Audited Balance Sheet as of June 30, 2004 and 2003
($000's)
Assets |
Audited 06/30/04 |
Audited 06/30/03 |
|
| Cash & cash equivalents | 10,488 |
9,066 |
|
 |
|||
| Contributions receivable, net (donor pledges) | 69,850 |
79,793 |
|
|
|||
| Investments | 608,738 |
516,224 |
|
|
|||
| Investments held by trustee (Bear Creek, LLC) | 5,431 |
22,833 |
|
|
|||
| Property, plant & equipment (incl. Bear Creek, LLC) | 68,454 |
62,386 |
|
|
|||
| Other assets | 2,279 |
2,367 |
|
| Total Assets |
765,240 |
692,669 |
|
|
|||
| Accounts payable and accrued liabilities | 15,237 |
14,230 |
|
|
|||
| Liabilities under split-interest agreements (future trust payments) | 30,611 |
33,418 |
|
|
|||
| Custodial funds | 78,607 |
56,749 |
|
|
|||
| Bank Borrowings | 1,650 |
7,265 |
|
|
|||
| Bonds payable, net (Bear Creek, LLC) | 69,241 |
69,247 |
|
|
|||
| Total liabilities |
195,346 |
181,909 |
|
|
|||
| Unrestricted net assets (see Note below) | 28,750 |
15,146 |
|
|
|||
| Temporarily restricted net assets (see Note below) | 364,539 |
323,727 |
|
|
|||
| Permanently restricted net assets (see Note below) | 176,605 |
171,887 |
|
| |
|||
| Total net assets |
569,894 |
510,760 |
|
| Total liabilities and net assets |
765,240 |
692,669 |
|
Italic iserts intended to be explanatory
Note on net asset restrictions: These are similar to “capital” and “equity” accounts on a private corporation’s balance sheet. Listed this way since 1996 on non-profit balance sheets, they refer to gift designations by donors. Over 96% of all gifts are “restricted” in some way. Nearly 5,000 of these donor accounts are managed by the Foundation to fund University programs.
- Unrestricted net assets: Institutional financial strength is greatly enhanced by these undesignated net assets which provide unrestricted ongoing support. $25 million of the $29 million consists of liquid assets.
- Temporarily restricted net assets: Those restricted for a specific purpose or time period. This category also includes the appreciated portion of permanently restricted net assets, generally comprised of “pure” endowments.
- Permanently restricted net assets: Assets subject to donor-imposed restrictions that will be maintained permanently by the Foundation. Values are generally equal to the Historic Gift Value, the value of the original gift, with unrealized investment gains held in the temporarily restricted asset category for donor designated use.
