Hebrew Free Loan Association of Washington State

We provided 42 general fund loans $141,250. We collected $82,520 from loan repayments for general fund loans. We also issued 12 new student loans $90,000. We received $35,625 in loan repayments on our outstanding student loans. In addition we issued 21 scholarships $93,125. Donations for scholarships were treated as a pass through and placed on the balance sheet as a liability until distributed. We received 5 grants totaling $50,645. Fundraising expenses were $15,635 operational expenses were $25,686 and payroll was $79,435. We expensed bad debt of $6,150 related to 3 loans. We have 2 part-time employees and 1 contractor. The remaining $1,027 was related to Paypal fees for donations and loan payments that came through the Paypal platform. Please note that when we provide a loan the cash goes to the borrower and that amount is placed in accounts receivable on the balance sheet. There is no Income Statement activity which you are asking about in Part IX.