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Past Financial Reviews

2019 Statements of Consolidated Financial Position
Assets20192018
Cash & Cash Equivalents $296,152$201,774
Investments181,463,644163,981,970
Investment-Related Receivables3,401,764110,045
Property and Equipment (Net)4,9838,127
Right of Use Asset (Net)1,497,745—
Prepaid Expenses & Other Assets91,15937,389
Total Assets186,755,447164,339,305
Liabilities & Net Assets
Liabilities:
Accounts Payable and Accrued Expenses$21,262$61,971
Grants Payable (Net)1,740,6572,880,160
Deferred Excise Tax Liability311,8055,229
Lease Liability1,677,411—
Total Liabilities3,751,1352,947,360
Net Assets:
Without Donor Restrictions179,591,155158,406,945
With Donor Restrictions3,413,1572,985,000
Total Net Assets183,004,312161,391,945
Total Liabilities and Net Assets$186,755,447$164,339,305
Consolidated Statement of Activities
Revenues and Gains (Losses)20192018
Net Assets – Beginning of Year:161,391,945184,552,265
Net Assets – End of Year:183,004,312161,391,945
Investment Return (Net)30,175,241(12,346,069)
Other Income3,582—
Total Revenues and Gains (Losses)30,178,823(12,346,069)
Expenses  
Program Services7,926,57510,606,717
Management and General639,881207,534
Total Expenses8,566,45610,814,251
Change in Net Assets21,612,367-23,160,320
2018 Statements of Consolidated Financial Position
Assets20182017
Cash & Cash Equivalents $201,774$143,823
Interest & Dividends Receivable1,242435
Receivable from Brokers108,803136,446
Investments, at fair value163,981,970185,054,881
Other Assets37,38937,630
Property and Equipment, net8,12711,547
Total Assets164,339,305185,384,762
Liabilities & Net Assets  
Accounts payable to brokers and others$61,971$55,680
Deferred excise tax liability5,229200,402
Contributions Payable, net2,880,160576,415
Total Liabilities2,947,360832,497
Net Assets:  
Without Donor Restrictions158,406,945181,140,861
With Donor Restrictions2,985,0003,411,404
Total Net Assets161,391,945184,552,265
Total Liabilities and Net Assets$164,339,305$185,384,762
Consolidated Statement of Activities
Revenues, Gains and Other Support1/1- 12/31/181/1- 12/31/17
Beginning Net Assets:184,552,265166,985,601
Ending Net Assets:161,391,945184,552,265
Grants Received02,650
Interest1,641,5101,447,600
Dividends2,054,6042,189,529
Net realized and unrealized gains on investments-14,646,52123,723,662
Other investment income (loss)129,7231,723,500
Total Revenues-10,820,68429,084,291
Program Expense:  
Charitable Contributions9,800,5458,220,254
Salaries and benefits591,230572,624
Professional Fees52,20847,148
Occupancy125,231130,403
Other program administration costs37,50343,049
Total Program Expense10,606,7179,013,478
General & Administration:  
Financial Counseling fees1,525,3851,984,197
Salaries and benefits187,299187,384
Professional Fees27,00928,952
Occupancy26,98328,098
Other program administration costs9,4439,275
Federal Excise tax expense-43,200268,893
Total General and Administrative Expenses1,732,9192,506,799
Total Expenses12,339,63611,520,277
Change in net assets:(23,160,320)17,566,664
2017 Statements of Consolidated Financial Position
Assets20172016
Cash & Cash Equivalents$143,823$845,213
Interest & Dividends Receivable4357
Receivable from Brokers136,446877,672
Investments, at fair value185,054,881166,239,096
Other Assets37,63053,615
Property and Equipment, net11,547872
Total Assets185,384,762168,016,475
Liabilities & Net Assets
Accounts payable to brokers and others$55,680$58,066
Deferred excise tax liability200,40238,847
Contributions Payable, net576,415933,961
Total Liabilities832,4971,030,874
Net Assets:
Unrestricted181,140,861163,949,566
Temporarily Restricted3,183,5482,808,179
Permanently Restricted227,856227,856
Total Net Assets184,552,265166,985,601
Total Liabilities and Net Assets$185,384,762$168,016,475
Consolidated Statement of Activities
Revenues, Gains and Other Support1/1- 12/31/171/1- 12/31/16
Beginning Net Assets:166,985,601165,382,704
Ending Net Assets:184,552,265166,985,601
Grants Received2,650–
Interest1,447,6001,541,514
Dividends2,189,5291,977,395
Net realized and unrealized gains on investments23,723,6627,159,717
Other investment income (loss)1,723,5001,240,531
Total Revenues29,086,94111,919,157
Program Expense:  
Charitable Contributions8,220,2547,884,731
Program Administration Costs793,224761,114
Total Program Expense9,013,4788,645,845
General & Administration:  
Financial Counseling fees1,984,1971,321,117
Administration costs253,709245,458
Federal Excise tax expense268,893103,840
Total General and Administrative Expenses2,506,7991,670,415
Total Expenses11,520,27710,316,260
Change in net assets:17,566,6641,602,897
2016 Statements of Consolidated Financial Position
Assets20162015
Cash & Cash Equivalents$845,213$323,553
Interest & Dividends Receivable71,763
Receivable from Brokers877,6721,672,889
Investments, at fair value166,239,096164,443,987
Other Assets53,61533,696
Property and Equipment, net8721,511
Total Assets168,016,475166,477,399
Liabilities & Net Assets
Accounts payable to brokers and others$58,066$182,800
Deferred excise tax liability38,84732,765
Contributions Payable, net933,961879,130
Total Liabilities1,030,8741,094,695
Net Assets:
Unrestricted163,949,566162,447,335
Temporarily Restricted2,808,1792,707,513
Permanently Restricted227,856227,856
Total Net Assets166,985,601165,382,704
Total Liabilities and Net Assets$168,016,475$166,477,399
Consolidated Statement of Activities
Revenues, Gains and Other Support1/1- 12/31/161/1- 12/31/15
Beginning Net Assets:165,382,704177,359,638
Ending Net Assets:166,985,601165,382,704
Grants Received––
Interest1,541,5141,944,584
Dividends1,977,3952,214,844
Net realized and unrealized gains on investments7,159,717(6,781,695)
Other investment income (loss)1,240,5312,085,782
Total Revenues11,919,157(536,485)
Program Expense: 
Charitable Contributions7,884,7318,871,469
Program Administration Costs761,114713,508
Total Program Expense8,645,8459,584,977
General & Administration: 
Financial Counseling fees1,321,1171,625,310
Administration costs245,458248,703
Federal Excise tax expense103,840(18,541)
Total General and Administrative Expenses1,670,4151,855,472
Total Expenses10,316,26011,440,449
Change in net assets:1,602,897(11,976,934)
2015 Statements of Consolidated Financial Position
Assets20152014
Cash & Cash Equivalents$323,553980,032
Interest & Dividends Receivable1,763205,214
Receivable from Brokers1,672,8891,519,940
Investments, at fair value164,443,987175,450,697
Other Assets33,69650,005
Property and Equipment, net1,5113,631
Total Assets166,477,399178,209,519
Liabilities & Net Assets  
Accounts payable to brokers and others$182,800253,584
Deferred excise tax liability32,765160,275
Contributions Payable, net879,130436,022
Total Liabilities1,094,695849,881
Net Assets:  
Unrestricted162,447,335174,170,461
Temporarily Restricted2,707,5132,961,321
Permanently Restricted227,856227,856
Total Net Assets165,382,704177,359,638
Total Liabilities and Net Assets$166,477,399$178,209,519
Consolidated Statement of Activities
Revenues, Gains and Other Support1/1- 12/31/151/1- 12/31/14
Beginning Net Assets:177,359,638180,915,265
Ending Net Assets:165,382,704177,359,638
Grants Received––
Interest1,944,5841,077,117
Dividends2,214,8442,386,692
Net realized gain/(loss) on investments5,969,1846,947,478
Net change in unrealized appreciation(12,750,879)-4,591,378
Other investment income (loss)2,085,7821,473,550
Total Revenues(536,485)7,293,459
Program Expense:  
Charitable Contributions8,871,4698,183,129
Program Administration Costs713,508706,414
Total Program Expense9,584,9778,889,543
General & Administration:  
Financial Counseling fees1,625,3101,666,731
Administration costs248,703237,961
Federal Excise tax expense(18,541)54,851
Total General and Administrative Expenses1,855,4721,959,543
Total Expenses11,440,44910,849,086
Change in net assets:(11,976,934)(3,555,627)
2014 Statements of Consolidated Financial Position
Assets20142013
Cash & Cash Equivalents$980,0321,378,384
Interest & Dividends Receivable205,214206,696
Receivable from Brokers1,519,940568,255
Investments, at fair value175,450,697180,568,947
Other Assets50,00528,727
Property and Equipment, net3,6314,492
Total Assets178,209,519182,755,501
Liabilities & Net Assets  
Accounts payable to brokers and others$253,584718,254
Deferred excise tax liability160,275206,189
Contributions Payable, net436,022915,793
Total Liabilities849,8811,840,236
Net Assets:  
Unrestricted174,170,461177,661,768
Temporarily Restricted2,961,3213,025,641
Permanently Restricted227,856227,856
Total Net Assets177,359,638180,915,265
Total Liabilities and Net Assets$178,209,519182,755,501
Consolidated Statement of Activities
Revenues, Gains and Other Support1/1- 12/31/141/1- 12/31/13
Beginning Net Assets:180,915,265170,503,260
Ending Net Assets:177,359,638180,915,265
Interest1,077,1171,443,401
Dividends2,386,6921,878,220
Net realized gain/(loss) on investments6,947,4789,550,954
Net change in unrealized appreciation-4,591,3783,300,126
Other investment income (loss)1,473,5505,588,890
Total Revenues7,293,45921,761,591
Program Expense:  
Charitable Contributions8,183,1298,514,204
Program Administration Costs706,414747,654
Total Program Expense8,889,5439,261,858
General & Administration:  
Financial Counseling fees1,666,7311,653,856
Administration costs237,961235,494
Federal Excise tax expense54,851198,378
Total General and Administrative Expenses1,959,5432,087,728
Total Expenses10,849,08611,349,586
Change in net assets:(3,555,627)10,412,005
2013 Statements of Consolidated Financial Position
Assets20132012
Cash & Cash Equivalents1,378,3844,204,525
Interest & Dividends Receivable206,696420,641
Receivable from Brokers568,25581,237
Investments, at fair value180,568,947167,176,330
Other Assets28,72748,572
Property and Equipment, net4,49211,062
Total Assets182,755,501171,942,367
Liabilities & Net Assets  
Accounts payable to brokers and others718,254429,124
Deferred excise tax liability206,189173,188
Contributions Payable, net915,793836,795
Total Liabilities1,840,2361,439,107
Net Assets:  
Unrestricted177,661,768167,446,659
Temporarily Restricted3,025,6412,828,745
Permanently Restricted227,856227,856
Total Net Assets180,915,265170,503,260
Total Liabilities and Net Assets182,755,501171,942,367
Consolidated Statement of Activities
Revenues, Gains and Other Support1/1- 12/31/131/1- 12/31/12
Beginning Net Assets:170,503,260158,167,342
Ending Net Assets:180,915,265170,503,260
Interest1,443,4012,355,233
Dividends1,878,2201,969,283
Net realized gain/(loss) on investments9,550,9542,350,082
Net change in unrealized appreciation3,300,12613,202,349
Other investment income (loss)5,588,8903,559,713
Total Revenues21,761,59123,436,660
Program Expense:  
Charitable Contributions8,514,2048,302,892
Program Administration Costs747,654733,888
Total Program Expense9,261,8589,036,780
General & Administration:  
Financial Counseling fees1,653,8561,612,309
Administration costs235,494236,081
Federal Excise tax expense198,378215,572
Total General and Administrative Expenses2,087,7282,063,962
Total Expenses11,349,58611,100,742
Change in net assets:10,412,00512,335,918
2012 Statements of Consolidated Financial Position
Assets20122011
Cash & Cash Equivalents4,204,5251,912,970
Interest & Dividends Receivable420,641440,300
Receivable from Brokers81,23773,209
Investments, at fair value167,176,330156,360,686
Other Assets48,57280,210
Property and Equipment, net11,06218,635
Total Assets171,942,367158,886,010
Liabilities & Net Assets  
Accounts payable to brokers and others429,124264,949
Deferred excise tax liability173,18841,904
Contributions Payable, net836,795411,815
Total Liabilities1,439,107718,668
Net Assets:  
Unrestricted167,446,659155,336,782
Temporarily Restricted2,828,7452,602,704
Permanently Restricted227,856227,856
Total Net Assets170,503,260158,167,342
Total Liabilities and Net Assets171,942,367158,886,010
Consolidated Statement of Activities
Revenues, Gains and Other Support1/1- 12/31/121/1- 12/31/11
Beginning Net Assets:158,167,342167,309,285
Ending Net Assets:170,503,260158,167,342
Grants Received–200,000
Interest2,355,2332,215,032
Dividends1,969,2832,057,134
Net realized gain/(loss) on investments2,350,0824,074,522
Net change in unrealized appreciation13,202,349(10,504,820)
Other investment income (loss)3,559,7132,166,093
Total Revenues23,436,660207,961
Program Expense:  
Charitable Contributions8,302,8927,055,694
Program Administration Costs733,888649,089
Total Program Expense9,036,7807,704,783
General & Administration:  
Financial Counseling fees1,612,3091,464,624
Administration costs236,081195,061
Federal Excise tax expense215,572(14,564)
Total General and Administrative Expenses2,063,9621,645,121
Total Expenses11,100,7429,349,904
Change in net assets:12,335,918(9,141,943)