CPA firm Fulton & Kozak issued the organization’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.
About Operation HOPE
Since 1992, Operation HOPE has been moving America from civil rights to “silver rights” with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through our community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. Project 5117 is our multi-year four-pronged approach to combating economic inequality that aims to improve financial literacy, increase business role models and business internships for youth in underserved communities, and stabilize the American dream by boosting FICO scores. Operation HOPE recently received its fourth consecutive 4-star charity rating for fiscal management and commitment to transparency and accountability by the prestigious non-profit evaluator, Charity Navigator.
For more information: www.OperationHOPE.org. Follow Operation HOPE on Twitter and Facebook @operationhope