Page 9 - August Report

STATEMENT OF REVENUE AND EXPENSES AS OF JULY 31, 2023
Year Ending 12/31/22 Actual
Final 2023 Annual Budget
7 Months Actual Ending 07/31/22
7 Months Actual Ending 07/31/23
REVENUE
40000 Investment Gains (Losses) 41000 Interest & Dividends 41500 Miscellaneous Income
(37,326,442)
41,067 480
18,121,829 60,000
(36,352,742)
5,355 480
21,086,870 82,484 -
TOTAL REVENUE
(37,284,895)
18,181,829
(36,346,907)
21,169,354
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 -
85,000 - 422,426 126,231 21,000 242,884 17,159 189,710 66,608 178,320 8,053 59,638 26,703
85,000 - 501,815 167,220 23,250 219,029 13,338 195,244 72,737 116,037 27,391 44,184 3,383
TOTAL EXPENSES 70000 Grants
3,141,398
11,204,758
3,044,816
10,882,211
1,443,732
4,701,072
1,468,628
4,100,275
NET REVENUE (LOSS)
(51,631,051)
4,254,801
(42,491,711)
15,600,451
8/11/23 8/11/23 8/11/23 8/11/23
#
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 JULY 31, 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 7 HORIZONS