2024 Financial Summary*
Statements of Financial Position
December 31, 2024 and 2023
Assets |
2024 |
2023 |
||
| Cash and cash equivalents | $ | 1,986,125 | $ | 695,014 |
| Investments, at fair value | 472,224,879 | 457,686,675 | ||
| Deferred compensation plans | 2,648,253 | 2,412,703 | ||
| Prepaid federal excise tax | 317,645 | 537,203 | ||
| Receivables and other assets | 203,052 | 204,320 | ||
| Operating right-of-use lease asset | 4,306,305 | 4,778,674 | ||
| Fixed assets, net | 2,346,602 | 2,807,255 | ||
Total assets |
$ |
484,032,861 |
$ |
469,121,844 |
Liabilities and Net Assets |
||||
| Liabilities | ||||
| Accounts payable and other accrued expenses | $ | 224,639 | $ | 273,362 |
| Grants payable, net | 6,173,288 | 8,763,911 | ||
| Deferred compensation plans | 2,648,253 | 2,412,703 | ||
| Deferred federal excise tax | 1,250,000 | 1,336,000 | ||
| Operating lease liability | 5,215,737 | 5,713,373 | ||
| Total liabilities | 15,511,917 | 18,499,349 | ||
| Net Assets | ||||
| Net assets without donor restrictions | 468,520,944 | 450,622,495 | ||
Total liabilities and net assets |
$ |
484,032,861 |
$ |
469,121,844 |
Statements of Activities and Changes in Net Assets
Years Ended December 31, 2024 and 2023
Revenues |
2024 |
2023 |
||
| Investment income (loss), net | $ | 45,867,759 | $ | 40,865,477 |
| Total revenues | 45,867,759 | 40,865,477 | ||
Expenses |
||||
| Program expenses | ||||
| Grants to other organizations | 21,909,378 | 24,426,856 | ||
| Salaries and benefits | 2,031,687 | 1,937,032 | ||
| Services and professional fees | 36,551 | 61,128 | ||
| Office and occupancy | 398,260 | 363,385 | ||
| Management information systems | 89,288 | 97,651 | ||
| Travel and convening | 71,140 | 55,048 | ||
| Depreciation and amortization | 236,168 | 196,241 | ||
| Total program expenses | 24,772,472 | 27,137,341 | ||
| Management and general expenses | ||||
| Salaries and benefits | 1,897,898 | 1,864,096 | ||
| Services and professional fees | 574,172 | 592,980 | ||
| Office and occupancy | 378,560 | 427,588 | ||
| Management information systems | 84,872 | 114,904 | ||
| Travel and convening | 36,850 | 30,545 | ||
| Depreciation and amortization | 224,486 | 230,913 | ||
| Total management and general expenses | 3,196,838 | 3,261,026 | ||
Total expenses |
27,969,310 |
30,398,367 |
||
Change in net assets |
17,898,449 |
10,467,110 |
||
| Net assets without donor restrictions | ||||
Beginning of year |
450,622,495 |
440,155,385 |
||
End of year |
$ |
468,520,944 |
$ |
450,622,495 |
Statement of Cash Flows
Years Ended December 31, 2024 and 2023
2024 |
2023 |
|||
| Cash Flows from Operating Activities | ||||
| Grants paid | $ | (24,500,000) | $ | (24,200,000) |
| Cash paid for operating costs | (5,672,002) | (4,707,370) | ||
| Excise taxes paid | (317,333) | (82,325) | ||
| Net cash used in operating activities | (30,489,335) | (28,989,695) | ||
| Cash Flows from Investing Activities | ||||
| Proceeds from sales of investments | 31,780,446 | 29,452,369 | ||
| Purchases of property and equipment | (189,439) | |||
| Net cash provided by investing activities | 31,780,446 | 29,262,930 | ||
Net change in cash and cash equivalents |
1,291,111 |
273,235 |
||
| Cash and Cash Equivalents | ||||
Beginning of year |
695,014 |
421,779 |
||
End of year |
$ |
1,986,125 |
$ |
695,014 |
* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2024 financial statements audited by Hood & Strong LLP, independent auditors. The condensed financial information should be read in conjunction with the 2024 audited financial statements and related notes.
** On a cash basis, the Fund paid out grants totaling $24,500,000 and $24,200,000 in 2024 and 2023, respectively.