Diana Faust of Franciscan Outreach | Chicago Reader

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Re: “Charities drowning in city water fees

hi, Diana Faust from Franciscan Outreach here with some financial facts

Yes, we did have a positive net cash flow in 2011 at the end of the year, but this was because we received $418,922 in bequests that year. This was the most we’ve ever received and was mostly from one donor. We used it for operating expenses of our programs and to pay the balance on our line of credit, which reached $170,000 during the year.

We started 2012 with $171,490 in cash in the bank. We raised our fundraising goals in the hope that we wouldn’t have to borrow. Although we reached some goals, we had to borrow by July. Bequests last year totaled $119,845. Realizing that we still needed to cut expenses and raise income, we worked at both. However, we still had to borrow $215,000 during the year to keep our programs open. At year end, we were able to pay off the loan and end with $85,000 in the bank. Our net income for the year was a negative $48,245.

This year, we are again trying to expand our fundraising goals and strategies. We have no bequests coming our way that we know of. Last week, I had to borrow $25,000 to make payroll. We are actively looking for new donors and grants and are planning some interesting fundraising events.

A huge bill for water fees won’t put us out of business, but it will force us to make deep cuts to the programs. It is the men and women who need help who will suffer if that happens. We hope it doesn’t.

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Posted by Diana Faust of Franciscan Outreach on 03/14/2013 at 2:45 PM

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