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52 Auditor's Report To the Board of Directors Robert Sterling Clark Foundation We have audited the accompanying statement of assets and net assets arising from cash transactions of the Robert Sterling Clark Foundation, Inc. ("Foundation") as of October 31, 1996, and the related statements of revenues collected, expenses paid and changes in net assets, functional expenses and cash flows for the year then ended. These financial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that Ustatement. we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material mis- An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in Note 2, the Foundation's policy is to prepare its financial statements on a basis of cash receipts and disbursements; consequently, revenue and the related assets are recognized when received rather than when earned, and expenses are recognized when paid rather than when the obligation is incurred; except that the statements include a provision for depreciation of building and equipment. Accordingly, the accompanying financial statements are not intended to present financial position and results of operations in conformity with generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets and net assets arising from cash transactions of the Robert Sterling Clark Foundation, Inc. as of October 31, 1996, and the revenues collected, expenses paid and changes in net assets and cash flows for the year then ended, on a basis of accounting described in Note 2, which basis has been consistently applied. Our examination was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information is presented for purposes of further analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the examination of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Tardino & Tardino Certified Public Accountants December 19, 1996 Lincoln Building 60 East 42nd Street New York, NY 10165
53 Robert Sterling Clark Foundation, Inc. Statement of Assets and Net Assets (Cash Basis) ASSETS October 31, 1996 (With Comparative Totals for October 31, 1995) 1996 1995 INCOME PRINCIPAL TOTAL TOTAL CURRENT ASSETS Cash and Cash Equivalents $ 21,097 $ 2,927,394 $ 2,948,491 $ 2,316,185 Investments Available for Sale Securities - Account 1 Schedule A- I (Note 3) - 57,834,344 57,834,344 54,293,533 Available for Sale Securities - Account 2 Schedule A-2 (Note 3) - 21,779,503 21,779,503 18,970,620 Available for Sale Securities - Account 3 Schedule A-3 (Note 3) - 10,915,649 10,915,649 10,096,920 - 90,529,496 90,529,496 83,361,073 Total Current Assets 21,097 93,456,890 93,477,987 85,677,258 FIXED ASSETS (NOTE 4) Co-Operative (Office Space) - 979,775 979,775 823,986 Furniture, Fixtures & Equipment - 56,869 56,869 - Less: Accumulated Depreciation - (18,089) (18,089 - - 1,018,555 1,018,555 823,986 Total Assets $ 21,097 $ 94,475,445 $ 94,496,542 $ 86,501,244 NET ASSETS Net Assets $ 21,097 $ 61,002,478 $ 61,023,575 $ 59,373,674 Unrealized Gains on Securities - Schedule "A" (Note 3) Total Account 1 - 26,051,501 26,051,501 21,720,891 Total Account 2 - 6,448,834 6,448,834 5,195,000 Total Account 3 - 972,632 972,632 211,679 - 33,472,967 33,472,967 27,127,570 Total Net Assets $ 21,097 $ 94,475,445 $ 94,496,542 $ 86,501,244 The appended notes are an integral part of this statement.
Page 1 and 2: m I- Anna Rpm
Page 3 and 4: 2 Report of the Executive Director
Page 5 and 6: 4 Strengthening Cultural Institutio
Page 7 and 8: 6 • Evaluating and publicizing th
Page 9 and 10: 8 Improving the Performance of Publ
Page 11 and 12: 10 Children's Rights, Inc. $80,000
Page 13 and 14: 12 City Limits $35,000 New York, Ne
Page 15 and 16: 14 Environmental Advocates $40,000
Page 17 and 18: 16 Low Income Housing Fund $40,000
Page 19 and 20: 18 New York Public Interest Researc
Page 21 and 22: 20 State Communities Aid Associatio
Page 23 and 24: 22 Strengthening Cultural Instituti
Page 25 and 26: 24 American Craft Museum New York,
Page 27 and 28: 26 City Center $50,000 New York, Ne
Page 29 and 30: 28 Early Music Foundation $30,000 N
Page 31 and 32: 30 Irish Repertory Theater $15,000
Page 33 and 34: 32 New York Shakespeare Festival/Pu
Page 35 and 36: 34 Riverside Symphony $15,000 New Y
Page 37 and 38: 36 Grants in Support of Arts Advoca
Page 39 and 40: 38 People For the American Way $80,
Page 41 and 42: 40 Center for Reproductive Law and
Page 43 and 44: 42 National Abortion Federation Was
Page 45 and 46: 44 Planned Parenthood of Central an
Page 47 and 48: 46 Religious Coalition for Reproduc
Page 49 and 50: 48 Women's Legal Defense Fund Washi
Page 51: Financial Information
Page 55 and 56: 55 Robert Sterling Clark Foundation
Page 57 and 58: 57 Note 4. Fixed Assets Property an
Page 59 and 60: 59 Elders Share the Arts ..........

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