2020 Financial Summary*

Statements of Financial Position

December 31, 2020 and 2019

Assets

 

2020

 

2019

Cash and cash equivalents $ 630,664 $ 203,420
Investments, at fair value   488,970,723   459,873,603
Deferred compensation plans   2,184,436   1,890,461
Prepaid federal excise tax and other assets   579,094   167,506
Fixed assets, net   140,903   508,915
Total assets
$
492,505,820
$
462,643,905

Liabilities and Net Assets

Liabilities
Accounts payable and other accrued expenses $ 418,749 $ 530,325
Grants payable, net   10,209,450   12,744,303
Deferred compensation plans   2,184,436   1,890,461
Deferred federal excise tax   1,695,614   1,087,155
Total liabilities   14,508,249   16,252,244
Net Assets
Net assets without donor restrictions   477,997,571   446,391,661
Total liabilities and net assets
$
492,505,820
$
462,643,905

Statements of Activities and Changes in Net Assets

Years Ended December 31, 2020 and 2019

   

2020

 

2019

Revenues
Dividends and interest $ 6,562,930 $ 8,745,237
Realized and unrealized gains on investments   59,275,229   46,495,015
Investment income, gross   65,838,159   55,240,252
Investment management and other fees   (7,042,866)   (6,277,867)
Excise and other tax expense   (1,029,668)   (498,667)
Investment income, net   57,765,625   48,463,718
Expenses
Grants**   19,454,847   27,367,220
Other program expenses   3,502,777   3,978,544
Management and general   3,202,091   3,627,410
Total expenses   26,159,715   34,973,174
Change in net assets   31,605,910   13,490,544
Net assets without donor restrictions
Beginning of year
 
446,391,661
 
432,901,117
End of year
$
477,997,571
$
446,391,661

* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2020 financial statements audited by Hood & Strong LLP, independent auditors. The condensed financial information should be read in conjunction with the 2020 audited financial statements and related notes.

** On a cash basis, the Fund paid out grants totaling $21,989,700 and $24,500,000 in 2020 and 2019, respectively.