The Steppingstone Foundation 2009 Annual Report

Consolidated Financial Statements for December 31, 2009
The Steppingstone Foundation, Boston, and Steppingstone Scholars, Inc., Philadelphia
Boston Philadelphia total
Boston Philadelphia total
16
Consolidating Schedule of Financial Position
Assets
Current Assets
Cash and cash equivalents 78,331 98,203 176,534
Contributions receivable 354,935 229,601 584,536
Prepaid expenses and deposit 151,718 13,559 165,277
Cash restricted for endowment - 1,000,438 1,000,438
Investments 3,691,519 - 3,691,519
Beneficial interest in perpetual trust - 54,105 54,105
Property and equipment,
at cost less accumulated depreciation 103,118 11,351 114,469
Total Assets 4,379,621 1,407,257 5,786,878
Liabilities & Net Assets
Current Liabilities
Accounts payable and accrued expenses 519,492 16,012 535,504
Deferred revenue 50,877 52,000 102,877
Total Liabilities 570,369 68,012 638,381
Net Assets
Unrestricted
Operations 2,105,848 55,101 2,160,949
Board Designated 1,000,000 - 1,000,000
Total Unrestricted Net Assets 3,105,848 55,101 3,160,949
Temporarily restricted 703,404 240,004 943,408
Permanently restricted - 1,044,140 1,044,140
Total Net Assets 3,809,252 1,339,245 5,148,497
Total Liabilities and Net Assets 4,379,621 1,407,257 5,786,878
Consolidating Schedule of Activities
Revenue, Gains and Other Support
Fundraising Events 794,804 228,675 1,023,479
Less cost of direct benefit to donors (154,713) (127,760) (282,473)
Net Fundraising Event Revenue 640,091 100,915 741,006
Contributions and grants 1,895,602 1,779,072 3,674,674
Growth campaign contributions 8,832 - 8,832
Interest 10,629 1,630 12,259
Other income 2,407 512 2,919
Membership Income 61,920 - 61,920
Realized & unrealized gains on investments (35,781) - (35,781)
Gain on beneficial interest in perpetual trust - 10,658 10,658
Total Revenue, Gains & Other Support 2,583,700 1,892,787 4,476,487
Expenses and Losses
Program Services
The Steppingstone Academy - Boston 2,659,401 - 2,659,401
Scholars Program - Philadelphia - 590,992 590,992
National Partnership for Educational Access 318,795 - 318,795
Replication 176,999 - 176,999
Total Program Services 3,155,195 590,992 3,746,187
Supporting Services
General and administrative 419,451 221,347 640,798
Development 526,384 165,675 692,059
Total Supporting Services 945,835 387,022 1,332,857
Total Expenses 4,101,030 978,014 5,079,044
Change in net assets (1,517,330) 914,773 (602,557)
Net Assets at Beginning of Year 5,326,582 424,472 5,751,054
Net Assets at End of Year 3,809,252 1,339,245 5,148,497