Financial Statements
Statement of Financial Position
Year end December 31
| 2016 | 2015 | |
| ASSETS | ||
| Cash and cash equivalents | 667,156 | 188,533 |
| Other receivable | 5,960 | 95 |
| Prepaid expenses | 66,676 | 140 |
| Note Receivable (Note 3) | - | - |
| Investments, at fair value (Notes 5 & 6) | 52,410,614 | 56,030,001 |
| Property and equipment, net (Note 7) | 14,181 | 20,167 |
| Other assets | 12,085 | 11,694 |
| Program Related Investment (Note 4) | 35,000 | 35,000 |
| Intangible assets | 23,630 | 23,630 |
| TOTAL ASSETS | 53,235,302 | 56,309,261 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | 82,477 | 46,485 |
| Grants payable | 625,000 | 1,415,000 |
| Excise Tax Payable | - | 16,080 |
| Deferred federal excise tax (Note 10) | 40,083 | - |
| TOTAL LIABILITIES | 747,560 | 1,477,565 |
| NET ASSETS | ||
| Unrestricted | 52,487,742 | 54,831,696 |
| TOTAL LIABILITIES AND UNRESTRICTED NET ASSETS | 53,235,302 | 56,309,261 |
Statement of Activities
Year end December 31
| 2016 | 2015 | |
| Interest and Dividends | 866,810 | 1,106,600 |
| Realized gains on investments | 783,893 | 1,392,980 |
| Unrealized/gains (losses) on investments | 2,974,923 | (2,126,762) |
| Other investment income /(loss) | (283,044) | (24,638) |
| Custodial and management fees | (52,598) | (162,053) |
| Other investment expenses | (800,222) | (905,978) |
| Net investment expenses /(loss) before provision for federal excise tax | 3,489,802 | (719,851) |
| Provision for federal excise taxes | (52,868) | 4,886 |
| Net investment income/(loss) | 3,436,934 | (714,965) |
| EXPENSES | ||
| Program Services | ||
| Grants | 4,669,998 | 5,163,150 |
| Grants Management | 494,410 | 444,138 |
| Philanthropic community and public relations | 192,208 | 166,052 |
| Total program services | 5,356,616 | 5,773,340 |
| Supporting services | ||
| Board meetings and support | 245,141 | 243,686 |
| General administration | 179,131 | 170,612 |
| Total supporting services | 424,272 | 414,298 |
| TOTAL EXPENSES | 5,780,888 | 6,187,638 |
| Change in unrestricted net assets | (2,343,954) | (6,902,603) |
| UNRESTRICTED NET ASSETS | ||
| Beginning of Year | 54,831,696 | 61,734,299 |
| End of Year | 52,487,742 | 54,831,696 |
