Impact Report 2022: Audited Financials
Thank you for your generous support
“We appreciate the many friends and partners who continue to support Mosaic’s mission. These results were only made possible because of their generous gifts and donations.” – Scott Hoffman, Senior Vice President and Chief Financial Officer
The Mosaic and Affiliates financial position continues to be strong, with a net asset position of $193M and $175M at June 30, 2022, and 2021 respectively. The 10% (or $18M) increase is primarily due to:
- PPP loan forgiveness and Provider Relief Funds: $14M
- Gifts, grants, and estates: $5M—Called to Be Bold and estates received.
- Contribution from acquired entity: $2M—one-time gain associated with the Advantage Group acquisition.
- Net Investment returns: ($3M)—stock market was volatile. We never like to see losses, but Mosaic’s investments are positioned conservatively and weathered the storm fairly well.
Consolidated revenue increased from $303M in 2021 to $364M in 2022 or 20.1%.
- The majority of the increase was related to enhanced COVID funding, a partial year of the Advantage Group, and a full year of the Living Innovations acquisitions.
- Without a doubt, the financial support of the CARES Act and Mosaic’s Donors provided an important bridge to help reduce the financial crisis the pandemic created, allowing uninterrupted care for individuals in service, of which we are very grateful.
We appreciate the many friends and partners who continue to support Mosaic’s mission. These results were only made possible because of their generous gifts and donations.
The Board of Directors through its Finance and Audit Committee has oversight of financial management of Mosaic. Each October the Committee receives a report from Mosaic’s independent auditors on the financial results for Mosaic and Affiliates for the fiscal year ending June 30. For Fiscal Year 22 the auditors included an unqualified opinion that the financial statements present fairly, in all material respects, the financial positions of Mosaic and Affiliates.
The Mosaic and Affiliates audit report and the summary results of the Mosaic and Affiliates audited financial statements in this Annual Report include Mosaic and all related entities. A complete copy of the audit report for Mosaic and Affiliates or the IRS Form 990 tax return for any of its related entities may be obtained by contacting [email protected].
Sincerely,
Scott Hoffman
Senior Vice President and Chief Financial Officer
FY2022 Financial Summary: Mosaic and Affiliates and The Mosaic Foundation
