Financial Statements Years Ended December 31, 2010 and 2009
Statements of Activities
| 2010 | 2009 | ||
|---|---|---|---|
| Changes in unrestricted net assets: | |||
| Revenues and other support: | |||
| Investment income and gains, net | $11,093,743 | $15,597,234 | |
| Reimbursement of development expenses | 9,571,092 | 8,453,074 | |
| Other Income | 32,720 | 76,608 | |
| Net assets released from restrictions | 3,891,724 | 3,574,191 | |
| Total unrestricted revenues and other support | 24,589,279 | 27,701,107 | |
| Expenses: | |||
| Children’s Health Initiative | 3,891,724 | 3,574,191 | |
| Development | 8,508,749 | 7,744,378 | |
| Foundation programs | 2,070,786 | 2,937,590 | |
| Finance and administration | 1,463,294 | 1,350,903 | |
| Total Expenses | 15,934,553 | 15,607,062 | |
| Increase in unrestricted net assets | 8,654,726 | 12,094,045 | |
| Changes in temporarily restricted net assets: | |||
| Investment income and gains, net | 7,175 | 137,209 | |
| Net assets released from restrictions | (3,891,724) | (3,574,191) | |
| Return of unused grant funds | 3,951,510 | —— | |
| Increase (decrease) in temporarily restricted net assets | 66,961 | (3,436,982) | |
| Increase in net assets | 8,721,687 | 8,657,063 | |
| Total net assets, beginning of year | 121,395,438 | 112,738,375 | |
| Total net assets, end of year | $130,117,125 | 121,395,438 | |
Statements of Financial Position |
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| 2010 | 2009 | ||
| Assets | |||
| Cash and cash equivalents | $12,318,854 | 10,688,236 | |
| Pledges designated for others | 55,301,249 | 55,350,467 | |
| Investments | 147,827,414 | 137,472,716 | |
| Note receivable from related party | 684,850 | 684,850 | |
| Other assets | 933,553 | 775,582 | |
| Total assets | $217,065,920 | 204,971,851 | |
| Liabilities and Net Assets | |||
| Liabilities: | |||
| Accounts payable and accrued expenses | $4,711,954 | 3,593,713 | |
| Deferred rent | 470,315 | 396,881 | |
| Grants payable: | |||
| Community grants | 391,500 | 1,242,229 | |
| Children's Health Initiative grants | 1,407,740 | 996,292 | |
| Funds designated for others | 79,967,286 | 77,347,298 | |
| Total liabilities | 86,948,795 | 83,576,413 | |
| Net assets: | |||
| Unrestricted net assets | 99,541,587 | 90,886,861 | |
| Temporarily restricted net assets | 30,575,538 | 30,508,577 | |
| Total net assets | 130,117,125 | 121,395,438 | |
| Total liabilities and net assets | $217,065,920 | 204,971,851 |
Note: The notes that accompany the financial report are an integral part of the financial statements and are required for a full presentation. They are not included here. Copies of the audited financial statements are available upon request.