2019 (1) 2018 (1)
ASSETS    
Cash and Cash Equivalents 1,353,410 2,567,695
Common & Pref. Stock, Government & Corporate Bonds 164,061,881 133,697,199
Property & Equipment for Office and Charitable Purposes (net) (2) 3,716,081 3,728,614
Other Assets 20,400 20,400
TOTAL ASSETS 169,151,772 140,013,908
     
LIABILITIES AND NET ASSETS    
Current Liabilities
Net Assets – Unrestricted 169,151,772 140,013,908
TOTAL LIABILITIES AND NET ASSETS 169,151,772 140,013,908
     
REVENUES    
Investment Income (Loss), net 37,905,164 (18,982,575)
Other Income 64,255 64,605
TOTAL REVENUES 37,969,419 (18,917,970)
     
EXPENSES    
Grants 7,249,298 7,046,550
Administrative Expenses 1,281,997 1,261,048
Fees for Real Estate held for Charitable Purposes 282,260 167,665
Federal Excise Taxes 18,000 196,000
TOTAL EXPENSES  8,831,555  8,671,263
     
CHANGE IN NET ASSETS 29,137,864 (27,589,233)
NET ASSETS, BEGINNING 140,013,908 167,603,141
NET ASSETS, ENDING 169,151,772 140,013,908

1) These condensed financial statements were derived from the full financial statements for the years ended December 31, 2019 and December 31, 2018, respectively. They were prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles and were audited in accordance with generally accepted auditing standards.

(2) The Foundation is the owner of buildings and properties currently being occupied by various non-profit organizations as lessees. These properties are used for educational and charitable purposes.