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 Statement of Financial Position as at December 31, 2019
Assets |
2019 | 2018 |
Cash and accounts receivable | $513,706 | $324,966 |
Stocks and other Securities (at Market Value) | $57,914,306 | $53,151,406 |
$58,428,012 | $53,476,372 |
Liabilities |
||
Accounts Payable | $68,216 | $137,891 |
Fund Balances |
||
Capital Funds (at Market Value) | $58,359,796 | $61,118,745 |
Operating Fund | $0 | ($7,780,264) |
$58,359,796 | $53,338,481 | |
$58,428,012 | $53,476,372 |
Revenue |
||
Dividends | $456,497 | $423,454 |
Bond and Debenture Interest | $40,465 | $29,522 |
Other Income | $1,052,301 | $974,888 |
$1,549,263 | $1,427,864 |
Expenditure |
||
Administrative Expenses | $360,962 | $342,872 |
Income before charitable donations paid | $1,188,301 | $1,084,992 |
Charitable donations paid | ($2,036,400) | ($2,322,400) |
Net Loss for the year | ($848,099) | ($1,237,408) |
Operating Fund, beginning of year | ($7,780,264) | ($6,542,856) |
Inter Fund Transfer | $8,628,363 | $0 |
Operating Fund, end of year | $0 | ($7,780,264) |