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Financials

Sound financial stewardship

We employ effective investment strategies for patrons and nonprofits to make long-lasting philanthropic contributions to their communities while attaining significant tax advantages. By listening to your priorities and considering your charitable needs we are able to advise on strategic giving maximizing your efforts.

Statement of Financial Position

December 31, 2018 and 2017

Assets 12/31/2018 12/31/2017
Cash and investments at market value $80,622,818 $84,184,540
Receivables 675,836 1,686,017
Prepaid expenses 31,324 28,629
Property and equipment (net) 51,140 50,918
Split interest agreements 9,159,071 11,480,849
Total Assets $90,540,189 $97,430,953
Liabilities
Accounts payable $14,812 $8,265
Grants payable 1,334,932 1,283,831
Liability to resource providers 5,155,913 5,820,902
Liabilities under split interest agreements 5,342,880 6,403,899
Total Liabilities $11,848,537 $13,516,897
Net Assets
Without donor restrictions:
Designated by the Board for Endowment $59,961,317 $61,978,313
Undesignated 13,349,281 14,305,044
Total Without donor restrictions $73,310,598 $76,283,357
With donor restrictions:
Split-interest agreements $3,816,191 $5,076,950
Remainder estate 1,000,000
Fiscal sponsorships 1,564,863 1,553,749
Total With donor restrictions $5,381,054 $7,630,699
Total Net Assets $78,691,652 $83,914,056
Total Liabilities and Net Assets $90,540,189 $97,430,953

 

The accompanying condensed financial data was extracted from the financial statements of TFEC for the years ending December 31, 2018 and 2017. A copy of the most recently audited financial statements, together with the auditors’ opinion, is available from TFEC located at 200 N 3rd St, 8th Fl, Harrisburg, PA 17101. Audit and financial statements are prepared by Maher Duessel, Certified Public Accountants.

Statement of Activities

December 31, 2018 and 2017

Support and Revenues 12/31/2018 12/31/2017
Contributions $8,690,783 $10,219,027
Dividend and interest income 2,020,594 1,898,135
Net gains (loss) on long-term investments (7,783,605) 9,715,613
Reimbursements and other 540,980 602,681
Split interest agreements (1,260,759) 522,655
Total Support and Revenues $2,207,993 $22,958,111
Expenses 12/31/2018 12/31/2017
Grants and program services 6,037,368 6,655,121
Asset Development and general administration 1,393,029 1,368,181
Total Expenses 7,430,397 8,023,302
Change in Net Assets (5,222,404) 14,934,809
Net Assets, January 1 83,914,056 68,979,247
Net Assets, December 31 $78,691,652 $83,914,056

The accompanying condensed financial data was extracted from the financial statements of TFEC for the years ending December 31, 2018 and 2017. A copy of the most recently audited financial statements, together with the auditors’ opinion, is available from TFEC located at 200 N 3rd St, 8th Fl, Harrisburg, PA 17101. Audit and financial statements are prepared by Maher Duessel, Certified Public Accountants.

Asset Breakdown

December 31, 2018

Asset Categories Amount Percent
Advised – Non-Permanent $12,866,311 14.21 %
Advised – Permanent 12,300,522 13.59
Agency 6,132,426 6.77
Area of Interest 5,534,170 6.11
Projects 1,576,017 1.74
Restricted 20,459,125 22.60
Scholarships 15,500,791 17.12
Split Interest Agreements (Trusts) 8,774,015 9.69
Unrestricted 7,396,812 8.17
Total Assets $90,540,189 100.00 %
Form 990

2018 TFEC 990

2017 TFEC 990

2016 TFEC 990

The Foundation for Enhancing Communities does not currently file a Form 990-T. If a Form 990-T should ever be filed, it will be made publicly available along with our Form 990.