Page 6 - 2025 February report

Program Notes
4
CORE PROGRAMS
• Distributions as of February 18, 2025 - $0
• Palm Beach Atlantic University
PBAU’s 2023-2024 President’s Report highlights JSF as PBA’s largest scholarship supporter, distributing $1.2 million annually at the bequest of our founders. (See attached)
INDIGENOUS PEOPLES PROGRAMS
• Distributions as of February 18, 2025 - $ $250,000 • Pathways to Education - Canada
Pathways submitted the 2025 report, which is attached. Once again, they exceeded their required donations to secure the final match from JSF.
DISADVANTAGED PROGRAMS
• Distributions as of February 18, 2025 - $745,000
DISCRETIONARY PROGRAMS
• Distributions as of February 18, 2025 - $25,500
LETTER OF INQUIRY REVIEWS
The Grant Program Committee requested a second look at three LOIs. Attached are the reviews written by the respective program area consultants.
• Bottom Line
Bobby, David and Lisa traveled to Ohio for a site visit. (See attached report)
• Boys Hope Girls Hope
Bobby, David and Lisa traveled to Missouri for a site visit. (See attached report)
• University of Florida
UF submitted a report on their Machen Scholarship Fund endowment. (See attached report)
CFO NOTES
As you know, we will be receiving updates to our 2024 year-end asset valuations until sometime in June. Therefore, the ending asset and equity balances as of 12/31/24 will continually change each month, along with the final investment gains for 2024. These changes will result in changes to our monthly reports where we provide historical information related to 2024.
Also, the budget numbers on the Statement of Revenue & Expenses currently reflect our latest draft version. These amounts will not be finalized until our meetings in March.
During the month of January, our financial position improved nicely. Our net equity increased $5,079,752, which was the result of a strong start to the year for our investments, plus we had very few grants paid during January. According to Prime Buchholz, our investments returned 2.0% for the month (annualized rate of return of 24%), which is a great start toward our annual goal of 7.5% (our policy is 5% plus 2.5% estimated inflation rate).
Our actual expenditures for January 2025 were higher than the prior year primarily due to timing differences. For example, we paid our investment advisor in January 2025, while this same expenditure was paid in February 2024 and not included in our January 2024 numbers. Also, we incurred travel expenses during January 2025 that did not occur in the prior year.
On the other hand, our grants were significantly lower in January 2025 compared to 2024. This was related primarily to a timing difference as well, as one of our usual January grants did not get paid until early February 2025. Also, we funded a one-time only Indigenous Endowment grant to one of the tribal colleges in 2024.