LUTHERAN HOMES OF MICHIGAN INC
Balance Sheet
Fiscal Year Start:
Jan 1
Assets in 2024 (Year End)
$68,221,449
Investments
39%
Property, Plant, & Equipment (net)
36%
Receivables (Non-Related)
11%
Other Assets
8%
Cash & Equivalents
4%
Prepaid Expenses
2%
Inventories
<1%
Related-Party Receivables
0%
Liabilities in 2024 (Year End)
$30,818,557
Notes Payable / Debt (Non-Related)
88%
Payables & Accruals
12%
Other Liabilities
<1%
Grants Payable
0%
Deferred Revenue
0%
Tax-Exempt Bond Liabilities
0%
Custodial & Escrow Liabilities
0%
Related-Party Payables
0%
Assets
2023
2024
Change
Cash & Equivalents
$18,516,055
$3,068,284
-83%
Receivables (Non-Related)
$8,990,925
$7,731,270
-14%
Related-Party Receivables
-
-
-
Inventories
$56,851
$58,647
+3%
Prepaid Expenses
$715,542
$1,079,752
+51%
Investments
$1,627,685
$26,328,295
+1518%
Property, Plant, & Equipment (net)
$23,556,176
$24,480,335
+4%
Other Assets
$4,392,477
$5,474,866
+25%
Total Assets
$57,855,711
$68,221,449
+18%
Liabilities
2023
2024
Change
Payables & Accruals
$2,384,864
$3,548,805
+49%
Grants Payable
-
-
-
Deferred Revenue
$1,880
$0
-100%
Tax-Exempt Bond Liabilities
-
-
-
Custodial & Escrow Liabilities
-
-
-
Notes Payable / Debt (Non-Related)
$27,598,839
$27,033,410
-2%
Related-Party Payables
-
-
-
Other Liabilities
$713,907
$236,342
-67%
Total Liabilities
$30,699,490
$30,818,557
+0%
Net assets
2023
2024
Change
Restricted Net Assets
$3,829,456
$12,664,830
+231%
Unrestricted Net Assets
$23,326,765
$24,738,062
+6%
Net assets
2023
2024
Change
Net assets
+$27,156,221
+$37,402,892
+38%
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