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2016 Priests for Life Audit

PRIESTS FOR LIFE, INC.

DECEMBER 31, 2016 AUDITED FINANCIAL STATEMENTS

EXECUTIVE SUMMARY FOR FATHER FRANK PAVONE AND ANTHONY DESTEFANO

The Auditors, Brooks & Associates CPAs, issued an unmodified (clean) opinion on Priests for Life, Inc.’s December 31, 2016 audited financial statements, the best opinion Priests for Life, Inc. could receive.

For the year ended December 31, 2016, Priests for Life, Inc. (“PFL”) generated a change in Net Assets surplus of $436,070 (Support, Revenue and Gains Exceeded Expenses). This was primarily due to an increase in contributions received through a variety of fundraising and marketing efforts.

Assets and Liabilities both increased approximately $1,400,000 due to the acquisition of land, building and property in Titusville, Florida financed by a mortgage note in the same amount to the seller.

The Schedule of Functional Expenses includes the “natural” expense categories as well as an allocation to functional expenses, i.e. Program Services, Management and General and Fundraising. For the year ended December 31, 2016, PFL expended $9.85 million or 77% of total expenses on Program services with $2.97 million or 23% expended on Management and General and Fundraising expenses. Both percentages are excellent amounts when compared to those of other nonprofits.

Read the 2016 Audit here. 

 

Priests for Life
PO Box 236695 • Cocoa, FL 32923
Tel. 321-500-1000, Toll Free 888-735-3448 •
mail@priestsforlife.org