Fundraising for the Cause
The events of September 11, 2001, though devastating and tragic,
did not dampen the philanthropic spirit of the thousands of supporters
we depend on to make Gay Men's Health Crisis, and all that we do,
a reality. More than 400,000 donations were made over the past fiscal
year — a testament to the resolve and courage of a city and nation
that refuses to be cowed by terror.
 An
increase in private receptions — held in the homes of some of our
most generous Major Donors — helped significantly in reminding our
donor base, and those unfamiliar with our work, that in these trying
times more than in any other, support is needed. As a result, membership
in our esteemed President's Council increased substantially. In
addition, we experienced a phenomenal 20% increase in revenue from
corporations and foundations.
Our fundraising efforts throughout fiscal year 2002 were sensitive
to current events but no less enthusiastic about the important work
being done at GMHC. The centerpiece of the fiscal year, You
Gotta Have Friends III — a blockbuster event at Carnegie Hall
honoring AOL/Time Warner, hosted by Whoopi Goldberg and featuring
performances by R.E.M., Jewel, and Sweet Honey In The Rock — served
as the official launch of the Addie J. Guttag Partnership Initiative.
Raising over $1 million, the event was a celebration of our success,
a commemoration of the 20-year anniversary of HIV and AIDS, and
a recommitment to a future of partnering with other community-based
organizations to best serve all men, women, and children living
with HIV and AIDS.
Both a feat of incredible skill as well as a reflection of the
generosity of New Yorkers, our 17th AIDS Walk was one of the most
successful in recent years. Tens of thousands of people — both young
and old — lined the paths of Central Park to raise over $4.6 million.
Lastly, GMHC's Board of Directors has reaffirmed its own support
— both as donors and fundraising leaders — by approving a board-wide
minimum fundraising commitment. Setting a standard of philanthropy,
keeping our important work in the public eye, and producing high-end
and low-cost events will continue to keep GMHC on the frontlines
of the fight against HIV and AIDS.
A Message
from the Treasurer of the Board of Directors
As treasurer of the Board of Directors, donor, and volunteer, I
am pleased to report that GMHC continues to operate at the highest
levels of efficiency. Our rigorous adherence to maximizing a limited
pool of resources to best serve as many people as possible has made
us an agency both streamlined and successful. As a result of strategic
and savvy cost-reductions — without once sacrificing the services
our clients depend on — GMHC is more infrastructurally and fiscally
solvent than ever before and completely debt-free for the first
time in five years.
The elimination of debt and the concurrent payment of interest
are both exceedingly notable achievements, especially now, as the
economic climate in New York City and across the country continues
to challenge every nonprofit organization to do more with less.
Through the sustained efforts of our Development Department — including
a remarkably successful AIDS Walk — and the leadership of my colleagues
on the Board of Directors, I have every confidence that our financial
solidity will help GMHC persevere — and even flourish — during these
financially uncertain times.
With combined support and revenue of $24.7 million — $13.7 million
from private contributions and special events, $7.9 million from
government grants, and the remainder from specific service fees,
contributed services, and sales of publications — GMHC recorded
a modest surplus for the second year in a row. A strong indication
of our efficient use of resources is explicitly borne out by the
fact that each dollar cost only 18 cents to raise, and the vast
majority of our donors' contributions were directly allocated to
client services.
The GMHC Board of Directors continues to invest in the financial
and operational infrastructure of GMHC through leadership and support
to achieve the highest levels of cost-efficiency with our available
private and public resources. We are committed to exploring new
sources of revenue that complement our mission while supporting
and affirming the changing needs of our clients, thereby sustaining
our tradition of leadership, efficacy, and success in the fight
against HIV and AIDS.
Thank you for your continued confidence in the fiscal management
of GMHC.
James F. Capalino
Treasurer, GMHC Board of Directors
| Mitchell & Titus, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Gay Men's Health Crisis, Inc. and Affiliates
We have audited the accompanying consolidated statement of
financial position of Gay Men's Health Crisis, Inc. ("GMHC")
and Affiliates (collectively referred to as the "Organization")
as of June 30, 2002, and the related consolidated statements
of activities, functional expenses and cash flows for the
year then ended. These consolidated financial statements are
the responsibility of the Organization's management. Our responsibility
is to express an opinion on these consolidated financial statements
based on our audit. The prior year summarized comparative
information has been derived from the Organization's 2001
consolidated financial statements, and in our report dated
January 25, 2002, we expressed an unqualified opinion on those
consolidated financial statements.
We conducted our audit in accordance with auditing standards
generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the financial
position of GMHC and Affiliates as of June 30, 2002, and the
changes in their net assets and their cash flows for the year
then ended, in conformity with accounting principles generally
accepted in the United States of America.
Mitchell & Titus, LLP
New York, New York
December 23, 2002 |
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