2008 Financial Review
Statements of Financial Position
| (000s omitted) | ||
| December 31, | 2008 | 2007 |
| Assets | ||
| Cash | 339 | 201 |
| Investments | 629,670 | 931,983 |
| Collateral received under securities lending program | 16,739 | 52,584 |
| Other assets | 3,064 |
1,405 |
| Total Assets | 649,812 | 986,173 |
| Liabilities and Net Assets | ||
| Grants payable | 18,549 | 20,695 |
| Other liabilities | 2,362 | 654 |
| Payable under securities lending program | 16,739 | 52,584 |
| Excise tax | – | 1,957 |
| Total Liabilities | 37,650 | 75,890 |
| Net assets—unrestricted | 611,048 | 908,169 |
| Net assets—temporarily restricted | 1,114 | 2,114 |
| Total Net Assets | 612,162 | 910,283 |
| Total Liabilities and Net Assets | 649,812 | 986,173 |
Statements of Activities
| (000s omitted) | ||||
| Year ended December 31, | 2008 Unrestricted |
2008 Temporarily Restricted |
2008 Total |
2007 Total |
| Revenue | ||||
| Contributions | – | – | – | 2,114 |
| Investment revenue | – | 51,518 | ||
| Net realized and unrealized gain | (271,093) | – | (271,093) | 22,654 |
| Interest and dividends | 16,117 | – | 16,117 | 538 |
| Other income | 630 | – | 630 | 74,710 |
| Investment expenses | (254,346) 2,992 |
– | (254,346) 2,992 |
3,356 |
| Net investement revenue | (257,338) | – | (257,338) | 71,354 |
| Total Revenue | (257,338 | – | (257,338) | 73,468 |
| Expenses | ||||
| Grants awarded, net of returns | 36,810 | – | 36,810 | 30,332 |
| Administrative and program expense | 5,562 | – | 5,562 | 5,284 |
| Excise tax | (1,589) | – | (1,589) | 1,410 |
| Total expenses | 40,783 | – | 40,783 | 37,026 |
| Net assets released from restrictions | 1,000 | (1,000) | – | – |
| Decrease in Net Assets | (297,121) | (1,000) | (298,121) | 36,442 |
| Net Assets, at beginning of year | 908,169 | 2,114 | 910,283 | 873,841 |
| Net Assets, at end of year | 611,048 | 1,114 | 612,162 | 910,283 |
Published July 2009