2005
TOTAL COSTS: $25,931,480
G&A, FUNDRAISING AND OTHER: $2,578,836
2004
TOTAL COSTS: $27,473,975
G&A, FUNDRAISING AND OTHER: $2,450,934
In 2005 and 2004, Internews Network spent less than 10%
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
2005 |
2004 |
|
ASSETS |
||
| Cash and investments | 589,123 | 954,446 |
| Project and other receivables, net | 3,095,678 | 1,860, 188 |
| Fixed assets, net | 407,890 | 446,688 |
| Prepaid and other assets | 102,887 | 128,548 |
| Total assets | 4,195,578 | 3,389,870 |
LIABILITIES AND NET ASSETS |
||
| Accounts payable and accrued expenses | 1,616,837 | 908,255 |
| Refundable advances | 1,594,786 | 1,525,291 |
| 3,211,623 | 2,433,546 | |
| Unrestricted net assets | 626,641 | 807,704 |
| Temporarily restricted net assets | 357,314 | 148,620 |
| Total liabilities and net assets | 4,195,578 | 3,389,870 |
STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS
Years ended December 31
2005 |
2004 |
|
REVENUE AND OTHER SUPPORT |
||
| Grants and contributions | 25,959,111 | 27,659,977 |
| Interest and other income | 0 | 0 |
| Total revenue and other support | 25,959,111 | 27,659,977 |
EXPENSES |
||
| Labor and program expenses | 20,769,244 | 22,142,564 |
| Project support | 2,583,400 | 2,880,477 |
| Fundraising | 27,259 | 23,519 |
| Other expenses | 258,644 | 71,010 |
| General and administrative | 2,292,933 | 2,356,405 |
| Total expenses | 25,931,480 | 27,473,975 |
| Change in net assets | 27,631 | 186,002 |
The financial records of Internews Network are audited annually by an independent firm of certified public accountants. The financial records for 2004 and 2005 were audited by Gelman, Rosenberg & Freedman. A complete set of financial statements is available on request from Internews Network at PO Box 4448, Arcata, CA 95518 USA.