2019 Financial Summary*

Statements of Financial Position

December 31, 2019 and 2018

Assets

 

2019

 

2018

Cash and cash equivalents $ 203,420 $ 627,610
Investments, at fair value   459,873,603   443,034,158
Deferred compensation plans   1,890,461   1,556,046
Prepaid federal excise tax and other assets   167,506   262,803
Fixed assets, net   508,915   922,226
Total assets
$
462,643,905
$
446,402,843

Liabilities and Net Assets

Liabilities
Accounts payable and other accrued expenses $ 530,325 $ 715,798
Grants payable, net   12,744,303   9,877,083
Deferred compensation plans   1,890,461   1,556,046
Deferred federal excise tax   1,087,155   1,352,799
Total liabilities   16,252,244   13,501,726
Net Assets
Net assets without donor restrictions   446,391,661   432,901,117
Total liabilities and net assets
$
462,643,905
$
446,402,843

Statements of Activities and Changes in Net Assets

Years Ended December 31, 2019 and 2018

   

2019

 

2018

Revenues
Dividends and interest $ 8,745,237 $ 6,800,995
Realized and unrealized gains on investments   46,495,015   1,298,770
Investment income, gross   55,240,252   8,099,765
Investment management and other fees   (6,277,867)   (6,022,081)
Excise and other tax expense   (498,667)   (859,550)
Investment income, net   48,463,718   1,218,134
Expenses
Grants**   27,367,220   26,114,930
Other program expenses   3,978,544   3,992,634
Management and general   3,627,410   3,407,908
Total expenses   34,973,174   33,515,472
Change in net assets   13,490,544   (32,297,338)
Net assets without donor restrictions
Beginning of year
 
432,901,117
 
465,198,455
End of year
$
446,391,661
$
432,901,117

* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2019 financial statements audited by Hood & Strong LLP, independent auditors. The condensed financial information should be read in conjunction with the 2019 audited financial statements and related notes.

** On a cash basis, the Fund paid out grants totaling $24,500,000 and $23,799,624 in 2019 and 2018, respectively.