THE WOODROW WILSON NATIONAL FELLOWSHIP FOUNDATION FINANCIAL STATEMENTS. June 30, 2014

Transcription

1 THE WOODROW WILSON NATIONAL FELLOWSHIP FOUNDATION FINANCIAL STATEMENTS June 30, 2014

2 TABLE OF CONTENTS June 30, 2014 Page Number Independent Auditors' Report... 1 Financial Statements Statement of Financial Position...3 Statement of Activities Statement of Cash Flows... 5 Notes to Financial Statements...6 Supplementary Information Schedule of Functional Expenses... 13

3 ftim ERCACI I EN P. C. CEPA IFILCI Public ACCOUN IAN IS INDEPENDENT AUDITORS' REPORT To The Board of Trustees of The Woodrow Wilson National Fellowship Foundation Report on the Financial Statements We have audited the accompanying financial statements of The Woodrow Wilson National Fellowship Foundation (the "Foundation") which comprise the statement of financial position as of June 30, 2014, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. AN INDEPENDENTLY OWNED MEMBER, MCGLADREY ALLIANCE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS NEW JERSEY SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS NEW YORK SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AICPA's PRIVATE COMPANIES PRACTICE Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit SEGION AICPA's CENTER FOR AUDIT QUALITY REGISTERED WITH THE PCAOB 1 CELEBRATING 50 YEARS OF LEADING BY EXAMPLE P.O. Box 7648 Princeton, NI Fax The McGladrcy Alliance is a premier affiliation of independent accounting and consulting firms. The McGladrcy Alliance member firms maintain their name, autonomy and independence and arc responsible for their own client fee arrangements. delivery of services and maintenance of client relationships.

4 INDEPENDENT AUDITORS' REPORT (CONTINUED) Auditors' Responsibility (Continued) procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Foundation as of June 30, 2014, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matter Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of functional expenses is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole. 7nJAJ4I;m0, -Re. 24 cwai r ti.,6 October 9,

5 LC) CO CY) hs LO CO CO N CO 0 LO 'c-c LO CD C3) `tt. LO LO CO CO - CO' 07 c- a5 o) co Cs./ 0) COO) LO ('J CO "4" (Y) O) C' oi cni O3Ni- V"" - T I I I 69- I I Unrestricted CD CD CD (al cv (4) U) 1--- a c 74 co co r- Lo so a CO 0 0) %- v- c..1 tri cri a c Lo T... 0 T N N-- v- ('4 (0 -.- In cfr -o C C o 0 ea -3 o 0 E Lia t U) 4 a 8 O as. fp_ as ' - C = (1) 1 5 t5 CO O ' Ca) H uj ai 1 5 o c CD > c - - u) a).> 0 o 0 0 (f) CD tt CO ( 1) "CI Al 0 W rt, U) C iri (I) "ff Tis t.' a)..., a) a) -f- c ) E = a 0 X t., o5 a) a) U) 0 0 CD O - C3 ' 4 7, 0,..., u) c CO CU <, E g) as t- 3 o 2 0 D a_ 465 a) 6 rd.1 I 0 ha S a) 6-0 > c z.-. -cs o 0 -C. D tl. CD LIABILITIES AND NET ASSETS U) a) U) C c a) o 0. * - E x o as ca. - cs U) as ' C a) -2 as.c) ja >, a) as as c U).0 >. O. 0 C a) as CO,,, CD F. >s Q. as " as a) o is yi et. u) CL CV u) Lts t ; :: 0 a) CU < t.l. 0 < 0. al 0 1..ī ts Asse t d Ne an ies - 6 F- See notes to financial statements.

6 To CO L0 C.0 Is-- 0 V' ( *Nt hs. 0 ) CN CO. L6 0; C) (N CO d- CN ff, 69- En- LO CO C)(0 Cri L6 LO 0) CO N CO to co Nr o) C1) CD - C6 CO LO CO 0 `4 7 (Y) 0 L 10 co to CY) CD CD 0 0) - 0) 0 LO C.0 C\I LO LO CO )10 oi (0 0) LO LO CO C\1 t'n CO 0 c6(n CO.. N. : `r $ 28,023,191 $ 1,629,695 $ 31,223,443 THE WOODROW WILSON NATIONAL FELLOWSHIP FOUNDATION Unrestricted *Nr CO C71 C71 (Y) CS) LO a) 0) N--- CO CD 0) N.-- 0 CD 0) N-- 0) 0 LO CO CN (N LO CO LO OD 0 0 N-- 0) ) )0 (6 0) E6 6 co o) to <,--. to CD C\I 'd Nt C\I cc 0.. CD (--- LO 0 - CNI CO N-- *.r.- c:i N.-- c\t a) > U) a) u) c IX o. o L. :Ē u) a.) o.c c- o c n V) 0 Co o) a) a. a) a).i_.) - 0 > C 0 U) E CO (t) 0-0 Eti W 2t -t..e o v) *E a) L '2 co fa_ -...c 6 it (f) m a) I", a) 5- a) a. IL -0 c ). - - ca o) 2 0 co E - 03 (I) u) oc 9 a r" E a) - o - a o c -ē- a) o (,) o 12 Ea.. c o c...,.9 o o) a) ' cl u) f :13 S '..o c o c ( 5 ) c ta - t 2 co a ) a)c s) (1 1 - a. CL = " Iii su a) > 0 U) 76 W 9- (f) I T 3 - C... E - 0 a., Cl)...-, fx 4.- Cu CO E Zi )..E 'ē- co T. 4 E3 CD.9-,..., > Co,... =. I I O ja u) cy) co CC r CI, C --c C CD 0 o.. co n.0 = a_ = 0 u_ c Z c a) 2 x 1 u) m 2 u_ n 0 x U) ta. w Total Expenses ts asse t ne in a) cy) Co 0 Net assets, beginning of year to 0 Net assets, end of year See notes to financial statements.

7 STATEMENT OF CASH FLOWS Year Ended June 30, 2014 Cash Flows from Operating Activities Change in net assets $ (4,868,165) Adjustments to reconcile change in net assets to net cash from operating activities: Depreciation 35,960 Provision for uncollectible promises to give 100,000 Realized loss on sale of investments 83,078 Unrealized gain on investments (221,901) Donated securities (580,720) Increase (decrease) in cash from: Unconditional promises to give 1,435,360 Prepaid expenses and other current assets 84,773 Accounts payable and accrued expenses (76,003) Fellowships payable 1,703,500 Accrued vacation 17,427 Net cash from operating activities (2,286,691) Cash Flows from Investing Activities Purchases of investments (11,219,779) Proceeds from sales of investments 14,535,011 Net cash from investing activities 3,315,232 Cash Flows from Financing Activities Principal payments on capital leases (16,860) Net cash from financing activities (16,860) Net change in cash and equivalents Cash and equivalents, beginning of year Cash and equivalents, end of year Supplemental Disclosure of Cash Flow Information Interest paid on capital leases Supplemental Disclosure of Non-cash Investing and Financing Activities Donated securities 1,011,681 1,886,864 $ 2,898,545 $ 454 $ 580,720 See notes to financial statements. 5

8 NOTES TO FINANCIAL STATEMENTS A. NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Organization The Woodrow Wilson National Fellowship Foundation (the "Foundation") is a not-for-profit charitable organization located in Princeton, New Jersey. The primary mission of the Foundation is to identify and develop leaders and institutions to meet the nation's critical challenges, working through education. As a fellowship organization, the Foundation focuses primarily on Higher Education Fellowships and Teaching and Leadership Fellowships. The Higher Education Fellowships include a suite of fellowships that support the development of future leaders at a variety of career stages in several critical fields. These programs strengthen the representation of diverse groups in the professoriate; support the work of emerging scholars and young faculty in the social sciences and humanities; and prepare experts for the United States Foreign Service. The Teaching and Leadership Fellowships represent a major effort to recruit, prepare and mentor school leaders as well as candidates for teaching in high-need subjects like mathematics and the sciences, transform their clinical preparation for teaching, and support their commitment to long-term careers in high-need urban and rural schools. Basis of Presentation The financial statements of the Foundation have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Net assets and revenues, gains and losses are classified based on the existence or absence of donor-imposed restrictions. The Foundation presents its financial statements according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Permanently restricted net assets are subject to donor-imposed stipulations that they be maintained permanently. Temporarily restricted net assets are subject to donor-imposed stipulations that will be met by the actions of the Foundation or the passage of time. Unrestricted net assets are not subject to donor-imposed stipulations on when or how they can be spent. Cash Equivalents Cash equivalents include time deposits with original maturities of ninety days or less, and exclude money market funds included in the investment portfolio. 6

9 NOTES TO FINANCIAL STATEMENTS A. NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Investments The Foundation carries investments in marketable securities with readily determinable fair values and all investments in debt securities at fair value in the statement of financial position. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the investment in an orderly transaction between market participants on the measurement date. Fair value measurement framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The asset's fair value measurement within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair values of the Foundation's investments are determined by the quoted market price, which is a level 1 measurement. Unrealized gains and losses are included in the change in net assets in the accompanying statement of activities. Interest and dividend income is recognized when earned. Contributions and Promises to Give Contributions and foundation grants are recognized when the donor makes a promise to give to the Foundation that is, in substance, unconditional. Contributions that are restricted by the donor are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restriction. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets. Conditional promises to give are not recognized until they become unconditional, that is, when the conditions on which they depend are substantially met. Contributions are recognized when the donor makes a promise to give to the Foundation that is, in substance, unconditional. Unconditional promises to give due in the next year are reflected as current promises to give and are recorded at their net realizable value. Unconditional promises to give due in subsequent years are reflected as non-current promises to give and are recorded at the present value of their net realizable value, using risk-free prevailing interest rates applicable to the years in which the promises are received to discount the amounts. In estimating the fair value of unconditional promises to give, management considers promises of $5,000 or more individually. The relationship with the donor, the donor's past history of making timely payments, and the donor's overall creditworthiness are considered and incorporated into a fair value measurement computed using present value techniques. Unconditional promises to give less than $5,000 are measured in the aggregate using present value techniques, and management considers historical trends of collection, the type of donor (individual, corporation/foundation), general economic conditions in the geographical area in which the majority of the donors live, the Foundation's policies concerning enforcement of promises to give, and market interest rate assumptions. The change in amortization of the discount for the time value of money, computed using the effective interest rate method, is reported as contribution revenue. Contributions of donated noncash assets are recorded at fair value in the period received. Grant revenue on cost-reimbursement grants or contracts is recognized when the program expenditures have been incurred. 7

10 NOTES TO FINANCIAL STATEMENTS A. NATURE OF ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Property and Equipment Property and equipment acquired are recorded at cost. It is the Foundation's policy to capitalize expenditures for individual items costing in excess of $5,000. Lesser amounts are expensed. Property and equipment are depreciated over the useful lives of the related assets using the straight-line method, with a half year depreciation recognized in the years of acquisition and disposal. Repairs and maintenance that do not extend the useful lives of the related assets are expensed as incurred. Fellowships and Grants Fellowships are recorded as expenses at the time the individual accepts the award and are generally payable within one year. Tuition assistance and room and board are recorded when the expense has been incurred. Use of Estimates The preparation of financial statements in conformity with U.S. GARP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Income Taxes The Foundation received a determination letter from the Internal Revenue Service concluding it is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. It has been classified as an organization that is not a private foundation and qualifies for tax deductible contributions. Income generated by activities that would be considered unrelated to the Foundation's mission would be subject to tax, which, if incurred, would be recognized as a current expense. No such tax has been recognized as of June 30, The Foundation accounts for uncertainty in income taxes recognized in the financial statements using a recognition threshold of more likely than not as to whether the uncertainty will be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. Management determined there were no tax uncertainties that met the recognition threshold. The Foundation's federal exempt organization returns are no longer subject to examination by the Internal Revenue Service for years prior to June 30, Functional Expense Allocation The costs of providing program services and support services of the Foundation have been summarized on a functional basis in the statement of activities. Accordingly, certain operating costs have been allocated among the functional categories according to the reasonable benefit that the programs derived from these expenses. Recently Adopted Accounting Pronouncements On May 28, 2014, the FASB issued Accounting Standards Update ("ASU") , Revenue from Contracts with Customers (Topic 606) ("ASU "). ASU provides a robust framework for addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. GAAP. ASU is effective beginning with the calendar year ending December 31, The Foundation has not yet assessed the impact ASU will have upon adoption on its financial position, results of operations or cash flows. 8

11 NOTES TO FINANCIAL STATEMENTS B. ENDOWMENT POLICY The Foundation's endowment consists of six individual funds established for a variety of purposes. As required by accounting principles generally accepted in the United States of America, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. The Board of Trustees of the Foundation has interpreted the Uniform Prudent Management of Institutional Funds Act ("UPMIFA") to require standard care that is reasonable and prudent over its endowed funds. The Foundation currently classifies permanently restricted net assets at the original historic dollar value of gifts donated to the permanent endowment. The remaining portion of the endowment funds is classified as temporarily restricted until appropriated for expenditure. Spending from the endowment equals interest and investment income, and realized and unrealized gains. Funds from earnings on permanently restricted net assets appropriated for expenditure are expended according to donor restrictions and are classified as net assets released from restrictions on the accompanying statement of activities. The Board of Trustees has adopted the investment objective of preserving the endowment's principal by investing in high quality instruments. The return on endowment funds includes dividends, interest and capital gains less any capital losses and expenses. The holdings must adhere to asset allocation ranges in the Foundation's Investment Policy Statement, and the securities held must be appropriate for the portfolio objectives, asset class and investment style of the funds selected under the Foundation's investment management process. Changes in endowment net assets for the year ended June 30, 2014, are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Invested endowment balance, June 30, 2013 $ - $ - $ 1,629,695 $ 1,629,695 Interest and investment income 16,521 8,290 24,811 Investment fees (1,895) (947) (2,842) Net appreciation (realized and unrealized) 84,839 42, ,373 Net investment return 99,465 49, ,342 Contributions Released from restriction Appropriated for expenditure (99,465) (49,877) (149,342) Subtotal 1,629,695 1,629,695 Invested endowment balance, June 30, 2014 $ - $ - $ 1,629,695 $ 1,629,695 C. RESTRICTIONS ON NET ASSETS Temporarily restricted net assets are available for the following purposes as of June 30, 2014: Teaching and Leadership Fellowships $24,530,182 Higher Education Fellowships 3,374,235 Charitable Annuity Trusts 118,774 Total temporarily restricted net assets $28,023,191 Net assets totaling $14,086,681 were released from donor restrictions for the year ended June 30, 2014 and represent expenses incurred to satisfy donor restrictions. 9

12 NOTES TO FINANCIAL STATEMENTS C. RESTRICTIONS ON NET ASSETS (CONTINUED) Permanently restricted net assets consist of the following endowment funds as of June 30, 2014: Humanities Initiatives Fund $ 603,609 Richard W. Couper Humanities Initiative Funds 400,000 Taplin Endowment 379,825 Goheen Endowment 120,375 Rosenhaupt Endowment 33,092 General Endowment 92,794 Total permanently restricted net assets $ 1,629,695 The earnings on the endowments are to be used for the various program initiatives as stipulated by the donors. D. CONCENTRATION OF CREDIT RISK The Foundation maintains its cash balances in a financial institution with a branch located in Princeton, New Jersey. Certain balances are insured by the Federal Deposit Insurance Corporation ("FDIC"). The Foundation maintains its investment balances in several financial institutions. The balances are insured by the Securities Investor Protection Corporation ("SIPC") up to $500,000 per customer. The S1PC does not protect investors from market risks. As of June 30, 2014, approximately 46% and 24% of the Foundation's gross unconditional promises to give were from two entities. E. INVESTMENTS Investments (all Level 1 measurements) are carried at fair value based on quoted prices in active markets and consist of the following as of June 30, 2014: Cost Fair Value Unrealized (Depreciation) Appreciation Cash equivalents $ 1,457,993 $ 1,457,993 U.S. government obligations 16,299,405 16,274,270 (25,135) Corporate stocks 725,000 1,042, ,393 Corporate bonds 205, ,851 (25) Total $18,688,274 $ 18,980,507 $ 292,233 Investment income consists of the following for the year ended June 30, 2014: Interest and dividend income $ 184,628 Realized loss on sale of investments (83,078) Unrealized gain on investments 221,901 Total investment income $ 323,451 Bank and investment management fees were $51,067 for the year ended June 30,

13 NOTES TO FINANCIAL STATEMENTS F. UNCONDITIONAL PROMISES TO GIVE Unconditional promises to give consist of the following as of June 30, 2014: Teaching and Leadership Fellowships $11,869,652 Higher Education Fellowships 1,327,723 Annual Fund 437,495 President's Venture Fund 598,000 Total unconditional promises to give 14,232,870 Less discount to net present value (75,302) Less allowance for uncollectible promises (400,000) Net unconditional promises to give $13,757,568 Unconditional promises to give in the amount of $4,369,857 due after June 30, 2015, are discounted at the three year treasury rate. G. PROPERTY AND EQUIPMENT Property and equipment consist of the following at June 30, 2014: Life/Years Furniture and equipment 3-5 $ 179,950 Equipment held under capital leases ,341 Subtotal property and equipment 245,291 Less: accumulated depreciation 193,545 Net property and equipment $ 51,746 H. CAPITAL LEASE OBLIGATIONS The Foundation leases certain equipment under capital leases. The assets and liabilities are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. The assets are amortized over their estimated productive lives. This amortization is included in depreciation expense. The future lease payments under capital leases are as follows: Year Ending June 30, $ 13,329 10,173 $ 23,502 11

14 NOTES TO FINANCIAL STATEMENTS I. COMMITMENTS AND CONTINGENCIES Government supported programs are subject to audit by the granting agency. The Foundation leases office space under a non-cancelable operating lease that provides for minimum annual rental payments through the year ending June 30, Under its various programs, the Foundation has committed grants to individuals and organizations. The payments are contingent on successful completion of the current year obligation before any future payments will be made. The total future commitments as of June 30, 2014, were $6,101,958. The Foundation has entered into contracts with the United States Department of State to administer the Thomas R. Pickering Foreign Affairs Fellowship Programs. The available funds remaining on these contracts as of June 30, 2014, were $5,842,861. Revenue under these contracts will be recognized in future years as the Foundation incurs expenditures per the terms and conditions of the contracts. J. RETIREMENT PLAN The Foundation has a contributory defined contribution retirement plan under Internal Revenue Service Section 403(b). Employees that meet certain eligibility criteria are eligible to participate. Employees are fully vested in the plan when they become eligible to participate. The Foundation matches employee contributions up to 10% of the employee's salary, provided the employee contributes a minimum of 5% of their salary to the plan. The Foundation's contribution to the plan for the year ended June 30, 2014, was $339,568. The plan is administered by TIAA-CREF. K. RELATED PARTIES Total gifts and pledges from various board members were $2,279,264 for the year ended June 30, Of the unconditional promises to give, including those made in prior years, there was $525,000 outstanding at June 30, The Foundation believes that all remaining unconditional promises to give from related parties are collectible. L. SUBSEQUENT EVENTS Management has evaluated events that occurred after June 30, 2014, but before October 9, 2014, the date the financial statements were available to be issued. The following item was determined by management to require disclosure: The Foundation received a grant for $14,482,405 which was accepted by the Foundation on July 1, 2014 and countersigned by the grantor on July 7, On July 29, 2014, the entire grant payment amount was received by the Foundation. The grant is restricted for the purpose of the Woodrow Wilson MBA in Education Leadership Fellowship in Indiana. 12

15 SUPPLEMENTARY INFORMATION

16 to a) 0) CO No 00 N. N. 0)1 r N to t - I, - C.0 I, - - CL> 0) - (v). 0- v- V' CD_ 0) CB 2 CO v-.c ) CO 00 CD CO v- i) r.- E- to co cf) co.--. to XI c\i' '- w,-- 0r). ty:, 0 N CO v. CO v- 0 CO 10 CO v- t - "4- to co Ntr o csi cel (.6 r-- `C - to 0 CO 0) C v; I $ 1,725,120 $ 20,540,926 Grants and fellowships to individuals and s- u_ organizations Salary, fringe benefits and payroll taxes Service and professional fees Travel and accommodations Printing, postage, delivery, copying and other office expenses Bank and investment fees Other office and business expenses Total expenses before depreciation o 03 Cc) CO to N to CO CO N 0) C') to - Nr_ N NI CV CC to c cei 1.0. CI) NO) co NJ- to -, 0) 0 4- C'1 CO N. 0) CO 0 N CO CO ;17 - a ) 0 0) GT ai to c6 co Nt r O,, ;l - to 1 - co co.4 - ct) to ( - '4 0) 1"-- Is-. CO 1.0 CO 't V' ch V' a o) "zt a) r- cr) co_ a) o G... to NO 6,--. 1, :* -, tr CO to a).c.- LO e- 03 LC) CO e- to CO C I CO" v- v- 0)- 0 0) N to 00 I N to, CO CO CO '4:1 - CO to to 69. N N CO 1"-- t - C C4 cci.4 7 c\i' h: to Co e'4 N CO Ps CO 0_ LC) R N" N- to 0 (-\t C st vi; to o to Cr) 00 c NI" 0 CO CO C) CO_ Nt_ N CI : NI : N r - C') co CV CO CO c i Total Expenses "4- co (0:1 L 0) $ 12,290,611 $ 59,596 $ 18,815,806 $ 1,056,059 $ 669,061 See notes to financial statements.