Financial Statements Years Ended December 31, 2008 and 2007
Statements of Activities |
|||
| 2008 | 2007 | ||
|---|---|---|---|
| Changes in unrestricted net assets | |||
| Revenues | |||
| Investment income and gains, net | $(28,031,697) | $14,055,480 | |
| Fundraising fees | 7,621,492 | 7,359,647 | |
| Other Income | 79,362 | 467,254 | |
| Net assets released from restrictions | 13,845,922 | 19,821,540 | |
| Total unrestricted revenues | (6,484,921) | 41,703,921 | |
| Expenses | |||
| Children's Health Initiative grants | 13,171,258 | 19,134,049 | |
| Children's Health Initiative oversight | 674,664 | 687,491 | |
| Programs & Grants | 3,346,152 | 4,450,273 | |
| Communication/Information Program | 1,346,212 | 1,254,272 | |
| Administration | 646,133 | 945,706 | |
| Development | 7,698,120 | 7,547,300 | |
| Total Expenses | 26,882,539 | 34,019,091 | |
| Change in unrestricted net assets | (33,367,460) | 7,684,830 | |
| Changes in temporarily restricted net assets | |||
| Investment income and gains, net | (545,146) | 2,392,738 | |
| Net assets released from restrictions | (13,845,922) | (19,821,540) | |
| Change in temporarily restricted net assets | (14,391,068) | (17,428,802) | |
| (Decrease) Increase in net assets | (47,758,528) | (9,743,972) | |
| Total net assets, beginning of year | 160,496,903 | 170,240,875 | |
| Total net assets, end of year | 112,738,375 | 160,496,903 | |
Statements of Financial Position |
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| 2008 | 2007 | ||
| Assets | |||
| Cash and cash equivalents | 11,346,283 | 13,973,355 | |
| Pledges designated for others | 67,350,537 | 34,420,733 | |
| Note receivable from related party | 684,850 | 600,000 | |
| Investments | 129,964,598 | 184,660,639 | |
| Other assets | 340,827 | 411,770 | |
| Total assets | 209,687,095 | 243,066,497 | |
| Liabilities and net assets | |||
| Liabilities | |||
| Accounts payable and accrued expenses | 2,309,884 | 1,722,554 | |
| Deferred rent | 305,071 | 195,420 | |
| Grants payable | |||
| Community grants | 2,957,602 | 2,271,092 | |
| Children's Health Initiative grants | 460,399 | 5,530,128 | |
| Funds designated for others | 90,915,964 | 63,850,400 | |
| Total liabilities | 96,948,720 | 73,569,594 | |
| Net assets | |||
| Unrestricted net assets | 78,792,816 | 112,160,276 | |
| Temporarily restricted net assets | 33,945,559 | 48,336,627 | |
| Total net assets | 112,738,375 | 160,496,903 | |
| Total liabilities and net assets | 209,687,095 | 234,066,497 | |
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. A copy of the audited financial statement is available upon request.