STATEMENT
OF ACTIVITIES |
| |
|
|
2007
|
|
2006
|
| |
SUPPORT AND REVENUE |
|
|
|
|
| |
|
Interest |
|
$ 736,929 |
|
$ 854,314 |
| |
|
Dividends and partnership earnings |
|
19,406 |
|
42,246 |
| |
|
Gain on sale of investments and change in unrealized
gain |
|
1,486,945 |
|
2,314,423 |
| |
|
|
|
|
|
|
| |
|
TOTAL SUPPORT AND REVENUES |
|
2,243,280 |
|
3,210,983 |
| |
|
|
|
|
|
|
| |
EXPENSES |
|
|
|
|
| |
|
Program |
|
|
|
|
| |
|
|
Grants |
|
14,628,290 |
|
12,364,899 |
| |
|
|
Foundation directed projects |
|
242,037 |
|
337,935 |
| |
|
|
|
14,870,327 |
|
12,702,834 |
| |
|
Administration |
|
|
|
|
| |
|
|
Accounting and audit |
|
21,220 |
|
24,630 |
| |
|
|
Bank charges |
|
200 |
|
270 |
| |
|
|
Board meetings, conferences and travel |
|
143,019 |
|
120,914 |
| |
|
|
Consultants |
|
26,470 |
|
18,938 |
| |
|
|
Depreciation |
|
71,398 |
|
81,457 |
| |
|
|
|
|
|
|
|
| |
|
|
Equipment |
|
21,898 |
|
17,059 |
| |
|
|
Excise and unrelated business income taxes |
50,000 |
|
66,300 |
| |
|
|
Insurance |
|
8,653 |
|
12,319 |
| |
|
|
Investment fees |
|
25,070 |
|
101,730 |
| |
|
|
Legal |
|
60,761 |
|
61,545 |
| |
|
|
|
|
|
|
|
| |
|
|
Memberships |
|
22,045 |
|
21,775 |
| |
|
|
Office supplies |
|
21,261 |
|
17,703 |
| |
|
|
Payroll taxes and benefits |
|
405,984 |
|
381,507 |
| |
|
|
Rent and utilities |
|
197,215 |
|
195,307 |
| |
|
|
Repairs and maintenance |
|
29,714 |
|
32,518 |
| |
|
|
Salaries |
|
1,130,788 |
|
1,047,099 |
| |
|
|
Telephone |
|
28,958
|
|
33,492
|
| |
|
|
|
|
|
|
|
| |
|
Total Expenses |
|
17,134,981
|
|
14,937,397
|
| |
|
Change in Net Assets for the Year |
|
(14,891,701) |
|
(11,726,414) |
| |
|
Net Assets, beginning of year |
|
|
|
|
| |
|
NET ASSETS, END OF YEAR |
|
$ 16,316,810 |
|
$ 31,208,511 |
| |
|
|
|
|
|
| The accompanying notes to the financial
statements are an integral part of these statements. |
| |
|
|
|
|
|
|
|