2017 Financial Summary*
Statements of Financial Position
December 31, 2017 and 2016
Assets |
2017 |
2016 |
||
| Cash and cash equivalents | $ | 2,070,362 | $ | 187,810 |
| Investments, at fair value | 470,763,307 | 456,357,223 | ||
| Deferred compensation plans | 1,636,774 | 1,314,488 | ||
| Prepaid federal excise tax and other assets | 369,687 | 362,387 | ||
| Property and equipment, net | 1,174,613 | 1,083,662 | ||
Total assets |
$ |
476,014,743 |
$ |
459,305,570 |
Liabilities and Net Assets |
||||
| Liabilities | ||||
| Accounts payable and other accrued expenses | $ | 541,645 | $ | 550,853 |
| Grants payable, net | 7,561,777 | 12,978,290 | ||
| Deferred compensation plans | 1,636,744 | 1,314,488 | ||
| Deferred federal excise tax | 840,423 | 358,102 | ||
| Deferred lease incentive | 235,669 | 312,102 | ||
| Total liabilities | 10,816,288 | 15,513,835 | ||
| Net Assets | ||||
| Net Assets — Unrestricted | 465,198,455 | 443,791,735 | ||
Total liabilities and net assets |
$ |
476,014,743 |
$ |
459,305,570 |
Statements of Activities and Changes in Net Assets
Years Ended December 31, 2017 and 2016
2017 |
2016 |
|||
| Net investment income | ||||
| Net dividends, interest, and other income | $ | 5,565,831 | $ | 8,192,181 |
| Net realized and unrealized gains on investments | 42,702,051 | 18,670,920 | ||
| Net investment income before federal excise tax | 48,267,882 | 26,863,101 | ||
| Federal excise tax expense | (466,172) | (151,732) | ||
| Net investment income | 47,801,710 | 26,711,369 | ||
| Expenditures | ||||
| Grants** | 19,068,536 | 30,185,864 | ||
| Direct charitable activities | 815,103 | 864,432 | ||
| Grant management | 6,511,351 | 6,623,145 | ||
| Total expenditures | 26,394,990 | 37,673,441 | ||
| Change in net assets | 21,406,720 | (10,962,072) | ||
| Net assets — unrestricted | ||||
Beginning of year |
443,791,735 |
454,753,807 |
||
End of year |
$ |
465,198,455 |
$ |
443,791,735 |
* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2017 and 2016 financial statements audited by BPM LLP, independent auditors. The condensed financial information should be read in conjunction with the 2017 and 2016 audited financial statements and related notes.
** On a cash basis, the Fund paid out grants totaling $24,485,049 and $23,371,500 in 2017 and 2016, respectively.