ASSETS
2008
2007
Cash and Cash Equivalents
$3,665,439
$8,904,213
Interest and Dividends Receivable
1,759,026
812,820
Receivables for Securities
195,011
2,877,550
Prepaid Expenses and Other Assets
68,870
72,918
Prepaid Federal Excise Tax
92,513
168,434
Investment Securities
122,081,944
170,442,800
Real Estate Held For Sale
1,403,000
1,403,000
Program-related Investments
3,218,903
2,460,437
Beneficial Interests in Charitable Remainder Trusts
546,496
994,687
Property and Equipment, Net
606,099
633,917
Total Assets
$133,637,301
$188,770,776
LIABILITIES AND NET ASSETS
Liabilities:
Payables for securities
$1,652,345
$3,761,837
Accounts Payable and Accrued Expenses
335,080
321,615
Unpaid Grants
6,741,328
7,230,105
Deferred Federal Excise Tax
-
269,824
Note Payable
542,214
552,908
Total Liabilities
9,270,967
12,136,289
Commitments (Note 13)
Net assets:
Unrestricted net assets
123,819,838
175,639,800
Temporarily restricted net assets
546,496
994,687
Total Net Assets
124,366,334
176,634,497
Total Liabilities and Net Assets
$133,637,301
$188,770,776
See Notes to Financial Statements
REVENUES AND GAINS
2008
2007
Dividends and Interest
$4,686,609
$5,231,046
Net Realized Gains (Losses) on Sales of Investments
(1,731,723)
12,355,372
Net Change in Unrealized Losses on Investments
(45,302,551)
(2,575,544)
Other
136,052
204,455
Total Revenue, Gains and Losses
$(42,211,613)
$15,215,329
EXPENSES
Investment Expenses and Federal Excise Tax
706,409
1,207,575
Administrative and Program Expenses
1,690,290
1,842,975
Grants Awarded
7,211,650
10,351,360
Total Expenses
9,608,349
13,401,910
Increase (Decrease) in Unrestricted Net Assets
(51,819,962)
1,813,419
TEMPORARILY RESTRICTED NET ASSETS
Change in Value of Charitable Remainder Trusts
(448,191)
35,302
Increase (Decrease) in Net Assets
(52,268,153)
1,848,721
NET ASSETS
Beginning
176,634,487
174,785,766
Ending
124,366,334
176,634,487
See Notes to Financial Statements
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