2023 Financial Statements
The annual audit of COFA’s 2023 operations is currently in progress. While the financial results below have yet to be audited, COFA is confident that, as with its previous audits, it will be found that COFA continues to efficiently manage the generous support of its donors.
2023 Financial Summary
2023 Donations & Grants $446,488
2023 Investment income $17,504
2023 Program expenses ($405,849)
2023 Admin/fundraising expenses ($92,601)
Net assets at the end of 2023 $354,342
These figures also reflect the fact that COFA is an efficient nonprofit. Its administrative/fundraising expenses, represent only 19% of its total expenses. The remaining 81% of its expenses funded its programs in Africa.
The following charts illustrate some of the key aspects of COFA’s 2023 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 2023. This was the second year of our scholarship endowment and first year of our orphanage endowment.
Expenses
The adjacent chart shows how COFA allocated the $365,279 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.