FINANCIAL REPORT
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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 [ ACF ] as a donor advised account, and 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. The previous year is also shown for comparison purposes. Edward Lesser Treasurer, Forest Highlands Foundation Board
Income was at near record levels and represented a significant gain over the previous year. The Foundation is blessed with several large donors and increased contributions from that group accounted for much of the gain. However, it’s worth noting that the number of donors also increased from 178 in 2021 to 214 in 2022 and support from an increasing number of Forest Highlands members is certainly appreciated. While most income is in response to the Foundation’s Annual Appeal, the Denise Martinez Golf Tournament produced record results, and the Labor Day Art Auction was a successful new event. Questions arise occasionally as to the source of Other Income. By definition, this is income that arises from the purchase of goods or services from the Foundation at Fair Market Value. Most of this income arises in connection with the Golf Tournament and the Art Auction. A little more than half of the expense increase was attributable to the initial Donor Appreciation Reception and that cost was offset by a specific donation from one of our generous members. The event itself was considered to be very worthwhile – both by members, and the CEOs of several of the Foundation’s grantees who attended. The balance of the Expense increase was inflation driven.
2021
2022
Beginning Cash In ACF Acct. $404,729 $426,789
Donations
$375,831 $485,993
Other Income
$17,250 $24,100
Net Investment Income
$72
$4,675
Total Income
$393,009 $514,768
Misc. Expense
$37,540 $48,413 $6,104 $6,676
ACF Fees
Grants were at a record high and will be covered in detail in the Grant Committee Report in the following pages.
Total Expenses
$43,644 $55,089
The Foundation enters 2023 with a good cash balance, and with your continued support, is well positioned to be helpful to the Flagstaff not-for-profit community as it faces the challenges of the new year.
Grants
$327,305 $495,603
Ending Cash In ACF Acct.
$426,789 $390,865
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FOREST HIGHLANDS FOUNDATION ANNUAL REPORT 2022
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