Financial Statement
2021 Financial Highlights
Statements of Financial Position
| Assets | 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 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
| Without donor restrictions | With donor restrictions | 2021 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
| GMSP | Scholarships and special projects | Distribution to member institutions | Institutional services | Other program services | Total 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
| Management and general | Fundraising | Total supporting services | 2021 Total program service expenses | 2020 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 | 2021 | 2020 |
|---|---|---|
| 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
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Assets and Liabilities
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