Accounts 2004

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AGAPE MOVEMENT
STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2004
(With comparative financial information for the year ended December 31, 2003)
	Unrestricted	Temporarily Restricted	TOTAL 2004	TOTAL 2003
ASSETS
Cash and Cash Equivalents	13,558.97		13,558.97	8,549.39
Equipment	1,099.00		1,099.00	1,500.00

TOTAL ASSETS	14,657.97	0.00	14,657.97	10,049.39

LIABILITIES & NET ASSETS

LIABILITIES	0.00	0.00	0.00	0.00

NET ASSETS
Unrestricted	13,009.17		13,009.17	4,599.39
Temporarily Restricted		1,648.80	1,648.80	5,450.00
Total Net Assets	13,009.17	1,648.80	14,657.97	10,049.39

TOTAL LIABILITIES & NET ASSETS	13,009.17	1,648.80	14,657.97	10,049.39

AGAPE MOVEMENT
STATEMENT OF ACTIVITIES AS OF DECEMBER 31, 2004
(With summarized financial information for the year ended December 31, 2003)
	2004	2003
REVENUES & GAINS
Corporations & Foundations	7,575.00	5,000.00
Public Donations	33,390.01	12,123.00
From Exchange Transactions:
Interest Income	72.65	47.63
Purchase Refund		100.00
Total from Exchange Transactions	72.65	147.63

TOTAL REVENUES & GAINS	41,037.66	17,270.63

EXPENSES
Program Activities:
Agape Centers	14,349.80	1,746.45
Church Construction & Repair		713.33
Education Aid	11,598.20	4,563.33
House Construction & Repair		104.16
Income Generation Program		539.50
Marriage Aid	1,000.00
Pastoral Programs	8,466.27	5,460.01
Social Work Promotion	284.88	1,194.77
Total Program Activities	35,699.15	14,321.55

Supporting Services:
Bank Charge		20.00
Books		237.59
Equipment	99.00	1,858.31
Fee	5.00	100.00
Postage	32.94	5.85
Printing	145.00
Website	46.99	61.99
Total Support Services	328.93	2,283.74

TOTAL EXPENSES	36,028.08	16,605.29

Change in operating net assets	-401.00	1,500.00

NET ASSETS, BEGINNING OF YEAR	10,049.39	7,884.05

NET ASSETS, END OF THE YEAR	14,657.97	10,049.39

AGAPE MOVEMENT
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended December 31, 2004
(With comparative financial information for the year ended December 31, 2003)

	2004	2003
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets (equipment)	-401.00	1,500.00

Net increase (decrease) in cash and cash equivalents	5,009.58	665.34

Cash and cash equivalents, beginning of the year	10,049.39	7,884.05

Cash and cash equivalents, end of the year	14,657.97	10,049.39

AGAPE MOVEMENT
COMPARISON OF IN FLOWS AND OUT FLOWS

	2004		%
INFLOWS
Corporations & Foundations		7,575.00	18.46%
Interest		72.65	0.18%
Public Donations		33,390.01	81.36%
TOTAL INFLOWS		41,037.66	100.00%

OUTFLOWS
Administrative Expenses
Equipment	99.00		0.27%
Fee	5.00		0.01%
Postage	32.94		0.09%
Printing	145.00		0.40%
Website	46.99		0.13%
TOTAL Administrative Expenses		328.93	0.91%
Aid Given
Agape Centers	14,349.80		39.83%
Education Aid	11,598.20		32.19%
Marriage Aid	1,000.00		2.78%
Pastoral Programs	8,466.27		23.50%
Social Work Promotion	284.88		0.79%
TOTAL Aid Given		35,699.15	99.09%
TOTAL OUTFLOWS		36,028.08	100.00%

OVERALL TOTAL		5,009.58	100.00%

AGAPE MOVEMENT

Notes to Consolidated Financial Statements

December 31, 2004

1. Organization

Agape Movement started its operation from January 10, 2001. It became a nonprofit charitable corporation in California on July 13, 2001. Agape Movement has received its Employer Identification Number (EIN) on October 10, 2001. It submitted application to IRS for Tax exemption on November 10, 2002. Internal Revenue Service (IRS) has determined on March 11, 2003 that Agape Movement is exempt from federal income tax under section 501(a) of the Internal Revenue Code as an organization described in section 501(c) (3). Agape Movement is also incorporated in the state of Illinois on May 21, 2003.

The mission of the organization is to support the less fortunate in the United States and in the state of Kerala in India through social service and pastoral programs designed for their self-development and to cooperate with individuals and organizations that uphold the same goal.

2. Sources of Receipts

The receipts for the year 2004 were donations from a foundations and individual contributions. Unlike past years, we are fortunate to have the FINANCIAL support of more foundations and public.

Fr. Abraham Mutholath, the president of Agape Movement was appointed as the director of Knanaya Catholic Mission of Chicago on July 1, 2004. This mission consists of 720 families migrated from the state of Kerala in India. The people were members of the Catholic Diocese of Kottayam in India. Fr. Abraham could convince the members of his mission to contribute to this organization. The following are the public contributions received with the support of the mission:

ITEM	AMOUNT
Participants of Marriage Preparation Course	1,000.00
Collection for Nagpur Archdiocese	518.00
Religious Education Students	50.00
Housing Aid Program	4,479.31
Death Anniversary Collection	1,322.70
TOTAL	7,370.01

3. Programs and Implementation

Agape Movement implemented its social service and pastoral programs in Kerala State in India through Christian institutions or non-profit societies registered in India as charitable organizations.

Distribution of funds through these organizations is as follows:

NAME OF ORGANIZATION

AMOUNT

Kottayam Social Service Society, Thellakom, Kottayam	25,232.88
Malabar Social Service Society, Kannur, Kerala	2,000.00
Chaithanya Pastoral Center, Thellakom, Kottayam	2,378.27
Barumariam Pastoral Center, Kannur, Kerala	25.00
The Diocese of Kottayam, Kerala	3,315.00
Missionary Society of St. Pius X, Kottayam	2,210.00
Archdiocese of Nagpur	538.00
TOTAL	35,699.15

Chaithanya and Barumariam are the Pastoral Centers of the Catholic Diocese of Kottayam that implement and coordinate social and pastoral activities of the diocese in the Southern and Northern region of Kerala state in India. Kottayam Social Service Society (KSSS) and Malabar Social Service Society (MASSS) are registered non-profit charitable societies in India sponsored by the Catholic Diocese of Kottayam to implement and coordinate social service activities all over Kerala State. The operation area of KSSS is South Kerala and that of MASSS is North Kerala. Both are implementing programs for self-development of the people and select beneficiaries through their well-organized self-help group of people. Chaithanya, KSSS, and MASSS serve people of all faith. Missionary Society of St. Pius X is the society of priests in the Diocese of Kottayam. Its main expense at present is for the training of seminarians and construction of seminary building. The Archdiocese of Nagpur also serves people of all faith. All these institutions have good accounting and auditing system and have permission to receive foreign contribution according to the Foreign Contribution Regulation Act in India.

3. Accounting Policies

Basis of Accounting: Agape Movement prepares its financial statements in accordance with generally accepted accounting principles.

Cash and Cash Equivalents: Cash and cash equivalents are defined as currency on hand and deposit in checking account.

Net Assets: Since the organization is in its initial stage, it has no investment, inventory, or fixed assets. We classify resources for accounting and reporting purposes in two classes of net assets based on the presence or absence of donor imposed restrictions. They are:

Temporarily Restricted: Net assets subject to donor-imposed stipulations for specific purpose. The temporarily restricted net asset we have at present is reserved for education aid and shall be released according to the restrictions laid out by the donor.

Unrestricted: Net assets that are not subject to donor-imposed stipulations.

We do not have permanently restricted net assets at present.

Assets: Agape Movement has a video projector bought in 2003 and display screen bought in 2004. The original price of the video projector was $1,700 and of the screen was $99. Depreciation is calculated with the estimated life of three years for the projector and two years for the display screen. Besides the depreciation of $200 for 2003, we made a depreciation of $500 during 2004 for the projector. The estimated depreciation amount for the following years is $500 each for the projector and $ 49.50 each for the display screen.

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