One of the Great Falls Development Authority's core values is transparency. We are proud to be the only economic development organization in Montana to earn Guidestar Candid's annual Platinum Seal of Transparency, the highest level of non-profit transparency.

In this spirit, today we are releasing our Fiscal Year 2022 Audited Financial Statements and Audit Communication Letter which our independent auditors, Douglas Wilson & Co., completed yesterday.

Once again we achieved a clean audit with no findings or recommendations.

In fiscal year 2022 (July1, 2021 to June 30, 2022) our assets increased 18.3% or $3,011,756 to reach $19,433,536. Our net assets increased 11.6% or $1,580,854 to reach $15,247,593. Our unrestricted net assets grew by 11.8% or $938,862 to reach $8,926,033.

Overall revenue of $5,045,203 was 23.9% or $1,583,819 less than in the prior fiscal year, reflecting a lower amount of restricted grants that we received during the year. Our revenue without restrictions (earned revenue) was 38.0% higher than the prior fiscal year. Local GFDA investors provided a record $534,683 in support, a 29.7% increase over the prior year. Local investment comprised 10.6% of our total revenue. In other words, for every dollar of local investment, we were able to leverage $10 to put to work in the Great Falls trade area.

We increased our investment in business retention, expansion and attraction by 23.7%, investing $1,027,560 in this work. We invested $451,581 in business technical assistance and $244,743 in special projects. Our loan portfolio grew by 23.2% or $2,914,246 to reach $15,492,232 at year end.

In the last two fiscal years, we have achieved significant progress in growing our capacity to invest in our regional economy. Our assets have increased 71.3% in the last two fiscal years. Net assets have grown by 57.5% and unrestricted net assets by 151.4%.

We are working to continue to increase our capacity in order to increase our impact in the Great Falls region to help achieve our new mission statement to "Grow diverse economic opportunities that enhance quality of life."

Thank you to our investors, clients, partners, volunteers, and staff team for your support, hard smart work, passion, and perseverance as we work together to strengthen our economy and improve quality of life to benefit the residents and businesses of our region!