Page 7 - 2024 July report

FINANCIAL NOTE FROM THE CFO
The month of June was another good month in the market. Our net equity year-to-date increased by approximately $2,111,000 for the month, which was primarily the result of market gains during the month. After considering our overhead and grants expenses paid out year-to-date, we are up approximately $12,308,000 for the year. According to Prime Buchholz, our investments have returned 6.7% through June 30th, which is tracking ahead of our annual policy goal of 7.5% (policy 5% plus 2.5% estimated inflation rate).
For the first six months our expenses are tracking slightly under budget for the year. We will likely need this cushion, however, as our travel expenses do increase the second half of the year given our two board/grant committee meetings and our Indigenous Entrepreneur Scholarship meeting in the fall.
Also, our grants expenditures are ahead of 2023 by approximately $146,000. We will be making most of our budgeted grants in the second half of the year, which is currently anticipated to be another $6,684,000.
Lastly, if the market continues to be strong for the remainder of this year, we should enjoy an increase in our net equity for 2024 well in excess of our budgeted amount. Only time will tell!
END NOTES
Office Operations
With our expanded staff now working together to keep JSF running smoothly, we have established some clear delineations to share with you on who is doing what:
• Continuing Education sessions and Consultants’ meetings = LADY is responsible for setting up and monitoring attendance responses for these Zoom meetings
• Photographs and Press Releases = LADY
• Site Visits = LISA is responsible for coordinating all site visits, including setting schedules/appointments and providing all necessary materials in Diligent Boards
• Semi-Annual and December meetings = SHARON is responsible for all hotel and food arrangements • Expense Reports and Invoices = SHARON processes all invoices and expense reports
Continuing Education Session
The link to the video from last month’s session on Self-Dealing Concerns for Private Foundations PLUS the slides he shared are in the Continuing Education book in Diligent Boards. To view the video only, use this link: https://www.youtube.com/watch?v=gMe_C_hoHsI
The next session will be at 11:00 a.m. on Tuesday, July 23rd. Bea will be discussing Intellectual and Developmental Disabilities.
The third session will be at 11:00 a.m. on Tuesday, August 27th with Erik Daubert, a professor at the Lilly Family School of Philanthropy at Indiana University, sharing about Artificial Intelligence and Philanthropy.
Education / A Powerful force for change Page 5