2022 Audited Financial Statements
COFA’s most recent independent audit of its assets and cash flows demonstrates that it has efficiently managed the generous support of its donors and its financial statements are in accordance with generally accepted accounting principles. A copy of COFA’s audited financial statements is available here.
2022 Financial Summary
Net assets at beginning of 2022 $402,147
2022 Donations & Grants $482,502
2022 Investment income ($27,953)
2022 Program expenses ($425,900)
2022 Admin/fundraising expenses ($77,038)
Net assets at the end of 2022 $353,758
These figures reflect COFA’s continued response to the COVID pandemic, which restricted the construction that COFA had planned to fund. Those restrictions were fully raised in 2022 and COFA was able to send funds to South Africa to complete projects at the Cedric Hannay Children’s Home and St. Peter Christian College. These figures also reflect the fact that COFA is an efficient nonprofit. Its $77,038 in administrative/fundraising expenses, represent only 15% of its total expenses. The remaining 85% of its expenses funded its programs in Africa.
The following charts illustrate some of the key aspects of COFA’s 2022 audited financial statements.
Donor Restrictions
The adjacent chart illustrates the restrictions requested by donors for our programs, all of which were located in South Africa during 2022. The capital cost donations listed as the Orphanage and St. Peter were donations used for construction projects at the Cedric Hannay Children’s Home and St. Peter Christian College Middelburg, South Africa that had been deferred due to COVID restrictions. Donations for the Confessional Lutheran Church of South Africa (CLCSA) were provided to help that synod. Other donations were dedicated to helping entities that COFA assists in Middelburg, South Africa.
Expenses
The adjacent chart shows how COFA allocated the $425,900 it spent on programs in South Africa. The unrestricted funds were donations for which the donor did not provide any restriction on the use of their donation. A large part of those donations were used to help students obtains scholarships at St. Peter Christian College in Mhluzi, Middelburg, South Africa. COFA was careful to honor the wishes of all donors that indicated a particular purpose for their donation.