Financial Statements
Statement of Financial Position
Year end December 31
| 2017 | 2016 | |
| ASSETS | ||
| Cash and cash equivalents | 521,027 | 667,156 |
| Other receivable | 4,282 | 5,960 |
| Prepaid expenses | 60,293 | 66,676 |
| Note Receivable (Note 3) | - | - |
| Investments, at fair value (Notes 4 & 5) | 54,330,906 | 52,410,614 |
| Property and equipment, net (Note 6) | 9,497 | 14,181 |
| Other assets | 25,725 | 12,085 |
| Program Related Investment (Note 3) | 25,000 | 35,000 |
| Intangible assets | 24,536 | 23,630 |
| TOTAL ASSETS | 55,001,266 | 53,235,302 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | 248,029 | 82,477 |
| Grants payable (Note 10) | 992,900 | 625,000 |
| Excise Tax Payable | - | - |
| Deferred federal excise tax (Note 9) | 78,404 | 40,083 |
| TOTAL LIABILITIES | 1,319,333 | 747,560 |
| NET ASSETS | ||
| Unrestricted | 53,681,933 | 52,487,742 |
| TOTAL LIABILITIES AND UNRESTRICTED NET ASSETS | 55,001,266 | 53,235,302 |
Statement of Activities
Year end December 31
| 2017 | 2016 | |
| Interest and Dividends | 824,376 | 866,810 |
| Realized gains on investments | 2,474,561 | 783,893 |
| Unrealized/gains (losses) on investments | 5,842,256 | 2,974,923 |
| Other investment income /(loss) | (106,748) | (283,044) |
| Custodial and management fees | (68,425) | (52,598) |
| Other investment expenses | (914,329) | (800,222) |
| Net investment expenses /(loss) before provision for federal excise tax | 8,051,691 | 3,489,802 |
| Provision for federal excise taxes | (61,495) | (52,868) |
| Net investment income/(loss) | 7,990,196 | 3,436,934 |
| EXPENSES | ||
| Program Services | ||
| Grants | 5,602,805 | 4,669,998 |
| Grants Management | 466,516 | 494,410 |
| Philanthropic community and public relations | 276,772 | 192,208 |
| Total program services | 6,346,093 | 5,356,616 |
| Supporting services | ||
| Board meetings and support | 226,611 | 245,141 |
| General administration | 223,301 | 179,131 |
| Total supporting services | 449,912 | 424,272 |
| TOTAL EXPENSES | 6,796,005 | 5,780,888 |
| Change in unrestricted net assets | 1,194,191 | (2,343,954) |
| UNRESTRICTED NET ASSETS | ||
| Beginning of Year | 52,487,742 | 54,831,696 |
| End of Year | 53,681,933 | 52,487,742 |
