FISCHER HALL, FISCHER, TEXAS, 1875 |
F I N A N C I A L I N F O R M A T I O N
Condensed Balance Sheets
Graham Foundation for Advanced Studies in the Fine Arts
FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
| 2005 | 2004 | |
| Assets | ||
| Cash | $46,126 | $26,124 |
| Other current assets | 21,615 | 24,153 |
| Miscellaneous Receivable | 12,901 | 938 |
| Investments—at market | 37,870,899 | 36,732,232 |
| Property and equipment, net | 846,337 | 842,047 |
| Objects of art | 31,694 | 31,694 |
| Total assets | $38,829,572 | $37,657,188 |
| Liabilities | ||
| Grants payable | $551,220 | $552,700 |
| Accounts payable | 15,648 | 4,194 |
| Other | 25 | 2,826 |
| Total liabilities | 566,893 | 559,720 |
| Net Assets | ||
| Unrestricted | ||
| Principal fund | 50,787,154 | 47,933,183 |
| Income fund deficit | (15,015,906) | (13,338,848) |
| 35,771,248 | 34,544,335 | |
| Temporarily restricted | 7,431 | 7,431 |
| Permanently restricted | ||
| Principal fund | 2,484,000 | 2,545,702 |
| Total net assets | 38,262,679 | 37,097,468 |
| Total liabilities and net assets | $ 38,829,572 | $ 37,657,188 |
Condensed Statements of Income, Expenses, and Changes in Net Assets
Graham Foundation for Advanced Studies in the Fine Arts
FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004
| 2005 | 2004 | |
| Investment and miscellaneous income | $ 3,243,319 | $ 3,120,793 |
| Operating expenses: | ||
| Grant expense | 1,067,653 | 1,195,356 |
| Salaries and payroll taxes | 371,201 | 360,645 |
| Other | 287,158 | 300,997 |
| 1,726,012 | 1,856,998 | |
| Administrative and other expenses | 352,096 | 332,179 |
| 2,078,108 | 2,189,177 | |
| Change in net assets | 1,165,221 | 931,616 |
| Net assets, beginning of year | 37,097,468 | 36,165,852 |
| Net assets, end of year | $ 38,262,679 | $ 37,097,468 |
Notes to Condensed Financial Statements
1. Basis of Presentation
These condensed financial statements have been prepared from the audited financial statements of the Graham Foundation for Advanced Studies in the Fine Arts (the "Foundation"). The full financial statements, together with the report of the Foundation’s independent public accountants, are available upon request.
The Foundation follows the accrual basis for the recognition of income and expenses. Grants awarded are recognized according to the provisions of Statement of Financial Accounting Standards No. 116, "Accounting for Contributions Received and Contributions Made."
The Foundation adopted Statement of Financial Accounting Standards No. 117, "Financial Statements for Not-For-Profit Organizations."
Objects of art are recorded at appraised net value at date of donation.