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Annual Financial Report

Net Income and Changes in Net Assets

2010–2013

  2013 Estimate 2012  2011 2010
INCOME FROM INVESTMENT TRANSACTIONS:        
Dividends and interest from securities and short-term investments $833,389  $1,100,744 $833,294 $709,952
Interest from mortgage

22,798

 22,798

22,798 22,798
Other income (loss) -  (45,220) (22,222) (32,384)
Net increase (decrease) in realized and unrealized gains on investments 9,002,013  4,028,519 (960,802) 3,985,625
Total 9,858,200  5,106,852 (126,932) 4,685,991
         
EXPENDITURES:        
Grants administrative 680,400  732,641 631,472 720,314
Direct charitable activities 291,600  313,989 270,631 308,706
Board and committee 96,000  73,531 75,380 81,235
Income production expenses 447,000  337,502 285,839 256,688
Federal and state unrelated business tax    - - 715
Excise tax 40,000  34,920 21,408 16,673
Depreciation:        
Office furniture & equipment 6,144  6,144 10,384 779
Office leasehold improvements 71,232  71,232 69,253 73,211
Total expenditures and depreciation 1,632,376 1,569,959  1,364,367 1,458,321
         
Net income available for grants 8,225,824  3,536,893 (1,491,299) 3,227,670
Grants 1,887,073  1,942,560 1,889,152 2,165,289
Increase (decrease) in net assets from investments 6,768,751  2,024,333 (3,380,451) 1,062,381
         
Contributions received 430,000  430,000 150,000 -
         
Increase (decrease) in net assets for period 6,768,751  2,024,333 (3,230,451) 1,062,381
         
Net assets at beginning of year 44,391,249  42,366,916 45,597,367 44,534,986
         
NET ASSETS AT END OF PERIOD $51,160,000  $44,391,249 $42,366,916 $45,597,367
         
         
  2013  2012 2011 2010
TOTAL QUALIFYING DISTRIBUTIONS (Note 1) $2,800,000  $2,664,721 $2,926,635 $3,351,568
         
INVESTMENT ASSETS (Note 2) $46,700,000  $43,293,382 $43,932,150 $42,082,753
         
TOTAL QUALIFYING DISTRIBUTIONS EXPRESSED AS A % OF INVESTMENTASSETS 6.00%  6.16% 6.66% 7.96%

 

Notes:

  1. Total qualifying distributions include grant administrative expenses, grants, 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 1.5% 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 lates tax return may be viewed at GuideStar.