Financials

Assets
Investments at fair value	$643,407,000
Current assets, primarily cash and equivalents	$4,246,000
Office equipment, net of depreciation	$24,000
.
Total Assets	$647,677,000

Liabilities and Net Assets
Grants payable, current	$5,643,000
Grants payable, long-term	0
Other liabilities	$7,281,000
Net assets without donor restrictions	$634,753,000
.
Total Liabilities and Net Assets	$647,677,000

184,593,000

Expenses
Grants paid to nonprofit organizations	$25,264,000
Grant processing expenses	$675,000
General and administrative	$301,000
Total Expenses	$26,240,000
Net assets without donor restrictions
Net increase during the year	$158,354,000
Beginning of year	$476,399,000
End of year	$634,753,000