DECEMBER 31, 2010 AND 2009
ASSETS
|
2010
|
2009
|
|
Cash and Cash Equivalents
|
$421,099
|
268,665
|
|
Interest Receivable
|
672,060
|
727,994
|
|
Receivable for Unsettled Investment Transactions
|
(443,982)
|
4,540,483
|
|
Prepayments and Other Assets
|
189,598
|
159,569
|
|
Investments — At fair value
|
481,936,895
|
457,225,477
|
|
Property and Equipment — Net
|
2,081,144
|
1,063,729
|
|
Total Assets
|
$484,856,814
|
$463,985,917
|
|
|
|
|
LIABILITIES AND NET ASSETS
|
|
|
|
LIABILITIES:
|
|
|
|
Accounts payable and other accrued liabilities
|
$1,770,915
|
1,012,396
|
|
Line of credit
|
|
|
|
Deferred federal excise tax
|
533,340
|
191,866
|
|
Grants payable, net
|
26,481,167
|
29,737,191
|
|
Deferred lease incentive
|
|
88,582
|
|
Total liabilities
|
$27,661263
|
$25,319,900
|
|
|
|
|
|
NET ASSETS—Unrestricted
|
457,195,551
|
438,666,017
|
|
TOTAL LIABILITIES AND NET ASSETS
|
$484,856,814
|
$463,985,917
|
|
|
|
|
|
|
|
|
Statements of Activities and Changes in Net Assets
DECEMBER 31, 2010 AND 2009
INVESTMENT INCOME
|
2010
|
2009
|
|
Dividends, interest and other
|
$7,354,077
|
7,159,517
|
|
Net realized and unrealized (losses) gains on investments
|
46,167,151
|
79,559,976
|
|
Custodial and investment related expenses
|
(1,111,664)
|
(999,742)
|
|
Net investment (loss) income before federal excise tax
|
52,409,564
|
85,719,751
|
|
Federal excise tax benefit (expense)
|
(450,829)
|
(225,862)
|
|
Net investment (loss) income
|
$51,958,735
|
$85,493,889
|
|
|
|
|
EXPENDITURES
|
|
|
|
Grants***
|
$26,481,167
|
29,737,191
|
|
Direct charitable activities
|
734,134
|
674,754
|
|
Grant management
|
6,213,900
|
5,809,823
|
|
Total expenditures
|
$33,429,201
|
$36,221,768
|
|
|
|
|
|
(Decrease) Increase in Net Assets
|
$18,529,534
|
$49,272,121
|
|
|
|
|
NET ASSETS — UNRESTRICTED
|
|
|
|
Beginning of year
|
$438,666,017
|
$389,393,896
|
|
End of year
|
$457,195,551
|
$438,666,017
|
* Financial statements are presented on an accrual basis. These figures are audited.
** 2009 and 2010 Financial Statements and Auditors' Report (PDF)
*** On a cash basis, the Fund paid out grants totaling $25,151,215 and $32,404,648 in 2010 and 2009, respectively.
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