2007 Annual Report - Akron Community Foundation

More documents

Recommendations

Info

36 akroncommunityfdn.org summary OF OUR financial statements % Comparative Summary of Financial Position Investment expenses (34) (24) (in thousands of dollars) Assets March 31, 2007 March 31, 2006 Cash & cash equivalents $ 6,966 $ 5,083 Total investments (at fair value) 123,037 113,239 At the close of fiscal year 2006, Akron Community Foundation Total trust accounts 10,693 10,187 and its affiliate funds hold more than $ 142 million in permanent Contributions receivable – net 111 762 philanthropic capital. The foundation’s endowment is composed of Accrued investment income 68 gifts and bequests from thousands of donors, which are combined Prepaid expenses 51 to maximize earnings and reduce administrative costs. In 2006, gifts totaling $ Land & land improvements 8.33 million and an annual net return of 9.4 percent helped solidify the foundation’s long-term commitment to Greater Akron. The foundation’s average annualized net investment return has been 11 percent each year for the 10 years ending March 31, 2007. The foundation’s distribution committee approved 850 grants to a number of diverse qualified nonprofit organizations and for postsecondary scholarships. These grants, along with other distributions, totaled $ 6.6 million. During fiscal year 2006, the foundation’s operating expenses were less than 1 percent of total assets. Building & equipment – net Cash value of life insurance Total Assets Liabilities & Net Assets Accounts payable & accrued liabilities Grants held for future payment Funds held as agency endowments 1,155 5 $ 142,841 $ 492 559 6,126 1,206 $ 131,295 $ 521 726 5,345 Net assets 135,664 124,703 Fiscal Year at a Glance Total Liabilities & Net Assets $ 142,841 $ 131,295 Permanent philanthropic capital $ 142.8 million Total gifts to ACF $ 8.3 million Asset growth $ 11.5 million Total grants awarded 850 Comparative Summary of Activities Grant dollars distributed $ 6.5 million Operating expenses
$ 140 GROWTH OF ASSETS SINCE 1995 (in millions of dollars) Original gift from Edwin C. Shaw estate totaled $1,040,862 1.20 % 1.00 % OPERATING COSTS AS A PERCENTAGE OF TOTAL ASSETS $ 120 0.80 % 38 39 $ 100 $ 80 0.60 % 0.40 % $ 60 0.20 % Other Operating Costs $ 40 0.00 % Salary, Wages and Benefits $ 20 $ 0 1955 1965 1975 1985 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1997 2005 1998 2006 1999 2007 2000 2001 2002 2003 2004 2005 2006 2007 GRANTS (in thousands of dollars) $ 7,000 $ 6,000 $ 5,000 ASSET CLASSIFICATION (by fund type, in millions of dollars) Unrestricted Funds $ 59.57 in 46 funds (42 % ) $ 4,000 $ 3,000 Donor Advised Funds $ 23.69 in 122 funds (16 % ) $ 2,000 $ 1,000 Endowment & Scholarship Funds $ 59.59 in 142 funds (42 % ) $ 0 Designated Undesignated 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 akroncommunityfdn.org 2007 akroncommunityfdn.org
Page 1 and 2: INSPIRE 345 West Cedar Street Akron
Page 3 and 4: from the board chair from the PRESI
Page 5 and 6: akroncommunityfdn.org akroncommunit
Page 7 and 8: 10 11 akroncommunityfdn.org akronco
Page 13 and 14: FAMILY OF FUNDS 22 akroncommunityfd
Page 15 and 16: Gay Community Endowment Fund Women
Page 17 and 18: HUDSON PUBLIC SCHOOLS ENDOWMENT FUN
Page 19: 37 TH POLSKY AWARD RECIPIENT Contri
Page 23 and 24: 42 akroncommunityfdn.org DESIGNATED
Page 25 and 26: 46 akroncommunityfdn.org DONORS GIF
Page 27 and 28: 50 akroncommunityfdn.org Big Brothe
Page 29 and 30: 54 akroncommunityfdn.org Betts Cole
Page 31: Leadership through the years 58 akr

2007 Annual Report - Akron Community Foundation

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

Delete template?

Save as template?