2024 Financial Statements
COFA’s unaudited 2024 financial results demonstrate that that it has efficiently managed the generous support of its donors. COFA will post audited financial statements for 2024 when its independent audit is completed. A copy of its 2023 audit, which demonstrate that COFA operates in accordance with generally accepted accounting principles, is available here.
2024 Financial Summary
2024 Donations & Grants $871,917
2024 Investment income $17,475
2024 Program expenses ($735,746)
2024 Admin/fundraising expenses ($85,355)
Net assets at the end of 2024 $408,289
These figures also reflect the fact that COFA is an efficient nonprofit. Its administrative/fundraising expenses, represent only 11% of its total expenses. The remaining 89% of its expenses funded its programs in Africa.
The following charts illustrate some of the key aspects of COFA’s 2024 financial statements.
2024 Donations
During 2024 COFA received $871,917 in donations. Donors gave COFA specific instructions on the use of approximately half of those donations ($434,442). The remaining donations contained no restrictions, allowing them to be applied to any of COFA’s programs. The adjacent chart illustrates the restrictions requested by donors for our programs, all of which were located in Africa.
2024 Expenditures
The adjacent chart shows the allocation of expenditures during 2024. Program costs are broken down by the use of restricted and unrestricted donations.