Page 9 - 2024 April report
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Theodore R. & Vivian M. Johnson Scholarship Foundation, Inc.
STATEMENT OF REVENUE AND EXPENSES
as of March 31, 2024
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BALANCE SHEET COMPARISON as of March 31, 2024
Statement of Revenue & Expenses Three Months Ending March 31, 2024
Year Ending 12/31/23 Actual
2024 Annual Budget
3 Months Actual Ending 3/31/23
3 Months Actual Ending 3/31/24
REVENUE
40000 Investment Gains (Losses) 41000 Interest & Dividends 41500 Miscellaneous Income
26,954,715 211,259 -
18,855,318 200,000
8,817,343 29,542 -
12,893,136 68,214 -
TOTAL REVENUE
27,165,974
19,055,318
8,846,885
12,961,350
EXPENSES
50000 Director Fees
50050 Deferred Compensation 50100 Staff Salaries
50200 Employee Benefits 60017 Audit & Taxes
60018 Financial Consulting 60019 Legal Fees
60020 Other Consultants 60200 Rent
60300 Travel, conferences and meetings 60400 Printing and Publications
60500 Office and Grant Making Support 60600 Federal & State Taxes
175,000 147,329 807,862 246,653
63,628 306,035 23,983 488,025 110,666
371,944 10,400
80,477 348
180,000 182,000 838,893 301,048
56,300 328,600 41,765 550,986 115,773
505,000 16,500
141,219 -
30,000 - 205,689 79,478 11,250 75,223 70 101,809 36,663
39,737 9,390
22,835 -
35,000 - 190,973 59,895 1,040 76,522 29,409 139,130 38,049
30,101 1,234
39,754 (5,408)
TOTAL EXPENSES 70000 Grants
2,832,350
10,672,291
3,258,084
9,520,912
612,144
1,112,100
635,699
1,473,317
NET REVENUE (LOSS)
13,661,333
6,276,322
7,122,641
10,852,334
Notes:
1. Appreciation of investments is projected at 7.5% for 12 months ending 12/31/24 which is our policy 5% + 2.5% (Prime Buchholz Estimated Inflation Rate). Actual appreciation of investments for 2023 was 11.9% for the Foundation per Prime Buchholz.
2. FFOG's 2022 Admin Costs Survey of 162 foundations found that the average of all 162 foundations surveyed for Charitable Administrative Expenses as % of Average Assets was .89%. In that same survey 29 grant making foundations with assets below $300,000,000 surveyed had an average of 1.29%. Johnson Scholarship Foundation in 2022 was .78%.
Education / A Powerful force for change
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