2018 Financial Summary*

Statements of Financial Position

December 31, 2018 and 2017

Assets

 

2018

 

2017

Cash and cash equivalents $ 627,610 $ 2,070,362
Investments, at fair value   443,034,158   470,763,307
Deferred compensation plans   1,556,046   1,636,774
Prepaid federal excise tax and other assets   262,803   369,687
Fixed assets, net   922,226   1,174,613
Total assets
$
446,402,843
$
476,014,743

Liabilities and Net Assets

Liabilities
Accounts payable and other accrued expenses $ 715,798 $ 777,314
Grants payable, net   9,877,083   7,561,777
Deferred compensation plans   1,556,046   1,636,774
Deferred federal excise tax   1,352,799   840,423
Total liabilities   13,501,726   10,816,288
Net Assets
Net assets without donor restrictions   432,901,117   465,198,455
Total liabilities and net assets
$
446,402,843
$
476,014,743

Statements of Activities and Changes in Net Assets

Years Ended December 31, 2018 and 2017
   

2018

 

2017

Revenues
Dividends and interest $ 1,893,252 $ 549,544
Realized and unrealized gains on investments   2,676,899   50,322,206
Investment income, gross   4,570,151   50,871,750
Investment management and other fees   (2,492,467)   (2,603,868)
Excise tax expense   (859,550)   (466,172)
Investment income, net   1,218,134   47,801,710
Expenses
Grants**   26,114,930   19,068,536
Other program expenses   3,992,634   3,987,320
Management and general   3,407,908   3,339,134
Total expenses   33,515,472   26,394,990
Change in net assets   (32,297,338)   21,406,720
Net assets without donor restrictions
Beginning of year
 
465,198,455
 
443,791,735
End of year
$
432,901,117
$
465,198,455

* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2018 financial statements audited by Hood & Strong LLP, independent auditors. The condensed financial information should be read in conjunction with the 2018 audited financial statements and related notes.

** On a cash basis, the Fund paid out grants totaling $23,799,624 and $24,485,049 in 2018 and 2017, respectively.