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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, 2022 and 2021

Assets 12/31/2022 12/31/2021
Cash and investments at market value $106,558,563 $133,740,894
Receivables  175,559  206,525
Prepaid expenses  91,746  44,252
Property and equipment (net)  42,722  65,166
Operating Lease  723,894  906,590
Split interest agreements  9,502,666  11,760,448
Total Assets  $117,095,150   $146,723,875 
Liabilities    
Accounts payable 3,832 250,646
Grants/Scholarships payable  748,921  546,756
Deferred Revenue  48,205  17,500
Operating Lease  743,370  906,590
Liability to resource providers  6,397,855  8,070,892
Liabilities under split interest agreements   6,193,337  7,953,972
Total Liabilities  14,135,520   17,746,356 
Net Assets    
Without donor restrictions:    
Designated by the Board for Endowment 77,786,955 97,726,000
Undesignated  19,875,184  24,924,754
Total Without donor restrictions  97,662,139   122,650,754 
With donor restrictions:    
Split-interest agreements 3,309,329 3,806,476
Fiscal sponsorships  1,988,162  2,520,289
Total With donor restrictions  5,297,491   6,326,765 
Total Net Assets  102,959,630   128,977,519 
     
Total Liabilities and Net Assets $117,095,150  $146,723,875 

 

The accompanying condensed financial data was extracted from the financial statements of TFEC for the years ending December 31, 2022 and 2021. 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, 2022 and 2021

Support and Revenues 12/31/2022 12/31/2021
Contributions $5,235,638  $7,265,894 
Dividend and interest income  1,870,232   1,611,601 
Net gains (loss) on long-term investments  (22,918,954)  19,073,758 
Reimbursements and other 620,634   573,761 
Split interest agreements  (497,147)  498,547 
Total Support and Revenues (15,689,597)  29,023,561 
 
Expenses 12/31/2022 12/31/2021
Grants and program services 8,800,641  7,327,348 
Asset Development and general administration  1,527,651   1,366,023 
Total Expenses  10,328,292   8,693,371 
Change in Net Assets  (26,017,889)  20,330,190 
Net Assets, January 1 128,977,519   108,647,329 
Net Assets, December 31  $102,959,630   $128,977,519 

The accompanying condensed financial data was extracted from the financial statements of TFEC for the years ending December 31, 2022 and 2020. 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, 2022

Asset Categories Amount Percent
Advised – Non-Permanent 18,468,246  15.77%
Advised – Permanent 14,435,653  12.33%
Agency 7,482,170  6.39%
Area of Interest 6,634,551  5.67%
Projects 2,083,728  1.78%
Restricted 28,420,426  24.27%
Scholarships 22,254,329  19.01%
Split Interest Agreements (Trusts) 9,502,666  8.12%
Unrestricted 7,813,381  6.67%
Total Assets $117,095,150 100.00
Form 990

2022 TFEC 990

2021 TFEC 990

2020 TFEC 990

2019 TFEC 990

2018 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.