Financials

 

2008 Statement of Financial Position

 

For The Years Ended Dec. 31,
2008 2007
ASSETS
Cash  $       529,280 $    843,237
Interest receivable and other current assets 30,303 18,550
Investments - at fair value 70,098,758 107,332,648
Furniture and equipment (net of accumulated depreciation
of $105,481 in 2008 and $101,800 in 2007)
58,957  12,959
Total Assets     $70,717,298  $108,207,394
 
LIABILITIES AND UNRESTRICTED NET ASSETS
Liabilities
     Grants payable  $   3,644,150  $    3,169,888
     Accounts payable and accrued liabilities 41,907  4,200
Total Liabilities     $   3,686,057  $   3,174,088
 
Unrestricted Net Assets
     Designated for grants 1,217,648  642,868
     Designated for challenge endowment escrow 4,201,995  3,412,405
     Designated for endowment 61,611,598  100,978,033
Total Unrestricted Net Assets  $67,031,241  $  105,033,306
 
Total Liabilities And Unrestricted Net Assets  $70,717,298  $108,207,394

 

 


 

2008 Statement of Activities

 

For The Years Ended Dec. 31,
2008 2007
CHANGES IN UNRESTRICTED NET ASSETS
Revenue and Support
     Earnings on investments, net  $   1,975,905  $  2,046,422
     Other 33,872  7,067
Total Revenue And Support   $   2,009,777   $ 2,053,486
 
Expenses
     Grants 3,892,079  3,742,843
     Program Services 206,681  109,244
     Administration 477,757  451,265
Total Expenses $  4,576,517 $ 4,303,352
     
Excess of Expenses Over Revenue and Support Before
Net Appreciation In Fair Value of Investments
 (2,566,740)  (2,249,863)
Net Appreciation In Fair Value of Investments (35,435,325)  8,136,020
Increase In Unrestricted Net Assets (38,002,065)  5,886,157
Unrestricted Net Assets - Beginning Of Year 105,033,306  99,147,149
Unrestricted Net Assets - End Of Year  $67,031,241  $105,033,306

 

 

A full copy of the Foundation's audit can be viewed at the Foundation office.