FINANCIAL REPORT
The Foundation does not have a conventional balance sheet. The only asset is cash, maintained with the Arizona Community Foundation [ ACF ] as a donor-advised account, and invested in a Money Market Fund. There are current expenses, most of which are discretionary, and no long-term liabilities. The Cash Statements below reflect the activity in the account for the most recent two years. Teri Schwab Treasurer, Forest Highlands Foundation Board
Comments
Donation dollars and participation percentage returned to historical levels in 2023 from the record levels reported in 2022. The largest component of giving is our Annual Appeal, but the Denise Martinez Memorial Golf Tournament remains a perennially popular community event and surpassed even 2022 in terms of funds raised and participation. Preferred seating bids for Memorial Day, 4th of July and Labor Day consistently provide additional funding, as well as the periodic auctions posted in the VIP. Rising interest rates also boosted cash inflows for the Foundation in 2023. Grants decreased in total dollars from 2022 to 2023, largely due to fewer non ACF grant requests, but still exceeded historical levels as will be discussed in further detail in the Grants Committee Report. Other cash outflows are relatively flat from year to year. The Foundation enters its 25th year well positioned to provide impactful financial support for the Flagstaff not-for-profit community.
2023
2022
Beginning Cash with ACF
$390,865 $426,789
Donations
$387,556 $484,939 $16,374 $4,677
Investment Income
Cash Inflows
$ 403,930
$ 489,616
Grants
$383,164 $495,603
Administrative Expenses FH Foundation
$21,001 $23,265 $5,575 $6,672
ACF Fees
Cash Outflows
$ 409,739
$ 525,540
Ending Cash with ACF
$385,056 $390,865
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FOREST HIGHLANDS FOUNDATION ANNUAL REPORT 2023
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