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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, 2019 and 2018

Assets 12/31/2019 12/31/2018
Cash and investments at market value $97,559,836 $80,622,818
Receivables 1,170,083 675,836
Prepaid expenses 30,811 31,324
Property and equipment (net) 34,640 51,140
Split interest agreements 9,854,158 9,159,071
Total Assets $108,649,528 $90,540,189
 
Liabilities    
Accounts payable $9,651 $14,812
Grants payable 773,183 1,334,932
Liability to resource providers 6,285,421 5,155,913
Liabilities under split interest agreements 6,841,674 5,342,880
Total Liabilities $13,909,929 $11,848,537
     
Net Assets    
Without donor restrictions:    
Designated by the Board for Endowment $76,631,789 $59,961,317
Undesignated 13,328,814 13,349,281
Total Without donor restrictions $89,960,603 $73,310,598
With donor restrictions:    
Split-interest agreements $3,012,484 $3,816,191
Fiscal sponsorships 1,766,512 1,564,863
Total With donor restrictions $4,778,996 $5,381,054
Total Net Assets $94,739,599 $78,691,652
     
Total Liabilities and Net Assets $108,649,528 $90,540,189

 

The accompanying condensed financial data was extracted from the financial statements of TFEC for the years ending December 31, 2019 and 2018. 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, 2019 and 2018

Support and Revenues 12/31/2019 12/31/2018
Contributions $8,441,816 $8,690,783
Dividend and interest income 2,152,303 2,020,594
Net gains (loss) on long-term investments 15,758,902 (7,783,605)
Reimbursements and other 506,319 540,980
Split interest agreements 1,299,391 (1,260,759)
Total Support and Revenues $28,158,731 $2,207,993
 
Expenses 12/31/2019 12/31/2018
Grants and program services 10,666,287 6,037,368
Asset Development and general administration 1,444,497 1,393,029
Total Expenses 12,110,784 7,430,397
Change in Net Assets 16,047,947 (5,222,404)
Net Assets, January 1 78,691,652 83,914,056
Net Assets, December 31 $94,739,599 $78,691,652

The accompanying condensed financial data was extracted from the financial statements of TFEC for the years ending December 31, 2019 and 2018. 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, 2019

Asset Categories Amount Percent
Advised – Non-Permanent $11,841,113 10.90 %
Advised – Permanent 16,000,526 14.73  
Agency 7,414,420 6.82  
Area of Interest 6,583,818 6.06  
Projects 1,811,674 1.67  
Restricted 27,576,564 25.38  
Scholarships 19,848,706 18.27  
Split Interest Agreements (Trusts) 9,853,957 9.07  
Unrestricted 7,718,750 7.10  
Total Assets $108,649,528 100.00 %
Form 990

2019 TFEC 990

2018 TFEC 990

2017 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.