DECEMBER 31, 2011 AND 2010
ASSETS
|
2011
|
2010
|
|
Cash and Cash Equivalents
|
$167,232
|
$421,099
|
|
Investments — At fair value
|
442,005,450
|
482,164,973
|
|
Prepaid federal excise tax and other assets
|
380,580
|
189,598
|
|
Property and equipment, net
|
1,986,971
|
2,081,144
|
|
Total Assets
|
$444,540,233
|
$484,856,814
|
|
|
|
|
LIABILITIES AND NET ASSETS
|
|
|
|
LIABILITIES:
|
|
|
|
Accounts payable and other accrued liabilities
|
$1,106,871
|
$1,770,915
|
|
Grants payable, net
|
18,158,832
|
25,357,008
|
|
Deferred federal excise tax
|
284,544
|
533,340
|
|
Deferred lease incentive
|
694,267
|
-
|
|
Total liabilities
|
$20,244,514
|
$27,661,263
|
|
|
|
|
|
NET ASSETS—Unrestricted
|
424,295,719
|
457,195,551
|
|
TOTAL LIABILITIES AND NET ASSETS
|
$444,540,233
|
$484,856,814
|
|
|
|
|
|
|
|
|
Statements of Activities and Changes in Net Assets
DECEMBER 31, 2011 AND 2010
INVESTMENT INCOME
|
2011
|
2010
|
|
Dividends, interest and other
|
$6,324,900
|
$7,354,077
|
|
Net realized and unrealized (losses) gains on investments
|
(11,067,036)
|
46,167,151
|
|
Custodial and investment related expenses
|
(1,003,910)
|
(1,111,664)
|
|
Net investment (loss) income before federal excise tax
|
(5,746,046)
|
52,409,564
|
|
Federal excise tax expense
|
(6,571)
|
(450,829)
|
|
Net investment (loss) income
|
(5,752,617)
|
51,958,735
|
|
|
|
|
EXPENDITURES
|
|
|
|
Grants***
|
$21,362,649
|
$26,481,167
|
|
Direct charitable activities
|
772,397
|
734,134
|
|
Grant management
|
5,012,169
|
6,213,900
|
|
Total expenditures
|
$27,147,215
|
$33,429,201
|
|
|
|
|
|
(Decrease) Increase in Net Assets
|
(32,899,832)
|
18,529,534
|
|
|
|
|
NET ASSETS — UNRESTRICTED
|
|
|
|
Beginning of year
|
$457,195,551
|
$438,666,017
|
|
End of year
|
$424,295,719
|
$457,195,551
|
* Financial statements are presented on an accrual basis. These figures are audited.
** 2011 and 2010 Financial Statements and Auditors' Report (PDF)
*** On a cash basis, the Fund paid out grants totaling $28,560,825 and $25,151,215 in 2011 and 2010, respectively.
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