DECEMBER 31, 2008 AND 2007
ASSETS
|
2008
|
2007
|
|
Cash and Cash Equivalents
|
$268,091
|
$137,712
|
|
Interest Receivable
|
853,168
|
1,354,919
|
|
Receivable for Unsettled Investment Transactions
|
24,547,218
|
27,888,422
|
|
Prepayments and Other Assets
|
152,750
|
9,907
|
|
Investments — At fair value
|
402,966,426
|
595,318,688
|
|
Property and Equipment — Net
|
1,441,997
|
1,961,244
|
|
Total Assets
|
$430,229,650
|
$626,670,892
|
|
|
|
|
LIABILITIES AND NET ASSETS
|
|
|
|
LIABILITIES:
|
|
|
|
Accounts payable and other accrued liabilities
|
$1,000,808
|
$1,003,093
|
|
Line of credit
|
13,000,000
|
|
|
Deferred federal excise tax
|
|
965,730
|
|
Grants payable, net
|
26,694,513
|
17,068,477
|
|
Deferred lease incentive
|
140,433
|
192,287
|
|
Total liabilities
|
40,835,754
|
19,229,587
|
|
|
|
|
|
NET ASSETS—Unrestricted
|
389,393,896
|
607,441,305
|
|
TOTAL LIABILITIES AND NET ASSETS
|
$430,229,650
|
$626,670,892
|
|
|
|
|
|
|
|
|
Statements of Activities and Changes in Net Assets
DECEMBER 31, 2008 AND 2007
INVESTMENT INCOME
|
2008
|
2007
|
|
Dividends, interest and other
|
$12,437,201
|
$15,223,456
|
|
Net realized and unrealized (losses) gains on investments
|
(180,637,544)
|
51,208,313
|
|
Custodial and investment related expenses
|
(1,333,292)
|
(1,511,849)
|
|
Net investment (loss) income before federal excise tax
|
(169,533,635)
|
64,919,920
|
|
Federal excise tax benefit (expense)
|
659,419
|
(910,405)
|
|
Net investment (loss) income
|
($168,874,216)
|
$64,009,515
|
|
|
|
|
EXPENDITURES
|
|
|
|
Grants***
|
$41,876,804
|
$28,745,470
|
|
Direct charitable activities
|
619,489
|
559,692
|
|
Grant management
|
6,676,900
|
6,745,071
|
|
Total expenditures
|
$49,173,193
|
$36,050,233
|
|
|
|
|
|
(Decrease) Increase in Net Assets
|
($218,047,409)
|
$27,959,282
|
|
|
|
|
NET ASSETS — UNRESTRICTED
|
|
|
|
Beginning of year
|
607,441,305
|
579,482,023
|
|
End of year
|
$389,393,896
|
$607,441,305
|
* Financial statements are presented on an accrual basis. These figures are audited.
** 2007 and 2008 Financial Statements and Auditors' Report (PDF)
*** On a cash basis, the Fund paid out grants totaling $32,250,768 and $31,033,105 in 2008 and 2007, respectively.
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