Financial Highlights for 1996 & 1997STATEMENTS OF FINANCIAL POSITION | | 1997 | 1996 | ASSETS | Cash and cash equivalents | $3,458,416 | $9,775,831 | Investments at market value | 698,668,828 | 592,210,446 | Receivables and other assets | 4,674,626 | 2,848,309 | Total Assets | 706,801,870 | 604,834,586 | LIABILITIES Approved grants not yet paid | 20,625,758 | 12,600,496 | Accounts payable and deferred taxes | 4,001,814 | 3,434,127 | Total Liabilities | 24,627,572 | 16,034,623 | NET ASSETS 682,174,298 | 588,799,963 | Total Liabilities and Net Assets | $706,801,870 | $604,834,586 | STATEMENTS OF ACTIVITIES | 1997 | 1996 | INCOME | Net investment income | $31,542,479 | $30,618,514 | Realized and unrealized gain | 105,029,964 | 55,101,944 | Total Income | 136,572,443 | 85,720,458 | EXPENDITURES Grants approved | 40,353,859 | 28,964,321 | Operating expenses | 1,492,584 | 1,421,773 | Provision for tax | 1,351,665 | 1,140,655 | Total Expenditures | 43,198,108 | 31,526,749 | CHANGE IN NET ASSETS Increase in unrestricted net assets | 93,374,335 | 54,193,709 | Net assets at the beginning of the year | 588,799,963 | 534,606,254 | Net Assets at the End of the Year | $682,174,298 | $588,799,963 |
| A complete set of Financial Statements, audited by Ernst & Young in which an unqualified opinion was rendered, is available uponwritten request to the Treasurer. Return to homepage. |