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Support Fiscal Year July 1, 2008 - June 30, 2009

Total revenues for FY 2009 were a record, thanks to housing construction grants for Seebol Place and $101,778 from the SMART Ride special event.

Major sources of Grants and Government Support included the Ryan White CARE Act, Housing Opportunities for People with AIDS, State of Florida AIDS care and treatment contracts, Florida Department of Health, Project AIDS Care (Medicaid waiver), The Florida Department of Children & Families, Substance Abuse and Mental Health Services Administration, HIV / AIDS prevention funds from the Centers for Disease Control and Prevention, Health Council of South Florida, foundation grants and numerous smaller grants and contracts.

Operating grants were lower than FY 2008 primarily due to timing of spending on a three year housing grant that returned to normal levels.  The MAC AIDS Global Foundation grant for an educator in Marathon partially offset loss of funding from State of Florida General Revenue.

Donations increased largely due to the $545,000 value of vacant land in Marathon received in March.  Rent revenue increased due to rent increases at the HUD funded properties and higher occupancy after Marty’s Place renovations.

Grants for Housing Construction in 2009 related to the $1.7 million 14 unit Seebol Place facility.  Grants will provide just over $1.0 million and the remaining $700,000 will come from fundraising.  Through 12/31/2009 the SMART Ride events have contributed $105,642.  A $500,000 mortgage needs to be refinanced by October 2010. 

Operating expenses were lower in 2009 with the exception of Education and Outreach spending for the new grant serving the Middle and Upper Keys.

Spending on Client Services in FY 2009 is lower primarily due to housing assistance returning to a level sustainable by grant funding. Residential Facilities expenses decreased primarily due to lower hazard insurance costs and mortgage interest. Salaries and benefits allocated to Residential Facilities expenses increased due to supervision of construction projects.

Administration expenses are lower primarily due to elimination of two staff positions. Fundraising expenses for special events decreased due to more donated materials and lower spending on advertising.

Unrestricted cash represents approximately 29 days operating costs at June 30, 2009. Cash expenses exceeded revenues in FY 2009 but collection of accounts receivable allowed an increase in operating reserve funds.

Reserves for residential construction decreased during FY 2009 to build Seebol Place and to recognize losses on investments sold. Total unrestricted cash and reserves represents approximately 103 days operating costs.

Since the majority of our grants are cost reimbursement, the goal of the board is to have 180 days of operating costs in reserve to assure uninterrupted service to our clients.