Community Foundation of Western North Carolina

Financial Information

When you place your gifts in our care, we know that you count on the Foundation to operate efficiently and invest wisely. An active board of directors oversee the financial assets of The Community Foundation and works with the professional staff to exercise high standards of management and fiscal stewardship. The Foundation operates efficiently on less than one penny of every dollar, as a percentage of total assets.

While each fund is accounted for separately, the Foundation's assets are pooled for investment purposes, yielding significant economies of scale. Investment managers are charged with maintaining and increasing the inflation-adjusted value of the Foundation's permanent funds with the goal of meeting charitable distribution and grantmaking needs in Western North Carolina.

STATEMENT OF FINANCIAL POSITION
June 30, 2007 and 2006

Assets 2007   2006
   
Cash & cash equivalents $2,544,182   $1,484,257
Prepaid expense 17,949   5,778
Accounts receiveable 23,699   66,463
Promises to give, net 304,941   536,987
Investments 167,002,382   141,652,770

Property and equipment, net

61,215

  

3,035
Real estate 641,000  
335,000
   

Total Assets

 $170,595,368   $144,084,290

 

Liabilities and Net Assets 2007   2006
   
Liabilities  

Grants and scholarships payable

 $405,182   $617,496
Accounts payable
31,242   18,327

Liabilities under split-interest agreements

10,537,930   9,770,616
Funds held as agency endowments 32,240,918   25,673,833

Total Liabilities
$43,215,272
 
$36,080,272
 
 
   
Net assets:      
Unrestricted:
15,504,899
  
8,525,469

Restricted

  

Temporarily restricted

39,700,002
  
32,355,152

Permanently restricted
72,175,195
67,123,397

Total Net Assets
$127,380,096
  
$108,004,018

 
Total Liabilities and Net Assets $170,595,368   $144,084,290
   

 

STATEMENT OF ACTIVITIES
June 30, 2007 and 2006

Revenues and Other Support 2007   2006
       
Contributions $13,597,716   $14,454,768
Investment income 2,889,558   2,681,176
Net realized and unrealized gains 12,069,388   4,967,088
Change in value of split-interest agreements
491,048
 (2,529,130)
Management fee income 335,762   147,076
Grant income 68,823   143,053
Other income 101,858   33,546
Total Revenues and Other Support $29,554,153   $19,897,577
       

Expenses

      
Program services
9,904,536
  
7,839,855

Supporting services

882,128
  
701,474
Total Expenses
$10,786,664
  
$8,541,329
       
Increase in net assets
18,767,489
  
11,356,248
       

Net assets, beginning of year,
as previously reported
111,066,814
  
99,710,562
Prior period adjustment (2,454,207)    
Net assets, beginning of year,
as restated 		$108,612,607   $99,710,562
Net Assets, End of Year $127,380,096 $111,066,810

In response to the Pension Protection Act of 2006, which provided definition to classifications of funds commonly held by community foundations, management determined that certain funds were more appropriately classified as endowments or agency endowments. The prior period adjustments for the year ending June 30, 2006, recognizes this reclassification accordingly.

Note: Standards of financial accounting for nonprofit organizations affect the reporting of charitable remainder trusts and certain endowment funds managed by The Community Foundation for other nonprofit organizations. On the Statement of Activities, among the categories of revenue and expense impacted by these reporting requirements are Contributions and Program Services, which includes grant distributions. References to Contributions and Grants in other parts of this website reflect total contributions received and total grants disbursed.

The audited financial statements of The Community Foundation of Western North Carolina are available for inspection at the Foundation office, Suite 1600, the BB&T Building, One West Pack Square, Asheville, NC 28801. Federal form 990-T is available upon request for all tax years in which it has been filed.

Form 990 (Tax year beginning July 1, 2006, and ending June 30, 2007)