Financials

Assets
Investments at fair value	$444,730,000
Current assets, primarily cash and equivalents	$2,795,000
Office equipment, net of depreciation	$21,000
.
Total Assets	$447,546,000

Liabilities and Net Assets
Grants payable, current	$2,000,000
Grants payable, long-term	$4,768,000
Other liabilities	$3,852,000
Net assets without donor restrictions	$436,926,000
.
Total Liabilities and Net Assets	$447,546,000

$75,796,000

Expenses
Grants paid to nonprofit organizations	$20,069,000
Grant processing expenses	$619,000
General and administrative	$259,000
Total Expenses	$20,947,000
Net assets without donor restrictions
Net increase during the year	$54,849,000
Beginning of year	$382,077,000
End of year	$436,926,000