Page 9 - April JSF Report

STATEMENTOFREVENUEANDEXPENSESASOF MARCH31,2023
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Year Ending 12/31/22 Actual
Final 2023 Annual Budget
3 Months Actual Ending 03/31/22
3 Months Actual Ending 03/31/23
REVENUE
40000 Investment Gains (Losses) 41000 Interest & Dividends 41500 Miscellaneous Income
(33,900,970)
- -
18,078,413 60,000
(9,760,759) 52
480
9,136,877 29,542 -
TOTAL REVENUE
(33,900,970)
18,138,413
(9,760,227)
9,166,419
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 17,159 361,873 103,096 458,118 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 -
30,000 -
189,966 53,571 4,000 84,050 55 85,799 8,967 60,963 4,881 28,862 398
30,000
- 210,689
68,423 13,249 75,223
70 99,355 36,663 37,448 9,390 26,337 -
TOTAL EXPENSES 70000 Grants
3,140,723
11,204,758
3,044,816
10,882,211
521,512
1,394,658
606,847
1,112,100
NET REVENUE (LOSS)
(48,246,451)
4,211,385
(11,676,397)
7,447,472
4/13/23 4/13/23 4/13/23 4/13/23
Notes:
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 -12.4% 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%.
3. The Final 2023 Annual Budget has been updated at line 10 to include CEO spouse Medical Benefits beginning March 21, 2023.
Johnson Scholarship Foundation
Balance Sheet
BALANCE SHEET COMPARISON
As of March 31, 2023
AS OF MARCH 31, 2023
ASSETS Current Assets
Bank Accounts
Other Current Assets
Total Current Assets
TOTAL ASSETS
LIABILITIES AND EQUITY Liabilities
Equity
TOTAL LIABILITIES AND EQUITY
AS OF MAR 31, 2023
$3,792,778 $244,700,198 $248,492,976
$248,492,976 $12,701
$248,480,275 $248,492,976
TOTAL
AS OF MAR 31, 2022 (PP)
$4,748,619 $273,426,155 $278,174,774
$278,174,774 $13,624
$278,161,151 $278,174,774
CHANGE
$ -955,841 $ -28,725,957 $ -29,681,798
$ -29,681,798 $ -922
$ -29,680,876 $ -29,681,798
Page 7 HORIZONS