Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Financial Statements
December 31, 2022

Global Empowerment Mission, Inc.
Table of Contents

Independent Auditor’s Report

1–2

Financial Statements
Statement of Financial Position

3

Statement of Activities

4Statement of Functional Expenses

5

Statement of Cash Flows6

Notes to Financial Statements

7 – 16

Independent Auditor’s Report
To the Board of Directors of
Global Empowerment Mission, Inc.
Qualified Opinion
We have audited the accompanying financial statements of Global Empowerment Mission, Inc. (a notfor-profit organization), which comprise the statement of financial position as of December 31,
2022, and the related statements of activities, functional expenses, and cash flows for the year thenended, and the related notes to the financial statements.
In our opinion, except for the possible effects of the matter described in the Basis of Qualified
Opinion section of our report, the financial statements referred to above present fairly, in all material
respects, the financial position of Global Empowerment Mission, Inc. as of December 31, 2022, andthe changes in net assets and its cash flows for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Qualified Opinion
We did not observe the taking of the physical inventory at December 31, 2022 and 2021 (stated at$9,543,047 and $12,273,301, respectively), since those dates were prior to the time we were initiallyengaged as auditors for GEM. Consequently, we were unable to determine whether any adjustments
were necessary in the statements of income, retained earnings, or cash flows.
We conducted our audit in accordance with auditing standards generally accepted in the United Statesof America. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of Global Empowerment Mission, Inc. and to meet our other ethicalresponsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our qualified audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements inaccordance with accounting principles generally accepted in the United States of America, and forthe design, implementation, and maintenance of internal control relevant to the preparation andfair presentation of financial statements that are free from material misstatement, whether due tofraud or error.
In preparing the financial statements, management is required to evaluate whether there areconditions or events, considered in the aggregate, that raise substantial doubt about Global
Empowerment Mission, Inc.'s ability to continue as a going concern within one year after the datethat the financial statements are available to be issued.

Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance andtherefore is not a guarantee that an audit conducted in accordance with generally accepted auditing
standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in theaggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with generally accepted auditing standards, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.



Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, and design and perform audit procedures responsive to those risks. Suchprocedures include examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of Global Empowerment Mission, Inc.'s internal control.
Accordingly, no such opinion is expressed.



Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of thefinancial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,that raise substantial doubt about Global Empowerment Mission, Inc.'s ability to continue as agoing concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control related
matters that we identified during the audit.
ZOMMA Group, LLP
Coral Gables, Florida
March 14, 20242

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Statement of Financial Position
December 31, 2022
Without Donor
Restrictions
AssetsCurrent assets
Cash
Inventory of aid supplies
Total current assets$

929,570
9,543,047
10,472,617

With Donor
Restrictions$

Combined
Totals4,900,988
4,900,988$

5,830,558
9,543,047
15,373,605

Investments

18,588-18,588Property and equipment, net

847,620-

847,620

Operating lease right-of-use asset

2,257,770-

2,257,770

Other assets
Prepaid rent
Security deposit
Total other assets

84,000108,148
192,148-

84,000108,148
192,148$ 18,689,731

Total assets$

13,788,743$

4,900,988

Liabilities and net assets
Liabilities
Current liabilities
Accounts payable and accrued expenses
Current portion of operating lease liability
Current portion of long term debt
Total current liabilities$

111,678
649,411
128,179889,268$-$

111,678
649,411
128,179889,268

Noncurrent liabilities
Long-term operating lease liability, net of current portionLong-term debt, net of current portion
Total noncurrent liabiliites

1,608,359
531,100
2,139,459-

1,608,359
531,100
2,139,459

Total liabilities

3,028,727-

3,028,727

Net assets

10,760,016

4,900,988

15,661,004

4,900,988$ 18,689,731

Total liabilities and net assets$

13,788,743$

The accompanying notes are an integral part of these financial statements.
3

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Statement of Activities
For the Year Ended December 31, 2022

Public support
In-kind contributions
Cash Donations
Net assets released from restriction
Total public support

Without Donor

With Donor

Combined

Restrictions

Restrictions

Total$ 109,527,369
2,709,904
22,160,196
134,397,469$

26,619,948(22,160,196)
4,459,752$ 109,527,369
29,329,852
138,857,221

Functional expenses
Program expenses
General and administrative
Fundraising

134,377,200
794,984
799,543-

134,377,200
794,984
799,543

Total functional expenses

135,971,727-

135,971,727

Excess (deficiency) of public support over expenses(1,574,258)

4,459,752

2,885,494

4,394(4,125)59(15,673)
81,75066,405-

4,394(4,125)59(15,673)
81,75066,405

Change in net assets(1,507,853)

4,459,752

2,951,899

Net assets – beginning of year

12,267,869

441,236

12,709,105

Other changes in net assets
Unrealized gain on investments
Loss on disposal of property
Dividend income
Interest expense
Paycheck protection program funds
Total other changes in net assets

Net assets – end of year

$ 10,760,016$

4,900,988

The accompanying notes are an integral part of these financial statements.
4$

15,661,004

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Statement of Functional Expenses
For the Year Ended December 31, 2022
Program
Expenses
Personnel costs
Salaries
Payroll taxes and fringe benefits$

1,159,714
82,474General and Support
Expenses$-

Combined
TotalsFundraising
Expenses$-$

1,159,714
82,474

Total personnel costs

1,242,188--

1,242,188

Other expenses
Advertising
AutoBank Fees
Computer
Depreciation
Donor relations
Freight and shipping
Grants expense
Global warehouse expense
In-kindInsurance
Leases expense
Materials and supplies
Office Expense
Payroll services
Professional Fees
Rent
TravelTuition360,435
4,916
2,710,821
2,445,615
3,984,584
112,090,528
439,896
8,494,210
757,364
9,360
377,212
43,132
1,319,436
97,503

12,47536,657
67,697
136,124
285,924
256,107-

221,391455,702
122,450-

581,826
12,475492,359
4,916
67,697
122,450
2,710,821
2,445,615
3,984,584
112,090,528
136,124
439,896
8,494,210
1,043,288
9,360
633,319
43,132
1,319,436
97,503

799,543$ 135,971,727

Total functional expenses$

134,377,200$

794,984$

The accompanying notes are an integral part of these financial statements.
5

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Statement of Cash Flows
For the Year Ended December 31, 2022
Without Donor
Restrictions
Cash flows from operating activities
Cash received from grants and revenues
Cash paid to suppliers and employees
Interest paid
Net cash provided by operating activities$ 2,709,904(1,652,588)(15,673)
1,041,643

With Donor
Restrictions$

Combined
Totals26,619,948(22,160,196)
4,459,752$

29,329,852(23,812,784)(15,673)
5,501,395

Cash flows from investing activities
Purchase of investments
Purchase of property and equipment
Net cash used in investing activities(23,041)(7,500)(30,541)-(23,041)(7,500)(30,541)

Cash flows from financing activities
Borrowings on long-term debt
Payments on long-term debt
Net cash used in financing activities

659,279(753,384)(94,105)-

659,279(753,384)(94,105)

Net decrease in cash and cash equivalents

916,997

4,459,752

5,376,749

Cash – beginning of year

12,573441,236

453,809

Cash – end of year$

929,570$

4,900,988$

5,830,558$ (1,507,853)$

4,459,752$

2,951,899

Reconciliation of change in net assets to net cashfrom operating activities
Change in net assets
Add items which do not affect cash
Depreciation
Unrealized gain on investments
Loss on disposal of property and equipment
Forgiveness of PPP loan
Add or (deduct) changes in operating assets and liabilities
Inventory aid supplies
Accounts payable and accrued expenses
Prepaid rent
Security deposit
Net cash provided by operating activities

67,697(4,394)
4,125(81,750)-

67,697(4,394)
4,125(81,750)

2,730,254
16,865(84,000)(99,301)$ 1,041,643

4,459,752

2,730,254
16,865(84,000)(99,301)
5,501,395$

The accompanying notes are an integral part of these financial statements.
6$

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 1 Organization and Purpose
Global Empowerment Mission (the Organization) is a 501(c)(3) not-for-profit organization
founded in 2011 in the State of Florida as a first responder to global disasters. The
Organization’s journey began with grassroots community engagement as its founder, Michael
Capponi, and board members have been involved in supporting some of the most significant
global tragedies. In 2022, GEM extended its humanitarian outreach to new heights andprovided significant support for the Ukraine War Crisis, Turkey Earthquake Disaster,
Hurricane Ian Disaster, Hurricane Fiona Disaster, Kentucky Tornadoes, and California's
Wildfires. More recently in 2023, GEM has continued its humanitarian outreach by performing
large-scale responses to other major disasters such as Hawaii's Maui Wildfire Disaster,
California's Flood Disaster, and the Israel-Gaza War Crisis. With speed, efficiency, and local
expertise, GEM has now deployed to over 355 disaster relief missions in 57 countries and all
50 US States. The Organization’s complete 360-degree response results in having a longlasting institutional impact on a massive global scale.
GEM's main objective is to deliver the most amount of aid, to the most amount of people inneed, in the shortest amount of time and with the least amount of costs to donors. This also
applies to their rebuilding efforts.
Note 2 Summary of Significant Accounting Policies
Basis of Financial Statements Presentation
The financial statements of the Organization have been prepared in accordance with U.S.
generally accepted accounting principles ("US GAAP"), which require the Organization toreport information regarding its financial position and activities according to the following net
asset classifications:
Net Assets without Donor Restrictions – Net assets that are not subject to donor-imposed
restrictions and may be expended for any purpose in performing the primary objectives of theorganization. These net assets may be used at the discretion of the Organization's management
and the board of directors.
Net Assets with Donor Restrictions – Net assets subject to stipulations imposed by donors, andgrantors. Some donor restrictions are temporary in nature; those restrictions will be met byactions of the Organization or by the passage of time. Other donor restrictions are perpetual innature, whereby the donor has stipulated the funds be maintained in perpetuity.
Donor restricted contributions are reported as increases in net assets with donor restrictions.
When a restriction expires, net assets are reclassified from net assets with donor restrictions to
net assets without donor restrictions in the statements of activities.

7

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 2 Summary of Significant Accounting Policies (continued)
Use of Estimates
In preparing the financial statements of the Organization, management must make estimates
based on future events that affect the reported amounts of assets and liabilities, the disclosuresof contingent assets and liabilities as of the statement of financial position date, and therevenues and expenses for the period then ended. Actual results could differ from thoseestimates. A description of some of the estimates used in the preparation of the financial
statements is included in the following significant accounting policies.
Fair Value Measurements
Fair value measurements establish a hierarchy to prioritize the computation of fair value. Suchhierarchy consist of a) - valuations based on unadjusted quoted prices in active markets for
identical assets or liabilities (Level 1), b) - valuations based on observable unadjusted quoted
prices for similar assets and liabilities in active markets (Level 2), and c) - valuations based on
inputs that are unobservable and are supported by little or no market activity, therefore,
requiring management’s best estimate of what market participants would use as fair value(Level 3). A description of the Organization’s accounting principles and basis of presentation
with regards to the fair market value of its assets and liabilities follows:
Financial Assets and Liabilities
The Organization reflects certain financial assets and liabilities such as cash, payables,
and accrued expenses at their carrying values in accordance with generally accepted
accounting principles in the United States.
Non-Financial Assets
The Organization’s non-financial assets comprise of assets which are measured at fairvalue on a nonrecurring basis such as property and equipment. The Organization’s
property and equipment as further explained in Note 4 is tested for impairment andadjusted to fair market value based on a Level 2 or 3 type of valuation whencircumstances indicate that the carrying value of an asset may not be recoverable.
Cash and Cash Equivalents
The Organization considers all highly liquid investments with initial maturities of three months
or less to be cash equivalents. There were no such investments as of December 31, 2022.
Investments
Investments include holdings in exchange-traded funds and mutual funds and are classified asavailable-for-sale.
Investments are carried at fair value on the statement of financial position, with the change infair value during the period included in earnings.

8

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 2 Summary of Significant Accounting Policies (continued)
Investments (continued)
These investments’ fair value is determined using Level 1 inputs, when available, such as thebid-and-asked prices publicly reported as of the date of the financial statements. Level 1
inputs generally provide the most reliable evidence of fair value. Level 2 inputs were onlyused when Level 1 inputs were not available, if applicable.
Realized gains and losses are determined from the proceeds from the sale in excess of related
costs. Investment transactions are recognized on a trade date basis. Interest income isrecognized when earned and dividend income is recognized on the ex-dividend date. Interestand dividend income is included in dividend income in the accompanying statements ofactivities.
The preceding methods may produce a fair value calculation that may not be indicative of the
net realizable value or reflective of future values. While management believes their valuation
methods are appropriate and consistent with other market participants, the use of different
methodologies to determine the fair value of certain financial instruments could result in adifferent fair value measurement at the reporting date and these differences could be material.
The inputs or methodology used for valuing securities are not necessarily an indication of therisk associated with these securities.
Property and Equipment
Property and equipment is recorded at cost when purchased or constructed, or at fair market
value when donated. Depreciation is included in the statement of activities and is computed on
the straight-line basis over the estimated useful life of the assets. The Organization capitalizes
all expenditures in excess of $1,000 for property and equipment at cost. Donations of property
and equipment are reported as without donor restrictions unless the donor has restricted the
donated asset for a specific purpose. Expenditures for major renewals and betterment that
extend the useful lives of property and equipment are capitalized. Expenditures formaintenance and repairs are charged to expense as incurred.
Impairment
Long-lived assets are reviewed for impairment when circumstances indicate that the carrying
value of an asset may not be recoverable. If the carrying value is impaired, the long-lived
assets will be written down to their fair market value with a corresponding charge to earnings.
No such impairment was recorded for the year ended December 31, 2022.
Donated Inventory, Supplies, Materials and Services
Donated inventory, supplies and materials are recorded at their fair value at the date of the gift.
Donated services are reflected when those services (1) create or enhance nonfinancial assets or(2) require specialized skills provided by individuals possessing those skills and are services,which would be typically purchased if not provided by donation.

9

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 2 Summary of Significant Accounting Policies (continued)
Contributions
Contributions are recognized when the donor makes a promise to give to the Organization thatis, in substance, unconditional. Contributions that are restricted by the donor are reported asincreases in net assets without donor restrictions if the restrictions expire in the fiscal year inwhich the contributions are recognized. All other donor-restricted contributions are reported asincreases in net assets with donor restrictions. When a restriction expires, net assets with donor
restrictions are reclassified to net assets without donor restrictions.
Functional Allocation of Expenses
The costs of providing the programs and supporting activities have been directly charged.
General and administrative costs primarily consist of professional fees, insurance, rent andother expenses.
Income Taxes
The Organization is organized as a not-for-profit entity and is exempt from income taxes under
Section 501(c)(3) of the Internal Revenue Code. Unrelated business income, of which theOrganization had none for the year ended December 31, 2022, would be subject to federal
income taxes. The Organization’s information returns filed with the Internal Revenue Service
have not been examined in the past. The Organization is not aware of any uncertainties that
could jeopardize its not-for-profit status. Therefore, no provision or liability for income taxes
is deemed necessary.
The Organization follows the provisions of uncertain tax provisions addressed by ASC 740-10
Accounting For Uncertainty in Income Taxes. The Organization has no uncertain tax positionsat December 31, 2022, for which the ultimate deductibility is highly certain but for which there
are uncertainty about the timing of such deductibility. The Organization recognizes interest
accrued related to unrecognized tax benefits in interest expense and penalties in operating
expense. The Organization is no longer subject to US Federal and Florida income tax
examinations by authorities for years before 2017.
Recent Accounting Pronouncements
LeasesThe Organization adopted the Accounting Standard Codification (“ASC”) 842 Leases, with adate of initial application of January 1, 2022 (transition date). The Organization elected theadoption of the “Practical Expedients” option permitted under the transition guidance within
the new standard, which among other things, allowed the Organization to carry forward thehistorical lease classification. In addition, ASC 842 requires the capitalization of leases of thecompanies rented facilities known as “operating lease right-of-use” on the statement offinancial position. This includes the Organization’s rental of warehouse and office space. The
accounting for finance leases remained substantially unchanged. As a result of the adoption of
ASC 842, on January 1, 2022, the Organization recorded its operating lease right-of-use(“ROU”) asset and lease liability of $2,257,770.

10

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 2 Summary of Significant Accounting Policies (continued)
Recent Accounting Pronouncements (continued)
LeasesThe Organization determines if an arrangement contains a lease at inception. Leases areclassified as operating or finance leases at the lease commencement date. The Organizationleases warehouse and office location. The Organization records leases on the statement offinancial position in the form of a lease liability for the present value of future minimum
payments under the lease terms and a right-of-use asset equal to the lease liability adjusted foritems such as deferred or prepaid rent, and any impairment of the right-of-use asset.
The discount rate used in determining the lease liability is based upon incremental borrowing
rates the Organization could obtain for similar loans as of the date of commencement or
renewal. The Organization does not record leases on the balance sheet that are classified as
short term (less than one year).
The operating lease ROU assets also include any prepaid lease payments made and exclude
lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The
Organization’s leases include both the lease (e.g., fixed payments including rent, taxes, andinsurance costs) and nonlease components (e.g., common-area or other maintenance costs),
which are accounted for as a single lease component as the Organization has elected thepractical expedient of grouping lease and nonlease components for all leases.
The lease includes one or more options to renew. The exercise of lease renewal options istypically at the Organization’s sole discretion; therefore, the majority of renewals to extend thelease terms are not included in the Organization’s ROU assets and lease liabilities as they are
not reasonably certain of exercise. The Organization regularly evaluates the renewal options
and when they are reasonably certain of exercise, the Organization includes the renewal period
in the lease term. As most of the leases do not provide an implicit rate, the Organization uses
incremental borrowing rate based on the information available at the lease commencement datein determining the present value of the lease payments.
Short-term Lease
The Organization has elected short-term lease recognition exemption for operating leases.
Leases with an initial term of 12 months or less, that do not include an option to purchase theunderlying asset that the Organization is reasonably certain to exercise, are not recorded on thestatement of financial position.

11

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 3 Investments
Investments as of December 31, 2022, as set forth by levels within the fair value hierarchy,
consist of the following:
Fair Value
Level 1
Cost

Mutual funds
Exchange-traded funds$

14,891
3,697
18,588

$

$
$

6,821
1,263
8,084

Investments are reflected at their fair values in the accompanying statement of financial
position. Fair values are based on quoted prices in active markets (Level 1 measurements).
The inputs or methodology used for valuating securities are not necessarily an indication of therisk associated with these securities.
Investment income is summarized as follows:
Dividend income
Unrealized gain on investments

$
$

59
4,394
4,453

Investment income is reflected in the accompanying statement of activities.
Note 4 Property and Equipment
Property and equipment consist of the following at December 31, 2022:

UsefulLives(Years)Furniture and fixtures
Leasehold improvements
Machinery and equipment$

64,76030,189866,788961,737(114,117)$ 847,620

Less: accumulated depreciation

5-7
15
5-7

Depreciation expense for the year ending December 31, 2022 totaled $67,697.

12

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 5 Operating Leases
The Organization leases warehouse and office space under an operating lease agreement,
which expires December 2025. Lease expense for the year ended December 31, 2022, totaled$181,819.
Maturities of lease liabilities for operating leases are as follows as of December 31, 2022:
Year Ending
2023
2024
2025
2026

$

$
Less: present value discountTotal lease liabilities$

734,551
763,933
794,490
127,1072,420,081(162,311)
2,257,770

The weighted average remaining lease terms and incremental borrowing rates for theOrganization’s operating leases were as follows as of December 31, 2022:

Description

Years/ DiscountRate

Weighted-average remaining lease term in years for operating leases
Weighted-average discount rate for operating leases

3.17
4.45%

Supplemental cash flow information related to the Organization’s operating leases were as
follows for the year ended December 31, 2022:
Financial
Statement
Classification
Operating

Lease Classification
Operating cash flows from operating leases

13

Amount$ 121,213

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 6 Long- Term Debt
Long-term debt consists of installment notes of various vehicles and equipment with interest
rates ranging from 5.75% - 21%, monthly payments approximating $14,000 which expire
throughout 2028.
Maturities on long-term debt is as follows:Year Ending
December 31,
2023
2024
2025
2026
2027
Thereafter$

Less: current portion$

128,179
128,615
128,866
137,149
113,365
23,105659,279
128,179
531,100

Note 7 Net Assets with Donor Restrictions
Net assets with donor restrictions consists of the following for the year ended December 31,
2022:
Pakistan Floods
Ukraine Operations
USA for Ukraine
Ukraine Community Rebuild
HGBF Opps
Ukraine Crisis Fund
Waregavewhat initiative
Hurricane Ian
Flew the coop fund
NY Disaster FundThe Greenwald Impact Fund
Surfside Tower Relocation
MENA
US Tornado Disaster Fund
Haiti Educational Fund
Sacred Amazonia
Bstrong Initiative
Miami Dade Disaster Fund
Bahamas Disaster Fund
Total donor restricted net assets

14

$

$

2,092
1,499,975
47,942709,812287
2,341,201
16,81187,542
204
9,188
5,082
1,397
2,454
3,655
2,461
7,003
29,418134,44420
4,900,988

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 7 Net Assets with Donor Restrictions (continued)
Net assets were released from donor restrictions by incurring expenses satisfying the
restricted purpose as follows for the year ended December 31, 2022:
Ukraine Crisis Fund
Bstrong Initiative
Hurricane Ian Disaster Fund
Hurricane Fiona Disaster Fund
Miami-Dade Disaster Fund
Kentucky Disaster FundBronx Fire Program
Haiti Educational Program
Surfside Tower Collapse Program
Flew the Coop Program
USA West Operations

Total net assets released from restrictions$ 19,860,781
111,329844,367
60,961217,903174,268
119,643
97,111
138,712229,072
306,049$ 22,160,196

Note 8 Commitments
Commitments
The Organization leases various facilities for operations on a month-to-month basis ranging
from $1,925 to $21,000 a month. The total rent expense for the year ended December 31,
2022, amounted to $256,995.
Note

9 Risk and Uncertainty
Risk
At times during the year, the Organization’s cash balances were in excess of the federal
insured limits of $250,000. As of December 31, 2021, the Organization’s cash balances did
not exceed those limits.

COVID Uncertainty
In March 2021, the Organization received loan proceeds in the amount of $81,750 under the
Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid,
Relief and Economic Security Act (“CARES Act”), provides loans to businesses for amounts
based on the average monthly payroll expenses of the qualifying business. The Organization
used the entire loan amount for qualifying expenses. In June 2022, the loan was forgiven infull and recognized as revenues in the accompanying statement of activities.
Note 10 In-Kind Donations
Donations are reflected as direct program costs and included at fair market value of supplies
and materials required to operate the specific functions of the Organization. The in-kind
donations were distributed to each mission as follows:15

Global Empowerment Mission, Inc.
(Not-For-Profit Organization)
Notes to Financial Statements
Note 10 In-Kind Donations
Donations are reflected as direct program costs and included at fair market value of supplies
and materials required to operate the specific functions of the Organization. The in-kind
donations were distributed to each mission as follows:

In-kind domestic
Hurricane Ian Disaster Fund
Kentucky Floods
Bronx Fire
Lousiana Tornados
South Florida Community Aid$

Total in-kind domestic

5,344,855
1,056,118
1,159,793
182,050
1,240,548
8,983,364

In-kind foreign
Ukraine Crisis Fund
Hurricane Fiona Disaster Fund
Hurricane Lisa
Haiti Educational Program

101,713,903
1,223,647
168,000
1,614

Total in-kind foreign

103,107,164

Total

$

112,090,528

Note 11 Liquidity and Availability of Financial Assets
The following reflects the Organization’s financial assets as of December 31, 2022, reduced by
the amounts not available for general use within one year of the statement of financial position
because of contractual or donor-imposed restrictions or internal designations.

Current assets, excluding non-financial assets$ 15,373,605

Less: donor restrictions for specific purposes

4,900,988

Financial assets available to meet cash needs forgeneral expenditures within one year

$ 10,472,617

Note 12 Subsequent Events
Subsequent events have been evaluated through March 14, 2024, which is the date thefinancial statements were available to be issued.

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