2019 Financial Summary*
Statements of Financial Position
December 31, 2019 and 2018
Assets |
2019 |
2018 |
||
| Cash and cash equivalents | $ | 203,420 | $ | 627,610 |
| Investments, at fair value | 459,873,603 | 443,034,158 | ||
| Deferred compensation plans | 1,890,461 | 1,556,046 | ||
| Prepaid federal excise tax and other assets | 167,506 | 262,803 | ||
| Fixed assets, net | 508,915 | 922,226 | ||
Total assets |
$ |
462,643,905 |
$ |
446,402,843 |
Liabilities and Net Assets |
||||
| Liabilities | ||||
| Accounts payable and other accrued expenses | $ | 530,325 | $ | 715,798 |
| Grants payable, net | 12,744,303 | 9,877,083 | ||
| Deferred compensation plans | 1,890,461 | 1,556,046 | ||
| Deferred federal excise tax | 1,087,155 | 1,352,799 | ||
| Total liabilities | 16,252,244 | 13,501,726 | ||
| Net Assets | ||||
| Net assets without donor restrictions | 446,391,661 | 432,901,117 | ||
Total liabilities and net assets |
$ |
462,643,905 |
$ |
446,402,843 |
Statements of Activities and Changes in Net Assets
Years Ended December 31, 2019 and 2018
2019 |
2018 |
|||
| Revenues | ||||
| Dividends and interest | $ | 8,745,237 | $ | 6,800,995 |
| Realized and unrealized gains on investments | 46,495,015 | 1,298,770 | ||
| Investment income, gross | 55,240,252 | 8,099,765 | ||
| Investment management and other fees | (6,277,867) | (6,022,081) | ||
| Excise and other tax expense | (498,667) | (859,550) | ||
| Investment income, net | 48,463,718 | 1,218,134 | ||
| Expenses | ||||
| Grants** | 27,367,220 | 26,114,930 | ||
| Other program expenses | 3,978,544 | 3,992,634 | ||
| Management and general | 3,627,410 | 3,407,908 | ||
| Total expenses | 34,973,174 | 33,515,472 | ||
| Change in net assets | 13,490,544 | (32,297,338) | ||
| Net assets without donor restrictions | ||||
Beginning of year |
432,901,117 |
465,198,455 |
||
End of year |
$ |
446,391,661 |
$ |
432,901,117 |
* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2019 financial statements audited by Hood & Strong LLP, independent auditors. The condensed financial information should be read in conjunction with the 2019 audited financial statements and related notes.
** On a cash basis, the Fund paid out grants totaling $24,500,000 and $23,799,624 in 2019 and 2018, respectively.