Annual Report 2004 - Charles Stewart Mott Foundation

STATEMENTS OF ACTIVITY
Charles Stewart Mott Foundation
Years Ended December 31,
2004 2003
Income:
Dividends $ 31,372,234 $ 25,174,433
Interest 27,014,219 31,632,258
Partnerships (2,615,152) (9,423,564)
55,771,301 47,383,127
Less:
Investment expenses 3,532,965 3,158,214
Provision for excise tax 515,674 444,531
4,048,639 3,602,745
Other expense, net (281,515) (776,144)
Net investment income 51,441,147 43,004,238
Grants and expenses:
Grants, net 96,763,209 99,544,699
Foundation-administered projects 850,248 829,668
Administration expenses 14,361,180 15,137,161
111,974,637 115,511,528
Grants and expenses in excess of income (60,533,490) (72,507,290)
Realized gain on sale of assets, net of excise tax
of $2,680,045 in 2004 and $1,864,972 in 2003 267,290,013 184,632,209
Change in market value of investments,
net of change in deferred excise tax (credit) of
($957,926) in 2004 and $4,935,000 in 2003 (46,640,386) 240,794,313
Change in market value of limited partnerships,
net of change in deferred excise tax of
$232,864 in 2004 and $400,000 in 2003 11,410,331 4,444,816
Change in Net Assets 171,526,468 357,364,048
Unrestricted Net Assets:
Beginning of year 2,273,303,114 1,915,939,066
End of year $2,444,829,582 $2,273,303,114
The accompanying notes are an integral part of the financial statements.
78 CHARLES STEWART MOTT FOUNDATION