2022 Financial Summary*

Statements of Financial Position

December 31, 2022 and 2021

Assets

 

2022

 

2021

Cash and cash equivalents $ 421,779 $ 966,114
Investments, at fair value   445,425,027   543,774,743
Deferred compensation plans   2,102,038   2,358,208
Prepaid federal excise tax   866,841   123,000
Receivables and other assets   908,384   196,873
Operating right-of-use lease asset   5,233,043  
Fixed assets, net   3,151,944   743,256
Total assets
$
458,109,056
$
548,162,194

Liabilities and Net Assets

Liabilities
Accounts payable and other accrued expenses $ 412,162 $ 776,998
Grants payable, net   8,537,055   7,953,710
Deferred compensation plans   2,102,038   2,358,208
Deferred federal excise tax   899,423   2,143,482
Operating lease liability   6,002,993  
Total liabilities   17,953,671   13,232,398
Net Assets
Net assets without donor restrictions   440,155,385   534,929,796
Total liabilities and net assets
$
458,109,056
$
548,162,194

Statements of Activities and Changes in Net Assets

Years Ended December 31, 2022 and 2021

   

2022

 

2021

Revenues
Dividends and interest $ 11,426,585 $ 7,522,875
Realized and unrealized (losses) / gains on investments   (69,080,081)   84,891,211
Investment (loss) / income, gross   (57,653,496)   92,414,086
Investment management and other fees   (7,802,849)   (8,370,630)
Excise and other tax benefit / (expense)   864,646   (1,589,206)
Investment (loss) / income, net   (64,591,699)   82,454,250
Expenses
Grants**   24,583,344   19,994,261
Other program expenses   2,959,347   3,064,195
Management and general   2,640,021   2,463,569
Total expenses   30,182,712   25,522,025
Change in net assets   (94,774,411)   56,932,225
Net assets without donor restrictions
Beginning of year
 
534,929,796
 
477,997,571
End of year
$
440,155,385
$
534,929,796

* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2022 financial statements audited by Hood & Strong LLP, independent auditors. The condensed financial information should be read in conjunction with the 2022 audited financial statements and related notes.

** On a cash basis, the Fund paid out grants totaling $24,000,000 and $22,250,000 in 2022 and 2021, respectively.