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Statement of Activities
Statement of Financial Position
2005
Statement of Activities
Year Ended
June 30, 2005
With Comparative
Totals for the Year Ended June 30, 2004
SUPPORT,
REVENUES AND RECLASSIFICATIONS |
Total
2005 |
Total
2004 |
| McKnight Foundation
Grants |
|
|
| Other Grants |
|
|
| Contributions |
$1,469,252 |
$697,772 |
| Gain on Sale of Investments
and Capital Dividends |
$123,153 |
$124,561 |
| Investment Income |
$718,934 |
$451,651 |
| Unrealized Gain (Loss) |
$1,119,390 |
$2,637,043 |
| Loan Interest Income |
$397,748 |
$466,186 |
| Recovery of Written-off Loans |
$11,610 |
$2,810 |
| Donated Land |
$40,000 |
$0 |
| Miscellaneous Income |
$28,980 |
$24,523 |
| Transfer from Unrestricted |
$0 |
$0 |
| Net Assets Released from Restriction |
$0 |
$0 |
Total Support,
Revenues and Reclassifications |
$6,004,800 |
$6,282,958 |
| |
|
|
EXPENSES |
Total
2005 |
Total
2004 |
| General and Administrative |
$609,910 |
$544,578 |
| Fund Development |
$241,895 |
$201,513 |
| Grant Programs |
$1,258,380 |
$1,436,479 |
| Loan Programs |
$509,283 |
$474,470 |
| Component Funds |
$144,017 |
$54,960 |
| Community Foundations |
$40,271 |
$20,569 |
| Total
Expenses |
$2,803,756 |
$2,732,569 |
| Change
in Net Assets |
$3,199,318 |
$3,550,389 |
| |
|
|
| NET ASSETS - JULY 1 |
$35,756,314 |
$32,205,925 |
| NET ASSETS - JUNE 30 |
$38,955,632 |
$35,756,314 |
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2005
Statement of Financial Position
Year Ended
June 30, 2005
With Comparative
Totals for the Year Ended June 30, 2004
| ASSETS |
Total
2005
|
|
| Cash and Cash Equivalents |
$5,130,308 |
$5,090,507 |
| Investments |
$29,493,034 |
$25,505,447 |
| CD Interest Receivable |
$0 |
$9,285 |
| Due from McKnight |
$583,796 |
$428,741 |
| Loan Interest Receivable |
$41,005 |
$49,184 |
| Grants Receivable |
$53,445 |
$123,046 |
| Pledges Receivable |
$72,406 |
$118,783 |
| Loans Receivable (Net of Allowance) |
$5,154,662 |
$6,509,557 |
| Prepaids |
$7,602 |
$10,514 |
| Gift Annuity Investments |
$55,778 |
$104,537 |
| Beneficial Interest in Life Estate |
$827,000 |
$242,000 |
| Property and Equipment, Net |
$1,114,789 |
$928,169 |
| Total Assets |
$42,533,825 |
$39,119,770 |
| |
|
|
| LIABILITIES AND NET ASSETS |
|
|
| LIABILITIES |
Total
2005
|
|
| Grants Payable |
$707,765 |
$850,801 |
| Accounts Payable |
$31,376 |
$6,457 |
| Accrued Liabilities |
$80,008 |
$69,626 |
| Short Term Note Payable |
$672,353 |
$0 |
| Annuity Payable |
$41,864 |
$63,950 |
| Assets Held on Donor's Behalf |
$32,878 |
$32,463 |
| Notes Payable |
$2,011,949 |
$2,340,159 |
| Total
Liabilities |
$3,578,193 |
$3,363,456 |
| |
|
|
| NET ASSETS |
|
|
| Unrestricted |
$11,259,499 |
$10,437,333 |
| Temporarily Restricted |
$11,097,037 |
$10,617,123 |
| Permanently Restricted |
$16,599,096 |
$14,701,858 |
|
Total Net Assets |
$38,955,632 |
$35,756,314 |
| |
|
|
| TOTAL LIABILITIES AND NET
ASSETS |
$42,533,825 |
$39,119,770 |
A full copy of the Southwest Initiative Foundation's audited financial statements are available upon request. Just contact us at [email protected] or call 1-800-594-9480 to receive a copy.
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