Lifeworks Statement of Financial Position as of 6-30-2022

Total Assets for Lifeworks were just shy of $40 million and comprise cash, investments, and accounts receivable listed as current assets that are approximately $26.5 million. The remaining assets represent real estate holdings, net of depreciation, and long term investments of $23.5 million.

Total Liabilities were $10 million and are made up current liabilities that include accounts payable, accrued salaries & expenses, and current portion of long-term debt that is approximately $4.5 million. The remainder of the liabilities represent long-term debt in the form of a Mass Development Bond financed through Dedham Savings bank and other long term liabilities equaling $5.5 million.

Organizational net assets/fund balance is a little less than $30 million ($29 million without donor restrictions and $1 million with donor restrictions).

Lifeworks ended FY22 with a surplus shy of $1.5 million. Investments over the year were a net loss of $2.9 million, which was made up of both realized and unrealized gains and losses for the year, which is consistent as the markets shifted. Lifeworks received forgiveness of its Paycheck Protection Program (PPP) loans in the amount of $3.9 million in August 2022. That coupled with strong donations led to the surplus. Those two combined for a little over $1 million in income equaling 3% of our revenue.

Important Percentages to Note:

Revenue is primarily made up of program service fees, which results in 92.5% of the total revenues.

On the expense side, Employee Compensation is 71% of this year’s expenses, followed by program support of 11%. Lifeworks administrative rate is 8.8% which is a very good rate. It means for every dollar Lifeworks spends, less than 9 cents is spent on the administration and overhead.

*Includes unrealized gains and losses, and PPP loan forgiveness

Total Expenses: $30,314,164