The investment policy followed by the Foundation represents an attempt to steer a middle course between fixed income investments, which offer the highest immediate income but little protection against inflation, and common stocks, which generally yield a relatively low immediate dividend but which show promise of dividend growth and appreciation in value. By this means, the Directors hope to provide substantial income available for current disbursement, with a reasonable prospect that income in future years may grow sufficiently to permit meaningful contributions in line with the increasing needs of recipient organizations.
The McLean Foundation Condensed Statement of Financial Position as at December 31, 2020
Assets |
2020 | 2019 |
| Cash and accounts receivable | $2,817,455 | $513,706 |
| Stocks and other Securities (at Market Value) | $57,800,188 | $57,914,306 |
| $60,617,643 | $58,428,012 |
Liabilities |
||
| Accounts Payable | $70,139 | $68,216 |
Fund Balances |
||
| Capital Funds (at Market Value) | $60,547,504 | $58,359,796 |
| $60,547,504 | $58,359,796 | |
| $60,617,643 | $58,428,012 |
The McLean Foundation Condensed Statement of Operations Year ended December 31, 2020
Revenue |
||
| Dividends | $432,727 | $456,497 |
| Bond and Debenture Interest | $6,524 | $40,465 |
| Other Income | $907,413 | $1,052,301 |
| Capital gain distributions from mutual funds | $786,361 | $393,264 |
| Realized gain on investments sold | $1,146,601 | $969,452 |
| Unrealized gain (loss) on investments | $2,092,094 | $4,516,208 |
| $5,371,720 | $7,428,187 |
Expenditure |
||
| Administrative Expenses | $348,721 | $360,962 |
| Income before charitable donations paid | $5,022,999 | $7,067,225 |
| Charitable donations paid | ($2,787,900) | ($2,036,400) |
| Foreign exchange gain (loss) | ($47,391) | ($9,510) |
| Excess of revenue over expenditure | $2,187,708 | $5,021,315 |