2023 Financial Summary*
Statements of Financial Position
December 31, 2023 and 2022
Assets |
2023 |
2022 |
||
| Cash and cash equivalents | $ | 695,014 | $ | 421,779 |
| Investments, at fair value | 457,686,675 | 445,425,027 | ||
| Deferred compensation plans | 2,412,703 | 2,102,038 | ||
| Prepaid federal excise tax | 537,203 | 866,841 | ||
| Receivables and other assets | 204,320 | 908,384 | ||
| Operating right-of-use lease asset | 4,778,674 | 5,233,043 | ||
| Fixed assets, net | 2,807,255 | 3,151,944 | ||
Total assets |
$ |
469,121,844 |
$ |
458,109,056 |
Liabilities and Net Assets |
||||
| Liabilities | ||||
| Accounts payable and other accrued expenses | $ | 273,362 | $ | 412,162 |
| Grants payable, net | 8,763,911 | 8,537,055 | ||
| Deferred compensation plans | 2,412,703 | 2,102,038 | ||
| Deferred federal excise tax | 1,336,000 | 899,423 | ||
| Operating lease liability | 5,713,373 | 6,002,993 | ||
| Total liabilities | 18,499,349 | 17,953,671 | ||
| Net Assets | ||||
| Net assets without donor restrictions | 450,622,495 | 440,155,385 | ||
Total liabilities and net assets |
$ |
469,121,844 |
$ |
458,109,056 |
Statements of Activities and Changes in Net Assets
Years Ended December 31, 2023 and 2022
Revenues |
2023 |
2022 |
||
| Investment income (loss), net | $ | 40,865,477 | $ | (64,591,699) |
| Total revenues | 40,865,477 | (64,591,699) | ||
Expenses |
||||
| Program expenses | ||||
| Grants to other organizations | 24,426,856 | 24,583,344 | ||
| Salaries and benefits | 1,937,032 | 2,245,907 | ||
| Services and professional fees | 61,128 | 26,627 | ||
| Office and occupancy | 363,385 | 303,028 | ||
| Management information systems | 97,651 | 134,651 | ||
| Travel and convening | 55,048 | 47,253 | ||
| Depreciation and amortization | 196,241 | 201,881 | ||
| Total program expenses | 27,137,341 | 27,542,691 | ||
| Management and general expenses | ||||
| Salaries and benefits | 1,864,096 | 1,521,072 | ||
| Services and professional fees | 592,980 | 581,284 | ||
| Office and occupancy | 427,588 | 239,528 | ||
| Management information systems | 114,904 | 106,436 | ||
| Travel and convening | 30,545 | 32,123 | ||
| Depreciation and amortization | 230,913 | 159,578 | ||
| Total management and general expenses | 3,261,026 | 2,640,021 | ||
Total expenses |
30,398,367 |
30,182,712 |
||
Change in net assets |
10,467,110 |
(94,774,411) |
||
| Net assets without donor restrictions | ||||
Beginning of year |
440,155,385 |
534,929,796 |
||
End of year |
$ |
450,622,495 |
$ |
440,155,385 |
Statement of Cash Flows
Years Ended December 31, 2023 and 2022
2023 |
2022 |
|||
| Cash Flows from Operating Activities | ||||
| Grants paid | $ | (24,200,000) | $ | (24,000,000) |
| Cash paid for operating costs | (4,707,370) | (5,235,002) | ||
| Excise taxes paid | (82,325) | (1,549,254) | ||
| Net cash used in operating activities | (28,989,695) | (30,784,256) | ||
| Cash Flows from Investing Activities | ||||
| Proceeds from sales of investments | 29,452,369 | 32,908,352 | ||
| Purchases of property and equipment | (189,439) | (2,668,431) | ||
| Net cash provided by investing activities | 29,262,930 | 30,239,921 | ||
Net change in cash and cash equivalents |
273,235 |
(544,335) |
||
| Cash and Cash Equivalents | ||||
Beginning of year |
421,779 |
966,114 |
||
End of year |
$ |
695,014 |
$ |
421,779 |
* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2023 financial statements audited by Hood & Strong LLP, independent auditors. The condensed financial information should be read in conjunction with the 2023 audited financial statements and related notes.