Financial Statements Years Ended December 31, 2009 and 2008
Statements of Activities |
|||
| 2009 | 2008 | ||
|---|---|---|---|
| Changes in unrestricted net assets: | |||
| Revenues and other support: | |||
| Investment income and gains (losses), net | $15,597,234 | $ (28,031,697) | |
| Reimbursement of development expenses | 8,453,074 | 7,621,492 | |
| Other Income | 76,608 | 79,362 | |
| Net assets released from restrictions | 3,574,191 | 13,845,922 | |
| Total unrestricted revenues (losses) and other support | 27,701,107 | (6,484,921) | |
| Expenses: | |||
| Children’s Health Initiative | 3,574,191 | 13,171,258 | |
| Development | 7,744,378 | 6,727,881 | |
| Foundation programs | 2,937,590 | 4,924,972 | |
| Finance and administration | 1,350,903 | 1,383,764 | |
| Total Expenses | 15,607,062 | 26,882,539 | |
| Increase (decrease) in unrestricted net assets | 12,094,045 | (33,367,460) | |
| Changes in temporarily restricted net assets: | |||
| Investment income and gains (losses), net | 137,209 | (545,146) | |
| Net assets released from restrictions | (3,574,191) | (13,845,922) | |
| Decrease in temporarily restricted net assets | (3,436,982) | (14,391,068) | |
| Increase (decrease) in net assets | 8,657,063 | (47,758,528) | |
| Total net assets, beginning of year | 112,738,375 | 160,496,903 | |
| Total net assets, end of year | $121,395,438 | 112,738,375 | |
Statements of Financial Position |
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| 2009 | 2008 | ||
| Assets | |||
| Cash and cash equivalents | $10,688,236 | 11,345,283 | |
| Pledges designated for others | 57,265,859 | 67,350,537 | |
| Investments | 137,472,716 | 129,964,598 | |
| Note receivable from related party | 684,850 | 684,850 | |
| Other assets | 775,582 | 340,827 | |
| Total assets | $206,887,243 | 209,687,095 | |
| Liabilities and net assets | |||
| Liabilities: | |||
| Accounts payable and accrued expenses | $3,593,941 | 2,309,884 | |
| Deferred rent | 396,881 | 305,071 | |
| Grants payable | |||
| Community grants | 1,242,229 | 2,957,602 | |
| Children's Health Initiative grants | 996,064 | 460,399 | |
| Funds designated for others | 79,262,690 | 90,915,764 | |
| Total liabilities | 85,491,805 | 96,948,720 | |
| Commitments | |||
| Net assets: | |||
| Unrestricted net assets | 90,886,861 | 78,792,816 | |
| Temporarily restricted net assets | 30,508,577 | 33,945,559 | |
| Total net assets | 121,395,438 | 112,738,375 | |
| Total liabilities and net assets | $206,887,243 | 209,687,095 | |
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.