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  • Contents
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  • Annual Report 2021
  • Financial Statement
  • Officers and Directors – Fiscal Year 2021
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  • Download Annual Report
  • Introduction
  • Directors’ Letter
  • Impact
  • Historic Financial Support Ignited with Patty Quillin and Reed Hastings $120 M Gift
  • The Power of We: Direct Mail, Online Fundraising Delivered in FY 2021
  • Historic UNCF National Virtual Walk for Education
  • UNCF Creates Executive Leadership Institute
  • UNCF Remained a Vigilant Advocate for HBCUs in FY 2021
  • Innovative HBCU Leader Found His Calling: Dr. Walter M. Kimbrough
  • Innovate
  • CVS Health Foundation Establishes $5 M Scholarship for Black, Latinx Students Pursuing Healthcare Careers
  • UNCF Partners with Activision Blizzard to Help Diversify the Gaming Industry
  • Inspire
  • Tony Signore: A Personal Commitment to Preserving the Legacy of Frederick Douglass and Supporting HBCU Students Nationwide
  • UNCF, DJ D-Nice Partying with a Purpose
  • Invest
  • Legacy of a Compassionate Educator: Vincent J. Butler
  • 3M Partners with UNCF Minneapolis to Launch New Scholarship Program for St. Paul, MN, Students to Attend HBCUs
  • Alaska Airlines, UNCF Celebrate Education and Equity with a Special Aircraft
  • Crown Castle Donates $1 M to UNCF; CEO Jay Brown Matches It
  • Synovus Contributes $1 M to UNCF; Names Scholarship to Honor Georgia State Rep. Calvin Smyre
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UNCF Abstract Annual Report Image Background

Financial Statement

2021 Financial Highlights


Statements of Financial Position

Assets20212020
Cash and cash equivalents (notes 2b and 4)$82,286,308$23,685,359
Short-term investments (notes 5 and 9)$14,581,727$14,083,802
GMSP short-term investments (notes 5 and 9)$71,648,593$64,131,704
Receivable for unsettled investment trades (note 8)$6,750$5,766
Pledges receivable, net (note 6)$75,203,628$37,473,029
Accrued investment income$962,360$1,203,489
Long term investments (notes 7 and 9)$221,234,381$154,022,441
GMSP long term investments (notes 8 and 9)$156,337,893$205,932,255
Property and equipment, net (note 10)$24,629,010$25,377,576
Collections acquired (note 11)$1,414,250$1,414,250
Other assets$5,120,502$4,992,441
Total assets$653,425,402$532,322,112
Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses$5,709,164$4,424,644
Accrued wages, vacation, and other related expenses$3,485,798$2,398,847
Accrued distribution to member institutions$10,088,759$5,450,254
Accrued return of funds to the Gates Foundation (note 12)$34,000,000$13,000,000
Deferred revenue$11,527,948$431,124
Line of credit (note 13)——
Bonds payable (note 14)$26,255,274$27,159,022
Total liabilities

Net assets: (note 16)
$91,066,943$52,863,891
Without donor restrictions:
Undesignated$19,589,416$1,343,562
Board designated – disaster recovery (note 21)$13,400,000
Board designated – member distribution reserve (note 21)$4,800,000
Total without donor restrictions$37,789,416$1,343,562
With donor restrictions (note 15)$524,569,043$478,114,659
Total net assets$562,358,459$479,458,221
Commitments and contingencies (note 20)
Total liabilities and net assets$653,425,402$532,322,112

Statement of Activities

ActivityWithout donor restrictionsWith donor restrictions2021 Total 2020 Total
Revenue, gains, and other support:
Support:
Contributions for grants and scholarships$142,681,375$142,681,375$39,253,651
Contributions and gifts (notes 2 and 18)$66,437,017$52,188$66,489,205$30,827,507
Bequests and legacies$6,454,795$142,245$6,597,040$10,254,426
Gifts-in-kind and donated services (note 17)—$952,787$952,787$1,077,732
Total support$72,891,812$143,828,595$216,720,407$81,413,316
Investment income:
Interest and dividends$153,610$4,299,050$4,452,660$8,013,190
Amortization of investment premium and discount-$69,616$107,759$38,143$1,876,228
Realized gains/(losses)$423,168$2,093,004$2,516,172-$206,674
Unrealized gains/(losses)$4,907,071$28,507,376$33,414,447-$9,602,835
Total investment income$5,414,233$35,007,189$40,421,422$79,909
Net assets released from restrictions (note 15)$132,381,400-$132,381,400——
Total revenue, gains, and other support$210,687,445$46,454,384$257,141,829$81,493,225
Expenses:
Program services:
GMSP$77,500,786—$77,500,786$79,899,214
Scholarships and special projects$53,845,193—$53,845,193$43,606,270
Distributions to member institutions$19,564,294—$19,564,294$13,389,193
Institutional services$2,130,021—$2,130,021$1,827,415
Other program services$1,035,421—$1,035,421$1,208,666
Total program services$154,075,715—$154,075,715$139,930,758
Supporting services:
Management and general$7,004,189—$7,004,189$6,897,818
Fundraising$13,161,687—$13,161,687$13,462,823
Total supporting services$20,165,876—$20,165,876$20,360,641
Total expenses$174,241,591—$174,241,591$160,291,399
Change in net assets$36,445,854$46,454,384$82,900,238-$78,798,174
Net assets, beginning of year$1,343,562$478,114,659$479,458,221$558,256,395
Net assets, end of year$37,789,416$524,569,043$562,358,459$479,458,221

Statement of Functional Expenses

ExpenseGMSPScholarships and special projectsDistribution to member institutionsInstitutional servicesOther program servicesTotal program services
Capital and operational support$19,564,294$19,564,294
Grants and scholarships        $48,277,929$31,348,332$35,000$79,661,261
Total distributions $48,277,929$31,348,332$19,564,294$35,000$99,225,555
Salaries and wages $1,379,731$4,511,117$1,410,120$440,529$7,741,497
Employee benefits$380,803$1,258,195$329,818$102,172$2,070,988
Advertisements and promotions$525$64,558$7,278$5,951$78,312
Professional and consulting fees$299,883$8,963,621$162,181$200,209$9,625,894
Information technology support$528,122$792,144-$443,262$55,773$932,777
Office supplies and other expenses$42,462$159,563$71,135$18,029$291,189
Telephone$7,752$12,455$8,543$182$28,932
Postage and shipping$386$8,315$442$42$9,185
Occupancy$274,840$608,578$185,971$101,206$1,170,595
Printing and publications$51,116$142,684$1,794$6,772$202,366
Travel$5,959$1,962$549$589$9,059
Meetings$68,986$109,874$4,676$183,536
Equipment rental and maintenance$2,248$10,742$2,238$15,228
Interest expense
Indirect cost recovery             $180,044$3,184,401$64,291$3,428,736
Total expenses before depreciation,
amortization, and bad debts
$51,500,786$51,176,541$19,564,294$1,736,807$1,035,421$125,013,849
Accrued return of funds to the Gates Foundation$26,000,000$26,000,000
Depreciation and amortization expense$325,487$325,487
Bad debt expense$2,668,652$67,727$2,736,379
Total expenses$77,500,786$53,845,193$19,564,294$2,130,021$1,035,421$154,075,715

Statement of Functional Expenses

ExpenseManagement and generalFundraisingTotal supporting services2021 Total program service expenses2020 Total program service expenses
Distributions:
Capital and operational support$19,564,294$13,389,193
Grants and scholarships$79,661,261$89,989,043
Total distributions$99,225,555$103,378,236
Expenses before depreciation, amortization, and bad debts:
Salaries and wages$6,297,250$5,102,886$11,400,136$19,141,633$16,456,631
Employee benefits$1,307,833$1,323,521$2,631,354$4,702,342$4,227,712
Advertisements and promotions$6,873$113,296$120,169$198,481$225,895
Professional and consulting fees$2,358,810$883,708$3,242,518$12,868,412$6,898,271
Information technology support-$1,358,621$425,844-$932,777——
Office supplies and other expenses$109,422$658,237$767,659$1,058,848$1,137,936
Telephone$359,173$13,875$373,048$401,980$537,422
Postage and shipping$28,917$1,293,108$1,322,025$1,331,210$1,342,556
Occupancy-$555,285$843,666$288,381$1,458,976$1,664,308
Printing and publications$18,954$2,398,460$2,417,414$2,619,780$2,535,382
Travel$4,886$13,857$18,743$27,802$2,775,859
Meetings$13,886$17,972$31,858$215,394$2,241,479
Equipment rental and maintenance$78,788$67,257$146,045$161,273$392,457
Interest expense$1,010,702$1,010,702$1,010,702$1,060,061
Indirect cost recovery-$3,428,736-$3,428,736                   —   
TOTAL EXPENSES BEFORE DEPRECIATION, AMORTIZATION, AND BAD DEBTS$6,252,852$13,155,687$19,408,539$144,422,388$144,874,205
Accrued return of funds to the Gates Foundation$26,000,000$13,000,000
Depreciation and amortization expense$751,337$751,337$1,076,824$1,167,705
Bad debt expense$6,000$6,000$2,742,379$1,249,489
TOTAL EXPENSES$7,004,189$13,161,687$20,165,876$174,241,591$160,291,399

Statements of Cash Flow

Cash Flows From Operating Activities 20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets$82,900,238-$78,798,174
Adjustments to reconcile change in net assets to net cash used in
operating activities:
Realized losses (gains) on investments-$2,516,173$206,674
Unrealized losses (gains) on investments-$33,414,447$9,602,835
Amortization of investment premium and discount-$38,143-$1,876,228
Bad debt expense$2,742,379$1,249,489
Depreciation and amortization$1,076,824$1,167,705
Contributions restricted for investment in endowment funds-$7,788,628-$1,386,192
(Increase) decrease in assets:
Pledges receivable-$37,730,599-$1,703,435
Provision for uncollectible-$2,742,379
Accrued investment income$241,129$307,359
Other assets-$458,289-$316,067
Increase (decrease) in liabilities:
Accounts payable and accrued expenses$1,284,520-$1,491,450
Accrued wages, vacation, and other related personnel expenses$1,086,951-$552,569
Accrued return of funds to the Gates Foundation$21,000,000$13,000,000
Deferred revenue$11,096,824
Accrued distributions to member institutions$4,638,505-$2,201,406
Purchases of investments-$331,199,573-$2,417,951,391
Proceeds from sales of investments$341,536,930$2,493,760,519
Purchase of property and equipment-$12,979
Cash flows from financing activities:
Repayments of note payable-$889,620
Repayments of bonds payable-$903,748-$873,748
Contributions restricted for investment in endowment funds$7,788,628$1,386,192

Charitable Income

Assets and Liabilities

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