Summarized Financial Information

for Years Ended December 31



Statement of Financial Position

2009

2008

Assets

 

  Cash and Cash Equivalents

$8,198,351

$13,802,367

  Accounts Receivable

1,739,412

2,026,982

  Pledges Receivable, Net

15,886,006

28,114,447

  Prepaid Expenses

12,500

5,728

  Short Term Investments

128,481,417

128,201,979

  Property and Equipment, Net

5,452,413

5,501,243

  Notes Receivable

1,512,437

1,051,265

  Beneficial Interest in Trust

10,229

8,261

  Long Term Investments

550,328,012

430,369,207

Total Assets

$711,620,777

$609,081,479

Liabilities and Net Assets

  Liabilities

$230,819,111

$203,944,067

  Net Assets

480,801,666

405,137,412

Total Liabilities and Net Assets

$711,620,777

$609,081,479


Statement of Activities

Revenues

  Contributions

$101,207,019 

$78,461,176

  Less - Contributions Received on Behalf of Others

(4,748,533) 

(27,318,864)

  Net Contributions

96,458,486 

51,142,312

  Other, Net*

69,681,788 

(85,460,621)

Total Revenues, Gains and Other Support

$166,140,274 

($34,318,309)

Expenses

 

  Grants

$89,879,356 

$103,329,874

  Less - Grants Disbursed on Behalf   of Others

(12,005,786) 

(12,590,751)

  Net Grants

 77,873,570 

90,739,123

  Operating Expenses

5,195,404 

5,685,467

  Other Expenses**

7,407,046 

6,966,090

Total Expenses

$90,476,020 

$103,390,680

Change in Net Assets

$75,664,254 

($137,708,989)

Net Assets, Beginning of Year

405,137,412 

542,846,401

Net Assets, End of Year

$480,801,666 

$405,137,412


*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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