THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2019 and 2018
NOTE 3 - AVAILABILITY AND LIQUIDITY Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the statement of financial position date, comprise the following:
Financial assets at year-end
2019
2018
Cash
$
28,966,616
$
37,293,851
Investments - unrestricted
-
77,608
Accounts receivable
2,647,384
1,677,733
Grants receivable
2,538
9,120
Total financial assets available at year-end (available over the next 12 months to meet general expenditures)
$
31,616,538
$
39,058,312
The Organization receives revenue from rent, developer fees, other miscellaneous sources, as well as contributions without donor restrictions, all of which is available to meet general expenses during the next 12 months. Additionally, in the normal course of business the Organization will make expenditures related to the acquisition and rehabilitation of properties. At any point in time, the Organization has a balance of these expenses shown as deferred development costs on the accompanying consolidated statement of financial position. These expenditures are reimbursed to the Organization from funding for the acquisition and rehabilitation of our properties. The total of these expenditures at December 31, 2019 and 2018, was $7,840,291 and $4,949,521, respectively, and is included in the consolidated statement of financial position as deferred development costs. Such funds, when reimbursed to the Organization, are then available to be used to acquire new properties and cover the up-front costs of new rehabilitation efforts.
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