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Financial report GAYLORD AND DOROTHY DONNELLEY FOUNDATION
STATEMENT OF NET ASSETS — Modified Cash Basis December 31, 2005 and 2004 | | | | 2005 | | 2004 | Assets | | Cash and cash equivalents | | $ | 3,314,296 | | 2,691,861 | | Investments | | | 169,296,783 | | 137,238,589 | | Furniture, equipment and leasehold improvements | | | 216,708 | | 66,676 | | Other assets | | | 30,643 | | 6,087 | | | Unrestricted net assets | | $ | 189,858,430 | | 140,003,213 | | | STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN NET ASSETS — Modified Cash Basis Years Ended December 31, 2005 and 2004 | Revenue: | Dividends from R.R. Donnelley & Sons Company | | $ | 228,800 | | 228,800 | | Dividends and interest on other investments | | | 2,851,518 | | 1,646,001 | | Gain on sales of investments | | | 4,301,004 | | 3,572,288 | | Contributions and other | | | 45,124,313 | | 13,444,740 | | | Total revenue | | $ | 52,505,635 | | 18,891,829 | | Expenditures: | Grants | | $ | 5,724,925 | | 3,521,938 | | Direct charitable activities | | | 125,854 | | 106,282 | | Salaries and benefits | | | 602,258 | | 528,339 | | Federal excise tax (benefit) | | | 103,000 | | (9,243) | | Investment management fees | | | 391,183 | | 171,223 | | Professional services | | | 355,741 | | 190,597 | | Supplies, services and other | | | 320,839 | | 312,380 | | | Total expenditures | | $ | 7,623,800 | | 4,821,516 | | | Revenue in excess of expenditures before other gain | | $ | 44,881,835 | | 14,070,313 | | Other gain — net unrealized gain on investments | | | 4,973,382 | | 9,648,973 | | | | Revenue in excess of expenditures | | $ | 49,855,217 | | 23,719,286 | | | Net assets, beginning of year | | $ | 140,003,213 | | 116,283,927 | | | Net assets, end of year | | $ | 189,858,430 | | 140,003,213 | | | | | Note: The notes that accompany the financial report are an integral part of the financial statements and are required for a full presentation and are not included here. A copy of the audited financial statements is available upon request. |
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