Financial Statements
Statement of Financial Position
Year end December 31
| 2018 | 2017 | |
| ASSETS | ||
| Cash and cash equivalents | 1,792,010 | 521,027 |
| Other receivable | 3,390 | 4,282 |
| Prepaid expenses | 51,625 | 60,293 |
| Investments, at fair value (Notes 4 & 5) | 32,082,797 | 54,330,906 |
| Property and equipment, net (Note 7) | 3,309 | 9,497 |
| Program related investment (Note 3) | 25,000 | 25,000 |
| Security Deposit | 25,975 | 25,725 |
| Intangible Assets | 25,288 | 24,536 |
| TOTAL ASSETS | 34,006,394 | 55,001,266 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | 118,250 | 248,029 |
| Grants payable (Note 10) | 1,492,141 | 992,900 |
| Excise Tax Payable | - | - |
| Deferred federal excise tax (Note 9) | 27,167 | 78,404 |
| TOTAL LIABILITIES | 1,637,558 | 1,319,333 |
| NET ASSETS | ||
| Net assets without donor restrictions | 32,368,836 | 53,681,933 |
| TOTAL LIABILITIES AND UNRESTRICTED NET ASSETS | 34,006,334 | 55,001,266 |
Statement of Activities
Year end December 31
| 2018 | 2017 | |
| Interest and Dividends | 997,582 | 824,376 |
| Realized gains on investments | 3,268,358 | 2,474,561 |
| Unrealized/gains (losses) on investments | (4,221,299) | 5,842,256 |
| Other investment income /(loss) | 31,573 | (106,748) |
| Custodial and management fees | (85,389) | (68,425) |
| Other investment expenses | (883,427) | (914,329) |
| Net investment expenses /(loss) before provision for federal excise tax | (892,602) | 8,051,691 |
| Provision for federal excise taxes | 16,250 | (61,495) |
| Net investment income/(loss) | (876,352) | 7,990,196 |
| EXPENSES | ||
| Program Services | ||
| Grants | 4,691,110 | 5,602,805 |
| Spin-off Grant to Scintilla Foundation | 14,829,067 | 0.00 |
| Grants Management | 367,439 | 466,516 |
| Philanthropic community and public relations | 216,929 | 276,772 |
| Total program services | 20,104,545 | 6,346,093 |
| Supporting services | ||
| Board meetings and support | 171,290 | 226,611 |
| General administration | 160,910 | 223,301 |
| Total supporting services | 332,200 | 449,912 |
| TOTAL EXPENSES | 20,436,745 | 6,796,005 |
| Change in net assets without donor restrictions | (21,313,097) | 1,194,191 |
| Net assets without donor restrictions-beginning of the year | 53,681,933 | 52,487,742 |
| Net assets without donor restrictions-end of year | 32,368,836 | 53,681,933 |
