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Dear Friends and Partners,

It is with great pleasure that we welcome you to The California Endowment’s 2023 Annual Report. The report serves as a testament to our remarkable grantees and community partners who, together with us, envision a future where California truly represents a healthier place for all.

We aspire for California to show the nation what a healthier “state of Belonging” looks like in policy, in practice, and in community.

Throughout this report, you will witness the profound impact of our collaborative efforts with select grantee partners. It is always a challenge to select just a few examples from the array of exceptional partnerships taking place across our state. However, we are confident the stories shared here will inspire and resonate with you.

Our commitment to creating a “California For All” rests on the principles of equity, fairness, inclusion, and advancing racial justice. We amplify the voices deeply rooted in communities, striving for healthier and more equitable outcomes. We have centered our efforts on community voice and power building, recognizing that the surest path towards a healthier nation is through a vibrant, participatory democracy. Our investments are guided by three “bold ideas” shaped by our partners: People Power, Health4All, and Transformed Systems to improve health. The stories you will see featured in this report represent these “bold ideas” led by bold leaders in action.

Health4All reflects our belief that health care is a fundamental human right. Our work alongside health care partners, such as the California Pan-Ethnic Health Network, aims to center health equity for communities of color and the uninsured — regardless of income, sex, race, ethnicity, primary language, LGBTQ+ status, disability, or immigration status. In addition to investing in health coverage for all, we have enhanced grantmaking to strengthen and further diversify California’s health workforce.

We are also pleased to report that, with the enthusiastic support and leadership of our Board of Directors, our foundation has asserted the use of resources beyond traditional grantmaking resources in pursuit of the “For All” vision in California. In recent years, we have…

Increased the use of investment assets towards mission through greater use of program-related investments and impact investing;
Taken the unprecedented step of issuing a “Social Bond,” raising $300 million in capital to accelerate systems changes to improve health; and
Pledged the use of our headquarters property and funding to envision a “Hope Village” with public sector and community partners near downtown Los Angeles — where the creation of a village of affordable housing and supportive services can be realized for community residents, unhoused people, and those impacted by the justice system.

As we navigate the challenges ahead, we remain hopeful in shaping our future – a future informed by the experiential wisdom of grassroots leaders and residents. By harnessing the power of residents and young leaders, we can build a “California For All,” where every person’s voice is counted and heard. We stand in solidarity with you, recognizing that our collective strength is the key to creating a California that truly embodies the principles of inclusivity, belonging, and compassion.

Thank you for joining us on this journey. Together, we will continue to make a difference.

Robert K. Ross, MD President / CEO

Kurt Chilcott Board Chair

Katherine A. Flores, MD Board Vice Chair

View All Board Members

A “California For All” in the 21st Century

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Our Mission

The California Endowment’s mission is to expand access to affordable, quality health care for underserved individuals and communities and to promote fundamental improvements in the health status of all Californians.

Our Vision

We envision a California that leads the nation as a powerful and conscientious voice for wellness, inclusion, and shared prosperity.

Where the talent and genius of all young people are no longer left on the sidelines, but are central to the state’s future;
Where California invests in the wellness of all and assures meaningful opportunities for all, particularly the next generations, and those who have been excluded from opportunity because of discrimination, marginalization and stigmatization;
Where there is racial truth and reconciliation, justice and healing;
Where public institutions are responsive to, and reflective of, the will of all the people;
Where all have voice, and are empowered to participate in a robust democracy;
Where health destiny is not determined by a person’s ZIP code;
Ultimately making California the nation’s healthiest state, and a model that fulfills America’s true promise of equality and justice for all people.

Meet Our Board Members

Led by our board of directors, president and CEO Robert K. Ross, MD and the Foundation’s executive team, the California Endowment strives to set the standard for accountability, transparency, equity, and impact.

Kurt Chilcott

Board Chair

Katherine A. Flores, MD

Board Vice Chair

Robert K. Ross, MD

President/CEO

María Blanco
Bishop Minerva G. Carcaño
Britta Guerrero
Kris Hayashi
Kai Hong
Leslie B. Kautz
Marta McKenzie, MPH
William Jahmal Miller, MHA
Stacie Olivares
Karthick Ramakrishnan, PHD
Michele Siqueiros
Vernita Todd, MBA, FACHE
Vien Truong, Esq.
Dr. Daniel E. Walker
Torie Weiston-Serdan
Kiah Williams

Get to Know Our Board Members

A Message from the Endowment Leadership

Building a 21st Century Health4All

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California Pan-Ethnic Health Network (CPEHN)

Building a 21st Century Health4All

Doting grandmothers. Busy single parents. Joyful families. Activist youth. Smiling children. Strong farm workers. Energetic teens. All Californians. All different. Yet all belong and have a right to full, productive, healthy lives. That vision propels the work of The California Endowment (TCE).

Establishing a 21st century “Health4All” system is not simply a TCE tagline. It represents a core commitment to driving efforts to ensure prevention, community wellness, and access to quality health care for all Californians, which infuses significant collaborations with community partners like the California Pan-Ethnic Health Network (CPEHN).

The Endowment has maintained a longstanding relationship with CPEHN powered by the complementary objective of mobilizing communities to advance health and racial justice for people of color in the state. One of the health network’s guiding principles is dismantling the entrenched practice of having wealth, race and ZIP code determine the health of many Californians of color.

“Harnessing the power of a collective approach to advancing health equity definitely will help accelerate the process versus working in silos as individual organizations.”

Rhonda Smith Executive Director, California Black Health Network, Inc.

“We are committed to making sure that health care and the health care delivery system centers racial equity and gives everyone an opportunity not only to access health care but to have good health outcomes,” said Kiran Savage-Sangwan, Executive Director, CPEHN.

Four ethnic health leaders — the Asian and Pacific Islander American Health Forum, California Black Health Network, California Rural Indian Health Board, and the Latino Coalition for a Healthy California — founded CPEHN in 1992. Since then, the partners have worked to build community power and develop a common agenda to advance health equity in California. The organization recognized the urgency of addressing the health needs of communities of color, who traditionally have been largely ignored, or poorly served. CPEHN has assiduously worked to eliminate inequitable health policies and has sponsored dozens of bills from supporting health care to language access and services for unsheltered people. Along with community partners, it has been effective in using data, developing policy agendas, organizing, and building people power to advance systemic change in California.

“We are committed to making sure that health care and the health care delivery system centers racial equity and gives everyone an opportunity not only to access health care but to have good health outcomes.”

Kiran Savage-Sangwan Executive Director, CPEHN

“Harnessing the power of a collective approach to advancing health equity definitely will help accelerate the process versus working in silos as individual organizations,” said Rhonda Smith, Executive Director, California Black Health Network, Inc. “We’re working together, we have alliances, and there’s a greater chance of success in advancing health equity for everyone.”

By uniting its networks and mobilizing diverse community partners, CPEHN aims to achieve health equity by reimagining the health care system and pursuing anti-racist policies and systems changes. Its partners include the Behavioral Health Equity Collaborative, Public Health Collaborative, and Having Our Say coalition.

“CPEHN understands that in order to make systemic changes for equity and prevention you need strong networks and must be driven by local experience and community partners,” said Steven Eldred, Managing Director, Program and Partnerships, TCE.

One key focus area for CPEHN is the state’s Medi-Cal program. Two-thirds of people of color, particularly Californians with low incomes, have less access to resources so the health network concentrates on strengthening that program, which it views as a tool for equity.

Other priorities include the California Reducing Disparities Project’s mission, which advocates for mental health equity for priority populations statewide, and People Power for Public Health, a community-based research initiative that seeks to transform local budgets to fund community power and public health, including emergency response, health care, mental health, oral health, and social services.

Another critical effort addresses racial equity. CPEHN, along with several partners, issued a letter to Governor Gavin Newsom in 2020 declaring racism as a public health crisis. The commitment to the issue endures. CPEHN believes systemic racism is a key driver of poor health for communities of color. “We believe that it is going to take some significant shifting of power in government and in communities in order to improve our communities, improve our health and improve our state,” said Savage-Sangwan. CPEHN is also focused on COVID-19 recovery. While there have been official declarations about the end of the pandemic’s state of emergency, CPEHN recognizes that moving past COVID-19 remains an enormous challenge as the disease had a disproportionately negative effect on communities of color. The health network has a project dedicated to looking at how counties spend COVID-19 funding and that monitoring includes a racial equity analysis.

“CPEHN understands that in order to make systemic changes for equity and prevention, you need strong networks and must be driven by local experience and community partners.”

Steven Eldred Managing Director, Program and Partnerships, TCE

The binding partnership with TCE has forged many successes for the health network. In addition to financial support, TCE has been a steadfast backer of CPEHN’s network approach, which is core to the work that allows its investment in underserved communities.

“It’s been an amazing partner in that work, but even more than as a funder, TCE has been a thought leader around today’s issues when you think about health for all. TCE really opened the space for those of us who’ve been advocating for that for a long time and opened the door to that policy change,” said Savage-Sangwan.

A “California For All” in the 21st Century

Hope Lives Here

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Planning to transform The California Endowment’s two-acre backlot on Main Street has begun in earnest.

Envisioned as a place of hope and healing aimed at helping those most harmed by a legacy of racism and the criminal justice system, Hope Village will offer housing, community, and health services to formerly incarcerated, unhoused, and economically disadvantaged residents. The Village will include up to 125 housing units and also provide an array of community services, including physical and mental health, job training, and arts programs, as well as a community space for gathering and healing.

The birth of the project dates to 2019 when TCE President and CEO, Dr. Robert K. Ross, chaired the Los Angeles County Alternatives to Incarceration Commission, which delivered its report to the County in March 2020.

Those recommendations included a proposal to decommission the Men’s Central Jail providing an opportunity to reimagine the use of physical space in the surrounding community. Over time, these conversations gave birth to the vision for Hope Village.

“Hope Village really is about bringing a health equity orientation to the justice system — about using both our dollar resources and land resources to contribute to a new vision of justice reform for a region of Los Angeles. It’s about listening to grantee partners, about getting their strategic insights about how to transform the justice system into a care-first, health-first orientation,” said Dr. Robert Ross.

“Hope Village is about…using both our dollar resources and land resources to contribute to a new vision of justice reform for a region of Los Angeles... [and] how to transform the justice system into a care-first, health-first orientation.”

Dr. Robert K. Ross President / CEO, The California Endowment

Working with Homeboy Industries, whose properties are adjacent to the TCE lot, and other partners, the Endowment staff and Board began envisioning how an underutilized piece of property could address the needs of an often-neglected population, not just those with justice system involvement, but their families, the unhoused, and others lacking the financial means to afford housing in downtown Los Angeles.

This vision began with a community engagement process gathering input from local residents that informed a Request for Proposals for a developer. Following a rigorous proposal process, Linc Housing, an affordable housing developer with a holistic approach to community development, was selected in early 2023 to lead the development. The two-fold Hope Village project will include community service facilities set to begin construction as early as 2025, and affordable housing slated to start as early as mid-2026 with an expected project completion and opening in 2028.

The project now is in pre-development and Linc Housing and its partners are leading another round of community engagement to determine the emergent and long-term needs of local residents, including those living in Chinatown and the William Mead Homes, and justice-impacted and unhoused populations.

“The model that we want to set is that community comes first, and community voices are uplifted in the development of any project. It’s something we are being careful to do. We spent a year of engagement and we’re spending another year going out to the community, speaking to people about what this property means and what services it can bring … and that is different than what most projects do,” said Edward de la Torre, co-lead, Hope Village Project, TCE.

Low-Income Housing Tax Credit funding will support the housing construction along with New Market Tax Credits and other state and federal funding. TCE is providing the land and funding for the project and will work with Linc Housing to raise additional funding and partnerships.

“This is a model for other foundations. How do you use all of your assets to advance your mission? We’re using both land that we own and bond dollars from investors. We will eventually use grant dollars and may use other TCE investment dollars. We’re looking at using all these different tools and resources in order to better serve the community,” said Jennifer Chheang, co-lead, Hope Village Project, TCE.

TCE’s foundational principles are built on having a “California For All” with a powerful and conscientious voice for wellness, inclusion, and shared prosperity. Critical to the Endowment’s success is transforming public institutions to become significant investors in, and champions of, racial and social equity. Hope Village represents a realization of those ideals.

Dr. Ross imagines a successful Hope Village project on the now-empty lot. “Someone standing on that corner at Main Street and looking out and the jail is gone. And what’s in its place is this community with housing and mental health services and arts programming and job training… a village of real hope.”

Building a 21st Century Health4All

When Investments Inspire

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Impact Investing

When Investments Inspire

When Eric Cato returned to East Oakland after being released from prison, he got a cancer diagnosis. During his health care journey, he was introduced to Roots Community Health Center which helped Eric with more than medical care; the team helped him to transition back into the workforce and provided housing assistance. Today, Eric is healthy, working for Roots as an HVAC technician.

That is exactly the sort of organization that The California Endowment seeks to support through its Impact Investing: a nonprofit that empowers communities and supports not just health but key social determinants of health and overall well-being.

Over a decade ago, The Endowment considered what more it could do beyond grantmaking to help organizations like Roots accelerate and deepen its impact to more people like Eric. It chose to begin using some of its investment assets to deliver more than financial returns but to also assure social returns, too. That is the work of the foundation’s Impact Investing effort focused on program-related and mission-related investments.

“Growing up here in Oakland, I took a lot from the community. Even though I did my prison time and paid my dues to society, that’s paying the system, not society. Now I feel I’m paying my dues to society by giving back with Roots.”

Eric Cato HVAC Technician, Roots Community Health Center

In a newly published report, the journey of its Impact Investing efforts has been chronicled. The California Endowment has a $250 million Impact Investing allocation committed to investing in alignment with its mission and values, managed by its Impact Investing team.

One of the financial tools it utilizes is Program Related Investments or PRIs. PRIs are financial tools aligned to The Endowment’s mission, unique to private foundations, which must be repaid but can provide more flexible terms than traditional financial tools.

A typical PRI for The Endowment is a long-term, concessionary loan made to community-based nonprofit financial intermediaries that work daily with nonprofits such as Roots.

In 2015, The Endowment partnered with Capital Impact Partners, a community development financial institution, to launch the Healthier California Fund to assist community health centers and clinics deepen their impact through improved patient access and patient-centered approaches to care.

The Fund made low-cost, long-term loans that health providers couldn’t get from traditional banking sources.

The fund was a mission match for The Endowment which made $15 million in PRIs into the $30 million Healthier California Fund.

“The Healthier California Fund finances innovative health care solutions that deliver social impact and address the social determinants of health in underserved communities.”

Roots was among seven community health centers to receive loans from the Healthier California Fund, helping it evolve from a mobile health care clinic into a permanent space, and assisting hundreds more people like Eric with medical care, jobs, and homes.

Loan funds like the Healthier California Fund provide revolving sources of capital for communities, as once the loans are repaid, they can be reinvested into the next community priority. That cycle illustrates how communities are strong stewards of investment capital, ideally giving them access to even more capital over time.

“We have heard from the communities we serve — their desire and need for investments. TCE uses its PRIs to address systemic racial inequity in the capital markets to support our communities.”

Amy Chung Managing Director, Impact Investing, TCE

The Endowment’s PRIs extend beyond healthcare providers and expand access to financial services, housing, and more. One of the most evident instances of racial inequity in low-income communities and communities of color is predatory lending. James Sarrio knows all too well the impact of too much debt and a poor credit rating. At one point, the San Francisco resident had ten outstanding student loans. James got the help he needed to address a seemingly insurmountable situation from Self-Help Federal Credit Union.

Self-Help consolidated his multiple loans into one with manageable terms, allowing James to forge a future path of earning bachelor’s and master’s degrees, and ultimately founding and managing a nonprofit.

James’ scenario is typical of Self-Help’s member base. The credit union links low-income residents to safe and affordable financial literacy services and pathways to restore their credit. Its work matches The Endowment’s mission and was an important factor that led to a series of PRIs to Self-Help to expand its presence in California, including opening new branches in San Diego and Sacramento.

For Capital Impact and Self-Help, the experience over time of serving community needs with The Endowment’s tools built mutual trust. Those relationships were proven during the COVID-19 pandemic when The Endowment partnered with Capital Impact to quickly provide PRIs to help community health centers keep their doors open and with Self-Help to support entrepreneurs in cash flow crises.

“Social justice fights require the durability of effort. The Endowment is using every asset to respond in this critical moment, which calls for innovative and long-term solutions that center the voices of low-income BIPOC residents, particularly those that have historically been underfunded and experienced disinvestment and divestment. These PRIs are building on the momentum to accelerate systems-change work.”

Dr. Robert K. Ross President / CEO, The California Endowment

Today, having made 56 PRIs into 41 organizations, The Endowment continues to deepen existing relationships while also investing in new relationships.

A new PRI with ROC USA will support California residents to cooperatively purchase and operate their own manufactured home communities, preventing displacement and helping residents build assets.

Hope Lives Here

The Future of Power Building in California

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TCE’s Social Bond

The Future of Power Building in California

In the world’s fourth largest economy, The California Endowment’s Social Bond is making it possible to design a first-of-its-kind process that will shape the future of power building in California, a central strategy for systems change that philanthropy often overlooks.

Over the last year, hundreds of racial and social justice power builders have come together to break bread, imagine, create, and collaborate on power-building strategies that will nurture generations to come.

Felicia Jones, former Deputy Director of Congregations for Prophetic Engagement (COPE), echoes the need to expand support for grassroots groups, primarily those led by people of color, to continue their necessary, but difficult work.

“Grassroots [organizers] feel and know and experience the holes in our systems. They feel racial inequity. And our ability to make sure that their voices are included is reason enough to say we’ve got to sustain an infrastructure that has this pipeline where the community is a part of the solution,” she says.

“Power building for us is the ability to develop collective power of people in neighborhoods and communities and across the state, being able to connect those organized forces to develop collective political power.”

Miya Yoshitani Senior Strategist, Asian Pacific Environmental Network

Power building is key for marginalized groups, such as the Vietnamese community in Orange County, where Tracy La, executive director of VietRise grew up. “I want my community to be seen as a powerful collaborator in the fight for social justice, all across the state, and for people to recognize the kind of ripple effects of change that us working together in multiracial and multi-generational solidarity will bring to other communities across the United States.”

But in order to create that change, organizations need consistent funding to bring their solutions to life and mobilize those most impacted by systems of oppression.

“We know that in order to build strong, stable, resilient organizations in the Black community, we need ongoing funding that sustains after the crisis and that allows for organizations to really build the 21st century infrastructure that’s needed to do power-building work at scale,” says Marc Philpart, Executive Director of the California Black Freedom Fund.

Terry Supahan, Karuk tribal member and Executive Director of the True North Organizing Network in the Redwood region of Northwestern California says, “Power building to me is giving voice to not only the individual but the individual’s tribe, community, village, and place. It’s helping people find themselves and leaning into the power that’s all around them so that they can feel it too.”

Joseph Tomás Mckellar, Executive Director of PICO California, believes that philanthropy can learn from taking time to listen more intently to organizers and provide them resources for deeper, collaborative planning and building of power.

“Where I think philanthropy could really make a big difference is not only funding campaigns and policy and systems outcomes, as important as those are, I think philanthropy needs to help us build the capacity of our organizations to create a deep, beloved community and build power as entities so that we can take on long-term fights that are necessary to fundamentally shift the politics and economy of our state,” Mckeller says.

By gathering power builders from different communities and issue areas, The Endowment is helping organizers create something that doesn’t currently exist in California – a network of physical and virtual power-building centers that will sustain and serve more BIPOC-led grassroots groups and movements, especially in areas of severe inequality. While the nation is still dealing with the devastating effects of the COVID-19 pandemic and the ongoing threat of white supremacy, the social bond points to a hopeful way forward.

“The rationale behind the decision to go after a bond has to do with our vision, best described by Dr. Martin Luther King and his vision of a beloved community,” says Dr. Ross, President and CEO, The California Endowment. “It’s not enough to solve the nation’s problems, but is there enough to catalyze and send a message to people doing this work?”

This investment is more than just a dollar amount — it’s an investment of trust in communities to write their own narrative and design a system that actually meets their needs. Organizers working on diverse issues and with varying levels of funding are using this extraordinary opportunity to imagine how to radically change our collective health and well-being for the better.

Hear directly from some of these leaders on what the Social Bond makes possible in the journey to create a more equitable and racially just California.

When Investments Inspire

Grantee Partners We Supported in 2023

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Grants, Contracts and PRIs

The California Endowment’s grant making is guided by our three bold ideas: People Power, Reimagining Institutions and a 21st Century Health System for All.

Jump to List of Grantees

Number of Grants, Contracts and PRIs Awarded

973 Grants, contracts, and PRIs

643 Organizations

What We Fund

Single & multi-year grants
Grants: program support – general operating support – restricted project
Direct Charitable Activities
Program Related Investments

Dollar Value of Grants, Contracts and PRIs Awarded

$167,587,342 In grants, contracts, and PRIs awarded

Total List of Grantees

What follows is a listing of the 800+ grantee partners we supported in 2022; we appreciate their leadership and their energy in pursuit of a healthier California.

A - B

3 Point 0
916 Ink
A New Way of Life Reentry Project
ACCE Institute
Access Humboldt
ACLU Foundation of San Diego and Imperial Counties, Inc.
ACLU Foundation of Southern California
ACT for Women and Girls
Action Council of Monterey County, Inc.
Acupuncturists Without Borders
Advancement Project
Affect Real Change, Inc.
African Coalition Workforce
African-American AIDS Policy and Training Institute
Alameda Health Consortium
Alianza Coachella Valley
Alisal Center for the Fine Arts, Inc.
Alive & Free
All Positives Possible
Allen Temple Health and Social Services Ministries
Alliance for a Better Community
Alliance for California Traditional Arts
Alliance for Justice
Allied Media Projects, Inc.
AltaMed Health Services Corporation
American Heart Association, Inc.
American Indian Child Resource Center
American Leadership Forum
American Public Health Association, Inc.
Amplifier Foundation
Angie Rios dba The Rios Company
Anti-Recidivism Coalition
Arc California
Arts for Incarcerated Youth Network
Asian American-Pacific Islanders In Philanthropy
Asian Americans Advancing Justice – Los Angeles
Asian and Pacific Islander American Health Forum
Asian Pacific Environmental Network
Asian Pacific Fund
Bail Project, Inc.
Bakersfield College Foundation
Bay Area Council Foundation
Bay Area Parent Leadership Action Network
Be Smooth, Inc.
Be the Change Consulting, LLC
Behr Communications, Inc.
Bend the Arc – A Jewish Partnership for Justice
Beyond 12 Education, Inc.
Beyond Differences
Black Alliance for Just Immigration
Black Cultural Zone Community Development Corporation
Black Emotional and Mental Health Collective
Black Organizing Project, Inc.
Black Students of California United
Black Women United
BLU Educational Foundation
Boys & Girls Club of West San Gabriel Valley
Bread Project
Bright Prospect
Broadway Cares-Equity Fights Aids, Inc.
Brotherhood of Elders Network
Buckelew Programs

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Financial Positions

Consolidated Statements of Financial Position

March 31, 2022 and 2021, in thousands of dollars

Assets	2022	2021
Cash & cash equivalents	$ 330,732	$ 329,603
Investments	$ 4,260,875	$ 4,155,569
Program-related investments, net	$ 61,452	$ 62,158
Other assets	$ 6,888	$ 5,552
Deferred tax asset	$ 13,813	$ 12,733
Property & equipment, net	$ 79,001	$ 80,817
Total Assets	$ 4,752,761	$ 4,646,432

Liabilities & net assets without donor restrictions	2022	2021
Liabilities
Accounts payable & other liabilities	$ 12,786	$ 13,464
Grants payable, net	$ 18,466	$ 33,503
Long-term debt	$ 298,666	$ 298,613
Accrued post-retirement obligation	$ 1,078	$ 2,811
Total Liabilities	$ 330,996	$ 348,391
Net assets without donor restrictions	$ 4,421,765	$ 4,298,041
Total Liabilities & net assets	$ 4,752,761	$ 4,646,432

Activities

Consolidated Statements of Activities

March 31, 2022 and 2021, in thousands of dollars

Investment Return	2022	2021
Net gain (loss) on investments	$ 324,571	$ 1,162,527
Program-related investment interest and other income	$ 3,927	$ 3,745
Total income	$ 328,498	$ 1,166,272

Expenses	2022	2021
Grants awarded	$ 150,203	$ 138,652
Direct charitable expenses	$ 13,345	$ 18,423
Program operating expenses	$ 23,331	$ 25,931
General and administrative expenses	$ 6,022	$ 6,323
Program-related investment expenses	$ (461)	$ 4,101
Interest expense	$ 7,390	$ 1,317
Tax provision
Current	$ 6,693	$ 1,640
Deferred	$ (1,138)	$ 5,984
Total expenses	$ 205,385	$ 202,371
Excess (deficiency) of income over expenses	$ 123,113	$ 963,901
Pension-related changes other than net periodic pension cost	$ 611	$ 3,619
Change in net assets without donor restrictions	$ 123,724	$ 967,520

Net assets without donor restrictions	2022	2021
Beginning of year	$ 4,298,041	$ 3,330,521
End of year	$ 4,421,765	$ 4,298,041

CASH FLOWS

Consolidated Statements of Cash Flows

March 31, 2022 and 2021, in thousands of dollars

Cash flows from operating activities	2022	2021
Change in net assets without donor restrictions	$ 123,724	$ 967,520
Adjustments to reconcile change in net assets without donor restrictions to net cash used in operating activities
Net realized and unrealized (gain) loss on investments	$ (294,504)	$ (1,153,511)
Dividends, interest, and other investment income, net of fees	$ (921)	$ (1,068)
Amortization of program-related investment discount	$ (2,180)	$ (2,431)
Depreciation on property and equipment	$ 2,993	$ 3,313
Provision on program-related investments	$ (290)	$ 3,734
Net periodic pension cost	$ 697	$ 1,684
Deferred taxes	$ (1,138)	$ 5,984
Change in operating assets and liabilities
Program-related investments	$3,177	$ (11,553)
Other assets	$ (1,336)	$ (3,878)
Contributions into postretirement plan	$ (1,516)	$ (2,000)
Accrued postretirement obligation	$ (914)	$ (3,619)
Accounts payable and other liabilities	$ 2,840	$ 307
Grants payable	$ (15,037)	$ (43,407)
Net cash used in operating activities	$ (184,405)	$ (238,925)

Cash flows from investing activities	2022	2021
Purchase of property and equipment	$ (1,130)	$ (1,205)
Purchases of investments	$ (875,643)	$ (1,086,100)
Proceeds from sales of investments	$ 1,062,307	$ 1,338,698
Net cash provided by investing activities	$ 185,534	$ 251,393

Cash flows from financing activities	2022	2021
Proceeds from bond issuance	-	$ 300,000
Payments of debt issue costs	-	$ (1,393)
Net cash provided by financing activities	-	$ 298,607
Net increase (decrease) in cash and cash equivalents	$ 1,129	$ 311,075

Cash and cash equivalents	2022	2021
Beginning of year	$ 329,603	$ 18,528
End of year	$ 330,732	$ 329,603

Supplemental disclosures of cash flow information	2022	2021
Cash paid during the year for federal excise taxes	$ 5,500	$ 5,547
Cash paid during the year for interest	$ 7,494	$ 1,317
Noncash investing activities—pending investment trades	$ (8,622)	$ (13,628)