NYCT AR2009_final.pdf - The New York Community Trust

More documents

Recommendations

Info

Consolidated Statements of Cash Flows Years ended December 31, 2009 2008 financial statements Cash flows from operating activities: Increase (decrease) in net assets $ 230,063,633 $ (611,049,208) Adjustments to reconcile increase (decrease) in net assets to net cash used in operating activities: Net (appreciation) depreciation in fair value of investments (248,342,475) 531,441,730 Depreciation and amortization expense 280,039 318,576 Decrease in receivables 1,281,344 659,624 (Decrease) increase in accounts payable (14,460) 22,514 (Decrease) increase in grants payable (17,568,520) 2,365,818 Decrease in deferred rent credits (44,357) (44,357) (Decrease) increase in pension liability (366,033) 5,046,289 (Decrease) increase in accrued postretirement medical benefit obligation (126,815) 176,112 Net cash used in operating activities (34,837,644) (71,062,902) Cash flows from investing activities: Purchases of investments (437,569,097) (615,129,757) Proceeds from sales of investments 475,295,131 658,049,255 Capital expenditures (15,785) (38,446) Net cash provided by investing activities 37,710,249 42,881,052 Net increase (decrease) in cash and cash equivalents 2,872,605 (28,181,850) Cash and cash equivalents at beginning of year 33,705,925 61,887,775 Cash and cash equivalents at end of year $ 36,578,530 $ 33,705,925 Supplemental disclosure of cash flow information: Taxes paid on unrelated business income $ 797,881 $ 1,166,543 See accompanying notes to consolidated financial statements.
37 (1) Organization The New York Community Trust and Community Funds, Inc. (including its Long Island and Westchester Divisions) (The Trust) are community foundations created to build permanent charitable endowments for the areas they serve. The Trust, as the consolidated foundations are hereinafter referred to, is tax exempt under Section 501(c)(3) of the Internal Revenue Code (the Code) and has been determined not to be a private foundation under Section 509(a)(1) of the Code. The Trust administers nearly 2,000 individual charitable funds, each established with an instrument of gift describing either the general or specific purposes for which grants are to be made, usually from income only, but in some cases from principal. (2) Summary of Significant Accounting Policies Accounting standards provide that if the governing body of an organization has the ability to remove a donor restriction, the contributions should be classified as unrestricted net assets. However, under New York State law and The Trust’s governing instruments, the assets are held as endowment funds until such time (if ever) as the governing body deems it prudent and appropriate to expend some part of the principal or appreciation. Accordingly, the consolidated financial statements classify all net assets as unrestricted, but segregate the portion that is held as endowment from the funds that are currently available for grants and administration. Cash equivalents represent short‐term investments with original maturities of 90 days or less, except for those short‐term investments managed as part of long‐term investment strategies. Fixed assets are recorded at cost and are depreciated on a straight‐line basis over the estimated life of the respective asset. Leasehold improvements are depreciated over the life of the respective improvement or the remaining term of the lease, whichever is shorter. Fixed assets are reported net of accumulated depreciation of $1,705,981 in 2009 and $1,425,942 in 2008. Investment expenses include fees for bank trustees, investment managers, and custodians. Grants and services to beneficiaries are expensed with approval of the Distribution Committee of The New York Community Trust (NYCT) or the Board of Directors of Community Funds, Inc. (CFI), and usually paid within one year. The Trust has adopted a constant growth spending plan for many of its funds. This approach allows spending to increase at a steady rate within the confines of a floor, a ceiling and a cap. The spending plan is not applied to funds in CFI that are considered to be underwater, as defined by New York State law. At December 31, 2009 there were about 10 funds with a market value of approximately $3.6 million, and a deficiency of about $0.2 million, considered to be underwater. Accounting estimates are an integral part of the consolidated financial statements prepared by management and are based upon management’s current judgments. Actual results could differ from those estimates. Certain 2008 amounts have been reclassified to conform to the 2009 presentation. (3) Investments Accounting Standards Codification Topic 820 (ASC 820), Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset, or paid to transfer a liability (an exit price), in the principal or most advantageous market for the asset or liability in an
Page 1 and 2: Through the alarms of war, the tide
Page 3 and 4: Welcome The words on the cover of t
Page 5 and 6: 3 people alone who need help. As Do
Page 7 and 8: Stretching the Safety Net Rose-colo
Page 11 and 12: their shelves stocked with fresh fo
Page 14 and 15: The Guild’s bright, happy atmosph
Page 16 and 17: 14 To provide a full flavor of our
Page 18 and 19: 16 Taproot Foundation, to help nonp
Page 20 and 21: how to apply for a grant 18 The Tru
Page 22 and 23: The New York Community Trust offers
Page 24 and 25: Bob Kaufman: Director and donor We
Page 26 and 27: guidelines for attorneys 24 Establi
Page 28 and 29: The governing body consists of 12 m
Page 30 and 31: 28 Anne Moore, M.D. Professor of Cl
Page 32 and 33: 30 Westchester funds Apoyo Fund (20
Page 34 and 35: In 1923, the banks of New York City
Page 36 and 37: financial statements Consolidated S
Page 40 and 41: orderly transaction between market
Page 42 and 43: Capital invested in Level 3 assets
Page 44 and 45: Independent Auditors’ Report Dist
Page 46 and 47: Please k n o w t h at w e d o o u r
Page 48 and 49: funds in 2009 46 Coleman Family Fun
Page 50 and 51: funds in 2009 48 Gail Gordon Fund (
Page 52 and 53: funds in 2009 50 Jacob Levy Fund (1
Page 54 and 55: funds in 2009 52 CB Perrette Fund (
Page 56 and 57: funds in 2009 54 Ettie Stettheimer
Page 58 and 59: Th e o r g a n iz at i o n s listed
Page 60 and 61: grants in 2009 58 Community Resourc
Page 62 and 63: grants in 2009 60 Lawyers Alliance
Page 64 and 65: grants in 2009 62 Pennsylvania Stat
Page 66 and 67: Westchester Community College Found
Page 68: The New York Community Trust 909 Th

NYCT AR2009_final.pdf - The New York Community Trust

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?