2017 Financial Summary*

Statements of Financial Position

December 31, 2017 and 2016

Assets

 

2017

 

2016

Cash and cash equivalents $ 2,070,362 $ 187,810
Investments, at fair value   470,763,307   456,357,223
Deferred compensation plans   1,636,774   1,314,488
Prepaid federal excise tax and other assets   369,687   362,387
Property and equipment, net   1,174,613   1,083,662
Total assets
$
476,014,743
$
459,305,570

Liabilities and Net Assets

Liabilities
Accounts payable and other accrued expenses $ 541,645 $ 550,853
Grants payable, net   7,561,777   12,978,290
Deferred compensation plans   1,636,744   1,314,488
Deferred federal excise tax   840,423   358,102
Deferred lease incentive   235,669   312,102
Total liabilities   10,816,288   15,513,835
Net Assets
Net Assets — Unrestricted   465,198,455   443,791,735
Total liabilities and net assets
$
476,014,743
$
459,305,570

Statements of Activities and Changes in Net Assets

Years Ended December 31, 2017 and 2016
   

2017

 

2016

Net investment income
Net dividends, interest, and other income $ 5,565,831 $ 8,192,181
Net realized and unrealized gains on investments   42,702,051   18,670,920
Net investment income before federal excise tax   48,267,882   26,863,101
Federal excise tax expense   (466,172)   (151,732)
Net investment income   47,801,710   26,711,369
Expenditures
Grants**   19,068,536   30,185,864
Direct charitable activities   815,103   864,432
Grant management   6,511,351   6,623,145
Total expenditures   26,394,990   37,673,441
Change in net assets   21,406,720   (10,962,072)
Net assets — unrestricted
Beginning of year
 
443,791,735
 
454,753,807
End of year
$
465,198,455
$
443,791,735

* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2017 and 2016 financial statements audited by BPM LLP, independent auditors. The condensed financial information should be read in conjunction with the 2017 and 2016 audited financial statements and related notes.

** On a cash basis, the Fund paid out grants totaling $24,485,049 and $23,371,500 in 2017 and 2016, respectively.