Financial Statements

Statement of Financial Position

Year end December 31

20162015
ASSETS
Cash and cash equivalents667,156188,533
Other receivable 5,960 95
Prepaid expenses 66,676 140
Note Receivable (Note 3) - -
Investments, at fair value (Notes 5 & 6)52,410,61456,030,001
Property and equipment, net (Note 7) 14,18120,167
Other assets12,08511,694
Program Related Investment (Note 4)35,00035,000
Intangible assets23,63023,630
TOTAL ASSETS53,235,30256,309,261
LIABILITIES
Accounts payable and accrued expenses82,47746,485
Grants payable625,0001,415,000
Excise Tax Payable -16,080
Deferred federal excise tax (Note 10)40,083 -
TOTAL LIABILITIES 747,5601,477,565
NET ASSETS
Unrestricted52,487,74254,831,696
TOTAL LIABILITIES AND UNRESTRICTED NET ASSETS53,235,30256,309,261

Statement of Activities

Year end December 31

20162015
Interest and Dividends866,8101,106,600
Realized gains on investments783,8931,392,980
Unrealized/gains (losses) on investments2,974,923(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 tax3,489,802(719,851)
Provision for federal excise taxes (52,868)4,886
Net investment income/(loss)3,436,934(714,965)
EXPENSES
Program Services
Grants4,669,9985,163,150
Grants Management494,410444,138
Philanthropic community and public relations192,208166,052
Total program services5,356,6165,773,340
Supporting services
Board meetings and support245,141243,686
General administration179,131170,612
Total supporting services 424,272414,298
TOTAL EXPENSES5,780,8886,187,638
Change in unrestricted net assets(2,343,954)(6,902,603)
UNRESTRICTED NET ASSETS
Beginning of Year54,831,69661,734,299
End of Year52,487,74254,831,696

Grantee Facts

Name:
Magnum Foundation

Project Name:
General Support

Amount Granted:
$50,000