2017

Financial Report

Statement of Financial Position

Year-End 2017

Audited

(December 31)

Year-End 2016

Audited

(December 31)

Assets

Cash and equivalents

$756,812

$410,293

Investments

$149,563,649

$137,405,394

Inventory

$55,699

$50,001

Program related investments

$2,108,500

$1,876,408

Property & equipment (net)

$2,604,173

$2,729,484

Other assets

$783,695

$653,146

Total assets

$155,872,528

$143,124,726

Liabilities and net assets

Accounts payable and accrued liabilities

$210,749

$221,207

Grants payable

$1,535,000

$1,985,632

Deferred excise taxes

$252,515

$91,515

Total liabilities

$1,998,264

$2,298,354

Unrestricted net assets

$153,874,264

$140,826,372

Total liabilities and unrestricted net assets

$155,872,528

$143,124,726

Statement of Activities

Year-End 2017

Audited

(December 31)

Year-End 2016

Audited

(December 31)

Revenues and gains

Investment income

$3,626,452

$3,349,115

Net realized/unrealized gain on investments

$17,530,586

$6,537,514

Net revenue – program related investments

$1,555,765

$1,358,951

Other revenues

$277,607

$135,181

Total revenues and gains

$22,990,410

$11,380,761

Expenses

Grants

$6,241,252

$8,120,908

Investment expenses

$434,401

$284,632

Program related investment expenses

$1,655,897

$1,656,948

Operating expenses

$1,404,968

$1,485,016

Taxes

$206,000

$151,515

Total Expenses

$9,942,518

$11,699,019

Increase (decrease) in net assets

$13,047,892

($318,258)

Unrestricted net assets – beginning of year

$140,826,372

$141,144,630

Unrestricted net assets – end of year

$153,874,264

$140,826,372