Financials
Consolidated Statements for 2024
as of and for the Years ended March 31, 2024 and 2023 (in thousands of dollars)
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Assets
2024
2023
Cash & cash equivalents
$227,083
$269,962
Investments
$3,984,571
$3,849,794
Program-related investments, net
$81,140
$72,538
Accrued post-retirement benefit
$1,339
$-
Other assets
$62,620
$28,456
Deferred tax asset
$21,459
$20,928
Property & equipment, net
$75,205
$77,167
Total Assets
$4,453,417
$4,318,845
Liabilities & net assets without donor restrictions
Liabilities
Accounts payable & other liabilities
$82,820
$55,119
Grants payable, net
$132,862
$176,348
Long-term debt
$298,758
$298,712
Accrued post-retirement obligation
$-
$323
Total Liabilities
$514,440
$530,502
Net assets without donor restrictions
$3,938,977
$3,788,343
Total Liabilities & net assets without donor restrictions
$4,453,417
$4,318,845
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Investment Return
2024
2023
Net (loss) gain on investments
$365,519
$(234,636)
Program-related investment interest and other income
$15,567
$10,666
Total (loss) income
$381,086
$(223,970)
Expenses
Grants awarded
$172,452
$351,088
Direct charitable expenses
$16,405
$17,218
Program operating expenses
$24,790
$26,824
General and administrative expenses
$12,543
$6,806
Program-related investment expenses
$2,321
$1,700
Interest expense
$7,494
$7,707
Tax provision:
Current
$(3,257)
$5,179
Deferred
$(531)
$(7,115)
Total expenses
$232,217
$409,407
Change in Net Assets from Operating Activities
$148,869
$(633,377)
Pension-related changes other than net periodic pension cost
$1,765
$(45)
Change in net assets without donor restrictions
$150,634
$(633,422)
Net assets without donor restrictions
Beginning of year
$3,788,343
$4,421,765
End of year
$3,938,977
$3,788,343
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Cash flows from operating activities
2024
2023
Change in net assets without donor restrictions
$150,634
$(633,422)
Adjustments to reconcile change in net assets without donor restrictions to net cash used in operating activities:
Net realized and unrealized loss (gain) on investments
$(330,116)
$279,253
Dividends, interest, and other investment income—net of fees
$(326)
$(1,321)
Amortization of program-related investment discount
$(2,449)
$(1,258)
Depreciation on property and equipment
$3,020
$2,959
Provision on program-related investments
$3,272
$1,453
Net periodic pension cost
$103
$(137)
Deferred taxes
$(531)
$(7,115)
Change in operating assets and liabilities:
Program-related investments
$(9,426)
$(11,281)
Other assets
$(5,942)
$(405)
Contributions into post-retirement plan
$-
$(1,306)
Accrued post-retirement obligation
$(1,765)
$689
Accounts payable and other liabilities
$691
$(484)
Grants payable
$(43,486)
$157,881
Net cash used in operating activities
$(236,321)
$(214,494)
Cash flows from investing activities
Purchase of property and equipment
$(1,012)
$(1,079)
Purchases of investments
$(1,006,430)
$(1,009,386)
Proceeds from sales of investments
$1,200,884
$1,164,189
Net cash provided by investing activities
$193,442
$153,724
Cash flows from financing activities
Proceeds from line of credit borrowing
Repayments from line of credit borrowing
Net cash provided by financing activities
Cash and cash equivalents
Beginning of year
$269,962
$330,732
End of year
$227,083
$269,962
Net decrease in cash and cash equivalents
$(42,879)
$(60,770)
Supplemental disclosures of cash flow information
Cash paid during the year for federal excise taxes
$2,600
$5,900
Cash paid during the year for interest
$7,494
$7,707
Cash paid during the year for agency transactions
Noncash investing activities—pending investment trades
$(1,248)
$24,966
Consolidated Statements for SY2024
as of December 31, 2024 and March 31, 2024, and for the Period from April 1, 2024 to December 31, 2024 and Year ended March 31,2024 (in thousands of dollars)
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Assets
December 31, 2024
March 31, 2024
Cash & cash equivalents
$214,987
$227,083
Investments
$4,030,625
$3,984,571
Program-related investments, net
$90,703
$81,140
Accrued post-retirement benefit
$2,332
$1,339
Other assets
$32,994
$62,620
Deferred tax asset
$12,612
$21,459
Property & equipment, net
$73,513
$75,205
Total Assets
$4,457,766
$4,453,417
Liabilities & net assets without donor restrictions
Liabilities
Accounts payable & other liabilities
$95,372
$82,820
Grants payable, net
$110,044
$132,862
Long-term debt
$298,793
$298,758
Total Liabilities
$504,209
$514,440
Net assets without donor restrictions
$3,953,557
$3,938,977
Total Liabilities & net assets without donor restrictions
$4,457,766
$4,453,417
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Investment Return
Period from April 1, 2024 to December 31, 2024
Year Ended March 31, 2024
Net (loss) gain on investments
$179,445
$365,519
Program-related investment interest and other income
$9,849
$15,567
Total (loss) income
$189,294
$381,086
Expenses
Grants awarded
$116,365
$172,452
Direct charitable expenses
$11,191
$16,405
Program operating expenses
$20,212
$24,790
General and administrative expenses
$9,406
$12,543
Program-related investment expenses
$1,663
$2,321
Interest expense
$5,621
$7,494
Tax provision:
Current
$2,407
$(3,257)
Deferred
$8,847
$(531)
Total expenses
$175,712
$232,217
Change in Net Assets from Operating Activities
$13,582
$148,869
Pension-related changes other than net periodic pension cost
$998
$1,765
Change in net assets without donor restrictions
$14,580
$150,634
Net assets without donor restrictions
Beginning of year
$3,938,977
$3,788,343
End of year
$3,953,557
$3,938,977
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Cash flows from operating activities
Period from April 1, 2024 to December 31, 2024
Year Ended March 31, 2024
Change in net assets without donor restrictions
$14,580
$150,634
Adjustments to reconcile change in net assets without donor restrictions to net cash used in operating activities:
Net realized and unrealized loss (gain) on investments
$(157,578)
$(330,116)
Dividends, interest, and other investment income—net of fees
$367
$(326)
Accretion of program-related investment discount
$(954)
$(2,449)
Depreciation on property and equipment
$2,468
$3,020
Provision on program-related investments
$1,779
$3,272
Net periodic pension cost
$81
$103
Deferred taxes
$8,847
$(531)
Change in operating assets and liabilities:
Program-related investments
$(10,387)
$(9,426)
Other assets
$250
$(5,942)
Contributions into post-retirement plan
$(175)
$-
Accrued post-retirement obligation
$(899)
$(1,765)
Accounts payable and other liabilities
$4,808
$691
Grants payable
$(22,818)
$(43,486)
Net cash used in operating activities
$(159,631)
$(236,321)
Cash flows from investing activities
Purchase of property and equipment
$(741)
$(1,012)
Purchases of investments
$(1,361,176)
$(1,006,430)
Proceeds from sales of investments
$1,509,452
$1,200,884
Net cash provided by investing activities
$147,535
$193,442
Cash flows from financing activities
Proceeds from line of credit borrowing
Repayments from line of credit borrowing
Net cash provided by financing activities
Cash and cash equivalents
Beginning of year
$227,083
$269,962
End of year
$214,987
$227,083
Net decrease in cash and cash equivalents
$(12,096)
$(42,879)
Supplemental disclosures of cash flow information
Cash paid during the year for federal excise taxes
Cash paid during the year for interest
$3,747
$7,494
Cash paid during the year for agency transactions
$73
$-
Noncash investing activities—pending investment trades
$36,643
$(1,248)
