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.