STAY CONNECTED

OUR FINANCIALS

TREASURER'S NOTE

Firelight Foundation awarded 180 grants totaling US$1.97 million during our 2008 fiscal year (October 2007–September 2008), bringing our nine-year cumulative total to about US$10 million in grant awards. Like most foundations, Firelight saw its endowment seriously affected by the economic downturn in 2008. It is worth noting, however, that other foundations increased their support to Firelight by US$1.3 million from 2007 to 2008—a good deal of it in multi-year grants.

In spite of challenging economic conditions, we have continued to strengthen our programs and staffing according to our new strategic plan, in order to promote long-term growth in the funds we can provide to community organizations in Sub-Saharan Africa.

STATEMENT OF FINANCIAL POSITION

Assets	2008	2007 as restated
Current Assets	11,982,456	13,957,784
Property and Equipment, Net	128,939	134,809
Other Assets	6,000	6,000
Total Assets	12,117,395	14,098,593

Liabilities	2008	2007 as restated
Accounts Payable	146,978	161,267
Grants Payable	1,362,950	1,228,094
Total Liabilities	1,509,928	1,389,361

Net Assets	2008	2007 as restated
Unrestricted	8,930,466	11,978,596
Temporarily Restricted	1,677,001	730,636
Total Net Assets	10,607,467	12,709,232

Total Liabilities and Net Assets	12,117,395	14,098,593

STATEMENT OF ACTIVITIES

Revenue and Support	2008	2007 as restated
Support from Individuals	492,355	937,910
Support from Foundations	3,194,404	1,866,522
Revenue from Investments	-1,489,384	1,594,017
Total Revenue and Support	2,197,374	4,398,449

Expenses	2008	2007 as restated
Grants Awarded	1,970,496	2,184,935
Program Services	1,677,401	1,301,551
General and Administrative	538,111	266,197
Fundraising	112,195	146,027
Total Expenses	4,298,203	3,898,710

Change in Net Assets	-2,100,829	499,739

NOTE: 2007 revenue has been restated to include an additional individual pledge of $200,000.

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