Page 13 - October 2023

STATEMENT OF REVENUE AND EXPENSES AS OF SEPTEMBER 30, 2023
Year Ending 12/31/22 Actual
Final 2023 Annual Budget
9 Months Actual Ending 09/30/22
9 Months Actual Ending 09/30/23
REVENUE
40000 Investment Gains (Losses) 41000 Interest & Dividends 41500 Miscellaneous Income
(37,326,442)
41,067 480
18,121,829 60,000
(54,033,588)
14,665 480
12,313,016 144,589 -
TOTAL REVENUE
(37,284,895)
18,181,829
(54,018,443)
12,457,605
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
165,000 183,145 779,852 216,886
36,800 330,465 17,159 362,548 103,096 458,118 16,288 95,197 376,844
175,000 196,881 800,579 278,900
50,200 351,400 30,000 381,107 110,468 477,500 79,500 113,280 -
115,000 - 584,897 164,527 31,000 252,278 17,159 244,256 85,113 208,828 8,627 66,938 26,703
120,000 - 624,234 205,514 44,101 228,458 14,027 282,486 91,974 185,376 39,246 50,977 3,383
TOTAL EXPENSES 70000 Grants
3,141,398
11,204,758
3,044,816
10,882,211
1,805,326
5,882,035
1,889,776
5,742,287
NET REVENUE (LOSS)
(51,631,051)
4,254,801
(61,705,804)
4,825,542
10/11/23 10/11/23 10/11/23 10/11/23
#
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
24 Notes:
25
26
BALANCE SHEET COMPARISON AS OF SEPTEMBER 30, 2023
1. Appreciation of investments is projected at 7.5% for 12 months ending 12/31/23 which is our policy 5% + 2.5% (Prime Buchholz Estimated Inflation Rate). Actual appreciation of investments for 2022 was -13.1% for the Foundation per Prime Buchholz.
2. FFOG's 2021 Admin Costs Survey of 159 foundations found that the average of all 159 foundations surveyed for Charitable Administrative Expenses as % of Average Assets was .85%. In that same survey 27 grant making foundations with assets below $300,000,000 surveyed had an average of 1.26%. Johnson Scholarship Foundation in 2021 was .66%.
Page 11 HORIZONS