2010 Financial Highights The Philadelphia Foundation Consolidated Statements of Financial Position ASSETS
Cash and Cash Equivalents
2010
2009
$17,094,037
Contributions Receivable Prepaid Expenses and Other Assets Total
$19,417,547
24,116,418
24,516,266
51,782
51.283
$41,262,237
$43,985,096
Non-Endowment Investments Equities
8,270,847
7,346,506
Fixed Income
6,340,435
5,616,007
Cash and Cash Equivalents
99,000
105,140
Total Non-Endowment Investments Endowment Investments Equities
14,710,282
13,067,653
123,519,871
123,487,223
67,571,405
68,284,231
Cash Surrender Value of Life Insurance
445,389
Fixed Income
Temporary Investments
Other
8,622,696 37,829,887
Total Endowment Investments Split-Interest Agreements
237,989,248
441,296 6,685,953 18,907,353 217,806,056
4,821,538
4,577,330
Property and Equipment 68,030 Total Assets 298,851,335
22,301
LIABILITIES AND NET ASSETS
2010
2009
Accounts Payable and Accrued Liabilities
$803,542
$993,572
Grants Payable
1,578,927
1,473,482
Liabilities Under Split-Interest Agreements
1,577,026
1,515,628
Liabilities Under Agency Accounts
5,907,410
4,939,500
268,098
285,017
LIABILITIES
Deferred Rent Total Liabilities
10,135,003
9,207,199
NET ASSETS Unrestricted For Grant Endowments For Grantmaking
224,816,024
206,949,730
28,275,069
26,843,406
For Administrative Endowment and Operations
3,918,634
4,255,750
Total Unrestricted
257,009,727
238,048,886
Temporarily Restricted
31,019,810
31,256,452
686,795
945,899
Permanently Restricted
Total Net Assets Total Liabilities and Net Assets
288,716,332
270,251.237
$298,851,335
$279,458,436
$279,458,436
INVESTMENT MANAGERS The endowment assets of TPF, Inc., are managed by: Eagle Capital Management, LLC Access Capital Strategies Forester Partners, LP American Funds Gryphon International Investment Corp. Armstrong Shaw Merrill Lynch William Blair & Co. Metropolitan Real Estate Equity Mgmt., LLC City of London Investment Mgmt. Perennial Capital Management, LLC Colchester Global Investors
Philadelphia International Advisors PIMCO Post Advisory Group 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
2010 Financial Highights The Philadelphia Foundation Consolidated Statements of Financial Activities Total for Year Ended Dec 31, 2010
REVENUE AND SUPPORT Gifts, Grants and Bequests
$8,672,106
7,069,231
Gain on Investments, Net
23,242,840
Investment Income
Total Revenue and Support 38,984,177
EXPENSES Grants
15,548,969
Investment Management and Trustee Fees
711,510
Grantmaking
631,654
Special Program Expenses
Development and Donor Services Financial Management
1,119,281
1,056,887
1,170,635
Marketing Total Expenses CHANGE IN NET ASSETS Net Assets - Beginning of Year
270,146 20,509,082 18,465,095 270,251,237
NET ASSETS - END OF YEAR $288,716,332
TRUSTEE INSTITUTIONS
INSTITUTIONAL PARTNERSHIPS
In establishing a fund, donors have the option of using TPF, Inc. as a trustee or one of seven trustee institutions:
American Funds Brown Brothers Harriman Merrill Lynch Community Charitable Fund
The Bryn Mawr Trust Company The Glenmede Trust Company BNY Mellon Pitcairn Trust Company PNC Bank, N.A. Wachovia/Wells Fargo Wilmington Trust of Pennsylvania
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