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FINANCIAL SUMMARY
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| STATEMENTS OF FINANCIAL
POSITION |
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(AUDITED) |
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Year ended June 30, |
| ASSETS |
2002 |
|
2001 |
2000 |
|
1999 |
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|
Cash and cash equivalents |
$ 160,787 |
|
$ 174,873 |
$ 82,946 |
|
$ 110,578 |
|
Accrued interest and dividends |
4,065 |
|
55,610 |
48,520 |
|
70,597 |
|
Accounts receivable |
47,500 |
|
40,682 |
50,130 |
|
23,275 |
|
Federal excise tax refund receivable |
38,773 |
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|
|
|
|
|
Prepaid excise tax |
10,000 |
|
50,301 |
22,924 |
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|
|
Prepaid pension cost |
|
|
|
6,119 |
|
1,531 |
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Investments |
15,779,799 |
|
19,859,314 |
22,995,008 |
|
15,040,957 |
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Deferred federal excise tax asset |
2,899 |
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Intangible pension asset |
20,016 |
|
21,194 |
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Furniture and equipment, net |
6,672 |
|
10,012 |
8,807 |
|
7,091 |
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TOTAL ASSETS |
$16,070,511 |
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$20,211,986 |
$23,214,454 |
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$15,254,029 |
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| LIABILITIES |
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Accounts payable |
$ 80,907 |
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|
$ 12,723 |
|
$ 5,009 |
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Unconditional grants payable |
422,500 |
|
$ 33,000 |
506,778 |
|
436,300 |
|
Federal excise tax payable |
|
|
|
|
|
2,544 |
|
Deferred federal excise tax liability |
|
|
28,058 |
108,222 |
|
28,184 |
|
Accrued pension liability |
103,445 |
|
30,638 |
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TOTAL LIABILITIES |
606,852 |
|
91,696 |
627,723 |
|
472,037 |
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| UNRESTRICTED NET ASSETS |
15,463,659 |
|
20,120,290 |
22,586,731 |
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14,781,992 |
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TOTAL LIABILITIES AND UNRESTRICTED NET ASSETS |
$16,070,511 |
|
$20,211,986 |
$23,214,454 |
|
$15,254,029 |
| STATEMENTS
OF ACTIVITIES |
| (AUDITED) |
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Year ended June 30, |
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2002 |
|
2001 |
2000 |
1999 |
| UNRESTRICTED
SUPPORT AND REVENUE |
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Contributions |
$ 50,000 |
|
$ 50,000 |
|
$ 50,000 |
|
Grant administration fees |
242,686 |
|
158,805 |
$ 130,630 |
65,995 |
|
Investment return |
(3,028,244) |
|
(1,286,008) |
9,250,824 |
1,095,492 |
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Interest on cash and cash
equivalents |
5,916 |
|
10,745 |
7,708 |
5,955 |
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Other income, non-taxable |
4,377 |
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TOTAL UNRESTRICTED SUPPORT
AND REVENUE |
(2,725,265) |
|
(1,066,458) |
9,389,162 |
1,217,442 |
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| EXPENSES |
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Program services |
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Program grants awarded |
1,097,580 |
|
689,250 |
786,518 |
871,244 |
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Program grants management |
467,922 |
|
365,487 |
240,956 |
182,726 |
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1,565,502 |
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1,054,737 |
1,027,474 |
1,053,970 |
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Management and general
expense |
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General administration |
120,928 |
|
101,430 |
120,401 |
104,781 |
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Investment management |
274,365 |
|
299,313 |
256,978 |
185,357 |
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Federal excise tax (benefit) |
(29,429) |
|
(55,497) |
179,570 |
24,373 |
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|
365,864 |
|
345,246 |
556,949 |
314,511 |
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TOTAL EXPENSES |
1,931,366 |
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1,399,983 |
1,584,423 |
1,368,481 |
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CHANGE IN UNRESTRICTED
NET ASSETS |
(4,656,631) |
|
(2,466,441) |
7,804,739 |
(151,039) |
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| UNRESTRICTED
NET ASSETS |
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Beginning of year |
20,120,290 |
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22,586,731 |
14,781,992 |
14,933,031 |
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End of year |
$15,463,659 |
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$20,120,290 |
$22,586,731 |
$14,781,992 |
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Note: The financial statements
for 1999 and 2000 have been restated to reflect a change in
the accounting for deferred excise tax. In addition, certain
expenses in the 1999 and 2000 financial statements have been
reclassified to conform to the 2001 and 2002 presentation.
 
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