The Steppingstone Foundation 2009 Annual Report

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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
The Steppingstone Foundation is committed to a policy of equal treatment for all individuals. The Steppingstone Foundation is grateful to the following firms who donated or discounted their services to make the design and printing of this annual report possible: Bill MIles Photography Di Santo Design Barton Productions Hanson Printing Company © 2010 The Steppingstone Foundation This brochure has been printed on recycled paper 17
Page 1 and 2: The Steppingstone Foundation 2009 A
Page 3 and 4: Letter from the Founder In 1990, Jo
Page 5 and 6: Steppingstone Placement Schools Bos
Page 7 and 8: (left to right) Muram, Steppingston
Page 10 and 11: The Herrera Family
Page 12 and 13: Next Steps 10 10 Colleges Steppings
Page 14 and 15: Kim Hsu-Barber & Jeffrey Barber Vir
Page 16 and 17: Margaret Jenkins Bethany Macdougall
Page 20: About Steppingstone The Steppingsto

The Steppingstone Foundation 2009 Annual Report

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