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Profit and Lost Statement - 2006

Important notes

  • iPump.org, Inc. was not fully incorporated until June 6, 2006.
     
  • Most of the expenses shown during the first two quarters are related to starting the organization and includes the cash equivalent of donated time -- not actual cash or goods received.
     
  • With the exception of two donations totalling $44.00 all administrative expenses were underwritten by Lahle Wolfe, an iPump founder through her sole proprietorship known as Islets of Hope.
     
  • On December 31, 2006 a donor who wishes to remain anonymous contributed a (restricted) $10,000.00 donation to fund our programs beginning in January 2007.
     
  • We did not anticipate offering assistance our first 6 months but planned to focus on establishing our program guidelines, funding, filings, and website.  When people found out about us they began asking for assistance.  We could not (and did not) say no.


    • Financial Statement     - 2006

    1st Qtr

    2nd Qtr

    3rd Qtr

    4th Qtr

    Year
    Income* 10,000 11,680 12,353 23,835 57,868
    Assistance Given Out 0 228 352 736 1,316
    Other Expenses* 10,294 11,140 11,276 11,474 44,184
             
    Profit or Loss   (294) 312 725 11,626 12,368

    * Accounting standards for nonprofits require we report certain (GAAP) volunteer time as actual income contributions and then take it back out (the same amount) as an expense. Therefore, "Income" above includes $41,710 worth of donated volunteer time, not actual cash or goods received, for the year-end total.

     

    Line Itemization of Specific Expenses

    Note:  We did not receive any requests for assistance until late September as we did not even have our website up until early fall.  Most of our first year expenses (6 months operation after incorporation) are attributed to start-up costs.

    Assistance Given - Free Supplies

    620
    Assistance Given - Free Quilts

    475
    Financial Assistance - Cash to clients

    58
    Free Books & Pubs to Clients

    163
    Accounting fees 

    300
    Office supplies

    320
    Telephone & telecommunications

    298
    Postage

    88
    Shipping to clients

    152
    Printing promotional (brochures, etc.)

    604
    Books, subscriptions, references

    48
    Web hosting and domain registration 120
    Licenses and permit fees - other  69
    State & local charity registration fees  25
    Software & software licenses 417
    Sales taxes paid 34
    Incorporation & other organizational fees 78
    Total Expenses* $3,790

    * Not including "Expenses" for donated volunteer GAAP services.


    Line Itemization of Contributions

    Cash Contributions*

    12,675
    Donated Medical Supplies

    993
    Donated Materials - Quilt Program

    2,327
    Donated Books & Pubs for Clients

    163
    Total Cash & In-Kind Donations**

    16,158

    * $10,000 was donated on 12/31/06 to fund our programs beginning in January 2007.

    ** Not including "Income" for donated volunteer GAAP services.