Audited Financials
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Financials: |
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The Fedcap Group Consolidated Statement of Financial Position
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Twelve Months Ended September 30 |
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2018 |
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2017 |
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Unaudited |
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Audited |
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ASSETS |
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Cash and short term investments |
$ |
33,358,254 |
$ |
29,077,160 |
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Accounts Receivable (net) |
49,571,684 |
45,309,399 |
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Inventories (net) |
244,690 |
402,670 |
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Bond Proceeds Receivable |
3,032,052 |
- |
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Prepaid Expenses |
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6,021,975 |
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5,120,104 |
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Total Current Assets |
$ |
92,228,655 |
$ |
79,909,333 |
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Fixed Assets (net) |
82,150,825 |
74,924,787 |
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Other Assets |
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3,397,952 |
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758,509 |
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Total Assets |
$ |
177,777,432 |
$ |
155,592,629 |
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Liabilities |
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Accounts Payable and Accrued Liabilities |
$ |
40,259,024 |
$ |
32,382,996 |
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Notes Payable |
1,223,778 |
674,420 |
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Advance from government agency |
1,485,361 |
1,500,000 |
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Current Portion of Line of Credit |
14,653,273 |
14,653,273 |
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Other Current Liabilities |
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4,129,907 |
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6,736,368 |
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Total Current Liabilities |
$ |
61,751,343 |
$ |
55,947,057 |
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Long Term Debt |
$ |
69,778,634 |
$ |
57,618,269 |
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Line of Credit |
3,200,000 |
3,000,000 |
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Other Liabilities |
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6,926,654 |
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3,407,780 |
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Total Liabilities |
$ |
141,656,631 |
$ |
119,973,106 |
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Net Assets |
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Unrestricted |
$ |
33,385,617 |
$ |
32,810,556 |
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Temporarily Restricted |
2,114,997 |
2,224,538 |
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Permanently Restricted |
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620,189 |
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584,428 |
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Total Net Assets |
$ |
36,120,803 |
$ |
35,619,522 |
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Total Liabilities & Net Assets |
$ |
177,777,432 |
$ |
155,592,628 |
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Current Ratio |
1.49 |
1.43 |
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A/R Turnover Ratio |
5.97 |
5.71 |
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A/R Average Days Outstanding |
61 |
64 |
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Debt Coverage Ratio |
3.03 |
3.58 |
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Consolidated Statement of Activities and Changes in Net Assets |
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12 Months Ended |
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September |
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2018 |
2017 |
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UNAUDITED |
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Audited |
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REVENUE |
$ |
295,847,344 |
$ |
258,504,213 |
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EXPENSES |
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Salaries and benefits |
$ |
170,506,341 |
$ |
155,891,035 |
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Occupancy |
19,019,710 |
15,756,227 |
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Subcontractors |
46,331,327 |
31,683,374 |
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Depreciation and amortization |
4,402,357 |
4,116,984 |
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Interest expense |
3,634,078 |
3,079,150 |
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Other expense |
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51,452,250 |
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47,688,256 |
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TOTAL EXPENSES |
$ |
295,346,063 |
$ |
258,215,026 |
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OPER PROFIT/(LOSS) |
$ |
501,281 |
$ |
289,187 |
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Operating Ratios |
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Net operating ratio |
0.17% |
0.11% |
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Program Expense Ratio |
88% |
88% |
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Personnel cost ratio |
58% |
60% |
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