2012 Financial Summary*

Statements of Financial Position**

DECEMBER 31, 2013 AND 2012

 

ASSETS
2013
2012

Cash and Cash Equivalents

$126,108

$443,303

Investments — At fair value

555,976,905

488,128,500

Prepaid federal excise tax and other assets

189,411

174,029

Property and equipment, net

1,568,350

1,744,048

Total Assets

$557,860,774

$490,489,880

     
LIABILITIES AND NET ASSETS


LIABILITIES:

   

Line of credit

$70,000,000

$35,000,000

Accounts payable and other accrued liabilities

1,448,552

1,282,933

Grants payable, net

9,345,418

16,740,145

Deferred federal excise tax

805,536

566,544

Deferred lease incentive

541,401

617,834

Total liabilities

$82,140,907

$54,207,456

     

NET ASSETS—Unrestricted

475,719,867

436,282,424

TOTAL LIABILITIES AND NET ASSETS

$557,860,774

$490,489,880

     
     

Statements of Activities and Changes in Net Assets

DECEMBER 31, 2013 AND 2012

INVESTMENT INCOME
2013
2012

Dividends, interest and other

$3,080,236

$3,975,589

Net realized and unrealized (losses) gains on investments

66,174,536

37,320,040

Custodial and investment related expenses

(826,889)

(831,350)

Net investment (loss) income before federal excise tax

68,427,883

40,464,279

Federal excise tax expense

(623,436)

(806,563)

Net investment (loss) income

67,804,447

39,657,716

     
EXPENDITURES


Grants***

$22,250,775

$21,656,988

Direct charitable activities

837,795

751,847

Grant management

5,278,434

5,262,176

Total expenditures

$28,367,004

$27,671,011

     

(Decrease) Increase in Net Assets

39,437,443

11,986,705

     
NET ASSETS — UNRESTRICTED


Beginning of year

$436,282,424

$424,295,719

End of year

$475,719,867

$436,282,424

* 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 $29,645,502 and $23,075,675  in 2013 and 2012, respectively.