Financial Statements

Statement of Financial Position

Year end December 31

	2015	2014
ASSETS
Cash and cash equivalents	188,533	280,987
Other receivable	95	5,634
Prepaid expenses	140	21,628
Note Receivable (Note 3)	-	179,261
Investments, at fair value (Notes 5 & 6)	56,030,001	61,273,250
Property and equipment, net (Note 7)	20,167	34,894
Other assets	11,694	16,694
Program Related Investment (Note 4)	35,000	35,000
Intangible assets	23,631	23,631
TOTAL ASSETS	56,309,261	61,870,979

LIABILITIES
Accounts payable and accrued expenses	46,485	52,713
Grants payable	1,415,000	3,000
Excise Tax Payable	16,080	44,255
Deferred federal excise tax (Note 10)	-	36,712
TOTAL LIABILITIES	1,477,565	136,680

NET ASSETS
Unrestricted	54,831,696	61,734,299

TOTAL LIABILITIES AND UNRESTRICTED NET ASSETS	56,309,261	61,870,979

Year end December 31

	2015	2014
Interest and Dividends	1,106,600	1,078,056
Realized gains on investments	1,392,980	3,786,076
Unrealized/gains (losses) on investments	(2,126,762)	(2,081,236)
Other investment income /(loss)	(24,638)	36,955
Custodial and management fees	(162,053)	(119,337)
Other investment expenses	(905,978)	(572,730)
Net investment income /(loss) before provision for federal excise tax	(719,851)	2,127,784
Provision for federal excise taxes	4,886	(47,741)
Net investment income/(loss)	(714,965)	2,080,043

EXPENSES
Program Services
Grants	5,163,150	3,342,570
Grants Management	444,138	388,140
Philanthropic community and public relations	166,052	167,524
Total program services	5,773,340	3,898,234
Supporting services
Board meetings and support	243,686	200,737
General administration	170,612	161,751
Total supporting services	414,298	362,488
TOTAL EXPENSES	6,187,638	4,260,722
Change in unrestricted net assets	(6,902,603)	(2,180,679)

UNRESTRICTED NET ASSETS
Beginning of Year	61,734,299	63,914,978

End of Year	54,831,696	61,734,299

Name:
Online Progressive Engagement Network (OPEN) / CEL Education Fund

Project Name:
General Support

Amount Granted:
$40,000