Consolidated Statements of Financial Position
as of March 31, 2023 and 2022 (in thousands of dollars)
SWIPE TO view statements
Assets
2023
2022
Cash & cash equivalents
$269,962
$330,732
Investments
$3,849,794
$4,260,875
Program-related investments, net
$72,538
$61,452
Other assets
$28,456
$6,888
Deferred tax asset
$20,928
$13,813
Property & equipment, net
$77,167
$79,001
Total Assets
$4,318,845
$4,752,761
Liabilities & net assets without donor restrictions
Liabilities
Accounts payable & other liabilities
$55,119
$12,786
Grants payable, net
$176,348
$18,466
Long-term debt
$298,712
$298,666
Accrued post-retirement obligation
$323
$1,078
Total Liabilities
$530,502
$330,996
Net assets without donor restrictions
$3,788,343
$4,421,765
Total Liabilities & net assets without donor restrictions
$4,318,845
$4,752,761
Consolidated Statements of Activities
for the years ended March 31, 2023 and 2022 (in thousands of dollars)SWIPE TO view statements
Investment Return
2023
2022
Net (loss) gain on investments
$(234,636)
$324,571
Program‐related investment interest and other income
$ 10,666
$3,927
Total (loss) income
$(223,970)
$328,498
Expenses
Grants awarded
$ 351,088
$ 150,203
Direct charitable expenses
$17,218
$13,345
Program operating expenses
$ 26,824
$23,331
General and administrative expenses
$6,806
$6,022
Program-related investment expenses
$ 1,700
$(461)
Interest expense
$7,707
$7,390
Tax provision:
Current
$ 5,179
$ 6,693
Deferred
$(7,115)
$(1,138)
Total expenses
$409,407
$205,385
(Deficit) excess of (loss) income over expenses
$(633,377)
$ 123,113
Pension-related changes other than net periodic pension cost
$(45)
$611
Change in net assets without donor restrictions
$(633,422)
$123,724
Net assets without donor restrictions
Beginning of year
$4,421,765
$4,298,041
End of year
$3,788,343
$4,421,765
Consolidated Statements of Cash Flows
for the years ended March 31, 2023 and 2022 (in thousands of dollars)SWIPE TO view statements
Cash flows from operating activities
2023
2022
Change in net assets without donor restrictions
$(633,422)
$123,724
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
$279,253
$(294,504)
Dividends, interest, and other investment income—net of fees
$(1,321)
$(921)
Amortization of program‐related investment discount
$(1,258)
$(2,180)
Depreciation on property and equipment
$2,959
$2,993
Provision on program‐related investments
$1,453
$(290)
Net periodic pension cost
$(137)
$697
Deferred taxes
$(7,115)
$(1,138)
Change in operating assets and liabilities:
Program‐related investments
$(11,281)
$ 3,177
Other assets
$(405)
$(1,336)
Contributions into post-retirement plan
$(1,306)
$(1,516)
Accrued post-retirement obligation
$689
$(914)
Accounts payable and other liabilitiest
$(484)
$2,840
Grants payable
$157,881
$(15,037)
Net cash used in operating activities
$(214,494)
$(184,405)
Cash flows from investing activities
Purchase of property and equipment
$(1,079)
$(1,130)
Purchases of investments
$(1,009,386)
$(875,643)
Proceeds from sales of investments
$1,164,189
$1,062,307
Net cash provided by investing activities
$153,724
$185,534
Cash flows from financing activities
Proceeds from line of credit borrowing
$20,000
$-
Repayments from line of credit borrowing
$(20,000)
$-
Net cash provided by financing activities
$-
$-
Net (decrease) increase in cash and cash equivalents
$(60,770)
$1,129
Cash and cash equivalents
Beginning of year
$330,732
$ 329,603
End of year
$269,962
$330,732
Supplemental disclosures of cash flow information
Cash paid during the year for federal excise taxes
$5,900
$5,500
Cash paid during the year for interest
$7,707
$7,494
Cash paid during the year for agency transactions
$350
$-
Noncash investing activities—pending investment trades
$24,966
$(8,622)
