Community Foundation of Western North Carolina

Financial Information

When you place your gifts in our care, we know that you count on the Foundation to operate efficiently and invest wisely. An active board of directors oversee the financial assets of The Community Foundation and works with the professional staff to exercise high standards of management and fiscal stewardship. The Foundation operates efficiently on less than one penny of every dollar, as a percentage of total assets.

While each fund is accounted for separately, the Foundation's assets are pooled for investment purposes, yielding significant economies of scale. Investment managers are charged with maintaining and increasing the inflation-adjusted value of the Foundation's permanent funds with the goal of meeting charitable distribution and grantmaking needs in Western North Carolina.

STATEMENT OF FINANCIAL POSITION
June 30, 2009 and 2008

Assets 2009   2008
   
Cash & cash equivalents $2,348,348   $2,133,908
Prepaid expense 20,094   16,045
Accounts receiveable 89,540   23,787
Promises to give, net 1,061,528   1,258,652
Investments 50,915,400   84,063,735

Property and equipment, net

60,710

  

72,551
Real estate 544,186   554,186
Investments, restricted for endowment 75,201,561   76,340,042
   

Total Assets

 $130,241,367   $164,452,903

 

Liabilities and Net Assets 2009   2008
   
Liabilities  

Grants and scholarships payable

 $588,230   $820,455
Accounts payable
89,266   51,703

Liabilities under split-interest agreements

6,361,509   9,577,204
Funds held as agency endowments 26,664,687   32,079,574

Total Liabilities
$33,703,692
 
$42,528,936
 
 
   
Net assets:      
Unrestricted (deficit)
(6,566,057)
  
6,652,426

Restricted

  

Temporarily restricted

27,902,171
  
38,931,499

Permanently restricted
75,201,561
76,340,042

Total Net Assets
$96,537,675
  
$121,923,967

 
Total Liabilities and Net Assets $130,241,367   $164,452,903
   

 

STATEMENT OF ACTIVITIES
June 30, 2009 and 2008

Revenues and Other Support 2009   2008
       
Contributions $8,214,717   $14,677,426
Investment income 2,400,255   2,683,742
Net realized and unrealized gains (22,777,425)   (8,444,642)
Change in value of split-interest agreements
(2,506,733)
(1,606,815)
Management fee income 245,538   363,425
Grant income 55,856   52,309
Other income 179,253   148,221
Total Revenues and Other Support $(14,188,539)   $7,873,666
       

Expenses

      
Program services
10,170,083
  
12,252,676

Supporting services

1,027,670
  
1,067,119

Unallocated payment to affiliated organization

  -  
  
10,000
Total Expenses
$11,197,753
  
$13,329,795
       
Change in net assets
(25,386,292)
  
(5,456,129)
       

Net assets, beginning of year,
as previously reported
121,923,967
  
127,380,096
     
Net Assets, End of Year $96,537,675 $121,923,967

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.

Form 990 (Tax year beginning July 1, 2008, and ending June 30, 2009)