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Combined Statements of Financial Position
For more information call:
Pat Quick
Vice President for Finance
330-454-3426
pquick@starkcf.org
COMBINED STATEMENTS OF FINANCIAL POSITION |
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|
| Year Ended December 31 | |
|
| 2008 | 2007 |
Assets |
|
|
|
Cash and cash equivalents |
| $15,042,026 | $11,465,466 |
Interest receivable |
| 323,837 | 390,803 |
Notes and loans receivable, net of allowances | 3,388,352 | 3,494,718 | |
Contributions receivable, net of allowances | 2,446,269 | 3,324,267 | |
Investments |
| 108,653,584 | 149,974,582 |
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Property and equipment: |
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|
|
Real estate |
| 5,093,136 | 4,948,112 |
Equipment |
| 71,255 | 75,237 |
|
| 5,164,391 | 5,023,349 |
Less allowance for depreciation | 383,410 | 262,078 | |
|
| 4,780,981 | 4,761,271 |
Real estate held for sale |
| 218,270 | 403,270 |
Other assets |
| 474,288 | 445,151 |
Total assets |
| $135,327,607 | $174,259,528 |
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Liabilities and net assets |
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Liabilities: |
|
|
|
Accounts payable and accrued expenses | 706,882 | 810,935 | |
Grants payable |
| 3,350,527 | 3,124,395 |
Notes payable |
| 2,715,750 | 2,715,750 |
Funds held as agency endowments | 20,886,621 | 26,037,661 | |
|
| 27,659,780 | 32,688,741 |
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|
|
Net assets - combined entities | 107,667,846 | 141,431,695 | |
Members' equity |
| (19) | 139,092 |
Total net assets and members' equity | 107,667,827 | 141,570,787 | |
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Total liabilities, net assets and members' equity | $135,327,607 | $174,259,528 | |
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COMBINED STATEMENTS OF ACTIVITIES |
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| |
|
| Year Ended December 31 | |
|
| 2008 | 2007 |
Revenues and gains |
|
|
|
Total contributions |
| $3,398,981 | $9,197,764 |
Less: amounts received for agency transactions | 672,444 | 2,974,989 | |
Net contributions |
| 2,726,537 | 6,222,775 |
Investment income |
| 3,551,679 | 3,570,594 |
Less: investment income for agency transactions | 562,564 | 503,800 | |
Net investment income |
| 2,989,115 | 3,066,794 |
Rental income |
| 147,943 | 119,134 |
Other income |
| 221,499 | 124,183 |
Total net realized and unrealized investment (losses) gains | (38,696,185) | 5,565,130 | |
Less: investment (losses) gains on agency transactions | (5,344,950) | 911,375 | |
Net realized and unrealized investment (losses) gains | (33,351,235) | 4,653,755 | |
Total revenues and (losses) gains | (27,266,141) | 14,186,641 | |
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|
Expenses |
|
|
|
Total grants |
| 5,722,497 | 5,521,516 |
Less: grants made from agency transactions | 842,721 | 1,211,521 | |
Net grants expense |
| 4,879,776 | 4,309,995 |
Administrative expenses |
| 1,153,901 | 1,137,781 |
Depreciation and amortization | 128,964 | 132,273 | |
Provision for uncollectible contributions and loans | 54,735 | (16,917) | |
Other expenses |
| 643,662 | 762,621 |
Less: other expenses from agency transactions | 198,376 | 184,387 | |
Net other expenses |
| 445,286 | 578,234 |
Total expenses |
| 6,662,662 | 6,141,366 |
Change in net assets and members' equity | (33,928,803) | 8,045,275 | |
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Net assets and members' equity at beginning of year | 141,570,787 | 133,493,447 | |
Net contribution to members' equity | 25,843 | 32,065 | |
Net assets and members' equity at end of year | $107,667,827 | $141,570,787 | |
Click here to read the complete Audited Financial Statement.
