Statements of Activities
For the years ended December 31, 2006 and 2005 (in thousands)
| 2006 | 2005 | |
|---|---|---|
| Changes in unrestricted net assets | ||
| Support and revenue: | ||
| Investment income | $213,335 | $220,311 |
| Less: Federal and state tax | (3,417) | (2,127) |
| Investment expense | (34,091) | (40,494) |
| Contributions | 7 | 12 |
| Net assets released from restrictions | 517 | 450 |
| 176,351 | 178,152 | |
| Program costs and administrative expenses: | ||
| Grants, net | 333,912 | 300,480 |
| Program contracts and related activities | 37,146 | 29,497 |
| Program development and evaluation | 30,411 | 27,980 |
| General administration | 20,858 | 21,114 |
| 422,327 | 379,071 | |
| Excess of program costs and expenses over support and revenue | (245,976) | (200,919) |
| Other changes to unrestricted net assets, net of related federal and state tax: | ||
| Realized gains on sale of securities | 1,044,900 | 820,107 |
| Unrealized (depreciation) appreciation on investments | (40,159) | (407,528) |
| 1,004,741 | 412,579 | |
| Change in unrestricted net assets | 758,765 | 211,660 |
| Changes in temporarily restricted net assets: | ||
| Contributions | 517 | 450 |
| Change in value of charitable remainder trust | 1,421 | (361) |
| Net assets released from restrictions | (517) | (450) |
| Change in temporarily restricted net assets | 1,421 | (361) |
| Change in net assets | 760,186 | 211,299 |
| Net assets, beginning of year | 8,544,181 | 8,332,882 |
| Net assets, end of year | $9,304,367 | $ 8,544,181 |
See notes to financial statements.