ 4,323 Changes in endowment net assets for the year ended May 31, 2012 and 2011, were comprised solely of investment returns and appropriations of $466 and $306, respectively. Funds with deficiencies: From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or UPMIFA requires CMI to retain as a fund of perpetual duration. There were no deficiencies as of May 31, 2012 and Other UPMIFA interpretation and disclosures are not considered significant or necessary 8. DONOR CONCENTRATION: For the years ended May 31, 2012 and 2011, approximately 57 percent of CMI's contributions were provided by two donors and 48 percent were provided by five donors, respectively. The implications of this concentration are recognized by management and the board. -15-

18 Notes to Financial Statements May 31, 2012 and SUBSEQUENT EVENTS: Subsequent events have been evaluated through the report date, which represents the date the financial statements were available to be issued. Subsequent events after that date have not been evaluated. -16-

19 SUPPLEMENTARY DATA

20 INDEPENDENT ACCOUNTANTS REPORT ON SUPPLEMENTARY DATA Board of Directors Church Ministries International, Inc. Dallas, Texas Our report on our reviews of the basic financial statements of Church Ministries International, Inc. for the years ended May 31, 2012 and 2011, appears on page 1. That review was made primarily for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with accounting principles generally accepted in the United States of America. The supplementary information included on the following page is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the inquiry and analytical procedures applied in the review of the basic financial statements, and we are not aware of any material modifications that should be made to such information. Dallas, Texas June 28, 2012

21 Schedules of Functional Expenses Year Ended May 31, 2012 Program Development Supporting Activities and Management Total Ministry to and Supporting Constituency General Fund-raising Activities TOTAL Grants to others $ 30,644 $ - $ - $ - $ 30,644 Salaries and benefits 195,345 96,170 10, , ,553 Events and hospitality 3,161 1,923 (1,201) 722 3,883 Travel 17,138 1,022 1,821 2,843 19,981 Professional fees 3,384 10,405-10,405 13,789 Rent 15,383 15,382 1,963 17,345 32,728 Office supplies/equipment 706 2, ,593 3,299 Postage and printing 1,008 1, ,148 3,156 Depreciation - 5,783-5,783 5,783 Telephone 1,743 1, ,129 3,872 Miscellaneous 589 1, ,986 2,575 $ 269,101 $ 137,754 $ 14,408 $ 152,162 $ 421,263 Year Ended May 31, 2011 Program Development Supporting Activities and Management Total Ministry to and Supporting Constituency General Fund-raising Activities TOTAL Grants to others $ 362,998 $ - $ - $ - $ 362,998 Salaries and benefits 206,870 87,612 12,356 99, ,838 Events and hospitality 17,510 2,238 9,923 12,161 29,671 Travel 18, ,560 3,375 21,428 Professional fees 5,009 14,233-14,233 19,242 Rent 14,728 14,728 3,272 18,000 32,728 Office supplies/equipment 5,395 2,929 4,948 7,877 13,272 Postage and printing 2,064 1,631 1,900 3,531 5,595 Depreciation - 5,497-5,497 5,497 Telephone 1,324 2, ,089 4,413 Miscellaneous 1, ,707 $ 635,167 $ 132,682 $ 35,540 $ 168,222 $ 803,