Financial Statement
2025 Financial Highlights
Statements of Financial Position
| Assets | 2025 | 2024 |
|---|---|---|
| Cash and cash equivalents (notes 2b and 4) | $56,073,619 | $39,298,929 |
| Short-term investments (notes 5 and 9) | $165,400,397 | $215,485,040 |
| GMSP short-term investments (notes 5 and 9) | $48,175,720 | $52,654,715 |
| Receivable for unsettled investment trades | $16,684 | $8,000,000 |
| Pledges receivable, net (note 6) | $144,400,132 | $233,953,475 |
| Accrued investment income | $1,405,863 | $3,321,864 |
| Long-term investments (notes 7 and 9) | $374,910,910 | $252,874,666 |
| GMSP long-term investments (notes 8 and 9) | $51,228,378 | $63,303,296 |
| Property and equipment, net (note 10) | $34,880,146 | $32,037,790 |
| Collections acquired (note 11) | $1,414,250 | $1,414,250 |
| Other assets (note 20) | $14,520,822 | $14,683,760 |
| Total assets | $892,426,921 | $917,027,785 |
| Liabilities and Net Assets Liabilities: | ||
| Accounts payable and accrued expenses (note 20) | $15,426,649 | $17,359,866 |
| Accrued wages, vacation, and other related expenses | $6,289,646 | $6,882,715 |
| Payable for unsettled investment trades (note 8) | $62,221 | — |
| Accrued distribution to member institutions | $9,368,416 | $9,723,051 |
| Accrued return of funds to the Gates Foundation (note 12) | — | $6,000,000 |
| Deferred revenue (note 2m) | $3,213,246 | $4,276,524 |
| Line of credit (note 13) | — | — |
| Bonds payable (note 14) | $22,277,470 | $23,326,218 |
| Total liabilities | $56,637,648 | $67,568,374 |
| Net assets: | ||
| Without donor restrictions: Undesignated | $34,848,355 | $33,317,865 |
| Board designated-operating reserve (note 21) | $20,410,866 | $19,306,056 |
| Board designated - member distribution reserve (note 21) | $5,528,372 | $5,238,515 |
| Total without donor restrictions | $60,787,593 | $57,862,436 |
| With donor restrictions (note 15) | $775,001,680 | $791,596,975 |
| Total net assets | $835,789,273 | $849,459,411 |
| Commitments and contingencies (note 20) | ||
| Total liabilities and net assets | $892,426,921 | $917,027,785 |
Statement of Activities
| Activity | Without donor restrictions | With donor restrictions | 2025 Total | 2024 Total |
|---|---|---|---|---|
| Revenue, gains, and other support: | ||||
| Support: | ||||
| Contributions for grants and scholarships | $75,393,515 | $75,393,515 | $168,248,184 | |
| Contributions and gifts (notes 2 and 18) | $49,248,385 | $49,248,385 | $43,201,491 | |
| Bequests and legacies | $8,490,794 | $1,601,077 | $10,091,871 | $14,863,623 |
| Gifts-in-kind and donated services (note 17) | $1,054,759 | $1,054,759 | $2,079,815 | |
| Total support | $57,739,179 | $78,049,351 | $135,788,530 | $228,393,113 |
| Investment income: | ||||
| Interest and dividends | $5,747,966 | $12,190,900 | $17,938,866 | $21,540,047 |
| Amortization of investment premium and discount | $254,467 | $254,467 | $321,320 | |
| Realized gains/(losses) | $1,269,332 | $3,642,953 | $4,912,285 | $2,078,619 |
| Unrealized gains/(losses) | $2,064,478 | $8,855,929 | $10,920,407 | $19,410,311 |
| Total investment income | $9,081,776 | $24,944,249 | $34,026,025 | $43,350,297 |
| Net assets released from restrictions (note 15) | $119,588,895 | ($119,588,895) | ||
| Total revenue, gains, and other support | $186,409,850 | ($16,595,295) | $169,814,555 | $271,743,410 |
| Expenses: Program services: | ||||
| GMSP | $15,093,227 | $15,093,227 | $18,580,309 | |
| Scholarships and special projects | $99,385,148 | $99,385,148 | $118,174,367 | |
| Distributions to member institutions | $23,997,206 | $23,997,206 | $21,591,447 | |
| Institutional services | $3,737,538 | $3,737,538 | $1,982,880 | |
| Other program services | $1,110,520 | $1,110,520 | $1,688,751 | |
| Total program services | $143,323,639 | $143,323,639 | $162,017,754 | |
| Supporting services: | ||||
| Management and general | $16,786,541 | $16,786,541 | $11,348,088 | |
| Fundraising | $23,374,513 | $23,374,513 | $20,988,943 | |
| Total supporting services | $40,161,054 | $40,161,054 | $32,337,031 | |
| Total expenses | $183,484,693 | $183,484,693 | $194,354,785 | |
| Change in net assets | $2,925,157 | ($16,595,295) | ($13,670,138) | $77,388,625 |
| Net assets, beginning of year | $57,862,436 | $791,596,975 | $849,459,411 | $772,070,786 |
| Net assets, end of year | $60,787,593 | $775,001,680 | $835,789,273 | $849,459,411 |
Statement of Functional Expenses
| Expense | GMSP | Scholarships and special projects | Distribution to member institutions | Institutional services | Other program services | Total program services |
|---|---|---|---|---|---|---|
| Capital and operational support | $23,997,206 | $23,997,206 | ||||
| Grants and scholarships | $13,074,301 | $57,625,190 | $6,352 | $7,500 | $70,713,343 | |
| Total distributions | $13,074,301 | $57,625,190 | $23,997,206 | $6,352 | $7,500 | $94,710,549 |
| Expenses before depreciation, amortization, and bad debts | ||||||
| Salaries and wages | $884,273 | $9,232,331 | — | $2,532,477 | $146,340 | $12,795,421 |
| Employee benefits | $214,338 | $2,494,099 | — | $538,471 | $39,466 | $3,286,374 |
| Advertisements and promotions | — | $550,008 | — | $3,587 | $7,980 | $561,575 |
| Professional and consulting fees | $230,413 | $13,388,007 | — | $373,748 | $687,207 | $14,679,375 |
| Information technology support | $306,921 | $1,518,691 | — | ($265,707) | $867 | $1,560,772 |
| Office supplies and other expenses | $25,268 | $1,372,107 | — | $195,796 | $304 | $1,593,475 |
| Telephone | $500 | $11,651 | — | $8,566 | $1,317 | $22,034 |
| Postage and shipping | $464 | $64,684 | — | $4,977 | $189 | $70,314 |
| Occupancy | $79,593 | $1,132,875 | — | $204,135 | $11,925 | $1,428,528 |
| Printing and publications | $14,747 | $206,249 | — | $29,124 | $20,203 | $270,323 |
| Travel | $48,378 | $1,838,713 | — | $101,986 | $48,298 | $2,037,375 |
| Meetings | $90,958 | $2,502,451 | — | ($2,081) | $95,445 | $2,686,773 |
| Equipment rental and maintenance | $1,044 | $1,063,108 | — | $6,107 | $1,064 | $1,071,323 |
| Interest expense | — | — | — | — | — | — |
| Indirect cost recovery | $122,029 | $6,384,077 | — | — | $42,414 | $6,548,520 |
| Total expenses before depreciation, amortization, and bad debts | $15,093,227 | $99,384,241 | $23,997,206 | $3,737,538 | $1,110,519 | $143,322,731 |
| Accrued return of funds to the Gates Foundation | ||||||
| Depreciation and amortization expense | — | — | — | — | — | — |
| Bad debt expense | — | $907 | — | — | — | $907 |
| Total expenses | $15,093,227 | $99,385,148 | $23,997,206 | $3,737,538 | $1,110,519 | $143,323,638 |
Statement of Functional Expenses
| Expense | Management and general | Fundraising | Total supporting services | 2025 Total program service and supporting service expenses | 2024 Total program service and supporting service expenses |
|---|---|---|---|---|---|
| Distributions: | |||||
| Capital and operational support | $23,997,206 | $21,591,447 | |||
| Grants and scholarships | $930 | $930 | $70,714,273 | $78,051,637 | |
| Total distributions | $930 | $930 | $94,711,479 | $99,643,084 | |
| Salaries and wages | $11,100,509 | $10,013,243 | $21,113,752 | $33,909,173 | $31,038,053 |
| Employee benefits | $2,454,357 | $2,357,684 | $4,812,041 | $8,098,415 | $8,010,904 |
| Advertisements and promotions | $83,192 | $273,690 | $356,882 | $918,457 | $592,734 |
| Professional and consulting fees | $6,954,839 | $2,885,677 | $9,840,516 | $24,519,891 | $24,502,605 |
| Information technology support | ($1,897,431) | $239,212 | ($1,658,219) | ($97,447) | ($98,604) |
| Office supplies and other expenses | $315,181 | $506,215 | $821,396 | $2,414,871 | $1,434,635 |
| Telephone | $385,606 | $25,270 | $410,876 | $432,910 | $392,503 |
| Postage and shipping | $47,348 | $1,257,884 | $1,305,232 | $1,375,546 | $1,513,221 |
| Occupancy | ($205,139) | $942,840 | $737,701 | $2,166,229 | $2,307,073 |
| Printing and publications | $128,404 | $3,722,236 | $3,850,640 | $4,120,963 | $4,019,511 |
| Travel | $1,250,383 | $727,674 | $1,978,057 | $4,015,432 | $3,965,692 |
| Meetings | $633,496 | $353,576 | $987,072 | $3,673,845 | $3,212,124 |
| Equipment rental and maintenance | $80,014 | $58,593 | $138,607 | $1,209,930 | $185,359 |
| Interest expense | $871,085 | — | $871,085 | $871,085 | $906,503 |
| Indirect cost recovery | ($6,548,520) | — | ($6,548,520) | — | $195 |
| Expenses before depreciation, amortization, and bad debts: | |||||
| TOTAL EXPENSES BEFORE DEPRECIATION, AMORTIZATION, AND BAD DEBTS | $15,653,324 | $23,364,724 | $39,018,048 | $182,340,778 | $181,625,592 |
| Accrued return of funds to the Gates Foundation | |||||
| Depreciation and amortization expense | $1,133,218 | $1,133,218 | $1,133,218 | $1,048,570 | |
| Bad debt expense | — | $9,789 | $9,789 | $10,696 | $11,680,623 |
| TOTAL EXPENSES | $16,786,541 | $23,374,513 | $40,161,054 | $183,484,693 | $194,354,785 |
Statements of Cash Flow
| Activity | 2025 | 2024 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Change in net assets | ($13,670,138) | $77,388,625 |
| Adjustments to reconcile change in net assets to net cash used in | ||
| operating activities: | ||
| Realized gains on investments | ($4,912,285) | ($2,078,619) |
| Unrealized (gains) losses on investments | ($10,920,407) | ($19,410,311) |
| Amortization of investment premium and discount | ($254,467) | ($321,320) |
| Bad debt expense | $10,696 | $11,680,623 |
| Depreciation and amortization | $1,133,218 | $1,048,570 |
| Contributions restricted for investment in endowment funds | ($7,135,714) | ($8,914,254) |
| (Increase) decrease in assets: | ||
| Pledges receivable | $89,329,228 | $1,769,294 |
| Provision for uncollectible | — | ($5,171,538) |
| Accrued investment income | $1,916,001 | ($1,045,548) |
| Other assets | $162,938 | ($9,612,272) |
| Increase (decrease) in liabilities: | ||
| Accounts payable and accrued expenses | ($1,933,217) | $3,353,648 |
| Accrued wages, vacation, and other related personnel expenses | ($593,068) | $925,554 |
| Accrued return of funds to the Gates Foundation | ($6,000,000) | ($10,000,000) |
| Deferred revenue | ($1,063,278) | ($3,294,583) |
| Accrued distributions to member institutions | ($354,635) | $864,516 |
| Net cash provided by operating activities | $45,714,872 | $37,182,385 |
| Cash flows from investing activities: | ||
| Purchases of investments | ($400,214,074) | ($450,644,723) |
| Proceeds from sales of investments | $368,824,640 | $408,027,716 |
| Purchase of property and equipment | ($3,637,713) | ($6,955,715) |
| Net cash used in by investing activities | ($35,027,147) | ($49,572,722) |
| Cash flows from financing activities: | ||
| Repayments of bonds payable | ($1,048,748) | ($1,008,748) |
| Contributions restricted for investment in endowment funds | $7,135,714 | $8,914,254 |
| Net cash provided by financing activities | $6,086,966 | $7,905,506 |
| Increase (decrease) in cash and cash equivalents | $16,774,691 | ($4,484,831) |
| Cash and cash equivalents, beginning of year | $39,298,928 | $43,783,759 |
| Cash and cash equivalents, end of year | $56,073,619 | $39,298,928 |
| Cash paid for interest | $871,085 | $906,503 |