2023 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
2023 Financial Summary
2023 Donations & Grants $446,236
2023 Investment income $18,504
2023 Program expenses ($401,157)
2023 Admin/fundraising expenses ($89,292)
Net assets at the end of 2023 $332,583
These figures also reflect the fact that COFA is an efficient nonprofit. Its administrative/fundraising expenses, represent only 18% of its total expenses. The remaining 82% of its expenses funded its programs in Africa.
The following charts illustrate some of the key aspects of COFA’s 2023 financial statements.
2023 Donations
During 2023 COFA received $446,236 in donations. While some donations had no requested use and could be applied to any of COFA’s programs, many donors requested that their donation be used for a specific purpose. The adjacent chart illustrates the restrictions requested by donors for our programs, all of which were located in South Africa during 2023.
2023 Program Spending
The adjacent chart shows how COFA allocated the $401,157 it spent on programs in Africa. The unrestricted funds were donations for which the donor did not provide any restriction on the use of their donation. The remaining funds were spent on the projects requested by donors.