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Statement of Activities
Statement of Financial Position
2006 Statement of Activities
Year Ended
June 30, 2006
With Comparative Totals for
the Year Ended June 30, 2005
SUPPORT,
REVENUES AND RECLASSIFICATIONS |
Total
2006 |
Total
2005 |
| McKnight Foundation Grants |
|
|
| Other Grants |
|
|
| Contributions |
$2,362,045 |
$1,469,252 |
| Gain (Loss) on Sale of Investments
|
$857,815 |
$123,153 |
| Investment Income |
$1,225,691 |
$718,934 |
| Unrealized Gain (Loss) |
$634,256 |
$1,119,390 |
| Loan Interest Income |
$321,622 |
$397,748 |
| Recovery of Written-off
Loans |
$360 |
$11,610 |
| Donated Land |
$0 |
$40,000 |
| Miscellaneous Income |
$90,616 |
$28,980 |
| Transfer from Unrestricted |
$0 |
$0 |
| Net Assets Released from
Restriction |
$0 |
$0 |
Total Support,
Revenues and Reclassifications |
$6,948,481 |
$6,004,800 |
| |
|
|
EXPENSES |
Total
2006 |
Total
2005 |
| General and Administrative |
$704,304 |
$609,910 |
| Fund Development |
$315,177 |
$241,895 |
| Grant Programs |
$1,123,678 |
$1,258,380 |
| Loan Programs |
$279,461 |
$509,283 |
| Component Funds |
$154,434 |
$144,017 |
| Community Foundations |
$108,673 |
$40,271 |
| Total
Expenses |
$2,685,727 |
$2,803,756 |
| Change
in Net Assets |
$4,262,754 |
$3,199,318 |
| |
|
|
| NET ASSETS -
JULY 1 |
$38,955,632 |
$35,756,314 |
| NET ASSETS -
JUNE 30 |
$43,218,386 |
$38,955,632 |
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2006 Statement of Financial
Position
Year Ended
June 30, 2006
With Comparative Totals for
the Year Ended June 30, 2005
| ASSETS |
Total
2006 |
|
| Cash and Cash Equivalents |
$6,735,431 |
$5,130,308 |
| Investments |
$15,852,197 |
$14,349,055 |
| Investments Restricted for Endowments |
$18,671,668 |
$15,143,979 |
| Due from McKnight |
$0 |
$583,796 |
| Loan Interest Receivable |
$29,459 |
$41,005 |
| Grants Receivable |
$50,834 |
$53,445 |
| Pledges Receivable |
$56,348 |
$72,406 |
| Loans Receivable (Net of Allowance) |
$4,676,772 |
$5,154,662 |
| Prepaids |
$14,705 |
$7,602 |
| Gift Annuity Investments |
$58,723 |
$55,778 |
| Beneficial Interest in Life Estate/Trust |
$242,000 |
$827,000 |
| Property and Equipment, Net |
$2,884,727 |
$1,114,789 |
| Bond Issuance Fees, Net of Amortization |
$55,336 |
$0 |
| Total Assets |
$49,328,200 |
$42,533,825 |
| |
|
|
| LIABILITIES AND NET ASSETS |
|
|
| LIABILITIES |
Total
2006 |
|
| Grants Payable |
$480,078 |
$707,765 |
| Accounts Payable |
$68,115 |
$31,376 |
| Accrued Liabilities |
$89,562 |
$80,008 |
| Contracts Payable |
$47,909 |
$0 |
| Short Term Note Payable |
$0 |
$672,353 |
| Annuity Payable |
$40,710 |
$41,864 |
| Assets Held on Donor's Behalf |
$33,253 |
$32,878 |
| Notes Payable |
$1,918,554 |
$2,011,949 |
| Bonds Payable, Net of Discount |
$3,431,633 |
$0 |
| Total
Liabilities |
$6,109,814 |
$3,578,193 |
| |
|
|
| NET ASSETS |
|
|
| Unrestricted |
$12,404,951 |
$11,259,499 |
| Temporarily Restricted |
$11,839,333 |
$11,097,037 |
| Permanently Restricted |
$18,974,102 |
$16,599,096 |
| Total
Net Assets |
$43,218,386 |
$38,955,632 |
| |
|
|
| TOTAL LIABILITIES AND NET
ASSETS |
$49,328,200 |
$42,533,825 |
The Southwest Initiative Foundation's audited financial statements are available upon request. You may also request information on the investment managers SWIF uses and the fees that are charged for their services. Just contact us at [email protected] or call 1-800-594-9480. A complete copy of our Form 990 and 990T are available upon request made directly to the Foundation.
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