2012 Financial Summary*

Statements of Financial Position**

DECEMBER 31, 2012 AND 2011

 

ASSETS
2012
2011

Cash and Cash Equivalents

$443,303

$167,232

Investments — At fair value

488,128,500

442,005,450

Prepaid federal excise tax and other assets

174,029

380,580

Property and equipment, net

1,744,048

1,986,971

Total Assets

$490,489,880

$444,540,233

     
LIABILITIES AND NET ASSETS


LIABILITIES:

   

Line of credit

$35,000,000

-

Accounts payable and other accrued liabilities

1,282,933

$1,106,871

Grants payable, net

16,740,145

18,158,832

Deferred federal excise tax

566,544

284,544

Deferred lease incentive

617,834

694,267

Total liabilities

$54,207,456

$20,244,514

     

NET ASSETS—Unrestricted

436,282,424

424,295,719

TOTAL LIABILITIES AND NET ASSETS

$490,489,880

$444,540,233

     
     

Statements of Activities and Changes in Net Assets

DECEMBER 31, 2012 AND 2011

INVESTMENT INCOME
2012
2011

Dividends, interest and other

$3,975,589

$6,324,900

Net realized and unrealized (losses) gains on investments

37,320,040

(11,067,036)

Custodial and investment related expenses

(831,350)

(1,003,910)

Net investment (loss) income before federal excise tax

40,464,279

(5,746,046)

Federal excise tax expense

(806,563)

(6,571)

Net investment (loss) income

39,657,716

(5,752,617)

     
EXPENDITURES


Grants***

$21,656,988

$21,362,649

Direct charitable activities

751,847

772,397

Grant management

5,262,176

5,012,169

Total expenditures

$27,671,011

$27,147,215

     

(Decrease) Increase in Net Assets

11,986,705

(32,899,832)

     
NET ASSETS — UNRESTRICTED


Beginning of year

$424,295,719

$457,195,551

End of year

$436,282,424

$424,295,719

* Financial statements are presented on an accrual basis. These figures are audited.

** 2012 and 2011 Financial Statements and Auditors' Report (PDF)

*** On a cash basis, the Fund paid out grants totaling $23,075,675 and $28,560,825  in 2012 and 2011, respectively.