Financials
Statements of Financial Position |
|||
|---|---|---|---|
December 31 |
2015 |
2014 |
|
Assets |
|||
| Cash and cash equivalents | 4,159,577 | 231,831 | |
| Investments | 158,988,979 | 172,800,014 | |
| Land | 8,925,000 | 8,925,000 | |
| Programmatic loans | 2,876,200 | 3,013,818 | |
| Interest receivable | 16,364 | 28,962 | |
| Other current assets | 3,752 | 61,136 | |
| Furniture, equipment, and leasehold improvements | 400,228 | 53,167 | |
| $175,370,100 | $185,113,928 | ||
Liabilities and Net Assets |
|||
| Deferred tax liability | 119,500 | 440,000 | |
| Acrrued expenses and other | 282,864 | 62,886 | |
| Grants payable | 3,860,791 | 3,068,030 | |
| $4,263,155 | $3,570,916 | ||
| Net assets: | |||
| Unrestricted | 171,045,245 | 181,543,012 | |
| Temporarily restricted | 61,700 | ||
| $171,106,945 | $181,543,012 | ||
| $175,370,100 | $185,113,928 | ||
Statements of Activities |
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December 31 |
2015 |
2014 |
|
Revenue |
|||
| Dividends and interest on other investments | 2,352,578 | 3,192,836 | |
| Gain on sales of investments | 12,704,176 | 9,242,254 | |
| Contributions and other | 2,835 | 10,847 | |
| $15,059,589 | $12,445,937 | ||
Expenditures |
|||
| Grants | 6,916,308 | 4,294,222 | |
| Direct charitable activities | 35,070 | 87,399 | |
| Salaries and benefits | 1,261,189 | 1,267,724 | |
| Investment management fees | 30,278 | 55,979 | |
| Professional services | 602,813 | 545,412 | |
| Supplies, services, and other | 673,903 | 647,346 | |
| $9,519,561 | $6,898,082 | ||
Revenue over expenditures before other gain (loss) |
$5,540,028 | $5,547,855 | |
| Other gain (loss): | |||
| Decrease in net unrealized gain on investments | (16,098,239) | (4,939,500) | |
| Unrealized gain on notes receivable from Liquidating Trust | - | 318,386 | |
| ($16,098,239) | ($4,621,114) | ||
Revenue (under) over expenditures before excise taxes |
(10,558,211) | 926,741 | |
| Excise tax benefit (provision) | 60,444 | (149,040) | |
(Decrease) increase in unrestricted net assets |
(10,497,767) | 777,701 | |
| Changes in temporarily restricted net assets: | |||
| Contributions | 61,700 | ||
(Decrease) increase in assets |
(10,436,067) | 777,701 | |
| Net assets: | |||
| Beginning of year | 181,543,012 | 180,765,311 | |
| End of year | $171,106,945 | $181,543,012 | |
Note: The notes that accompany the financial report are an integral part of the financial statements and are required for a full presentation. While they are not included here, a full copy of the audited financial statements, including the notes, is available upon request.
Form 990-PFs are available on Guidestar.