Statements of Activities
At December 31, 2007 and 2006 (in thousands)
| 2007 | 2006 | |
|---|---|---|
| Changes in unrestricted net assets | ||
| Support and revenue | ||
| Investment income | $209,216 | $213,335 |
| Less: Federal and state tax | (3,365) | (3,417) |
| Investment expense | (42,641) | (34,091) |
| Contributions | 12 | 7 |
| Net assets released from restrictions | 50 | 517 |
| 163,272 | 178,152 | |
| Program costs and administrative expenses: | ||
| Grants, net | 407,698 | 333,912 |
| Program contracts and related activities | 49,306 | 37,146 |
| Program development and evaluation | 31,193 | 30,411 |
| General administration | 21,462 | 20,858 |
| 509,659 | 422,327 | |
| Excess of program costs and expenses over support and revenue |
(346,387) | (245,976) |
| Other changes to unrestricted net assets, net of related federal and state tax: | ||
| Realized gains on sale of securities | 1,465,179 | 1,044,900 |
| Unrealized (depreciation) on investments | (601,381) | (40,159) |
| 863,798 | 1,004,741 | |
| Cumulative effect of change in accounting principal | (5,354) | — |
| Change in unrestricted net assets | 512,057 | 758,765 |
| Changes in temporarily restricted net assets: | ||
| Contributions | 50 | 517 |
| Change in value of charitable remainder trust | 43 | (1,421) |
| Net assets released from restrictions | (50) | (517) |
| Change in temporarily restricted net assets | 43 | 1,421 |
| Change in net assets | 512,100 | 760,186 |
| Net assets, beginning of year | 9,304,367 | 8,544,181 |
| Net assets, end of year | $9,816,467 | $9,304,367 |
See notes to financial statements.