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  • Annual Report 2020
  • Financial Statement
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UNCF Abstract Flame Icon Annual Report Image Background

Financial Statement

2020 Financial Highlights


Statements of Financial Position

20202019
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

20202019
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

Supporting Services
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

20202019
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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