Condensed Statements of Financial Position
As of December 31, 2005 and 2004 (Amounts in thousands)
| ASSETS | 2005 | 2004 | |||
| Cash and cash equivalents | $ | 183,540 | $ | 184,026 | |
| Investments1 | 28,718,949 | 28,312,620 | |||
| Interest and dividends receivable | 223,053 | 278,714 | |||
| Federal excise tax refunds receivable | 1,707 | 2,850 | |||
| Program related investment receivable | 720 | 1,440 | |||
| Property and equipment, net | 25,539 | 18,959 | |||
| TOTAL ASSETS2 | $ | 29,153,508 | $ | 28,798,609 | |
| LIABILITIES & NET ASSETS | 2005 | 2004 | |||
| LIABILITIES: | |||||
| Accounts payable | $ | 13,442 | $ | 5,736 | |
| Accrued and other liabilities | 10,077 | 19,482 | |||
| Deferred excise taxes | 26,832 | 34,039 | |||
| Grants payable, net | 2,096,441 | 1,885,063 | |||
| Total Liabilities2 | 2,146,792 | 1,944,320 | |||
| NET ASSETS: | |||||
| Unrestricted net assets | 27,006,716 | 26,854,289 | |||
| TOTAL LIABILITIES & NET ASSETS2 | $ | 29,153,508 | $ | 28,798,609 | |
| 1Investments reflected at market value; all other assets shown at cost. | |||||
| 2For purposes of this presentation, the foundation has departed from the presentation required under accounting principles generally accepted in the United States of America by netting amounts loaned and payable under secured lending agreements and by netting investment sales receivable and investment purchases payable. Had these amounts not been netted, total assets for 2005 and 2004 would be $34,953,381 and $36,115,584, respectively; total liabilities for 2005 and 2004 would be $7,946,665 and $9,261,295, respectively; and total liabilities and net assets for 2005 and 2004 would be $34,953,381 and $36,115,584, respectively. | |||||
Condensed Statements of Activities
For the years ended December 31, 2005 and 2004 (Amounts in thousands)
| CHANGE IN NET ASSETS: | 2005 | 2004 | |||
| REVENUES AND GAINS | |||||
Contributions
| $ | 442,701 | $ | 711,453 | |
| Investment income, net | 1,421,334 | 2,632,002 | |||
| Total revenues and gains | 1,864,035 | 3,343,455 | |||
| EXPENSES: | |||||
| Grants | 1,566,809 | 1,464,573 | |||
| Direct charitable expenses | 37,921 | 25,297 | |||
| Program and administrative expenses | 92,042 | 68,303 | |||
| Federal excise tax | 14,836 | 22,300 | |||
| Total expenses | 1,711,608 | 1,580,473 | |||
| Increase in net assets | 152,427 | 1,762,982 | |||
| Unrestricted net assets, beginning of year | 26,854,289 | 25,091,307 | |||
| Unrestricted net assets, end of year | $ | 27,006,716 | $ | 26,854,289 | |