2013 F I N A N C I A L H I GH L I GH T S TH E PH ILADE LPHIA FOUNDATION
Consolidated Statements of Financial Position
ASSETS
2013
Cash and Cash Equivalents
2012
$14,641,232
$16,416,679
22,635,387
23,399,108
398,207
105,852
$37,674,826
$39,921,639
LIABILITIES AND NET ASSETS
2013
LIABILITIES
2012
Accounts Payable and Accrued Liabilities
$510,330
$2,856,460
Grants Payable
1,249,279
1,049,163
Liabilities Under Split-Interest Agreements
2,026,540
1,985,960
Liabilities Under Agency Accounts
7,665,171
6,960,642
175,111
210,871
$11,626,431
$13,063,096
267,887,762
236,149,798
28,782,536
27,002,098
5,077,830
4,860,683
452,453
For Administrative Endowment and Operations Total Unrestricted
10,247,894
26,304,195
Temporarily Restricted
43,202,133
28,254,588
Total Endowment Investments
$281,636,998
$251,459,038
Contributions Receivable Prepaid Expenses and Other Assets Total Non-Endowment Investments Equities
9,421,039
6,527,673
Fixed Income
9,690,954
9,665,715
Other
19,269,090
18,554,560
Cash and Cash Equivalents
99,000
99,000
$38,480,083
$34,846,948
Total Non-Endowment Investments Endowment Investments Equities Fixed Income
Cash Surrender Value of Life Insurance
Split-Interest Agreements
Property and Equipment Total Assets
INVESTMENT MANAGERS Aberdeen Fund Managers Limited Access Capital Strategies Addison Clark Management, LLC American Funds Armstrong Shaw Artisan Partners, LP Canyon Capital Advisors, LLC Colchester Global Investors Dimensional Fund Advisors, LP
126,975,401
66,002,211
69,472,401
456,039
Cash Equivalents Other
161,728,721
7,154,236
6,241,424
33,028
44,692
$364,979,171
$332,513,741
Deferred Rent Total Liabilities
NET ASSETS Unrestricted For Grant Endowments For Grantmaking
Permanently Restricted
$301,748,128 50,763,558
Total Net Assets Total Liabilities and Net Assets
$268,012,579 50,759,813
841,054
678,253
353,352,740
319,450,645
$364,979,171
$332,513,741
The endowment assets of TPF, Inc., are managed by: Eagle Capital Management, LLC Focused Investors, LLC Forester Partners, LP Geneva Capital Management, LTD Gryphon International Investment Corp. Hoplite Capital Management, LLC Lansdowne Partners Limited Metropolitan Real Estate Equity Mgmt., LLC Perennial Capital Management, LLC Philadelphia International Advisors
PIMCO Post Advisory Group Sanderson Asset Management, Inc. Tiger Consumer Management, LLC Van Eck Global Watershed Asset Management, LLC William Blair & Co. The Investment Fund for Foundations (TIFF) Turner Investment Partners, Inc. The Vanguard Group
1234 MARKET STREET I SUITE 1800 I PHILADELPHIA, PA 19107 I WWW.PHILAFOUND.ORG I 215-563-6417
2 013 F I N A N C I A L H I GH L I GH T S TH E PH ILADE LPHIA FOUNDATION
Consolidated Statements of Financial Position
REVENUE AND SUPPORT Gifts, Grants and Bequests Investment Income
Total for Year Ended Dec. 31, 2013
Net Unrealized and Realized Investment Gains, Net
$17,356,627 12,742,042 31,470,947
Subtotal $61,569,616
EXPENSES Grants
$20,674,055
Investment Management and Trustee Fees
952,501
Grantmaking
710,101
Special Program Expenses
Development and Donor Services Fund Management
1,576,843 1,085,473 1,549,190
Marketing Total Expenses
354,464 $26,902,627
CHANGE IN NET ASSETS BEFORE INCOME TAXES
$34,666,989 Unrelated Business Income Tax Expense 764,894 CHANGE IN ASSETS 33,902,095 Net Assets - Beginning of Year 319,450,645
NET ASSETS - END OF YEAR
TRUSTEE INSTITUTIONS
In establishing a fund, donors have the option of using TPF, Inc. as a trustee or one of seven trustee institutions: The Bryn Mawr Trust Company The Glenmede Trust Company BNY Mellon Pitcairn Trust Company
PNC Bank, N.A. Wells Fargo Wilmington Trust of Pennsylvania
$353,352,740
INSTITUTIONAL PARTNERSHIPS American Funds Brown Brothers Harriman
INDEPENDENT INVESTMENT CONSULTANT Colonial Consulting
The official registration and financial information of The Philadelphia Foundation may be obtained from the Pennsylvania Department of State by calling toll-free, within Pennsylvania, 1-800-732-0999. Registration does not imply endorsement. Information filed with the Attorney General concerning this charitable solicitation may be obtained from the Attorney General of the State of New Jersey by calling 973-504-6215. Registration with the Attorney General does not imply endorsement. This report presents only the highlights of our financial activities. The Foundation’s complete audited financial statements are available online at www. philafound.org. Select “About the Foundation” and then “Investment Management and Fund Information.” A public inspection copy of our Forms 990 and 990-T may be obtained during regular business hours.
1234 MARKET STREET I SUITE 1800 I PHILADELPHIA, PA 19107 I WWW.PHILAFOUND.ORG I 215-563-6417