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