ASSETS
2009
2008
Cash and Cash Equivalents
$1,430,369
$3,665,439
Interest and Dividends Receivable
118,733
1,759,026
Receivables for Securities
269,070
195,011
Prepaid Expenses and Other Assets
63,529
68,870
Prepaid Federal Excise Tax
56,998
92,513
Investment Securities
143,191,398
122,081,944
Real Estate Held For Sale
1,403,000
1,403,000
Program-related Investments
3,519,739
3,218,903
Beneficial Interests in Charitable Remainder Trusts
606,766
546,496
Property and Equipment, Net
589,340
606,099
Total Assets
$151,248,942
$133,637,301
LIABILITIES AND NET ASSETS
Liabilities:
Payables for securities
$14,513
$1,652,345
Accounts Payable and Accrued Expenses
281,598
335,080
Unpaid Grants
5,806,166
6,741,328
Deferred Federal Excise Tax
89,309
-
Note Payable
530,812
542,214
Total Liabilities
6,722,398
9,270,967
Commitments (Note 13)
Net assets:
Unrestricted net assets
143,919,778
123,819,838
Temporarily restricted net assets
606,766
546,496
Total Net Assets
144,526,544
124,366,334
Total Liabilities and Net Assets
$151,248,942
$133,637,301
See Notes to Financial Statements
REVENUES AND GAINS
2009
2008
Dividends and Interest
$3,740,800
$4,686,609
Net Realized Gains (Losses) on Sales of Investments
(2,354,560)
(1,731,723)
Net Change in Unrealized Losses on Investments
27,207,055
(45,302,551)
Other
918
136,052
Total Revenue, Gains and Losses
$28,594,213
$42,211,613
EXPENSES
Investment Expenses and Federal Excise Tax
823,533
706,409
Administrative and Program Expenses
1,682,240
1,690,290
Grants Awarded
5,988,500
7,211,650
Total Expenses
8,494,273
9,608,349
Increase (Decrease) in Unrestricted Net Assets
(20,099,940)
(51,819,962)
TEMPORARILY RESTRICTED NET ASSETS
Change in Value of Charitable Remainder Trusts
60,270
(448,191)
Increase (Decrease) in Net Assets
20,160,210
(52,268,153)
NET ASSETS
Beginning
124,366,334
176,634,487
Ending
144,526,544
124,366,334
See Notes to Financial Statements
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