Audited Financial Statements
STATEMENT OF FINANCIAL POSITION
June 30, 2010 and 2009
| Assets |
2010 |
|
2009 |
| Cash & cash equivalents |
$1,193,986 |
|
$2,348,348 |
| Prepaid expense |
8,634 |
|
20,094 |
| Accounts receiveable |
80,932 |
|
89,540 |
| Promises to give, net |
735,741 |
|
1,061,528 |
| Investments |
65,074,994 |
|
50,915,400 |
| Property and equipment, net |
48,400 |
|
60,710 |
| Real estate |
544,186 |
|
554,186 |
| Investments, restricted for endowment |
76,847,272 |
|
75,201,561 |
|
Total Assets
|
$144,534,145 |
|
$130,241,367 |
STATEMENT OF ACTIVITIES
June 30, 2010 and 2009
| Revenues and Other Support |
2010 |
|
2009 |
|
|
|
|
| Contributions |
$11,928,168 |
|
$8,214,717 |
| Investment income |
1,865,106 |
|
2,400,255 |
| Net realized and unrealized gains |
9,703,072 |
|
(22,777,425) |
| Change in value of split-interest agreements |
346,296
|
|
|
| Management fee income |
268,448 |
|
245,538 |
| Grant income |
77,331 |
|
55,856 |
| Other income |
207,185 |
|
179,253 |
| Total Revenues and Other Support |
$24,395,606 |
|
$(14,188,539) |
| |
|
|
|
| Expenses |
|
|
|
| Program services |
12,281,628
|
|
|
| Supporting services |
1,044,623
|
|
1,027,670
|
|
Total Expenses
|
$13,326,251
|
|
$11,197,753
|
|
|
|
|
| Change in net assets |
11,069,355
|
|
(25,386,292)
|
| Net assets, beginning of year, as previously reported |
96,537,675 |
|
121,923,967 |
| Net Assets, End of Year |
$107,607,030 |
|
$96,537,675 |
Note: Standards of financial accounting for nonprofit organizations affect the reporting of charitable remainder trusts and certain endowment funds managed by The Community Foundation for other nonprofit organizations. On the Statement of Activities, among the categories of revenue and expense impacted by these reporting requirements are Contributions and Program Services, which includes grant distributions. References to Contributions and Grants in other parts of this website reflect total contributions received and total grants disbursed.
The audited financial statements of The Community Foundation of Western North Carolina are available for inspection at the Foundation office, Suite 1600, the BB&T Building, One West Pack Square, Asheville, NC 28801. Federal form 990-T is available upon request for all tax years in which it has been filed.