Posted by StreetWise in Latest News
StreetWise provides a flexible employment opportunity via the sales and marketing of StreetWise Magazine.
StreetWise operates a successful business model, which in turn allows the agency to provide much needed social service support to its clients.
In the Fiscal year 2012, StreetWise came in just below expected expenses at $615,778 actual vs. $616,933 projected. The agency also exceeded its projected revenue ($684,323) by $22,532 ending the year with $706,855 in total revenue and just over $200,000 in cash on hand, thereby giving the agency close to 120 days of operating cash reserves.
StreetWise manages a successful social enterprise (StreetWise magazine), which assists the agency in providing much needed social service support to participants. For fiscal year 2012, StreetWise incurred $615,778 in expenses with $304,019 of those costs covered through magazine-generated income. StreetWise is proud that close to 50% of its total budget is covered by the agency’s social enterprise, StreetWise magazine. In fact, all costs associated with magazine productions and sales, (including designated salaries) are fully covered by magazine-generated income.
In 2012, magazine sales produced a $50,000 surplus, which will be used to underwrite the agency’s social services for FY 2013. After ending 2011 with only 144 magazine vendors, StreetWise increased the number dedicated magazine vendors to 187 at the close of 2012. The magazine also sold almost 15,000 more magazines in 2012 ending the year with just under 338,000 in total magazines sold.
As a result of the successful business model, 100% of foundation and charitable funds support agency social services and related operations.