2011 Financial Summary*

Statements of Financial Position**

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.