UP Catholic 03 04 2016 E Edition Page 16

16 March 4, 2016 THE U.P. CATHOLIC DIOCESAN ANNUAL REPORT www.upcatholic.org ENDOWMENT FOUNDATION STATEMENTS OF FINANCIAL POSITION Year Ended October 31 2015 2014 ASSETS Cash and cash equivalents--held by fiscal agent $52,087 $121,980 Investments 7,959,911 7,902,037 Accounts receivable, net 36,455 64,598 Pledges receivable, net 18,000 19,000 Other assets 7,729 5,967 TOTAL ASSETS $8,074,182 $8,113,582 LIABILITIES AND NET ASSETS LIABILITIES Accounts payable and accrued expenses $1,425 $1,052 TOTAL LIABILITIES 1,425 1,052 NET ASSETS Temporarily restricted 1,252,238 1,343,054 Permanently restricted 6,820,519 6,769,476 TOTAL NET ASSETS 8,072,757 8,112,530 TOTAL LIABILITIES AND NET ASSETS $8,074,182 $8,113,582 ENDOWMENT FOUNDATION STATEMENTS OF ACTIVITIES Year Ended October 31 2015 2014 REVENUES AND SUPPORT Contributions $51,043 $259,898 Investment return designated for current operations 272,368 258,342 Miscellaneous 1,760 1,399 Capital Campaign 32,459 TOTAL REVENUES AND SUPPORT 325,171 552,098 EXPENSES Program services--grants Catholic schools 103,684 98,812 Faith formation programs 62,160 54,706 Catholic Social Services of the Upper Peninsula 20,737 19,762 Catholic action 20,737 13,335 Management and general 34,622 37,991 Fundraising 13,646 16,903 TOTAL EXPENSES 255,586 241,509 Change in net assets before change in investments 69,585 310,589 Investment return less than amounts designated for current operations (109,358) 146,644 CHANGE IN NET ASSETS (39,773) 457,233 Net assets at beginning of year 8,112,530 7,655,297 NET ASSETS AT END OF YEAR $8,072,757 $8,112,530 Financial Statements

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