The annual financial statements for the Foundation for 2001 appear under the navigation heading Financials. Awards in 2001 are listed in the Grants & Contracts section.
     In 2001 the net assets of the Foundation decreased 1.3 percent. Overall, our total fund return for the year was 6.32 percent (net). However, in 2001 we awarded grants and contracts totaling $561.2 million, the largest single year amount in our history. This large increase in our Liabilities resulted in the negative net growth of 1.3 percent. Program development, evaluation and general administration for the year were $47.2 million or 8.4 percent of total awards. This represents a $5.3 million increase over last year, due to the growth in our staff size and associated benefits, as well as the costs of operating our new headquarters building.
      Investment expenses totaled $25.7 million reflecting our continued investment in limited partnership interests. Federal and state taxes amounted to $8.9 million.
      The Internal Revenue Code requires private foundations to make qualifying distributions of 5 percent of the fair market value of assets not used in carrying out the charitable purpose of the Foundation. These distributions are to be made within a 24–month period. The Foundation has fulfilled its 2000 requirement ($397.5 million). The 2001 requirement ($407.9 million) will be met in mid–2002.

Peter Goodwin
Vice President and Treasurer