Financial Sustainability
LA Family Housing balances diverse revenue streams to support our work to end homelessness in people’s lives. Our revenue includes public government contracts and private philanthropic support from a wide range of individual donors, foundations, and corporations, as well as earned revenue from our affordable housing properties and developer fees.
During the previous two years of extraordinary growth, spurred by the acquisition of three Project Homekey sites, we engaged with our generous philanthropic partners to raise millions of dollars for the conversion of those former motels into to permanent supportive housing. Our 2023 financial results thus reflect a period of post-growth stabilization.
STATEMENT OF FINANCIAL POSITION
ASSETS |
2023 |
2022 |
2021 |
| Cash & Cash Equivalents | $8,975,285 | $10,343,221 | $11,207,622 |
| Restricted Cash | $16,742,107 | $25,724,282 | $16,776,899 |
| Receivable, Net | $14,409,822 | $25,405,424 | $18,164,771 |
| Notes Receivable | $2,164,655 | $14,429,340 | $20,479,749 |
| Property and Equipment | $297,010,832 | $233,861,406 | $189,575,371 |
| Prepaid Expenses and Other Assets | $15,309,458 | $3,686,836 | $1,250,248 |
| TOTAL ASSETS | $354,612,159 | $313,450,509 | $257,454,660 |
LIABILITIES & NET ASSETS |
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| Accounts Payable | $4,870,700 | $2,779,146 | $3,875,564 |
| Notes Payable | $176,956,597 | $155,762,892 | $149,997,353 |
| Long Term Accrued Expenses | $23,129,366 | $19,746,939 | $17,564,033 |
| Other Liabilities | $76,205,216 | $59,248,972 | $47,035,244 |
| TOTAL LIABILITIES | $281,161,879 | $237,537,949 | $218,472,194 |
| Unrestricted | $48,925,723 | $51,251,872 | $31,503,175 |
| Temporary Restricted | $24,524,557 | $24,660,688 | $7,479,291 |
| TOTAL NET ASSETS | $73,450,280 | $75,912,560 | $38,982,466 |
TOTAL LIABILITIES & NET ASSETS |
$354,612,159 | $313,450,509 | $257,454,660 |
STATEMENT OF FINANCIAL ACTIVITIES
REVENUE |
2023 |
2022 |
2021 |
| Government Contracts | $65,145,048 | $70,773,593 | $53,392,232 |
| Private and In-Kind Contributions | $6,438,272 | $28,194,241 | $17,678,938 |
| Rental Revenue | $7,975,296 | $5,910,836 | $5,980,813 |
| Other Income | $11,021,181 | $11,159,934 | $3,401,690 |
| TOTAL REVENUE | $90,579,797 | $116,038,604 | $80,453,673 |
EXPENSES |
2023 |
2022 |
2021 |
| Direct Services | $77,197,321 | $71,852,093 | $61,667,909 |
| Administrative Services | $23,044,157 | $17,086,950 | $12,470,335 |
| TOTAL EXPENSES | $100,241,478 | $88,939,043 | $74,138,244 |
| Depreciation & Amortization Expense | $8,115,354 | $4,979,489 | $3,472,119 |
| Residual Receipt & Interest Expense | $2,673,730 | $2,259,964 | $2,161,382 |
| Other Gains and Losses | -$1,046,005 | $0 | $0 |
ADJUSTED NET ASSETS |
$81,398 |
$34,339,014 |
$11,948,930 |
Revenue Streams
Expenses Distribution
Financial data is based upon audited financial statements prepared by Holthouse, Carlin, and Van Trigt, LLP (HCVT)