2004
TOTAL COSTS: $27,473,975
G&A, FUNDRAISING AND OTHER: $2,450,934
2003
TOTAL COSTS: $22,299,070
G&A, FUNDRAISING AND OTHER: $1,901,542
In 2004 and 2003, Internews Network spent less than 9% of total costs on General & Administrative (G&A), fundraising and other expenses. Project costs include allocated expenses incurred both overseas and in the US.
STATEMENTS OF FINANCIAL POSITION
As of December 31
2004 |
2003 |
|
ASSETS |
||
| Cash and investments | 954,446 | 668,169 |
| Project and other receivables, net | 1,860, 188 | 1,661,309 |
| Fixed assets, net | 446,688 | 129,914 |
| Prepaid and other assets | 128,548 | 167,831 |
| Total assets | 3,389,870 | 2,627,223 |
LIABILITIES AND NET ASSETS |
||
| Accounts payable and accrued expenses | 908,255 | 1,220,204 |
| Refundable advances | 1,525,291 | 636,697 |
| 2,433,546 | 1,856,901 | |
| Unrestricted net assets | 807,704 | 456,043 |
| Temporarily restricted net assets | 148,620 | 314,279 |
| Total liabilities and net assets | 3,389,870 | 2,627,223 |
STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS
Year ended December 31
2004 |
2003 |
|
REVENUE AND OTHER SUPPORT |
||
| Grants and contributions | 27,659,977 | 22,677,454 |
| Interest and other income | 0 | 2,373 |
| Total revenue and other support | 27,659,977 | 22,679,827 |
EXPENSES |
||
| Labor and program expenses | 22,142,564 | 18,384,592 |
| Project support | 2,880,477 | 2,012,936 |
| Fundraising | 23,519 | 30,630 |
| Other expenses | 71,010 | 69,367 |
| General and administrative | 2,356,405 | 1,801,545 |
| Total expenses | 27,473,975 | 22,299,070 |
| Changes in net assets | 186,002 | 380,757 |
The financial records of Internews Network are audited annually by an independent firm of certified public accountants. The financial records for 2004 were audited by Gelman, Rosenberg & Freedman. The financial records for 2003 were audited by Grant Thornton LLP. A complete set of financial statements is available on request from Internews Network at PO Box 4448, Arcata, CA 95518 USA.