Community Founda on for Northeast Michigan 2017 Annual Report 3 Community Founda on for Northeast Michigan Financial Summary (October 1, 2016 through September 30, 2017) CONDENSED STATEMENT OF ASSETS CONDENSED STATEMENT OF LIABILITIES AND NET ASSETS CONDENSED STATEMENT OF LIABILITIES AND NET ASSETS CONDENSED STATEMENT OF REVENUE AND DISBURSEMENTS 2017 2016 ASSETS Current Assets Cash and Cash Equivalents $1,753,782 $2,040,723 Prepaid Assets 4,943 6,125 Pledges receivable – current 147,167 68,250 Allowance for uncollec ble pledges – current (6,128) (3,961) Non-Current Assets Investments 41,666,405 35,824,360 Long-term pledges receivable 75,360 135,927 Discount on long-term pledges receivable - (11,000) Allowance for long-term uncollec ble pledges (3,147) (7,889) Property and Equipment, net of accumulated deprecia on 47,671 62,008 TOTAL ASSETS $43,686,053 $38,114,543 LIABILITIES Current Liabili es Accounts & Salaries Payable $5,240 $3,344 Grants Payable 386,610 368,857 Non-current Liabili es Grants Payable – long term por on 93,850 105,400 Funds Held for Agencies 5,332,941 4,107,358 Split Interest Agreements 1,041,484 1,089,946 TOTAL LIABILITIES $6,860,125 $5,674,905 NET ASSETS Unrestricted 2,397,009 1,856,371 Temporarily Restricted 10,432,401 7,566,136 Permanently Restricted 23,996,518 23,017,131 TOTAL NET ASSETS $36,825,928 $32,439,638 TOTAL LIABILITIES AND FUND EQUITY $43,686,053 $38,114,543 REVENUE Contribu ons $1,992,911 $2,061,216 Grants for Administra ve Expenses 96,978 96,755 Investment Return 4,564,008 2,073,072 Change in Value of Split Interest Agreements 157,534 76,339 TOTAL REVENUE $6,811,431 $4,307,382 DISBURSEMENTS Grants and Direct Fund Expenses 1,877,461 1,343,283 Administra ve Expenses 541,670 494,018 Trust Fees 6,010 6,000 TOTAL DISBURSEMENTS $2,425,141 $1,843,301 The Community Founda on for Northeast Michigan’s most recent IRS Form 990 and annual audit, as well as all policies, are available to the public upon request. The Founda on’s IRS Form 990 may also be accessed on the web at www.guidestar.org.