2022 Financial Summary*
Statements of Financial Position
December 31, 2022 and 2021
Assets |
2022 |
2021 |
||
| Cash and cash equivalents | $ | 421,779 | $ | 966,114 |
| Investments, at fair value | 445,425,027 | 543,774,743 | ||
| Deferred compensation plans | 2,102,038 | 2,358,208 | ||
| Prepaid federal excise tax | 866,841 | 123,000 | ||
| Receivables and other assets | 908,384 | 196,873 | ||
| Operating right-of-use lease asset | 5,233,043 | – | ||
| Fixed assets, net | 3,151,944 | 743,256 | ||
Total assets |
$ |
458,109,056 |
$ |
548,162,194 |
Liabilities and Net Assets |
||||
| Liabilities | ||||
| Accounts payable and other accrued expenses | $ | 412,162 | $ | 776,998 |
| Grants payable, net | 8,537,055 | 7,953,710 | ||
| Deferred compensation plans | 2,102,038 | 2,358,208 | ||
| Deferred federal excise tax | 899,423 | 2,143,482 | ||
| Operating lease liability | 6,002,993 | – | ||
| Total liabilities | 17,953,671 | 13,232,398 | ||
| Net Assets | ||||
| Net assets without donor restrictions | 440,155,385 | 534,929,796 | ||
Total liabilities and net assets |
$ |
458,109,056 |
$ |
548,162,194 |
Statements of Activities and Changes in Net Assets
Years Ended December 31, 2022 and 2021
2022 |
2021 |
|||
| Revenues | ||||
| Dividends and interest | $ | 11,426,585 | $ | 7,522,875 |
| Realized and unrealized (losses) / gains on investments | (69,080,081) | 84,891,211 | ||
| Investment (loss) / income, gross | (57,653,496) | 92,414,086 | ||
| Investment management and other fees | (7,802,849) | (8,370,630) | ||
| Excise and other tax benefit / (expense) | 864,646 | (1,589,206) | ||
| Investment (loss) / income, net | (64,591,699) | 82,454,250 | ||
| Expenses | ||||
| Grants** | 24,583,344 | 19,994,261 | ||
| Other program expenses | 2,959,347 | 3,064,195 | ||
| Management and general | 2,640,021 | 2,463,569 | ||
| Total expenses | 30,182,712 | 25,522,025 | ||
| Change in net assets | (94,774,411) | 56,932,225 | ||
| Net assets without donor restrictions | ||||
Beginning of year |
534,929,796 |
477,997,571 |
||
End of year |
$ |
440,155,385 |
$ |
534,929,796 |
* The financial information is presented on an accrual basis. These figures have been derived from the Evelyn & Walter Haas, Jr. Fund’s 2022 financial statements audited by Hood & Strong LLP, independent auditors. The condensed financial information should be read in conjunction with the 2022 audited financial statements and related notes.
** On a cash basis, the Fund paid out grants totaling $24,000,000 and $22,250,000 in 2022 and 2021, respectively.