Page 4 - Annual Report 2020
P. 4
STRENGTHENING OUR FINANCES
Financial Summary
Despite the unexpected challenges and adjustments made throughout the year due to
COVID, New Neighborhoods ended up with a very strong year financially, adding an
additional $1.2 million to our corporate operating reserves for a total balance of
$2.4 million by the end of the first quarter of 2021.
We achieved this through a combination of property management improvements,
applying for and receiving grants (including COVID related funds), successful accounts
receivable collections, implementing additional cost savings measures, and increasing
revenues through numerous other improvements. For example, our Property
Management Team has improved the overall financial performance of every one of our
LONG CHEN buildings with an increase in the combined Net Operating Income over $700,000 from
last year and an increase of over $1 Million from two years ago, with no increase in the
Financial Manager
number of units we manage.
Long has more than seven years
of experience in the financial and All Properties 2018 2019 2020
accounting area with four of those
years in affordable housing. Total Net Operating Income $3,219,556 $3,461,095 $4,231,202
Before joining New Neighbor- New Neighborhoods collected $198,618 from our properties’ payables to the company,
hoods, he worked as a Financial
Analyst with Elderly Housing and we collected $145,000 in deferred development fees that were delinquent from a
Development and Operations sister organization. We also received $406,250 from the Paycheck Protection Program in
Corporation. 2020, later converted into a grant.
Long earned his Master Degree We reduced expenses by renegotiating contracts with various vendors. These
in Finance from the University of
Miami and his Bachelor’s Degree actions allowed New Neighborhoods to finish 2020 with an increase of $319,325 in
in Finance at Portland University. our total Assets and Equity over last year.
Long is a candidate for his CFA
after already passing the CFA FINANCIALS 2018 2019 2020
Level I and Level II exams. He
is fluent in both English and REVENUE
Chinese.
Contributions $394,057 $240,920 $238,403
Property Management $472,265 $485,502 $516,118
Other $1,027,797 $1,714,890 $1,391,631
Total Revenue $1,894,119 $2,441,312 $2,146,152
EXPENSES
Program Expenses $1,666,007 $2,041,299 $1,861,203
General & Admin $572,246 $701,153 $604,857
Fundraising & Marketing $188,090 $230,460 $98,554
Total Expenses $2,426,343 $2,972,912 $2,564,614
Operating Income/Losses $(532,224) $(531,600) $(418,462)
Equity Contributions $770,416 $703,813 $910,000
Total Change in Assets & Equity $238,192 $172,213 $491,538
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