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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

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.