The Robert Wood Johnson Foundation | Annual Report 2004

At December 31, 2004 and 2003 (in thousands)	2004	2003
Assets:
Cash and cash equivalents	$220,836	$190,837
Receivable on pending securities transactions	13,595	32,875
Interest and dividends receivable	7,771	8,703
Contributions receivable	11,378	10,131
Investments at fair value
Johnson & Johnson common stock	4,438,494	4,158,589
Other equity investments	3,249,619	2,586,726
Fixed income investments	970,876	872,558
Program related investments	9,672	10,076
Other assets	60,591	63,266
Total assets	$8,982,832	$7,933,761
Liabilities and Net Assets
Liabilities:
Accounts payable and accrued expenses	$19,721	$6,172
Payable on pending securities transactions	77,324	86,750
Unpaid grants	444,510	571,784
Deferred federal excise tax	96,640	87,913
Accrued postretirement benefit obligation	11,755	9,899
Total liabilities	649,950	762,518
Net assets:
Unrestricted	8,321,504	7,161,112
Temporarily restricted	11,378	10,131
Total net assets	8,332,882	7,171,243
Total liabilities and net assets	$8,982,832	$7,933,761

Johnson & Johnson common stock