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
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
Read the 2016 Audit here.