annual report 2012 financials
DESCRIPTION
Financial description of The Philadelphia Foundation's annual report for the year 2012TRANSCRIPT
ASSETS 2012 2011 Cash and Cash Equivalents $16,416,679 $18,679,080 Contributions Receivable 23,399,108 23,643,919 Prepaid Expenses and Other Assets 105,852 69,090 Total $39,921,639 $42,392,089
Non-Endowment Investments Equities 6,527,673 8,970,725 Fixed Income 9,665,715 6,678,177 Other 20,492,560 11,856,000
Cash and Cash Equivalents 99,000 99,000 Total Non-Endowment Investments $36,784,948 $27,603,902
Endowment Investments Equities 126,975,401 116,837,551
Fixed Income 69,472,401 66,211,871 Cash Surrender Value 452,453 453,841 of Life Insurance
Cash Equivalents 26,304,195 14,059,400 Other 28,254,588 32,292,628
Total Endowment Investments $251,459,038 $229,855,291
Split-Interest Agreements 6,241,424 5,292,691 Property and Equipment 44,692 56,361
Total Assets $334,451,741 $305,200,334
LIABILITIES AND NET ASSETS 2012 2011
LIABILITIES Accounts Payable and Accrued Liabilities $2,856,460 $626,291 Grants Payable 1,049,163 1,161,304
Liabilities Under Split-Interest Agreements 1,985,960 1,770,840
Liabilities Under Agency Accounts 6,960,642 5,860,743 Deferred Rent 210,871 241,429
Total Liabilities $13,063,096 $9,660,607
NET ASSETS Unrestricted For Grant Endowments 236,149,798 216,588,260 For Grantmaking 27,002,098 31,519,970 For Administrative Endowment and Operations 4,860,683 4,438,829 Total Unrestricted $268,012,579 $252,547,059 Temporarily Restricted 52,697,813 42,385,538
Permanently Restricted 678,253 607,130
Total Net Assets 321,388,645 295,539,727 Total Liabilities and Net Assets $334,451,741 $305,200,334
2012 Financial HigHigHts tHe PHiladelPHia Foundation
1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215-563 6417
Consolidated Statements of Financial Position
Aberdeen Fund Managers LimitedAccess Capital StrategiesAddison Clark Management, LLCAmerican FundsArmstrong ShawArtisan Partners, LPCanyon Capital Advisors, LLCColchester Global InvestorsDimensional Fund Advisors, LP
Eagle Capital Management, LLCFocused Investors, LLCForester Partners, LPGryphon International Investment Corp.Hoplite Capital Management, LLCLansdowne Partners LimitedMetropolitan Real Estate Equity Mgmt., LLCPerennial Capital Management, LLCPhiladelphia International AdvisorsPIMCO
Post Advisory GroupSanderson Asset Management, Inc.Tiger Consumer Management, LLCVan Eck GlobalWatershed Asset Management, LLCWilliam Blair & Co.The Investment Fund for Foundations (TIFF)Turner Investment Partners, Inc.The Vanguard Group
INVESTMENT MANAGERS The endowment assets of TPF, Inc., are managed by:
1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215-563 6417
2012 Financial HigHigHts tHe PHiladelPHia Foundation
Consolidated Statements of Financial Activities Total for Year Ended Dec 31, 2012 REVENUE AND SUPPORT
Gifts, Grants and Bequests $23,349,324
Investment Income 11,980,236
Net Unrealized and Realized Investment Gains, Net 23,732,054 Subtotal $59,061,614 EXPENSES
Grants $24,679,393
Investment Management and Trustee Fees 916,291
Grantmaking 757,157
Special Program Expenses 1,898,622
Development and Donor Services 1,150,623
Fund Management 1,046,156
Marketing 364,454 Total Expenses $30,812,696 CHANGE IN NET ASSETSBEFORE INCOME TAXES $28,248,918
Unrelated Business Income Tax Expense 2,400,000 CHANGE IN ASSETS 25,848,918Net Assets - Beginning of Year 295,539,727
NET ASSETS - END OF YEAR $321,388,645
The official registration and financial information of The Philadelphia Foundation may be obtained from the Pennsylvania Department of State by calling toll-free, within Pennsylvania, 1-800-732-0999. Registration does not imply endorsement.
Information filed with the Attorney General concerning this charitable solicitation may be obtained from the Attorney General of the State of New Jersey by calling 973-504-6215. Registration with the Attorney General does not imply endorsement.
This report presents only the highlights of our financial activities. The Foundation’s complete audited financial statements are available online at www.philafound.org. Select “About the Foundation” and then “Investment Management and Fund Information.” A public inspection copy of our Forms 990 and 990-T may be obtained during regular business hours.
TRUSTEE INSTITUTIONS In establishing a fund, donors have the option of using TPF, Inc. as a trustee or one of seven trustee institutions:
The Bryn Mawr Trust CompanyThe Glenmede Trust CompanyBNY MellonPitcairn Trust CompanyPNC Bank, N.A.Wells FargoWilmington Trust of Pennsylvania
INSTITUTIONAL PARTNERSHIPS American FundsBrown Brothers Harriman
INDEPENDENT INVESTMENT CONSULTANT Colonial Consulting