LifeNets International, Inc.

Balance Sheet

As of December 31, 2000

ASSETS
Cash in Bank	$               55,852
Non-Cash Donations on Hand	335
Total Short Term Assets		$      56,187
Office Equipment	$                 2,688
Less:  Accumulated Depreciation	(1,155)
Net Fixed Assets		$        1,533
Total Assets		$      57,720
LIABILITIES & FUND BALANCES
Fund Balance 12/31/99	$               45,834
Excess of Rev over Expenditures FY 2000	11,886
Fund Balance 12/31/00		$      57,720

   

LifeNets International, Inc.

Statement of Revenue and Expenditures

For the 12 Months Ended 12/31/00

Revenue
Individuals	$       81,121
Churches and Groups	50,102
Corporate	11,850
Foundations and Trusts	500
Special Events	2,059
Interest Income	2,376
Total Cash Revenue		$    148,008
Non-Cash Revenue		$      81,813
Total Revenue		$    229,821
Expenditures
Program Expenditures
Donations and Grants-Cash	$     117,743
Donations and Grants-Non-Cash	82,678
Program Supplies	6,775
Shipping and Freight	5,361
Program Travel	1,013
Other Direct Expenses	286
Total Program Expenditures		$    213,856
General and Administrative
LifeNets Development	$            262
Bank Charges	338
Office Supplies & Expenses	560
Depreciation	1,021
Accounting and Legal	1,815
Other	83
Total G&A Expenditures		$        4,079
Total Expenditures		$    217,935
Excess of Revenue over Expenditures		$      11,886

Notes to Financial Statements:

• Revenues totaled $229,821 with $148,008 in cash revenue and $81,813 in non-cash (in-kind) revenue Unrestricted contributions of cash totaled $25,551, representing 17.3% of total cash contributions.                        

• Non-cash revenue (in-kind) represents the value of donated goods received in the year 2000.  The majority of the donated goods were medicines shipped to Malawi and Chernobyl.  Non-cash revenues are valued at fair market value.  For new items the value is current price.  For used items, thrift-store value is used.  Clothing is valued at rag value.

• General and Administrative expenses were minimal at $4,079 representing less than 1.8% of revenue.  

• We served organizations and individuals in eight regions (two of them in Ukraine).  By region, program expenditures were as follows:   

Location/Region	$	%
Ukraine-Chernobyl	$         69,893	32.7%
Ukraine-Transcarpathia	65,056	30.4%
Malawi	33,907	15.9%
United States	13,865	6.5%
Central America	10,365	4.8%
Estonia & Eastern Europe	8,559	4.0%
Philippines	6,171	2.9%
Zambia	5,527	2.6%
Other	513	0.2%
Total	$       213,856	100.0%

  ·         Fund balances totaled $57,720 at 12/31/00.

Fund Balances 12/31/00
Unrestricted	$      19,928
Ukraine-Chernobyl	4,594
Ukraine-Transcarpathia	32,030
Donor Advised	6,000
Estonia & Eastern Europe	3,800
Central America	778
Malawi	(7,195)
Zambia	(2,177)
Philippines	(38)
Total Fund Balances 12/31/00	$      57,720

The Transcarpathia fund has a balance of $32,030 that will be used for summer camps, additional refugee assistance and additional micro-loan funding.  Two major shipments to Malawi and Central America departed in February 2001.  At that time many purchases were made, using up most of the unrestricted funds available.  The projects in Malawi, Central America, Zambia and Chernobyl currently need additional funding as well as the general unrestricted fund.