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UNCF Abstract Flame Icon Annual Report Image Background

Financial Statement

2023 Financial Highlights


Statements of Financial Position

Assets20232022
Cash and cash equivalents (notes 2b and 4)$43,783,759$144,848,181
Short-term investments (notes 5 and 9)$133,572,075$13,819,284
GMSP short-term investments (notes 5 and 9)$60,308,295$62,751,058
Receivable for unsettled investment trades (note 8)
Pledges receivable, net (note 6)$241,069,307$83,311,168
Accrued investment income$2,276,316$682,774
Long-term investments (notes 7 and 9)$252,769,113$230,832,867
GMSP long-term investments (notes 8 and 9)$81,226,659$112,731,288
Property and equipment, net (note 10)$27,829,222$24,860,087
Collections acquired (note 11)$1,414,250$1,414,250
Other assets$4,564,097$4,601,002
Total assets$848,813,093$679,851,959
Liabilities and Net Assets
Liabilities:
Accounts payable and accrued expenses$14,006,217$9,835,733
Accrued wages, vacation, and other related expenses$5,957,162$4,959,156
Payable for unsettled investment trades (note 8)$14,320$13,750
Accrued distribution to member institutions$8,858,535$12,414,602
Accrued return of funds to the Gates Foundation (note 12)$16,000,000$26,000,000
Deferred revenue$7,571,107$8,210,781
Line of credit (note 13)
Bonds payable (note 14)$24,334,966 $25,311,526
Total liabilities$76,742,307$86,745,548
Net assets:
Without donor restrictions: Undesignated$29,108,497$27,140,131
Board designated-operating reserve (note 21)$17,580,453$16,920,571
Board designated - member distribution reserve (note 21)$4,849,654$4,807,367
Total without donor restrictions$51,538,604$48,868,069
With donor restrictions (note 15)$720,532,182$544,238,342
Total net assets$772,070,786$593,106,411
Commitments and contingencies (note 20)
Total liabilities and net assets$848,813,093$679,851,959

Statement of Functional Expenses

ExpenseGMSPScholarships and special projectsDistribution to member institutionsInstitutional servicesOther program servicesTotal program services
Capital and operational support$21,029,880$21,029,880
Grants and scholarships        $24,207,260$49,263,930$5,200$125,000$73,601,390
Total distributions $24,207,260$49,263,930$21,029,880$5,200$125,000$94,631,270
Expenses before depreciation, amortization, and bad debts
Salaries and wages$1,251,565$8,103,095$963,769307,895$10,626,324
Employee benefits$355,937$2,295,808$142,120$88,132$2,881,997
Advertisements and promotions$20,000$259,362$10,354$15,988$305,704
Professional and consulting fees$272,960$21,505,074$245,113$208,702$22,231,849
Information technology support$407,435$1,464,680($320,376)$1,551,739
Office supplies and other expenses$26,603$275,901$246,468$5,722$554,694
Telephone$1,065$10,701$10,691$379$22,836
Postage and shipping$852$32,508$792$34,152
Occupancy$141,816$798,978$167,058$14,884$1,122,736
Printing and publications$1,200$280,871$51,890$5,978$339,939
Travel$81,532$1,626,199$44,756$53,333$1,805,820
Meetings$154,356$1,864,618$3,056$8,260$2,030,290
Equipment rental and maintenance$3,918$18,135$2,107$24,160
Interest expense
Indirect cost recovery$180,000$6,803,626($7,393)$97,367$7,073,600
Total expenses before depreciation,
amortization, and bad debts
$27,106,499$94,603,486$21,029,880$1,565,605$931,640$145,237,110
Accrued return of funds to the Gates Foundation
Depreciation and amortization expense
Bad debt expense
Total expenses$27,106,499$94,603,486$21,029,880$1,565,605$931,640$145,237,110

Statement of Activities

ActivityWithout donor restrictionsWith donor restrictions2022 Total 2021 Total
Revenue, gains, and other support:
Support:
Contributions for grants and scholarships$300,026,632$300,026,632$153,083,173
Contributions and gifts (notes 2 and 18)$40,881,253$40,881,253$47,617,776
Bequests and legacies$8,896,387$2,706,857$11,603,244$11,669,874
Gifts-in-kind and donated services (note 17)$1,019,343$1,019,343$981,974
Total support$49,777,640$303,752,832$353,530,472$213,352,797
Investment income:
Interest and dividends$2,234,764$3,712,119$5,946,883$3,268,407
Amortization of investment premium and discount-$27,186$144,537$117,351-$255,792
Realized gains/(losses)$376,104$1,592,468$1,968,572$6,962,692
Unrealized gains/(losses)-$1,675,652-$10,266,491-$11,942,143-$685,136
Total investment income$908,030-$4,817,367-$3,909,337$9,290,171
Net assets released from restrictions (note 15)$122,641,625-$122,641,625
Total revenue, gains, and other support$173,327,295$176,293,840$349,621,135$222,642,968
Expenses:
Program services:
GMSP$27,106,499$27,106,499$36,976,337
Scholarships and special projects$94,603,486$94,603,486$105,974,019
Distributions to member institutions$21,029,880$21,029,880$23,180,395
Institutional services$1,565,605$1,565,605$1,667,454
Other program services$931,640$931,640$210,696
Total program services$145,237,110$145,237,110$168,008,901
Supporting services:
Management and general$6,742,017$6,742,017$7,058,357
Fundraising$18,677,633$18,677,633$16,827,758
Total supporting services$25,419,650$25,419,650$23,886,115
Total expenses$170,656,760$170,656,760$191,895,016
Change in net assets$2,670,535$176,293,840$178,964,375$30,747,952
Net assets, beginning of year$48,868,069$544,238,342$593,106,411$562,358,459
Net assets, end of year$51,538,604$720,532,182$772,070,786$593,106,411

Statements of Cash Flow

Activity20232022
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets$178,964,375$30,747,952
Adjustments to reconcile change in net assets to net cash used in operating activities:
Realized losses on investments($1,968,572)-$6,962,692
Unrealized losses (gains) on investments$11,942,143$685,136
Amortization of investment premium and discount($117,351)$255,792
Bad debt expense$111,498$5,000,250
Depreciation and amortization$595,651$861,838
Contributions restricted for investment in endowment funds($4,559,029)($25,970,929)
(Increase) decrease in assets:
Pledges receivable($157,758,139)($8,107,540)
Provision for uncollectible($4,959,250)
Accrued investment income($1,593,542)$279,586
Other assets$36,904$275,385
Increase (decrease) in liabilities:
Accounts payable and accrued expenses$4,170,484$4,126,569
Accrued wages, vacation, and other related personnel expenses$998,006$1,473,358
Accrued return of funds to the Gates Foundation($10,000,000)($8,000,000)
Deferred revenue($639,674)($3,317,167)
Accrued distributions to member institutions($3,556,066)$2,325,842
Net cash (used in) provided by operating activities$16,626,688($11,285,870)
Cash flows from investing activities:
Purchases of investments($351,789,056)($251,555,153)
Proceeds from sales of investments$234,190,621$301,224,515
Purchase of property and equipment($3,675,144)($848,800)
Net cash provided by investing activities($121,273,579)$48,820,562
Cash flows from financing activities:
Repayments of note payable
Repayments of bonds payable($976,560)($943,748)
Contributions restricted for investment in endowment funds$4,559,029$25,970,929
Net cash provided by financing activities$3,582,469$25,027,181
(Decrease) Increase in cash and cash equivalents($101,064,422)$62,561,873
Cash and cash equivalents, beginning of year$144,848,181$82,286,308
Cash and cash equivalents, end of year$43,783,759$144,848.181
Cash paid for interest$943,221$976,537

Statement of Functional Expenses

ExpenseManagement and generalFundraisingTotal supporting services2023 Total program service and supporting service expenses2022 Total program service and supporting service expenses
Distributions:
Capital and operational support$21,029,880$23,180,395
Grants and scholarships$4,500$4,500$73,605,890$101,167,405
Total distributions$4,500$4,500$94,635,770$124,347,800
Expenses before depreciation, amortization, and bad debts:
Salaries and wages$7,697,278$8,146,945$15,844,223$26,470,547$22,646,443
Employee benefits$1,698,327$1,989,642$3,687,969$6,569,966$5,601,479
Advertisements and promotions$19,741$198,364$218,105$523,809$275,660
Professional and consulting fees$3,880,873$1,593,225$5,474,098$27,705,947$23,787,667
Information technology support-$1,907,071$258,014-$1,649,057-$97,318-$174,246
Office supplies and other expenses$431,583$449,070$880,653$1,435,347$1,216,174
Telephone$370,623$19,523$390,146$412,982$428,587
Postage and shipping$35,744$1,648,736$1,684,480$1,718,632$1,508,899
Occupancy-$614,378$838,270$223,892$1,346,628$1,549,704
Printing and publications$75,912$2,977,118$3,053,030$3,392,969$2,859,366
Travel$309,058$366,380$675,438$2,481,258$358,576
Meetings$54,252$116,105$170,357$2,200,647$357,721
Equipment rental and maintenance$220,303$41,241$261,544$285,704$292,563
Interest expense$943,221$943,221$943,221$976,537
Indirect cost recovery-$7,073,600-$4,840,935
TOTAL EXPENSES BEFORE DEPRECIATION, AMORTIZATION, AND BAD DEBTS$6,146,366$18,642,633$24,788,999$170,026,109$186,032,930
Accrued return of funds to the Gates Foundation
Depreciation and amortization expense$595,651$595,651$595,651$861,838
Bad debt expense$35,000$35,000$35,000$500,250
TOTAL EXPENSES$6,742,017$18,677,633$25,419,650$170,656,760$191,895,018

Charitable Income

Assets and Liabilities

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