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September 20 2011

Operation HOPE Announces 2010 Audit Report

Empowerment nonprofit shows record year as committed revenue reaches nearly $18 million

LOS ANGELES–Financial literacy empowerment nonprofit, Operation HOPE (HOPE) today announced that the certified public accounting firm of Hutchinson and Bloodgood, LLP has completed its Independent Auditors’ Report for 2010 and reported a clean bill of health.

“After a very comprehensive and thorough review, Operation HOPE has received an unqualified opinion from statewide accounting firm of Hutchinson and Bloodgood, LLP. HOPE is also pleased to announce record revenue of $17,732,908 for 2010. The commitments speak volumes about the work of HOPE," said HOPE Presidnet and COO, Bill Walbrecher. "Financial literacy and Operation HOPE’s silver rights mission to bring financial dignity to underserved communities is more relevant than ever in this economy.”

The reporting period, January 1 to December 31, 2010, includes the organization’s consolidated financial statements and cash flows. The assessment was conducted in accordance with the auditing standards accepted by the US standards applicable to financial audits issued by the Comptroller General of the United States.

In the opinion letter to the HOPE Board, Hutchinson and Bloodgood stated, “In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position and changes in cash flows of [Operation] HOPE, Inc. as of and for the years ended December 31, 2010 and the changes in its net assets for the year then ended December 31, 2009. The consolidated financial statements and, in our report dated August 23, 2010, we expressed an unqualified opinion on those consolidated financial statements.”  For a look at the complete report, click here.

Hutchinson and Bloodgood, LLP is a member of PKF International Limited, an association of legally independent member firms. For more than 89 years it has lived by the philosophy to “serve the client."  With a team of more than 30 partners and 100 team members throughout California it delivers high-quality accounting and consulting services that maximize growth to a variety of industries.

Headquartered in Los Angeles, Operation HOPE has brought financial dignity to underserved communities to more than 70 cities worldwide. The organization provides youth and adult financial literacy education, economic preparedness, computer training, promotes home ownership and has assisted with homeowner foreclosure prevention to more than 1.5 million individuals. Seventy cents out of every dollar donated to HOPE goes directly to programs.