NYCT AR2009_final.pdf - The New York Community Trust

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Independent Auditors’ Report Distribution Committee of The New York Community Trust and Board of Directors of Community Funds, Inc.: We have audited the accompanying consolidated statements of financial position of The New York Community Trust and Community Funds, Inc. (including its Long Island and Westchester Divisions) (collectively, The Trust) as of December 31, 2009 and 2008, and the related consolidated statements of activities and cash flows for the years then ended. These consolidated financial statements are the responsibility of The Trust’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. financial statements We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of The Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of The New York Community Trust and Community Funds, Inc. (including its Long Island and Westchester Divisions) as of December 31, 2009 and 2008, and the changes in their net assets and their cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles. KPMG LLP May 12, 2010
investment committee Investment Committee Bruce W. Calvert, Chairman Principal CalCap Management LLC Philip Y. Edwards Principal Curcio Webb 43 Kathleen A. Corbet Chief Executive Officer Cross Ridge Capital LLC Elizabeth B. Dater Managing Director Angelo, Gordon & Co. Assets by Fund Type Unrestricted 53%: Donor-advised 40% Non-advised 13% grants by program areas Education, Arts, and Human Justice 41% total expenditures Donald R. Kurtz Retired Managing Director General Motors Investment Management Corp. Lorie A. Slutsky President The New York Community Trust Affiliation for identification purposes only. Community Development and the Environment 24% Field-of- Interest 32% Health and People with Special Needs 15% Designated 11% Children, Youth, and Families 19% Scholarship 4% Special Projects 1% financial highlights Grants 91% Administration 7% Development 2%
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Page 20 and 21: how to apply for a grant 18 The Tru
Page 22 and 23: The New York Community Trust offers
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Page 30 and 31: 28 Anne Moore, M.D. Professor of Cl
Page 32 and 33: 30 Westchester funds Apoyo Fund (20
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Page 38 and 39: Consolidated Statements of Cash Flo
Page 40 and 41: orderly transaction between market
Page 42 and 43: Capital invested in Level 3 assets
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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
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NYCT AR2009_final.pdf - The New York Community Trust

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