| Net
Income
and Changes in Net Assets, 2003-2005 |
|
|
2005
|
2004
|
2003
|
| Income
from investment transactions: |
|
|
|
| Dividends and
interest from securities and short-term investments |
$898,850
|
$1,018,878
|
$1,023,353
|
| Interest from
mortgages |
32,297
|
9,499
|
24,698
|
| Other (loss)
income |
47,917
|
220,572
|
394,801
|
| Net increase
(decrease) in realized and unrealized gains on investments |
1,350,292
|
3,220,080
|
8,095,007
|
|
|
|
|
|
| Total: |
2,329,356
|
4,469,029
|
9,537,859
|
|
|
|
|
|
| Expenditures: |
|
|
|
|
| Grants
administrative |
644,760
|
664,275
|
653,685
|
| Direct
charitable activities |
276,325
|
284,687
|
280,150
|
| Board and
committee |
59,521
|
69,278
|
68,211
|
| Income
production expenses |
277,146
|
302,263
|
278,103
|
| Federal and
state unrelated business tax |
149,974
|
50,192
|
849
|
| Federal excise
tax |
30,998
|
123,202
|
6,046
|
| Depreciation |
|
|
|
|
| -Office
furniture and equipment |
7,855
|
4,220
|
6,717
|
| -Office
leasehold improvements |
13,870
|
13,870
|
13,870
|
| Total expenditures
and depreciation |
1,460,449
|
1,511,987
|
1,307,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available
for grants |
868,907
|
2,957,042
|
8,230,228
|
|
|
|
|
|
|
|
|
|
|
| Grants (net of
returned grants) |
2,984,692
|
3,101,780
|
3,182,194
|
|
|
|
|
|
| Increase (decrease)
in net assets for period |
(2,115,785)
|
(144,738)
|
5,048,034
|
|
|
|
|
|
| Net assets at
beginning of year |
61,169,591
|
61,314,329
|
56,266,295
|
|
|
|
|
|
| Net
assets at end of period |
$59,053,806
|
$61,169,591
|
$61,314,329
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual 2005
|
Actual 2004
|
Actual 2003
|
| Total
qualifying distributions (Note 1) |
$4,035,148
|
$4,208,132
|
$4,250,840
|
|
|
|
|
|
| Investment
assets (Note 2) |
$57,995,000
|
$59,100,000
|
$56,640,000
|
|
|
|
|
|
| Total
qualifying distributions expressed as a % of investment assets |
6.96%
|
7.12%
|
7.56%
|
Notes
1) Total qualifying distributions include grant administrative
expenses, grants, program related loans and amounts paid to acquire
assets, i.e. computers, office equipment, etc.
2) Investment assets, as stated, represents the monthly average value
of investment assets less 1-1/2% of value which is deemed as cash held
for charitable purposes. (This is pursuant to IRS statute).
A copy of the audited financial report is on file at the
Foundation’s office. The Foundation's latest tax return may be viewed
at GuideStar.
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