Summarized Financial Information

for Years Ended December 31


Statement of Financial Position

2008

2007

Assets

  Cash and Cash Equivalents

$13,802,367

$8,358,358

  Accounts Receivable

2,026,982

7,434,735

  Pledges Receivable, Net

28,114,447

38,548,894

  Prepaid Expenses

5,728

53,499

  Short Term Investments

95,330,625

89,859,004

  Property and Equipment, Net

5,501,243

5,676,657

  Notes Receivable

1,051,265

1,151,265

  Beneficial Interest in Trust

8,261

7,924

  Long Term Investments

463,240,561

650,392,882

Total Assets

$609,081,479

$801,483,218

Liabilities and Net Assets

  Liabilities

$203,944,067

$258,636,817

  Net Assets

405,137,412

542,846,401

Total Liabilities and Net Assets

$609,081,479

$801,483,218


Statement of Activities

Revenues

  Contributions

$78,461,176 

$260,989,062

  Less - Contributions Received on Behalf of Others

(27,318,864) 

(36,469,040)

  Net Contributions

51,142,312 

224,520,022

  Other, Net*

(85,460,621) 

35,325,714

Total Revenues, Gains and Other Support

($34,318,309) 

$259,845,736

Expenses

 

  Grants

$103,329,874 

$106,345,459

  Less - Grants Disbursed on Behalf   of Others

(12,590,751) 

(4,450,634)

  Net Grants

 90,739,123 

101,894,825

  Operating Expenses**

5,685,467 

5,195,079

  Other Expenses

6,966,090 

6,015,059

Total Expenses

$103,390,680 

$113,104,963

Change in Net Assets

($137,708,989) 

$146,740,773

Net Assets, Beginning of Year

542,846,401 

396,105,628

Net Assets, End of Year

$405,137,412 

$542,846,401


*Includes net investment gains/losses, administrative fees received and change in beneficial interest in trust.

**Includes depreciation expense, administrative fees charged, program expenses and pass-through fund expenses.

The audited financial statements of Foundation For The Carolinas are available for inspection at:

Foundation For The Carolinas
220 North Tryon Street
Charlotte, North Carolina 28202 

Independent Auditors:

Cherry, Bekaert & Holland, L.L.P.

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