Financial Statement
MAITRI COMPASSIONATE CARE RELEASES FISCAL 2012 AUDITED FINANCIALS
AIDS Hospice/Respite Agency Reduces Costs Due to Federal Funding Cuts
San Francisco, California
April 29, 2013
Maitri Compassionate Care, California's only 24-hour residential care facility providing end-of-life and medical respite services exclusively to persons with AIDS, released its audited financial statements today for the fiscal year ended June 30, 2012.
"Our key focus over the last couple of years has been to reduce our operating expenses due to sustained federal government funding cuts already incurred and in anticipation of more such cuts in fiscal 2013 and beyond," says Maitri Executive Director, Michael Smithwick. "Of utmost importance was to put into place ongoing cost reductions that would have negligible impact on the high quality of care that our residents receive."
Total expenses in fiscal 2012 for the $2.4 million non-profit were down by more than $155,000 (6%) versus fiscal 2011 and down an impressive $370,000 (13%) versus fiscal 2010. The bulk of fiscal 2012's spending cuts came as a result of administrative/ development overhead reductions, resulting in 81% of total Maitri spending used for program services/resident care in fiscal 2012 versus 77% of spending in fiscal 2011 used for these purposes.
Gross and net revenue were both down for Maitri in fiscal 2012 versus the prior year. This was due to a one-time change in billing methodology for the organization's largest contract with the City and County of San Francisco in fiscal 2010 that had the effect of increasing fiscal 2011 revenue by $209,901. Without this anomaly, the agency's change in net assets would have improved by $123,190 in fiscal 2012 over the prior year. The agency also succeeded in reversing a long-term downward trend in private sector revenue generation by bringing in $11,000 more in revenue from this source in fiscal 2012 than the prior year.
Maitri's belt tightening comes at a good time, as the agency faces the prospects of combined federal Ryan White and sequestration cuts in excess of $200,000 beginning with the start of fiscal 2014 on July 1, 2013. As similar cuts are planned for other HIV service organizations, the San Francisco Board of Supervisors and Mayor are currently deliberating whether they may be able to backfill some or all of the slated federal cuts from City coffers that – while improving – are similarly strained.
"These remain challenging economic times for our country, but especially for HIV service organizations facing the unfortunate convergence of increased demand for services and federal funding cuts," says Smithwick. "Our hope at Maitri is that San Franciscans realize the financial vulnerability of critical HIV support agencies such as ours and join with existing donors who remain generous with their time and money."
About Maitri
In 1987, a Zen monk named Issan Dorsey opened the Hartford Street Zen Center to care for a student dying of AIDS, establishing the beginnings of Maitri. Ten years later, Maitri moved into a 15-bed facility with a home-like setting designed to accommodate the special needs of people living with HIV/AIDS who required hospice care. Today, Maitri is a non-sectarian facility that continues to provide 24-hour care to very low income men and women with advanced AIDS needing hospice or short-term medical stabilization. Maitri has served more than 1,000 residents since opening its doors in 1987, most of whom experienced Maitri as their final home.
For media inquiries, please contact Maitri Executive Director, Michael Smithwick at 415-558-3301 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Download this Press Release (PDF)
Audited Financial Statement
Audited Financial Statements FY 2012
Tax Form
990 (Year 2012)
For more information, contact Grant Sun, Development Manager at (415) 558-3003 This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
