Page 16 - 2019-2020 HVAF Annual Report

2018 FINANCIAL REPORT
Operating revenue increased by about $100K in 2018 from the previous year. Contributions and charitable events make up 10% of our total revenue (up 3% from last year) thanks to our generous and committed supporters.
In addition to the grants and community support we received in 2018, we also received a $5 Million grant from the Lilly Endowment, Inc. With this grant we are establishing HVAF’s very first endowment fund and will be making time-limited strategic investments. With these funds we pro- pose to increase unrestricted revenues and create cost savings through energy efficient upgrades and by adding depth to our advancement department. Endowment funds will be permanently restricted, and income earned off this fund will be used in future years to ensure on-going financial stability.
As always, HVAF is committed to providing the best support and services to our veterans by keeping their needs the focus of everything we do. In 2018, 83% of our total operating expenses were directly spent on life changing services. In future years as we grow and expand our services, we expect this percentage to rise while still maintaining the efficiency and effectiveness of the dedicated management, support, and development teams; we aim to achieve 90% direct support expenses.
Financials & OA 2018
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