Great Falls Development Authority Issues FY2019 Audited Financial Statements

One of our key values is transparency. Another is return on investment for our investors. Our audited financial statements for fiscal year 2019, that ended on June 30, details how we put our investors’ funds to work towards accomplishing our mission. We are pleased to distribute our FY 2019 Audited Financial Statement, audited by Douglas Wilson & Company.

We squeezed out another positive financial year, increasing net assets by $214,733 to $9,429,064. It was the 9th consecutive year we have managed to increase net assets. Unrestricted net assets increased 8%, by $250,224 to reach $3,325,023. We were able to lower our liabilities by 29%, a drop of $689,714. We ended the year with $1,303,215 in liquid assets available to fund general expenditures, though we will probably end up putting much of this into new loans.

On the revenue side, we increased lending earnings by 12%, service contract revenue by 11%, and investment by 93%. Local investment increased by $226,593 from the prior fiscal year. We invested this in a significant increase in business retention, expansion and attraction efforts, boosting spending for this work by $243,180, an increase of 86%. We boosted our entrepreneurial coaching and training work by 14% or $31,016. Yes, as usual, we boosted investment in these key efforts by more than our local investment increased.

We used our investor funds to provide a match for our Small Business Development Center of $78,380 and for our Procurement Technical Assistance Center of $36,149. We received $3,325,023 in loan principal repayments, and disbursed $2,998,834. Our audit was clean without any findings.

Funding economic development work, supporting an outstanding professional team, investing in challenging but necessary special projects, supporting key community partnerships, and taking risks with our loan capital to make things happen throughout the Great Falls 13-county trade area becomes more and more challenging each year. So does the work required to track and report the use of a wide array of local, state and federal funds. I would like to thank our amazing GFDA staff team, our Board and volunteers, our investors, our agency funders, our partners, our auditors, and most importantly our clients for helping us achieve another great year!