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Statement of Activities
Statement of Financial Position
2004
Statement of Activities
Year Ended
June 30, 2004
With Comparative
Totals for the Year Ended June 30, 2003
SUPPORT,
REVENUES AND RECLASSIFICATIONS |
Total
2004 |
Total
2003 |
| McKnight Foundation
Grants |
|
|
| Other Grants |
|
|
| Contributions |
$697,772 |
$946,543 |
| Gain on Sale of Investments
and Capital Dividends |
$143,591 |
$85,970 |
| Investment Income |
$432,621 |
$556,439 |
| Unrealized Gain (Loss) |
$2,637,043 |
($292,659) |
| Loan Interest Income |
$466,186 |
$492,347 |
| Recovery of Written-off Loans |
$2,810 |
$360 |
| Miscellaneous Income |
$24,523 |
$27,758 |
| Transfer from Unrestricted |
$0 |
$0 |
| Net Assets Released from Restriction |
$0 |
$0 |
Total Support,
Revenues and Reclassifications |
$6,282,958 |
$3,438,321 |
| |
|
|
EXPENSES |
Total
2004 |
Total
2003 |
| General and Administrative |
$544,578 |
$579,197 |
| Fund Development |
$201,513 |
$172,980 |
| Grant Programs |
$1,436,479 |
$1,103,662 |
| Loan Programs |
$474,470 |
$418,877 |
| Component Funds |
$54,960 |
$15,544 |
| Community Foundations |
$20,569 |
$35,296 |
| Total
Expenses |
$2,732,569 |
$2,325,556 |
| Change
in Net Assets |
$3,550,389 |
$1,112,765 |
| |
|
|
| NET ASSETS - JULY 1 |
$32,205,925 |
$31,093,160 |
| NET ASSETS - JUNE 30 |
$35,756,314 |
$32,205,925 |
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2004
Statement of Financial Position
Year Ended
June 30, 2004
With Comparative
Totals for the Year Ended June 30, 2003
| ASSETS |
Total
2004
|
|
| Cash and Cash Equivalents |
$5,090,507 |
$4,671,529 |
| Investments |
$25,505,447 |
$20,750,960 |
| CD Interest Receivable |
$9,285 |
$9,048 |
| Due from McKnight |
$428,741 |
$523,486 |
| Loan Interest Receivable |
$49,184 |
$40,615 |
| Grants Receivable |
$123,046 |
$104,474 |
| Pledges Receivable |
$118,783 |
$150,508 |
| Loans Receivable (Net of Allowance) |
$6,509,557 |
$7,805,030 |
| Prepaids |
$10,514 |
$12,407 |
| Gift Annuity Investments |
$104,537 |
$0 |
| Beneficial Interest in Life Estate |
$242,000 |
$242,000 |
| Property and Equipment, Net |
$928,169 |
$886,335 |
| Total Assets |
$39,119,770 |
$35,196,392 |
| |
|
|
| LIABILITIES AND NET ASSETS |
|
|
| LIABILITIES |
Total
2004
|
|
| Grants Payable |
$850,801 |
$796,178 |
| Accounts Payable |
$6,457 |
$7,837 |
| Accrued Liabilities |
$69,626 |
$66,318 |
| Annuity Payable |
$63,950 |
$0 |
| Assets Held on Donor's Behalf |
$32,463 |
$29,055 |
| Notes Payable |
$2,340,159 |
$2,091,079 |
| Total
Liabilities |
$3,363,456 |
$2,990,467 |
| |
|
|
| NET ASSETS |
|
|
| Unrestricted |
$10,437,333 |
$8,321,599 |
| Temporarily Restricted |
$10,617,123 |
$9,995,719 |
| Permanently Restricted |
$14,701,858 |
$13,888,607 |
|
Total Net Assets |
$35,756,314 |
$32,205,925 |
| |
|
|
| TOTAL LIABILITIES AND NET
ASSETS |
$39,119,770 |
$35,196,392 |
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