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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, 2021 and 2020

Assets 12/31/2021 12/31/2020
Cash and investments at market value  $        133,740,894  $       111,788,668
Receivables                    206,525                    700,151
Prepaid expenses                       44,252                      33,184
Property and equipment (net)                       65,166                      60,107
Split interest agreements              11,760,448              10,527,981
Total Assets  $        145,817,285  $       123,110,091
                       
Liabilities                        
Accounts payable                    250,646                            862
Grants payable                    564,256                    694,135
Liability to resource providers                 8,070,892                6,547,713
Liabilities under split interest agreements                 7,953,972                7,220,052
Total Liabilities              16,839,766              14,462,762
     
Net Assets    
Without donor restrictions:    
Designated by the Board for Endowment              97,726,000              84,483,010
Undesignated              24,924,754              19,141,348
Total Without donor restrictions            122,650,754            103,624,358
With donor restrictions:    
Split-interest agreements                 3,806,476                3,307,929
Fiscal sponsorships                 2,520,289                1,715,042
Total With donor restrictions                 6,326,765                5,022,971
Total Net Assets            128,977,519            108,647,329
     
Total Liabilities and Net Assets  $        145,817,285  $       123,110,091

 

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

Statement of Activities

December 31, 2021 and 2020

Support and Revenues 12/31/2021 12/31/2020
Contributions  $            7,265,894  $       8,421,041
Dividend and interest income                1,611,601            1,581,929
Net gains (loss) on long-term investments              19,073,758          11,264,036
Reimbursements and other                    573,761               810,873
Split interest agreements                    498,547               295,445
Total Support and Revenues              29,023,561          22,373,324
 
Expenses 12/31/2021 12/31/2020
Grants and program services                7,327,348           7,253,616
Asset Development and general administration                1,366,023      1,211,978
Total Expenses                8,693,371   8,465,594
Change in Net Assets              20,330,190    13,907,730
Net Assets, January 1            108,647,329     94,739,599
Net Assets, December 31  $       128,977,519  $   108,647,329

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

Asset Categories Amount Percent
Advised – Non-Permanent $ 22,440,090 15.39%
Advised – Permanent  20,140,564 13.81%
Agency  9,425,385 6.46%
Area of Interest  9,159,388 6.28%
Projects  2,809,529 1.93%
Restricted  35,511,331 24.35%
Scholarships  25,353,580 17.39%
Split Interest Agreements (Trusts)  11,760,442 8.07%
Unrestricted  9,216,976 6.32%
Total Assets $145,817,285 100.00
Form 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.