financial statements

Financial Statements

Net Income and Changes in Net Assets, 2006-2008

 

    2008
2007
2006
Income from investment transactions:      
Dividends and interest from securities and short-term investments $1,300,462
$1,228,720
$927,379
Interest from mortgages 22,798
22,798
22,798
Other (loss) income 47,854
(9,019)
(111,554)
Net increase (decrease) in realized and unrealized gains on investments (18,739,354)
3,183,070

5,615,452
         
Total: (17,368,240)
4,425,569
6,454,075
         
Expenditures:        
Grants administrative 794,385
752,014
672,231
Direct charitable activities 340,450
322,292
288,099
Board and committee 126,892
66,360
74,356
Income production expenses 380,447
439,954
304,127
Federal and state unrelated business tax 250
21,080
62,029
Federal excise tax 10,501
53,954
84,284
Depreciation        
-Office furniture and equipment 6,222
15,723
11,296
-Office leasehold improvements 23,370
13,870
13,870
Total expenditures and depreciation 1,682,517
1,685,247
1,510,292
         
         
         
Net income available for grants (19,050,757)
2,740,322
4,943,783
         
         
Grants (net of returned grants) 2,695,643
2,676,685
3,255,090
Grants (Kellogg Fund) 158,070
211,617
151,078
Total Grants 2,853,713
2,888,302
3,406,168
         
Increase (decrease) in net assets from investments (21,904,470)
(147,980)
1,537,615
Contributions received 400,000
400,000
400,000
Increase (decrease) in net assets for period (21,504,470)
252,020
1,937,615
             
Net assets at beginning of year 61,243,441
60,991,421
59,053,806
         
Net assets at end of period $39,738,971
$61,243,441
$60,991,421
         
         
    Actual 2008
Actual 2007
Actual 2006
Total qualifying distributions (Note 1) $4,203,627
$4,088,968
$4,593,866
         
Investment assets (Note 2) $50,766,831
$60,717,974
$59,619,605
         
Total qualifying distributions expressed as a % of investment assets 8.28%
6.73%
7.71%
     

 

 

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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