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Financial Statements
Basis of Presentation
The Foundation’s financial statements are prepared on the basis
of accounting used for excise tax purposes. Under these
principles, certain revenues and related assets are recognized
when received rather than when earned, and certain grants,
awards and expenses are recognized when paid rather than when
the obligation is incurred. The unrestricted net assets with
investments at fair value are shown, as supplementary
information. Complete audited financial statements are available
upon request from the Foundation office.
Statement of Assets, Liabilities and Net Assets
(Excise Tax Basis) |
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| Years Ended December 31 |
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2008 |
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2007 |
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| ASSETS |
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| Assets |
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| Cash |
$ |
121,720 |
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$ |
290,751 |
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| Investments at cost: |
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| Short-term
investments |
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5,871,057 |
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5,103,338 |
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| Securities: |
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Mutual fund – fixed income |
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52,511,855 |
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53,196,253 |
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Government obligations |
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1,014,992 |
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1,016,180 |
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Corporate stocks |
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66,536,787 |
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75,631,495 |
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International equity trusts |
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35,691,472 |
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32,005,867 |
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TOTAL CURRENT ASSETS |
$ |
161,747,883 |
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$ |
167,243,884 |
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| Property and Equipment, |
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| at cost, less accumulated |
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| depreciation |
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29,584 |
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35,912 |
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TOTAL ASSETS |
$ |
161,777,467 |
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$ |
167,279,796 |
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| LIABILITIES AND NET ASSETS |
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| Liabilities |
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| Accrued expenses |
$ |
2,429 |
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$ |
— |
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| Unrestricted Net Assets |
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161,775,038 |
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167,279,796 |
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TOTAL LIABILITIES AND |
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NET ASSETS |
$ |
161,777,467 |
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$ |
167,279,796 |
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| Unrestricted net assets with |
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| investments at fair value |
$ |
155,313,692 |
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$ |
211,706,780 |
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Statement of Support, Revenues and Expenses |
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(Excise Tax Basis) |
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| Years Ended December 31 |
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2008 |
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2007 |
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| SUPPORT AND REVENUES |
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| Dividend and interest income |
$ |
5,920,619 |
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$ |
5,990,508 |
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| Realized net gains on |
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| sale of investments |
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666,039 |
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20,121,590 |
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| Contributions |
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— |
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4,621 |
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| Investment and custodian
fees |
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(1,093,883) |
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(1,079,355) |
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| TOTAL SUPPORT
AND |
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| REVENUES |
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5,492,775 |
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25,037,364 |
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| EXPENSES |
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| Grants and awards |
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9,504,973 |
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9,481,645 |
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| Management and general |
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1,070,560 |
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962,920 |
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10,575,533 |
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10,444,565 |
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| FEDERAL EXCISE TAX |
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422,000 |
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340,366 |
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| TOTAL EXPENSES |
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10,997,533 |
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10,784,931 |
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| INCREASE (DECREASE) IN |
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| NET ASSETS |
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(5,504,758) |
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14,252,433 |
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| UNRESTRICTED NET ASSETS |
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| BEGINNING |
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167,279,796 |
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153,027,363 |
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| ENDING |
$ |
161,775,038 |
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$ |
167,279,796 |
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