Audited Financial Statement

AUDITED FINANCIAL STATMENT
DECEMBER 31, 2009

Position

ASSETS
 

 

Current Assets:      
Cash and Cash Equivalents
 $739,209    
Accounts Receivable
 42,849    
Total Current Assets     $782,058
Investments
     14,029,706
Total Assets     $14,811,764

 

LIABILITIES AND NET ASSETS
 

 

Current Liabilities:      
Accounts Payable
    $16,181
Long-term Liabilities:      
Endowments Held for Others
    7,950,774
Total Liabilities     7,966,955
Net Assets (Deficit) :      
Unrestricted
 $(51,693)    
Temporarily Restricted
 54,079    
Permanently Restricted
6,842,423    
Total Net Assets     $6,844,809
Total Liabilities and Net Assets     $14,811,764

 

 

 

Activity

Revenue and Reclassifications: Unrestricted   Temporarily
Restricted		   Permanently Restricted   Total
Endowment Contributions
 $ ---   $ ---   $291,450   $291,450
Other Contributions
 ---   5,000   ---   5,000
Net Investment Income
 1,163,358   43,645   ---   1,207,173
Net Assets Released from Restrictions
 1,500   (1,500)   ---   ---
Total Revenue and Reclassifications 1,165,028   47,145   291,450   1,503,623
Expenses:              
Administrative and Financial Services Fee
 40,138   ---   ---   40,138
Distributions and Grants
1,500   ---   ---   1,500
Total Expenses 41,638   ---   ---   41,638
Change In Net Assets 1,123,390   47,145   291,450   1,461,985
Net Assets, Beginning of Year (1,175,083)   6,934   6,550,973   5,382,824
Net Assets, End of Year ($51,693)   $54,079   $6,842,423   $6,844,809

 

 

SUBSEQUENT EVENT:  Effective January 1, 2010, the Organization merged with The Manogue Perpetual Endowment Foundation, Inc., a California nonprofit religious corporation. The Manogue Perpetual Endowment Foundation, Inc. was established to hold in trust, those perpetual endowment funds of individual parishes and their parochial schools in the Diocese of Sacramento, including the collective management, maintenance, and investment of these perpetual endowment funds. The merger is intended to provide the parishes with a continuation of the strong investment program established under the banner of The Manogue Perpetual Endowment Foundation, Inc., while also providing to these parishes access to the enhanced marketing and development expertise of the Organization. The total assets held in trust by The Foundation and assumed by the Organization as of January 1, 2010, were $21,615,000.