2008 Annual Report - Greater Worcester Community Foundation

Financials
Statements of Financial Position
ASSETS
2008
2007
Cash
Accounts receivable
Prepaid expenses
Pledges receivable
Investments
Split interest agreements:
Net investments in pooled income fund
Net interest in charitable remainder trust
Net interest in charitable gift annuity
Cash value of life insurance
Property held for investment
Notes receivable
Property and equipment, net
$
300,522
132
36,327
11,735
89,030,230
1,378,303
86,383
103,036
4,308
565,000
16,188
84,581
$
459,922
1,150
22,876
385,421
130,652,447
1,645,562
125,988
496,784
3,892
565,000
19,577
76,341
Total assets
$
91,616,745
$
134,454,960
LIABILITIES AND NET ASSETS
Distributions payable
Accounts payable
Accrued expenses
Funds held as agency endowments
$
938,700
13,124
45,499
7,426,860
$
1,405,329
35,185
31,743
10,103,463
Total liabilities
8,424,183
11,575,720
Net assets:
Unrestricted
Temporarily restricted
Permanently restricted
895,303
5,635,580
76,661,679
1,257,102
45,639,777
75,982,361
Total net assets
83,192,562
122,879,240
Total liabilities and net assets
$
91,616,745
$ 134,454,960
Audits of Greater Worcester Community Foundation’s
A complete copy of the audited financial statements may be
obtained by calling the Foundation at 508.755.0980.
The Foundation retains the services of independent investment
consultants to provide support to the investment committee and
monitor the performance of its investment managers.
34 Greater Worcester Community Foundation 08 ANNUAL REPORT