Page 10 - 2024 August Report

as of July 31, 2024
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Statement of Revenue & Expenses Seven Months Ending July 31, 2024
Theodore R. & Vivian M. Johnson Scholarship Foundation, Inc.
STATEMENT OF REVENUE AND EXPENSES
Year Ending 12/31/23 Actual
2024 Annual Budget
7 Months Actual Ending 7/31/23
7 Months Actual Ending 7/31/24
REVENUE
40000 Investment Gains (Losses) 41000 Interest & Dividends 41500 Miscellaneous Income
27,790,102 211,260 -
18,855,318 200,000
-
21,378,862 82,484 -
20,415,822 138,562 -
TOTAL REVENUE
28,001,362
19,055,318
21,461,346
20,554,384
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 -
85,000 - 501,815 178,574 23,250 219,029 13,338 195,244 72,737
116,038 27,391
44,183 3,383
90,000 - 475,118 145,115 8,540 225,662 34,457 291,236 66,272
113,411 7,132
72,896 245,887
TOTAL EXPENSES
70000 Grants (Less Recoveries)
2,832,350
10,672,291
3,258,084
9,520,912
1,479,982
4,100,275
1,775,726
3,917,488
NET REVENUE (LOSS)
14,496,721
6,276,322
15,881,089
14,861,170
8/15/2024
8/15/2024
8/15/2024
8/15/2024
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 12.0% 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%.
BALANCE SHEET COMPARISON as of July 31, 2024
Page 8 August Report