The Kinsman Foundation

Financial Statement

December 31, 2005 and December 31, 2006

Revenue, Disbursements and Fund Balance


REVENUE

Revenue 2006
Source 2005 2006
Gifts $850 $0
Dividends & Interest $769,356 $844,939
Rent $31,788 $32,956
Capital Gains $1,397,454 $1,849,394
Other $802 $0
Total Revenue $2,200,250 $2,727,289

DISBURSEMENTS

Disbursements 2006
Object 2005 2006
Gifts & Grants $1,110,149 $1,405,134
Fees & Compensation $413,324 $500,881
Taxes $40,928 $41,477
Overhead, Expenses & Depreciation $102,710 $93,356
Total Disbursements $1,667,111 $2,040,848
EXCESS REVENUE OVER DISBURSEMENTS $533,139 $686,441
FUND BALANCE BEGINNING $24,221,529 $24,754,668
FUND BALANCE ENDING $24,754,668 $25,441,110

Asset Allocation by Asset Class

The goal of the Foundation’s investment activity is to preserve its capital and maximize its return consistent with appropriate risk. Our overall investments are structured to represent a conservative approach to long-term investing. Our minimum objective, after the preservation of capital, is to earn returns sufficient to provide the IRS minimum annual charitable distribution plus the operating expenses of the Foundation. A second objective is to earn returns sufficient to maintain the relative value of our capital, and a third objective is to increase the relative value of our capital. The Foundation does not invest to promote social goals.


Balance Sheet

Assets 2006
ASSETS 2005 2006
Cash $1,421,752 $2,070,968
Investments $23,333,766 $23,370,992
Total Assets $24,755,518 $25,441,960
Liabilities and Fund Balance 2006
LIABILITIES & FUND BALANCE 2005 2006
Liabilities $850 $850
Fund Balance $24,754,668 $25,441,110
Liabilities and Fund Balance $24,755,518 $25,441,960

These unaudited summaries have been prepared by the foundation and are intended only to give an informal suggestion of its financial position