The annual financial statements for the Foundation for 2000 appear under the navigation heading Financials. Awards in 2000 are listed in the Grants & Contracts section.
    In 2000 the net assets of the Foundation increased 2.7 percent. This modest increase was achieved notwithstanding the overall poor performance in most sectors of the capital markets. The Foundation awarded grants and contracts totaling $399.5 million. Program development, evaluation, and general administration for the year were $41.9 million or 10.5 percent of total awards. This represents a $12.3 million increase over last year, primarily due to accelerated depreciation charges associated with construction of our new headquarters building.
    Investment expenses totaled $27.6 million reflecting an increased investment in limited partnership interests. Federal and state taxes amounted to $9.9 million.
    The Internal Revenue Code requires private foundations to make qualifying distributions of 5 percent of the fair market value of assets not used in carrying out the charitable purpose of the Foundation. These distributions are to be made within a 24-month period. The Foundation has fulfilled its 1999 requirement ($407.1 million). The 2000 requirement ($397.5 million) will be met in mid-2001.
 
 

Peter Goodwin
Vice President and Treasurer

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