Annual Report 2004 - Charles Stewart Mott Foundation

NOTES TO FINANCIAL STATEMENTS
E. Grants Payable:
Grants payable at December 31, 2004, are expected to be paid as follows:
Payable in Years Ending December 31,
Programs 2005 2006 2007 2008-12 Total
Civil Society $13,676,292 $ 3,487,739 $ 305,000 $ 0 $17,469,031
Environment 7,323,050 985,000 0 0 8,308,050
Flint Area 4,619,424 489,917 235,450 70,900 5,415,691
Pathways Out of Poverty 16,939,295 4,037,522 500,000 0 21,476,817
Other* 393,432 100,000 0 0 493,432
Grants payable 42,951,493 9,100,178 1,040,450 70,900 53,163,021
Less: Unamortized Discount 0 453,928 101,209 11,606 566,743
Grants payable, net $42,951,493 $ 8,646,250 $ 939,241 $59,294 $52,596,278
*Includes Exploratory and Special Projects.
In addition, the Foundation has also approved grants that require certain conditions to be met by the
grantee. Conditional grants excluded from the Foundation’s financial statements totaled $4,280,452 and
$3,544,032 as of December 31, 2004 and 2003, respectively.
Grant activity, including the Matching Gift Program, for the years ended December 31, 2004 and
2003, was as follows:
2004 2003
Grants payable, January 1 $ 70,433,757 $ 74,161,982
Grants approved 97,982,059 100,507,804
168,415,816 174,669,786
Less grants paid by program:
Civil Society 28,964,413 28,248,515
Environment 16,650,167 17,119,552
Flint Area 23,455,977 11,060,510
Pathways Out of Poverty 43,117,036 43,488,502
Other † 3,065,202 4,318,950
115,252,795 104,236,029
Grants payable, December 31 $ 53,163,021 $ 70,433,757
†Includes Exploratory and Special Projects, and Matching Gifts Program.
F. Pension and Other Postretirement Benefits:
The Foundation sponsors a qualified defined benefit plan covering substantially all employees along with
an unfunded nonqualified plan for restoration of pension benefits lost due to statutory limitations
imposed upon qualified plans. In addition, the Foundation sponsors an unfunded post-retirement medical
plan for all eligible employees. The qualified defined benefit pension plan is funded in accordance with
the minimum funding requirements of the Employee Retirement Income Security Act. Plan assets are
invested in diversified cash, bond and equity mutual funds.
continued
2004 ANNUAL REPORT
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