Furniture Bank experienced a significant improvement in our financial results in 2009. We ended the year with total revenues over expenditures of $141,200, representing a significant turnaround from the net loss of $186,828 in 2008. Revenues totaled $1,243,577—an increase of 74% over 2008—primarily driven by an increase in grants and significant improvement in our pickup and delivery income.
Our expenses also grew by 22% to $1,102,377. This increase is due in large part to the variable expenses used to generate the pickup and delivery income. Our core fixed expenses remained fairly stable year over year. As a result of this turnaround in our operations, our balance sheet was significantly stronger at December 31, 2009, with net assets of $314,596 (a significant increase from December 31, 2008, when net assets were $173,396).
In 2011, Furniture Bank is focusing its efforts on fundraising and the pickup and delivery business, with the goal of increasing its financial resources for the capital expenditures that are expected in the coming years.
Furniture Bank Annual Report -2009
