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Financials

 

Statements of Financial Position

December 31

     2016

       2015

 

Assets

Cash and cash equivalents    6,028,471        4,159,577  
Investments 157,835,150 158,988,979  
Land 8,925,000 8,925,000  
Programmatic loans receivable 2,876,200 2,876,200  
Interest receivable 16,253 16,364  
Other current assets 22,990 3,752  
Furniture, equipment, and leasehold improvements 346,565 400,228  
  176,050,629 175,370,100  

Liabilities and Net Assets

Deferred tax liability 92,945 119,500  
Acrrued expenses and other 359,808 282,864  
Grants payable 3,855,044 3,860,791  
  4,307,797 4,263,155  
Net assets:      
  Unrestricted 171,680,352 171,045,245  
  Temporarily restricted 62,480 61,700  
  171,742,832      171,106,945  
          
  176,050,629 175,370,100  

Statements of Activities

December 31

2016

2015

 

Revenue

Dividends and interest on other investments 2,120,715 2,352,578  
Gain on sales of investments 8,431,112 12,704,176  
Contributions and other 2,707 2,835  
Release from restriction 61,700 -  
  10,616,234 15,059,589  

Expenditures

Grants 5,607,409 6,916,308  
Direct charitable activities 126,188 35,070  
Salaries and benefits 1,384,349 1,261,189  
Investment management fees 89,605 30,278  
Professional services 509,512 602,813  
Supplies, services, and other 712,969 673,903  
  8,430,032 9,519,561  

Revenue over expenditures before gain

2,186,202 5,540,028  
Decrease in net unrealized gain on investments (1,277,467) (16,098,239)  

Revenue over (under) expenditures before excise taxes

908,735 (10,558,211)  
Excise tax (provision) benefit (273,628) 60,444  

Increase (decrease) in unrestricted net assets

635,107 ($10,497,767)  
Changes in temporarily restricted net assets:      
  Contributions 62,480 61,700  
  Release from restriction (61,700) -  

Increase in temporarily restricted net assets

780 61,700  

Increase (decrease) in assets

635,887 (10,436,067)  
       

Net assets:

     
   Beginning of year 171,106,945 181,543,012  
   End of year 171,742,832 171,106,945  

 

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.