2005 Annual Report - Akron Community Foundation

Comparative Summary Statement of Financial
Position as of March 31, 2005 and 2004
Comparative Summary Statement of Activities For
the Years Ended March 31, 2005 and 2004
In Thousands March 31, 2005 March 31, 2004
ASSETS
Cash and cash equivalents $
5,425 $
8,603
Investments (at fair value):
U. S. Government and
agency obligations 14,317 13,280
Corporate bonds 9,424 10,128
U.S. equity securities 51,369 50,178
International equity securities 20,336 14,622
Real estate held for investment 2,433 2,433
Total investments 97,879 90,641
Trust accounts:
Third party trusts 9,785 9,873
In Thousands 2005 2004
REVENUES, GAINS AND SUPPORT
Contributions received $
7,298 $
8,521
Investment income 2,684 2,301
Net appreciation (depreciation)
in fair value of assets 2,713 26,731
Less amounts held
for agency endowments:
Contributions (180) (849)
Investment income (109) (88)
Net depreciation
(appreciation)in fair value of assets (126) (1,125)
Total revenues,
gains and support $12,280 $35,491
Pooled life income fund receivable 208 214
Total trust accounts 9,993 10,087
Contributions receivable-net 1,273 152
Accrued investment income 358 363
Prepaid expenses 38 36
Construction in process 0 0
Land and land improvements 344 344
Building and equipment:
Building and equipment 1,629 1,617
Less accumulated depreciation (362) (279)
Building and equipment- net 1,267 1,338
Cash value of life insurance 21 21
TOTAL ASSETS $
116,598 $
111,585
LIABILITIES AND NET ASSETS
EXPENSES AND DISTRIBUTIONS
Grants and other distributions 6,249 4,570
Administrative expenses 1,014 923
Investment expenses 587 532
Less amounts held for
agency endowments
Grants and other distributions (551) (324)
Administrative expenses (40) (30)
Investment expenses (26) (22)
Total expenses
and distributions $
7,233 $
5,649
Increase (decrease)in net assets 5,047 29,842
Net assets, beginning of year
before accounting change 106,083 76,241
Net assets, end of year $
111,130 $
106,083
Liabilities:
Accounts payable and
accrued liabilities $
393 $
420
Deferred revenue 29 29
Grants approved for
future payment 717 522
Notes: Foundation assets are managed by:Bank One, Akron;Brandes Investment
Partners, Inc., San Diego;Clover Capital Management, Pittsford, NY;FirstMerit-
First National Bank, Akron;Frontier Capital Management, Boston; National City
Bank, Akron;Oak Associates, Akron;Osprey Investment Partners, Philadelphia.
The foundation is audited on an annual basis by Brockman, Coats, Gedelian and
Co. Copies of the most recent audit report are available at the foundation offices.
Funds held as agency
endowments 4,329 4,531
Total liabilities 5,468 5,502
Net assets 111,130 106,083
TOTAL LIABILITIES
AND NET ASSETS $
116,598 $
111,585
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