Page 8 - 2020 Annual Report

FINANCE REPORT

Statement of Financial Position

$6 CURRENT ASSETS
MILLIONS $5 Cash and equivalents increased by 21%. This

$4
increase was a result of earnings and increase in
$3 value of EPIC’s investments that ended the year
with $4.7 million.
$2
With the onset of closures due to COVID-19, our
$1 Day Programs were suspended. However, reduced
income from those programs were offset by
$-
increased services for people with developmental
disabilities who reside in our homes.

DIRECTOR’S OVERVIEW NET ASSETS

10
EPIC’s Statement of Financial Position shows a stable 9
economic picture during this period of uncertainty. Millions
8
Highlights of changes from the prior year: Current 7
assets improved in large part as a result of growth in 6
investments and funding from COVID related grants 5
and loan programs. The increase in net property and 4
equipment reflects EPIC’s investment in its newly 3
renovated day center. The growth in current liabilities 2
is due to the SBA Payroll Protection Loan whose
forgiveness is anticipated. Most of the long-term debt 1
on EPIC’s homes continue towards full retirement in 0
2022 and 2025. Although a small decline from the 2018 2019 2020
prior year, EPIC achieved a $401,663 increase in its Beginning End
net assets.

12.7M 32% 10%

EPIC ended the year with 12.7 million Overall income for the year Assets increased by 10% over the
in assets. increased by 32%. past year.