Financial Statement
2020 Financial Highlights
Statements of Financial Position
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| ASSETS | |||||
| Cash and cash equivalents | $23,685,359 | $11,057,845 | |||
| Short-term investments | $14,083,802 | $14,883,611 | |||
| GMSP short-term investments | $64,131,704 | $57,036,415 | |||
| Receivable for unsettled investment trades | $5,766 | $12,938 | |||
| Pledges receivable, net | $37,473,029 | $35,769,594 | |||
| Accrued investment income | $1,203,489 | $1,510,848 | |||
| Long term investments | $154,022,441 | $179,380,474 | |||
| GMSP long term investments | $205,932,255 | $271,882,601 | |||
| Property and equipment, net | $25,377,576 | $26,205,796 | |||
| Collections acquired | $1,414,250 | $1,414,250 | |||
| Other assets | $4,992,441 | $4,974,708 | |||
| Total assets | $532,322,112 | $604,129,080 | |||
| LIABILITIES AND NET ASSETS | |||||
| Accounts payable and accrued expenses | $4,855,768 | $6,347,218 | |||
| Accrued wages, vacation, and other related expenses | $2,398,847 | $2,951,417 | |||
| Accrued distribution to member institutions | $5,450,254 | $7,651,660 | |||
| Accrued return of funds to the Gates Foundation | $13,000,000 | - | |||
| Notes payable | - | $889,620 | |||
| Bonds payable | $27,159,022 | $28,032,770 | |||
| Total liabilities | $52,863,891 | $45,872,685 | |||
| NET ASSETS (deficit) | |||||
| Without donor restrictions | $1,343,562 | -$2,278,596 | |||
| With donor restrictions | $478,114,659 | $560,534,991 | |||
| Total net assets | $479,458,221 | $558,256,395 | |||
| Total liabilities and net assets | $532,322,112 | $604,129,080 |
Statement of Activities
| 2020 | 2019 | |||
|---|---|---|---|---|
| CONTRIBUTIONS | ||||
| Without donor restriction | With donor restrictions | Total | Total | |
| Contributions for grants and scholarships | - | $39,253,651 | $39,253,651 | $22,984,325 |
| Contributions and gifts | $30,812,158 | $15,349 | $30,827,507 | $33,087,698 |
| Bequests and legacies | $8,470,851 | $1,783,575 | $10,254,426 | $4,714,269 |
| Gifts-in-kind and donated services | $28,435 | $1,049,297 | $1,077,732 | $912,233 |
| Total support | $39,311,444 | $42,101,872 | $81,413,316 | $61,698,525 |
| Investment income: | ||||
| Interest and dividends | $418,981 | $7,594,209 | $8,013,190 | $11,635,484 |
| Amortization of investment premium and discount | -$67,159 | $1,943,387 | $1,876,228 | $2,311,670 |
| Realized gains/(losses) | $459,785 | -$666,459 | -$206,674 | -$1,971,688 |
| Unrealized gains/(losses) | -$923,644 | -$8,679,191 | -$9,602,835 | $6,429,384 |
| Total investment income | -$112,037 | $191,946 | $79,909 | $18,404,850 |
| Net assets released from restrictions | $124,714,150 | -$124,714,150 | - | - |
| Total revenue, gains, and other support | $163,913,557 | -$82,420,332 | $81,493,225 | $80,103,375 |
| EXPENSES | ||||
| Program services: | ||||
| GMSP | $79,899,214 | - | $79,899,214 | $81,511,729 |
| Scholarships and special projects | $43,606,270 | - | $43,606,270 | $41,528,867 |
| Distributions to member institutions | $13,389,193 | - | $13,389,193 | $14,565,561 |
| Institutional services | $1,827,415 | - | $1,827,415 | $1,885,649 |
| Other program services | $1,208,666 | - | $1,208,666 | $705,423 |
| Total program services | $139,930,758 | - | $139,930,758 | $140,197,229 |
| Supporting services: | ||||
| Management and general | $6,897,818 | - | $6,897,818 | $5,493,407 |
| Fundraising | $13,462,823 | - | $13,462,823 | $13,409,856 |
| Total supporting services | $20,360,641 | - | $20,360,641 | $18,903,263 |
| Total expenses | $160,291,399 | - | $160,291,399 | $159,100,492 |
| Change in net assets | $3,622,158 | -$82,420,332 | -$78,798,174 | -$78,997,117 |
| Net assets (deficit), beginning of year | -$2,278,596 | $560,534,991 | $558,256,395 | $637,253,512 |
| Net assets, end of year | $1,343,562 | $478,114,659 | $479,458,221 | $558,256,395 |
Statement of Functional Expenses
| Supporting Services | |||||
|---|---|---|---|---|---|
| Management and general | Fundraising | Total supporting services | Total program service and supporting service expenses | ||
| DISTRIBUTIONS | 2020 | 2019 | |||
| Capital and operational support | - | - | - | $13,389,193 | $14,565,561 |
| Grants and scholarships | - | - | - | $89,989,043 | $102,230,840 |
| Total distributions | - | - | - | $103,378,236 | $116,796,401 |
| EXPENSES BEFORE DEPRECIATION, AMORTIZATION AND BAD DEBTS | |||||
| Salaries and wages | $5,059,366 | $5,286,263 | $10,345,629 | $16,456,631 | $16,382,649 |
| Employee benefits | $1,403,588 | $1,240,659 | $2,644,247 | $4,227,712 | $4,203,757 |
| Advertisements and promotions | $57,152 | $57,709 | $114,861 | $225,895 | $263,641 |
| Professional and consulting fees | $2,178,280 | $761,038 | $2,939,318 | $6,898,271 | $5,640,857 |
| Information technology support | -$1,399,549 | $488,895 | -$910,654 | - | - |
| Office supplies and other expenses | $170,513 | $346,479 | $516,992 | $1,137,936 | $573,208 |
| Telephone | $519,949 | $10,886 | $530,835 | $537,422 | $746,501 |
| Postage and shipping | $28,957 | $1,285,491 | $1,314,448 | $1,342,556 | $1,141,733 |
| Occupancy | -$407,374 | $976,420 | $569,046 | $1,664,308 | $1,599,742 |
| Printing and publications | $38,837 | $2,214,683 | $2,253,520 | $2,535,382 | $2,482,150 |
| Travel | $147,677 | $392,677 | $540,354 | $2,775,859 | $2,977,682 |
| Meetings | $27,679 | $102,994 | $130,673 | $2,241,479 | $2,640,850 |
| Equipment rental and maintenance | $191,882 | $100,703 | $292,585 | $392,457 | $225,951 |
| Interest expense | $1,060,061 | - | $1,060,061 | $1,060,061 | $1,126,193 |
| Indirect cost recovery | -$3,021,418 | - | -$3,021,418 | - | - |
| Total expenses before depreciation, amortization, and bad debts | $6,055,600 | $13,264,897 | $19,320,497 | $144,874,205 | $156,801,315 |
| Accrued Return of funds to the Gates Foundation | - | - | - | $13,000,000 | - |
| Depreciation and amortization expense | $842,218 | - | $842,218 | $1,167,705 | $1,500,537 |
| Bad debt expense | - | $197,926 | $197,926 | $1,249,489 | $798,640 |
| Total expenses | $6,897,818 | $13,462,823 | $20,360,641 | $160,291,399 | $159,100,492 |
Statements of Cash Flow
| 2020 | 2019 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Change in net assets | -$78,798,174 | -$78,997,117 |
| ADJUSTMENTS TO RECONCILE CHANGE IN NET ASSETS TO NET CASH USED IN OPERATING ACTIVITIES | ||
| Realized losses on investments | $206,674 | $1,971,688 |
| Unrealized losses (gains) on investments | $9,602,835 | -$6,429,384 |
| Amortization of investment premium and discount | -$1,876,228 | -$2,311,670 |
| Bad debt expense | $1,249,489 | $798,640 |
| Depreciation and amortization | $1,167,705 | $1,500,537 |
| Contributions restricted for investment in endowment funds | -$1,386,192 | -$675,106 |
| (INCREASE) DECREASE IN ASSETS | ||
| Pledges receivable | -$1,703,435 | -$4,101,178 |
| Accrued investment income | $307,359 | $1,197,293 |
| Other assets | -$316,067 | $2,002,846 |
| INCREASE (DECREASE) IN LIABILITIES | ||
| Accounts payable and accrued expenses | -$1,491,450 | $214,227 |
| Accrued wages, vacation, and other related personnel expenses | -$552,569 | $278,243 |
| Accrued return of funds to the Gates Foundation | $13,000,000 | - |
| Accrued distributions to member institutions | -$2,201,406 | $362,830 |
| Net cash used in operating activities | -$62,791,459 | -$84,188,151 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of investments | -$2,417,951,391 | -$2,181,984,986 |
| Proceeds from sales of investments | $2,493,760,519 | $2,263,231,443 |
| Purchase of property and equipment | -$12,979 | $237,409 |
| Net cash provided by investing activities | $75,796,149 | $81,483,866 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Repayments of note payable | -$889,620 | -$1,035,835 |
| Repayments of bonds payable | -$873,748 | -$843,748 |
| Contributions restricted for investment in endowment funds | $1,386,192 | $675,106 |
| Net cash used in financing activities | -$377,176 | -$1,204,477 |
| Increase (decrease) in cash and cash equivalents | $12,627,514 | -$3,908,762 |
| Cash paid for interest | $1,060,061 | $1,099,941 |
| Cash and cash equivalents, beginning of year | $11,057,845 | $14,966,607 |
| Cash and cash equivalents, end of year | $23,685,359 | $11,057,845 |
Charitable Income
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Assets and Liabilities
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