financial statements
Financial Statements
Net Income and Changes in Net Assets, 2005-2007
| 2007 |
2006
|
2005
|
||||
| Income from investment transactions: | ||||||
| Dividends and interest from securities and short-term investments | $1,228,720 |
$927,379
|
$898,850
|
|||
| Interest from mortgages | 22,798 |
22,798
|
32,297
|
|||
| Other (loss) income | (9,019) |
(111,554)
|
47,917
|
|||
| Net increase (decrease) in realized and unrealized gains on investments | 3,183,070 |
5,615,452
|
1,350,292
|
|||
| Total: | 4,425,569 |
6,454,075
|
2,329,356
|
|||
| Expenditures: | ||||||
| Grants administrative | 752,014 |
672,231
|
644,760
|
|||
| Direct charitable activities | 322,292 |
288,099
|
276,325
|
|||
| Board and committee | 66,360 |
74,356
|
59,521
|
|||
| Income production expenses | 439,954 |
304,127
|
277,146
|
|||
| Federal and state unrelated business tax | 21,080 |
62,029
|
149,974
|
|||
| Federal excise tax | 53,954 |
84,284
|
30,998
|
|||
| Depreciation | ||||||
| -Office furniture and equipment | 15,723 |
11,296
|
7,855
|
|||
| -Office leasehold improvements | 13,870 |
13,870
|
13,870
|
|||
| Total expenditures and depreciation | 1,685,247 |
1,510,292
|
1,460,449
|
|||
| Net income available for grants | 2,740,322 |
4,943,783
|
868,907
|
|||
| Grants (net of returned grants) | 2,676,685 |
3,255,090
|
2,984,692
|
|||
| Grants (Kellogg Fund) | 211,617 |
151,078
|
|
|||
| Total Grants | 2,888,302 |
3,406,168
|
2,984,692
|
|||
| Increase (decrease) in net assets from investments | (147,980) |
1,537,615
|
(2,115,785)
|
|||
| Contributions received | 400,000 |
400,000
|
|
|||
| Increase (decrease) in net assets for period | 252,020 |
1,937,615
|
(2,115,785)
|
|||
| Net assets at beginning of year | 60,991,421 |
59,053,806
|
61,169,591
|
|||
| Net assets at end of period | $ 61,243,441 |
$ 60,991,421
|
$ 59,053,806
|
|||
| Actual 2007 |
Actual 2006
|
Actual 2005
|
||||
| Total qualifying distributions (Note 1) | $4,088,968 |
$4,593,866
|
$4,035,148
|
|||
| Investment assets (Note 2) | $60,717,974 |
$59,619,605
|
$57,995,000
|
|||
| Total qualifying distributions expressed as a % of investment assets | 6.73% |
7.71%
|
6.96%
|
|||
Notes 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.
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).
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