Audited Financials

Financials:

 

 

The Fedcap Group Consolidated Statement of Financial Position

 

     

 

 

 
         

Twelve Months Ended September 30

         

2018

 

 

2017

         

Unaudited

 

 

Audited

   

ASSETS

           
   

Cash and short term investments

   

$

33,358,254

   

$

29,077,160

   

Accounts Receivable (net)

     

49,571,684

     

45,309,399

   

Inventories (net)

     

244,690

     

402,670

   

Bond Proceeds Receivable

     

3,032,052

     

-

   

Prepaid Expenses

   

 

6,021,975

   

 

5,120,104

   

Total Current Assets

   

$

92,228,655

   

$

79,909,333

               

 

   

Fixed Assets (net)

     

82,150,825

     

74,924,787

   

Other Assets

   

 

3,397,952

   

 

758,509

   

Total Assets

   

$

177,777,432

   

$

155,592,629

               

 

   

Liabilities

           
   

Accounts Payable and Accrued Liabilities

   

$

40,259,024

   

$

32,382,996

   

Notes Payable

     

1,223,778

     

674,420

   

Advance from government agency

     

1,485,361

     

1,500,000

   

Current Portion of Line of Credit

     

14,653,273

     

14,653,273

   

Other Current Liabilities

   

 

4,129,907

   

 

6,736,368

   

Total Current Liabilities

   

$

61,751,343

   

$

55,947,057

               

 

               

 

   

Long Term Debt

   

$

69,778,634

   

$

57,618,269

   

Line of Credit

     

3,200,000

     

3,000,000

   

Other Liabilities

   

 

6,926,654

   

 

3,407,780

   

Total Liabilities

   

$

141,656,631

   

$

119,973,106

               

 

   

Net Assets

           
   

Unrestricted

   

$

33,385,617

   

$

32,810,556

   

Temporarily Restricted

     

2,114,997

     

2,224,538

   

Permanently Restricted

   

 

620,189

   

 

584,428

   

Total Net Assets

   

$

36,120,803

   

$

35,619,522

         

 

   

 

   

Total Liabilities & Net Assets

   

$

177,777,432

   

$

155,592,628

               

 

               

 

   

Current Ratio

     

1.49

     

1.43

   

A/R Turnover Ratio

     

5.97

     

5.71

   

A/R Average Days Outstanding

     

61

     

64

   

Debt Coverage Ratio

     

3.03

     

3.58

 

 

 

 
   

 

   

Consolidated Statement of Activities and Changes in Net Assets

     

 

 

 

 

 

 

 
           

12 Months Ended

           

September

           

2018

   

2017

           

UNAUDITED

 

 

Audited

           

 

   

 

   

REVENUE

     

$

295,847,344

   

$

258,504,213

                 

 

   

EXPENSES

             
   

Salaries and benefits

     

$

170,506,341

   

$

155,891,035

   

Occupancy

       

19,019,710

     

15,756,227

   

Subcontractors

       

46,331,327

     

31,683,374

   

Depreciation and amortization

       

4,402,357

     

4,116,984

   

Interest expense

       

3,634,078

     

3,079,150

   

Other expense

     

 

51,452,250

   

 

47,688,256

   

TOTAL EXPENSES

     

$

295,346,063

   

$

258,215,026

           

 

   

 

   

OPER PROFIT/(LOSS)

     

$

501,281

   

$

289,187

                 

 

                 

 

   

Operating Ratios

             
   

Net operating ratio

       

0.17%

     

0.11%

   

Program Expense Ratio

       

88%

     

88%

   

Personnel cost ratio

       

58%

     

60%