2003
Treasurer's Report
Despite some unusual
uncertainties and unique characteristics of the year 2003, LSS managed to
end the year in a solid position. In addition to adopting a new fiscal
year-end of September 30, LSS witnessed a shift in public policy that
resulted in decreasing funding to almost all lines of service, yet public
and congregational contributions remained steady, despite turbulent
economic times. LSS finished the 9-month fiscal year with revenues of
$55.5 million and operating expenses of $54.5 million, resulting in a
positive change in net assets from operations of approximately $900,000.
However, LSS ended the year with a net decrease in net assets of
($179,000) for the 9-month period ending September 30, due to a prior
period adjustment related to its pension plan.
Charitable support of $5.8
million during the first 9-month fiscal year of 2003 allowed LSS to serve
nearly 100,000 people in nearly 300 communities including service to each
of Minnesota's 87 counties. Charitable support from individuals and
congregations allows LSS to leverage its federal, state and local funding.
Public support also provided capital to complete a $3.5 million renovation
at Camp Knutson and annually allows LSS to maintain over 100 properties
across the state, including housing for children and for adults with
developmental disabilities. LSS seeks to maximize its resources to serve
children, families, seniors and developmentally disabled adults in
Minnesota by spending 89 cents of every dollar directly on those
individuals we support.
Financially speaking, LSS is
situated to maintain and, even, expand service within Minnesota, while
continuing to provide the best quality of service to people in need. We
are always seeking opportunities to expand into new service areas while
enhancing existing programs. We appreciate the financial support of
individuals and congregations across the state. Your gifts of time, talent
and treasure are invaluable to LSS' continued ability to "… express the
love of Christ for all people through acts of service."
Pam Shaw Hargrove, Treasurer
