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  • Annual Report 2022
  • Financial Statement
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UNCF Abstract Flame Icon Annual Report Image Background

Financial Statement

2022 Financial Highlights


Statements of Financial Position

Assets20222021
Cash and cash equivalents (notes 2b and 4)$144,848,181$82,286,308
Short-term investments (notes 5 and 9)$13,819,284$14,581,727
GMSP short-term investments (notes 5 and 9)$62,751,058$71,648,593
Receivable for unsettled investment trades (note 8)$6,750
Pledges receivable, net (note 6)$83,311,168$75,203,628
Accrued investment income$682,774$962,360
Long term investments (notes 7 and 9)$230,832,867$221,234,381
GMSP long term investments (notes 8 and 9)$112,731,288$156,337,893
Property and equipment, net (note 10)$24,860,087$24,629,010
Collections acquired (note 11)$1,414,250$1,414,250
Other assets$4,601,002$5,120,502
Total assets$679,851,959$653,425,402
Liabilities and Net Assets
Liabilities:
Accounts payable and accrued expenses$9,835,733$5,709,164
Accrued wages, vacation, and other related expenses$4,959,156$3,485,798
Payable for unsettled investment trades (note 8)$13,750
Accrued distribution to member institutions$12,414,602$10,088,759
Accrued return of funds to the Gates Foundation (note 12)$26,000,000$34,000,000
Deferred revenue$8,210,781$11,527,948
Line of credit (note 13)
Bonds payable (note 14)$25,311,526$26,255,274
Total liabilities$86,745,548$91,066,943
Net assets:
Without donor restrictions: Undesignated$27,140,131$19,589,416
Board designated - disaster recovery (note 21)$16,920,571$13,400,000
Board designated - member distribution reserve (note 21)$4,807,367$4,800,000
Total without donor restrictions$48,868,069$37,789,416
With donor restrictions (note 15)$544,238,342$524,569,043
Total net assets$593,106,411$562,358,459
Commitments and contingencies (note 20)
Total liabilities and net assets$679,851,959$653,425,402

Statement of Activities

ActivityWithout donor restrictionsWith donor restrictions2022 Total 2021 Total
Revenue, gains, and other support:
Support:
Contributions for grants and scholarships$153,083,173$153,083,173$142,681,375
Contributions and gifts (notes 2 and 18)$47,617,776$47,617,776$66,489,205
Bequests and legacies$10,433,327$1,236,547$11,669,874$6,597,040
Gifts-in-kind and donated services (note 17)$24,250$957,724$981,974$952,787
Total support$58,075,353$155,277,444$213,352,797$216,720,407
Investment income:
Interest and dividends$38,544$3,229,863$3,268,407$4,452,660
Amortization of investment premium and discount-$27,307-$228,485-$255,792$38,143
Realized gains/(losses)$782,225$6,180,467$6,962,692$2,516,172
Unrealized gains/(losses)$943,802-$1,628,938-$685,136$33,414,447
Total investment income$1,737,264$7,552,907$9,290,171$40,421,422
Net assets released from restrictions (note 15)$143,161,052-$143,161,052
Total revenue, gains, and other support$202,973,669$19,669,299$222,642,968$257,141,829
Expenses:
Program services:
GMSP$36,976,337$36,976,337$77,500,786
Scholarships and special projects$105,974,019$105,974,019$53,845,193
Distributions to member institutions$23,180,395$23,180,395$19,564,294
Institutional services$1,667,454$1,667,454$2,130,021
Other program services$210,696$210,696$1,035,421
Total program services$168,008,901$168,008,901$154,075,715
Supporting services:
Management and general$7,058,357$7,058,357$7,004,189
Fundraising$16,827,758$16,827,758$13,161,687
Total supporting services$23,886,115$23,886,115$20,165,876
Total expenses$191,895,016$191,895,016$174,241,591
Change in net assets$11,078,653$19,669,299$30,747,952$82,900,238
Net assets, beginning of year$37,789,416$524,569,043$562,358,459$479,458,221
Net assets, end of year$48,868,069$544,238,342$593,106,411$562,358,459

Statement of Functional Expenses

ExpenseGMSPScholarships and special projectsDistribution to member institutionsInstitutional servicesOther program servicesTotal program services
Capital and operational support$23,180,395$23,180,395
Grants and scholarships        $33,921,845$67,233,311$2,000$8,000$101,165,156
Total distributions $33,921,845$67,233,311$23,180,395$2,000$8,000$124,345,551
Expenses before depreciation, amortization, and bad debts
Salaries and wages$1,298,953$6,424,154$1,056,526$113,974$8,893,607
Employee benefits$306,724$1,705,495$213,895$29,164$2,255,278
Advertisements and promotions$1,575$115,306$17,955$992$135,828
Professional and consulting fees$181,161$18,307,255$346,588$7,644$18,842,648
Information technology support$530,374$1,058,210($539,489)$1,049,095
Office supplies and other expenses$133,110$247,806$168,165$549,081
Telephone$7,618$12,725$11,513$909$32,765
Postage and shipping$1,987$6,504$1,094$9,585
Occupancy$337,965$686,328$100,627$24,737$1,149,657
Printing and publications$12,333$139,714$28,018$2,150$182,215
Travel$4,632$126,782$13,455$7,609$152,478
Meetings$39,618$270,007$620$2,216$312,461
Equipment rental and maintenance$1,488$9,743$2,372$13,603
Interest expense
Indirect cost recovery$196,954$4,630,679$13,301$4,840,934
Total expenses before depreciation,
amortization, and bad debts
$36,976,337$100,974,019$23,180,395$1,423,339$210,696$162,764,786
Accrued return of funds to the Gates Foundation
Depreciation and amortization expense$244,115$244,115
Bad debt expense$5,000,000$5,000,000
Total expenses$36,976,337$105,974,019$23,180,395$1,667,454$210,696$168,008,901

Statement of Functional Expenses

ExpenseManagement and generalFundraisingTotal supporting services2022 Total program service and supporting service expenses2021 Total program service and supporting service expenses
Distributions:
Capital and operational support$23,180,395$19,564,294
Grants and scholarships$2,250$2,250$101,167,405$79,661,261
Total distributions$2,250$2,250$124,347,800$99,225,555
Expenses before depreciation, amortization, and bad debts:
Salaries and wages$6,952,190$6,800,646$13,752,836$22,646,443$19,141,633
Employee benefits$1,861,870$1,484,331$3,346,201$5,601,479$4,702,342
Advertisements and promotions$6,883$132,949$139,832$275,660$198,481
Professional and consulting fees$2,460,865$2,484,154$4,945,019$23,787,667$12,868,412
Information technology support-$1,673,091$449,750-$1,223,341-$174,246
Office supplies and other expenses$110,636$556,457$667,093$1,216,174$1,058,848
Telephone$377,838$17,983$395,822$428,587$401,980
Postage and shipping$39,554$1,459,760$1,499,314$1,508,899$1,331,210
Occupancy-$263,037$663,084$400,047$1,549,704$1,458,976
Printing and publications$67,440$2,609,711$2,677,151$2,859,366$2,619,780
Travel$121,970$84,128$206,098$358,576$27,802
Meetings$12,850$32,410$45,260$357,721$215,394
Equipment rental and maintenance$226,814$52,145$278,960$292,563$161,273
Interest expense$976,537$976,537$976,537$1,010,702
Indirect cost recovery-$4,840,935-$4,840,935
TOTAL EXPENSES BEFORE DEPRECIATION, AMORTIZATION, AND BAD DEBTS$6,440,634$16,827,508$23,268,144$186,032,930$144,422,388
Accrued return of funds to the Gates Foundation$26,000,000
Depreciation and amortization expense$617,723$617,723$861,838$1,076,824
Bad debt expense$250$250$500,250$2,742,379
TOTAL EXPENSES$7,058,357$16,827,758$23,886,117$191,895,018$174,241,591

Statements of Cash Flow

Activity20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets$30,747,952$82,900,238
Adjustments to reconcile change in net assets to net cash used in operating activities:
Realized losses on investments-$6,962,692-$2,516,173
Unrealized losses (gains) on investments$685,136-$33,414,447
Amortization of investment premium and discount$255,792-$38,143
Bad debt expense$5,000,250$2,742,379
Depreciation and amortization$861,838$1,076,824
Contributions restricted for investment in endowment funds($25,970,929)($7,788,628)
(Increase) decrease in assets:
Pledges receivable($8,107,540)($37,730,599)
Provision for uncollectible-$4,959,250-$2,742,379
Accrued investment income$279,586$241,129
Other assets$275,385($458,289)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses$4,126,569$1,284,520
Accrued wages, vacation, and other related personnel expenses$1,473,358$1,086,951
Accrued return of funds to the Gates Foundation-$8,000,000$21,000,000
Deferred revenue-$3,317,167$11,096,824
Accrued distributions to member institutions$2,325,842$4,638,505
Net cash (used in) provided by operating activities-$11,285,870$41,378,712
Cash flows from investing activities:
Purchases of investments-$251,555,153-$331,199,573
Proceeds from sales of investments$301,224,515$341,536,930
Purchase of property and equipment-$848,800
Net cash provided by investing activities$48,820,562$10,337,357
Cash flows from financing activities:
Repayments of note payable
Repayments of bonds payable-$943,748-$903,748
Contributions restricted for investment in endowment funds$25,970,929$7,788,628
Net cash provided by financing activities$25,027,181$6,884,880
Increase in cash and cash equivalents$62,561,873$58,600,949
Cash and cash equivalents, beginning of year$82,286,308$23,685,359
Cash and cash equivalents, end of year$144,848.181$82,286,308
Cash paid for interest$976,537$1,010,702

Charitable Income

Assets and Liabilities

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