HomeMy WebLinkAboutLINC Financial StatementLINC, INC
Statement of Financial Position (Unaudited)
As of June 30, 2024
Accrual Basis 1/4
TOTAL
ASSETS
Current Assets
Bank Accounts
1000 TRUIST (main account) ...9976 135,165.39
1002 Dogwood State Bank 406,231.49
1003 First Citizens Bank ...4811 992,521.06
1005 First Citizen MEII ...6287 50,000.00
1007 First Bank Checking 135,174.56
1007 First Bank Ckng Restricted (deleted)764.97
Total 1007 First Bank Checking 135,939.53
1008 Coins 9.52
1008.1 Practice fund 52,000.00
Total 1008 Coins 52,009.52
1009 Cash Drawer Division Drive 0.00
1010 PayPal 1,055.42
1015 Petty Cash 8,404.43
1017 Square 0.01
1018 NeonPay 850.00
1019 Cash App 695.31
1020 Gift Cards 9,279.56
1011 Card ending in 1509 0.00
1013 Gift Cards, Unallocated 13,136.70
1020.02 Card ending in 8863 -500.00
Total 1020 Gift Cards 21,916.26
1024 In-kind Clearing 0.00
1025 Reimbursement Pass Through 55.94
3532114811-Demand Deposit (deleted)-290.86
Unknown (deleted)290.86
Total Bank Accounts $1,804,844.36
Accounts Receivable
1110 Accounts Receivable 423,878.54
1115 Grants and Contracts Receivable 49,227.90
Total Accounts Receivable $473,106.44
LINC, INC
Statement of Financial Position (Unaudited)
As of June 30, 2024
Accrual Basis 2/4
TOTAL
Other Current Assets
1120 Other Receivable 283.00
12000 Undeposited Funds 89,477.14
1300 Sales Tax Refundable 43.51
1400 Prepaid Expenses 285.98
1420 Prepaid Insurance -553.09
1520 Grant Receivable 2,387.50
1521 Grant Rec. - CFCG WIOA 0.00
1522 Grant Rec. - City of Wilm. CDBG 2,096.75
1523 Grant Rec. - GCC 0.00
1600 Employee Advance 4,333.67
1620 In-Kind Donation 0.00
2120 Payroll Asset (deleted)-270.32
Total Other Current Assets $98,084.14
Total Current Assets $2,376,034.94
Fixed Assets
1500 Furniture and Equipment 93,866.90
1510 Computer Equipment 58,759.45
1530 Vechicles 64,155.91
1550 Leasehold Improvements 5,738.18
1700 M.E. Roberts II 1,252,329.98
1705 504 Clay Street 79,874.32
1750 1019 Princess Land and Building 115,000.00
1755 2609 Robeson Land and Building 85,757.93
1760 909-911 South 4th Street 460,250.00
1800 Accumulated Depreciation -160,599.00
1800.1 Accumulated Dep---Vehicles 0.00
Total 1800 Accumulated Depreciation -160,599.00
Total Fixed Assets $2,055,133.67
Other Assets
1014 Unallocated Cash 500.00
1865 PPE - Reserve for MEII Bldg Rep 49,000.00
1870 Security Deposits Asset 4,330.00
1875 Asset Pass-Through Account 0.00
1880 Employees AR Wash Out 3,509.11
Total Other Assets $57,339.11
TOTAL ASSETS $4,488,507.72
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts Payable
2000 Accounts Payable 78,525.22
LINC, INC
Statement of Financial Position (Unaudited)
As of June 30, 2024
Accrual Basis 3/4
TOTAL
Total Accounts Payable $78,525.22
Other Current Liabilities
2010 Accrued Expenses 1,301.70
2110 Direct Deposit Liabilities 54,850.66
2200 Federal Withholding Tax Payable -1,062.40
2210 Social Sec/Medicare Tax Payable -8,126.01
2212 N.C. State Withholding Tax Pay.4,971.63
2215 SUTA Tax Payable 0.00
2240 Salaries Payable 0.00
2400 Payroll Liabilities -2,793.39
2400.01 401(k)-5,996.54
2400.02 Aflac Insurance -10,244.71
2400.03 USDE Wage Garnishment 0.00
2400.04 Combined Insurance Agency Bill 127.59
2400.06 Combined Insurace Group Policy 1,399.87
2401 NC Dept. Revenue Garnishment-0 120.51
2420 Child Support Garnishment -179.26
401k Emp.6,789.81
Driving Violations 100.00
Fed Wage Garnishment 0.00
Federal Taxes (941/943/944)15,594.64
NC Income Tax 2,243.00
NC Unemployment Tax 1,859.77
Off-Campus Housing Rent 1,800.00
Total 2400 Payroll Liabilities 10,821.29
2405 Grant Services Due 51,250.00
2410 NC SUI Payable 14,201.32
2500 N. C. Sales Tax Payable -3.58
2600 Accrued Worker's Comp Ins.63,605.70
2645 Refundable Rent Deposit 1,205.25
2650 Donations to Residents -1,035.00
2700 Funds held in trust 0.00
2700.10 Protest Support Trust Fund 0.00
Total 2700 Funds held in trust 0.00
2800 Repayment
2810 Cash Advance Repayment 1,326.29
2820 Employee Advance 293.40
Total 2800 Repayment 1,619.69
Direct Deposit Payable 133.68
HOP-Unreimbursed -10,171.22
Total Other Current Liabilities $183,562.71
Total Current Liabilities $262,087.93
LINC, INC
Statement of Financial Position (Unaudited)
As of June 30, 2024
Accrual Basis 4/4
TOTAL
Long-Term Liabilities
2612 Note Payable-First Cit Bank 161,587.01
2620 Due To City of Wilm - ME RobtII 479,052.69
2900 Note Payable - City of Wilmingt 70,947.31
2930 Note Payable - First Bank 57,952.87
2935 Notes Payable -CoW RR-106 438,771.62
2950 NCHFA-MER II SHDP Loan 549,596.48
2955 SBA Loan 150,000.00
6160 Interest Expense, Loan-Mortgage -160,904.61
6800 Depreciation Expense -110,427.11
Total Long-Term Liabilities $1,636,576.26
Total Liabilities $1,898,664.19
Equity
3000 Opening Balance Equity 46,818.41
3110 Building Fund Balance 42,136.47
3200 Unrestricted Net Assets 2,416,436.18
Net Revenue 84,452.47
Total Equity $2,589,843.53
TOTAL LIABILITIES AND EQUITY $4,488,507.72