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 |
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