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.