2012 Annual Report - Arizona Community Foundation

PAGE 48 LEADERSHIP & IMPACT: ANNUAL REPORT 2012SUMMARY FINANCIAL STATEMENT2012 FINANCIAL HIGHLIGHTSFOR YEAR ENDED MARCH 31, 201289 new funds were createdand donors contributed a total of$38 million to these new and existingfunds. An additional $2.9 millionwas entrusted to ACF by nonprofitsto steward on their behalf.Our $247 million Long Term Poolhad a strategic asset allocation of58 percent equities, 21 percent fixedincome and 21 percent alternatives.Investment performance for the12 months ending March 31, 2012,was -1.7 percent.We awarded 3,602 grants,distributions and scholarships totaling$36.1 million to 2,232 organizationsand students, bringing awardedgrants since ACF inception in 1978to $423 million.ASSETSCash $ 12,267,000Receivable 17,882,000Investments 441,387,000Split Interest Agreements 25,962,000Other 6,849,000Total Assets $ 504,347,000LIABILITIES AND NET ASSETSAccounts Payable & Other Liabilities $ 2,728,000Grants Payable 3,716,000Annuity Liability 13,006,000Endowment Liability 28,243,000Net Assets 456,654,000Total Liabilities and Net Assets $ 504,347,000REVENUESContributions $ 38,082,000Investments 1,491,000Change in Split Interest Agreements 1,174,000Miscellaneous 1,496,000Total Revenues $ 42,243,000GRANTS AND EXPENSESGrants $ 33,240,000Other Program Expenses 9,303,000Management and General 4,867,000Fundraising 1,876,000Total Grants and Expenses $ 49,286,000CHANGE IN NET ASSETS $ (7,043,000)Affiliate area assets total more than$69 million.NET ASSETSBeginning of Period $ 463,697,000End of Period $ 456,654,000Operating expenses were 1 percentof total assets.The financial statements are the responsibility of the Arizona Community Foundation’s management. The CommunityFoundation maintains a system of internal accounting controls designed to provide responsible assurance thattransactions are properly executed and recorded in all material respects, assets are safeguarded and established policiesand procedures are carefully followed. Copies of the FY12 audited financial statements are available by request from theCommunity Foundation or may be viewed online at www.azfoundation.org/investments.