FINANCIAL REPORT
Comments Although strong by historical standards, revenue was down a bit from the exceptionally high 2020 levels and the number of donors was also lower. It’s difficult to pinpoint cause and effect but somewhat less COVID driven urgency and the high rate of turnover in the Forest Highlands membership may both have been factors. Other Income by definition is that payment to the Foundation that involves the Fair Market Value purchase of a good or service from the Foundation. Almost all of this derives from the value of golf rounds in the Denise Martinez Golf Tournament which explains the significant difference between 2020 and 2021 in that category. Some 2019 event expenses were booked in 2020 and as mentioned above the Denise Martinez expenses were booked in the 2021 numbers. Foundation operating expenses were similar in both years at roughly $20,000 with the larger single items being $4,300 for an Administrative Assistant; $4,200 to Forest Highlands Golf Club for various services; and $3,050 for the lease of a donor management software system.
The Foundation does not have a balance sheet in the conventional sense. The only asset is a cash account that is maintained with the Arizona Community Foundation as a Donor Advised Account, and that is invested in a Money Market Fund. There are current expenses, most of which are discretionary, and no long term liabilities. The most useful way to portray the Foundation’s financial picture is with a cash flow statement as shown below with the previous year’s numbers for comparison purposes.
2020
2021
Beginning Cash In ACF Acct. $439,863 $404,729
Donations
427,953 375,831
Net Investment Income
1,493
72
Other Income
845
17,250
Total Income
$430,291 $393,009
Misc. Expense
42,586 37,540
ACF Fees
5,621
6,104
Grants will be detailed in the Grants Committee report in the following pages
Total Expenses
$48,207 $43,644
All in all, a very good year thanks to the support of the Forest Highlands community for your Foundation. We know from conversations with several of the Foundation’s grantees that they continue to experience a high demand for services stemming from the economic disruption associated with the pandemic. At the same time, rising costs have introduced additional stress. The Foundation enters the year with a strong cash balance and, with your continued support, is well positioned to be helpful in what looks to be a difficult environment.
Grants
$417,218 $327,305
Ending Cash In ACF Acct.
$404,729 $426,789
Covid precluded holding the Foundation’s annual Denise Martinez Golf Tournament in 2020 but it was held in 2021. The event was very successful and included in the numbers above are event revenue of $75,014 and event expense of $18,380.
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FOREST HIGHLANDS FOUNDATION ANNUAL REPORT 2021
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