Update Summer 2010

Source Finance – 50/50 Campaign Update
50% Self-Sustaining Goal continues to get traction

Fiscal Year End, - August 31, :
Many of you are aware that after seeing our donations drop 50% in the beginning of 2009 & a bank pulling out of a refinance that was planned for over 3 years – we launched our 50/50 campaign with the goal of raising seed funds that would allow us to continue our programs and create new initiatives that would reach a goal of being 50% self-sustaining. These are “Win-Win” initiatives as they 1) serve our mission of reaching out & helping people get on their feet – while 2) bringing in residual income (employment & rental initiatives).

Though many were very generous during that time (your giving literally allowed us to keep the lights on & not loose any of our current facilities), we were still forced to make cut backs at our fiscal year end, August ’09. We went into our 09-10 fiscal year with goals that included:
1) Continuing our programs at reduced capacity
a. Outreach & Arts
b. Transitional Homes
2) Expanding our network of partners
a. Offering Urban Immersion Trips
b. Bringing in more man-power into the city for effective outreach
3) Increase financial stability
a. Recover from 2009 debt
b. Increasing our 50% self-sustaining initiatives

We have had to tighten the belt, but can testify that we have seen God continue to provide. We have been able to continue serving (see spring summer highlights) and through cutbacks, re-financing, & donations we have been able to reduce 70% of the short term debt incurred in 08-09.