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  • Annual Report 2020
  • Financial Statement
  • Officers and Directors – Fiscal Year 2020
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Financial Statement

2020 Financial Highlights


Statements of Financial Position

Assets20202019
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

Contributions20202019
CONTRIBUTIONS
Without donor restrictionWith donor restrictionsTotalTotal
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

DistributionsSupporting ServicesTotal program service and supporting service expenses 2020Total program service and supporting service expenses 2019
Management and generalFundraisingTotal supporting servicesTotal program service and supporting service expenses
DISTRIBUTIONS 20202019
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

Category20202019
-$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

Assets and Liabilities

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