| |
|
| For the years ended December
31, 2002 and 2001 (in thousands) |
2002
|
2001
|
|
| Changes in unrestricted
net assets |
|
|
| Investment income: |
$ 143,151
|
$ 148,356
|
| Less:
Federal and state tax |
1,186
|
1,244
|
| Investment
expense |
24,184
|
25,719
|
| |
|
| |
117,781
|
121,393
|
| Contributions |
—
|
450
|
| |
|
| |
117,781
|
121,843
|
| |
|
| Program costs and administrative
expenses: |
|
|
| Grants,
net |
443,000
|
487,692
|
| Program
contracts and related activities |
56,044
|
54,771
|
| Program
development and evaluation |
24,269
|
24,709
|
| General
administration |
22,799
|
22,491
|
| |
|
| |
546,112
|
589,663
|
| |
|
| Excess
of program costs and expenses over income |
(428,331)
|
(467,820)
|
| Other changes to unrestricted
net assets, net of related federal and state excise tax: |
|
|
| Realized
gains on sale of securities |
284,683
|
345,279
|
| Unrealized
(depreciation) appreciation on investments |
(942,281)
|
14,354
|
| |
|
| |
(657,598)
|
359,633
|
| |
|
| Change in unrestricted
net assets |
(1,085,929)
|
(108,187)
|
| Changes in temporarily
restricted net assets |
|
|
| Contributions |
1,726
|
—
|
| Change
in value of charitable remainder trust |
(610)
|
683
|
| |
|
| Change in temporarily restricted
net assets |
1,116
|
683
|
| |
|
| Change
in net assets |
(1,084,813)
|
(107,504)
|
| Net assets at beginning
of year |
8,156,949
|
8,264,453
|
| |
|
| Net assets at end of
year |
$7,072,136
|
$8,156,949
|
|
| See
notes to financial statements. |
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Foundation. Click to read
our Web Policies
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