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HopeSource is a solid and stable organization in the field of philanthropic industry in Ellensburg. Since our start in 1965, we have assisted Kittitas county residents in need, by helping them with basic needs and transitional housing in order to achieve self sufficiency.
Our purpose is to help the Kittitas County populace transform their lives by increasing their standard of living. We ran a budget of about 1.5M in 2005, 2.2M in 2008. Since 2004, we have continually received a clean audit report from external auditors on the presentation and accountability of the funds we receive from grantors.
The latest Audit report shows that our current ratio (an accounting device that shows the ability of an organization to meet its short term financial obligations) increased by 5% from 2.2 in 2005 to 2.3 in 2008. Our net assets (which mean net worth), have increased by 47% from 2005 to 2008. Dramatic progress was also recently portrayed regarding the way we spend the money we receive. In 2004 our administrative expense was 14 % of the total expenses; in 2005 and 2006 it was 9%. However in 2007 and 2008 it was only 7%. In real terms, this basically means $14 of each $100 we received in 2004 went towards administrative expenses. After streamlining our administrative processes in 2005/6, only $9 of each $100 we received was used towards covering administrative costs. And in 2007 and 2008, only $7 of each $100 we received was used towards covering administrative costs. During this time period we increased our services and accomplished even more towards helping others in our community than we had in previous years.
We feel this is an excellent time for us to explore additional opportunities, both for better helping the targeted population, and the available resources to land such opportunities.
Please forward all financial questions that you have to Ariam Mehtsentu or call (509)925-1448.
Interested parties may download HopeSource's 2005 - 2008 audits in .pdf format below. If you don't have Adobe Acrobat Reader, you can download the latest version here.
2008 - HopeSource Audit
2007 - HopeSource Audit
2006 - HopeSource Audit
2005 - HopeSource Audit |
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