Financial Statements
Statement of Financial Position
Year end December 31
| 2019 | 2018 | |
| ASSETS | ||
| Cash and cash equivalents | 346,113 | 1,792,010 |
| Other receivable | 2,020,661 | 3,390 |
| Prepaid expenses | 35,796 | 51,625 |
| Investments, at fair value (Notes 4 & 5) | 30,222,307 | 32,082,797 |
| Property and equipment, net (Note 7) | 18,691 | 3,309 |
| Program related investment (Note 3) | 25,000 | 25,000 |
| Security Deposit | 10,650 | 22,975 |
| Intangible Assets | 25,288 | 25,288 |
| TOTAL ASSETS | 32,704,506 | 34,006,394 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | 123,592 | 118,250 |
| Grants payable (Note 10) | 200,00 | 1,492,141 |
| Excise Tax Payable | - | - |
| Deferred federal excise tax (Note 9) | 106,588 | 27,167 |
| TOTAL LIABILITIES | 430,180 | 1,637,558 |
| NET ASSETS | ||
| Net assets without donor restrictions | 32,274,326 | 32,368,836 |
| TOTAL LIABILITIES AND UNRESTRICTED NET ASSETS | 32,704,506 | 34,006,334 |
Statement of Activities
Year end December 31
| 2019 | 2018 | |
| Interest and Dividends | 475,039 | 997,582 |
| Realized gains on investments | 1,802,328 | 3,268,358 |
| Unrealized gains/(losses) on investments | 1,533,601 | (4,221,299) |
| Other investment income/(loss) | (95,496) | 31,573 |
| Custodial and management fees | (66,253) | (85,389) |
| Other investment expenses | (882,151) | (883,427) |
| Net investment expenses/(losses) before provision for federal excise tax | 2,767,068 | (892,602) |
| Provision for federal excise taxes | (103,984) | 16,250 |
| Net investment income/(loss) | 2,663,084 | (876,352) |
| EXPENSES | ||
| Program Services | ||
| Grants | 1,872,577 | 19,520,177 |
| Compensation and benefits | 395,171 | 354,739 |
| Professional fees | 48,912 | 124,742 |
| Occupancy | 38,837 | 57,920 |
| Insurance | 2,790 | 2,273 |
| Travel | 54,527 | 31,784 |
| Office expense | 5,338 | 5,670 |
| Depreciation | 4,467 | 4,708 |
| Miscellaneous | 2,637 | 2,532 |
| Total program services | 2,425,256 | 20,104,545 |
| Supporting services | ||
| Board meetings and support | 162,547 | 171,290 |
| Compensation and benefits | 395,171 | 354,739 |
| Professional fees | 31,721 | 31,529 |
| Occupancy | 11,919 | 17,774 |
| Other office | 1,640 | 1,739 |
| Travel | 1,774 | 1,634 |
| Depreciation | 1,370 | 1,446 |
| Insurance | 857 | 698 |
| Miscellaneous | 4,593 | (107) |
| Total supporting services | 332,338 | 332,200 |
| TOTAL EXPENSES | 2,757,594 | 20,436,745 |
| Change in net assets without donor restrictions | (94,510) | (21,313,097) |
| Net assets without donor restrictions - beginning of the year | 32,368,836 | 53,681,933 |
| Net assets without donor restrictions - end of year | 32,274,326 | 32,368,836 |
