CPA firm Fulton & Kozak issued theorganization’s 2018 audited financial statements and revised edits for the 2017 fiscal year, reporting the organization has increased revenue, program expenses as percent of total expenses, and improved overall transparency.
ATLANTA – Feb. 13, 2020 – Operation HOPE today announced that on Tuesday, Feb. 11, 2020, Fulton & Kozak, LLC, an Atlanta-based CPA firm, issued the organization’s 2018 audited financial statements as well as the revised edits for the 2017 fiscal year. Both audits have been successfully submitted to the Federal Clearinghouse and the results demonstrate that HOPE has experienced significant growth while prioritizing expense alignments. Further, additional disclosures have been added to the report to improve transparency.
“We are proud of the results of our audits and appreciate the thorough and complete work of Fulton & Kozak. Operation HOPE remains committed to providing best-in-class service to our clients and the utmost transparency and responsibility with the public trust,” said Brian Betts, Chief Financial Officer and acting Chief Operations Officer, Operation HOPE. “We are pleased to have the reports issued sooner than anticipated and look forward to publishing the 2019 audited financials in the second quarter of 2020.”
Highlights from the 2018 audit include:
- Increased revenue by $5.7M, representing 32% growth
- Total expenses, excluding non-cash activity, increased only $609K, representing 4% growth
- Program expenses as percent of total expenses improved from 84% to 87%, excluding non-cash activity
Highlights from the 2017 revision include:
- Increased revenue of $272K
- Unrestricted net assets improved by $2.8M, representing 30% improvement
- Program expenses as percent of total expenses improved from 82% to 84%, excluding non-cash activity
With the release of these findings, Operation HOPE expects to maintain its stellar 4-star rating with Charity Navigator. The designation would mark HOPE’s fifth consecutive year with the highest rating, which represents the top 25% of all nonprofit organizations in the nation.