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STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN NET ASSETS — Modified Cash Basis
Years Ended December 31, 2006 and 2005
|
2006 |
2005 |
Revenue |
|
|
Dividends from R.R. Donnelley & Sons Company |
$125,320 |
$228,800 |
Dividends and interest on other investments |
4,822,218 |
2,851,518 |
Gain on sales of investments |
33,670,473 |
4,301,004 |
Contributions and other |
18,404,294 |
45,124,313 |
|
|
|
Total revenue |
$57,022,305 |
$52,505,635 |
|
2006 |
2005 |
Expenditures |
|
|
Grants |
$9,527,020 |
$5,724,925 |
Direct charitable activities |
177,185 |
125,854 |
Salaries and benefits |
803,749 |
602,258 |
Federal excise tax (benefit) |
977,000 |
103,000 |
Investment management fees |
225,261 |
391,183 |
Professional services |
528,318 |
355,741 |
Supplies, services and other |
493,731 |
320,839 |
|
|
|
Total expenditures
 |
$12,732,264 |
$7,623,800 |
Revenue in excess of expenditures
before other gain |
44,290,041 |
44,881,835 |
Other gain —
net unrealized gain on investments |
(12,346,654) |
4,973,382 |
Revenue in excess of expenditures
|
31,943,387 |
49,855,217 |
Net assets, beginning of year
|
189,858,430 |
140,003,213 |
Net assets, end of year
|
221,801,817 |
189,858,430 |
Note: The notes that accompany the financial report are an integral part of the financial statements and are required for a full presentation. While they are not included here, a full copy of the audited financial statements, including the notes, is available upon request.
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