SOUTHWEST MICHIGAN FIRST CORP
Balance Sheet
Fiscal Year Start:
Jan 1
Assets in 2024 (Year End)
$9,206,842
Cash & Equivalents
39%
Receivables (Non-Related)
31%
Other Assets
25%
Property, Plant, & Equipment (net)
3%
Prepaid Expenses
2%
Investments
<1%
Related-Party Receivables
0%
Inventories
0%
Liabilities in 2024 (Year End)
$4,643,047
Other Liabilities
53%
Deferred Revenue
28%
Grants Payable
15%
Payables & Accruals
5%
Tax-Exempt Bond Liabilities
0%
Custodial & Escrow Liabilities
0%
Notes Payable / Debt (Non-Related)
0%
Related-Party Payables
0%
Assets
2023
2024
Change
Cash & Equivalents
$2,620,160
$3,591,404
+37%
Receivables (Non-Related)
$4,654,286
$2,834,494
-39%
Related-Party Receivables
-
-
-
Inventories
-
-
-
Prepaid Expenses
$142,333
$157,618
+11%
Investments
$32
$31
-3%
Property, Plant, & Equipment (net)
$3,596,001
$318,031
-91%
Other Assets
$2,609,239
$2,305,264
-12%
Total Assets
$13,622,051
$9,206,842
-32%
Liabilities
2023
2024
Change
Payables & Accruals
$242,914
$208,994
-14%
Grants Payable
$2,475,439
$690,856
-72%
Deferred Revenue
$910,212
$1,291,500
+42%
Tax-Exempt Bond Liabilities
-
-
-
Custodial & Escrow Liabilities
-
-
-
Notes Payable / Debt (Non-Related)
$3,475,856
$0
-100%
Related-Party Payables
-
-
-
Other Liabilities
$2,758,395
$2,451,697
-11%
Total Liabilities
$9,862,816
$4,643,047
-53%
Net assets
2023
2024
Change
Restricted Net Assets
$796,600
$511,735
-36%
Unrestricted Net Assets
$2,962,635
$4,052,060
+37%
Net assets
2023
2024
Change
Net assets
+$3,759,235
+$4,563,795
+21%
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