Statement of Financial Position

For the year ended December 31, 2014, with comparison to December 31, 2013
December 31, 2014 December 31, 2013
Assets
Cash and cash equivalents $1,051,681 $143,438
Investments 79,932,154 85,869,509
Contributions and grants receivable 1,675,579 2,265,627
Accounts receivable 104,358 167,681
Prepaid expenses and other assets 246,285 196,841
Property and equipment, net of accumulated depreciation 11,550,592 11,746,643
Beneficial interest in perpetual trust 209,650 219,238
Total Assets $94,770,299 $100,608,977
Liabilities
Accounts payable and accrued expenses $1,520,520 $1,349,468
Grants payable 69,500 272,500
Total Liabilities $1,590,020 $1,621,968
Net Assets
Unrestricted 59,430,425 64,772,103
Temporarily restricted 22,023,004 22,694,109
Permanently restricted 11,726,850 11,520,797
Total Net Assets 93,180,279 98,987,009
Total Liabilities and Net Assets $94,770,299 $100,608,977

Statement of Activities

For the year ended December 31, 2014, with summarized financial information for December 31, 2013
Year Ended December 31, 2014
Unrestricted Temporarily Restricted Permanently Restricted 2014 Total 2013 Total
Operating Support:
Grants and contributions $251,357 $5,491,683 – $5,743,040 $5,444,175
Special events revenue (net of direct benefit to donors of $211,823 in 2014 and $191,344 in 2013) 486,997 – – 486,997 342,751
Total operating support 738,354 5,491,683 – 6,230,037 5,786,926
Operating Revenues:
Investment earnings designated for current operations 6,974,805 – – 6,974,805 5,787,718
Subscriptions and fees 1,768,205 54,645 – 1,822,850 1,787,898
Membership dues 163,999 – – 163,999 206,176
Miscellaneous 365,320 – – 365,320 505,561
Total operating revenue 9,272,329 54,645 – 9,326,974 8,287,353
Net assets released from restrictions for operations 6,487,622 (6,487,622) – – –
Total operating support, revenues and reclassifications 16,498,305 (941,294) – 15,557,011 14,074,279
Operating Expenses:
Program services 11,648,237 – – 11,648,237 12,145,045
Management and general 4,624,740 – – 4,624,740 4,413,206
Fund-raising 649,185 – – 649,185 654,431
Total operating expenses 16,922,162 – – 16,922,162 17,212,682
Decrease from operating activities (423,857) (941,294) – (1,365,151) (3,138,403)
Non-operating activities:
Grants and contributions – – – – 89,686
Permanently restricted contributions – – $201,303 201,303 102,601
Change in value of beneficial interest in perpetual trust – – (9,588) (9,588) (13,283)
Investment (losses) gains not designated for current operations (4,938,210) 290,578 14,338 (4,633,294) 2,302,983
Net assets released from restrictions for capital expenditures 20,389 (20,389) – – –
Change in net assets (5,341,678) (671,105) 206,053 (5,806,730) (656,416)
Net assets – January 1 64,772,103 22,694,109 11,520,797 98,987,009 99,643,425
Net assets – December 31 $59,430,425 $22,023,004 $11,726,850 $93,180,279 $98,987,009

The financial information in this report does not constitute audited financial statements in accordance with generally accepted accounting principles in the United States. A copy of the 2014 Audited Financial Statements can be obtained from our offices by writing the Office of Finance and Administration or by calling (212) 822-7219.