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2014 Annual Financial Statements

Assets
Cash equivalents: $ 18,600
Investments in securities: $ 169,594,657
Dividends and interest receivable: $ 378,821
Other assets: $ 40,969
Total Assets: $ 170,033,047
Liabilities and Net Assets
Grants approved for future payment: $ 4,266,582
Accounts payable and accrued expenses: $ 187,015
Deferred excise taxes: $ 398,037
Total liabilities: $ 4,851,634
Net assets: $ 165,181,413
Total Liabilities and Net Assets $ 170,033,047
Statements of Activities
Gain (loss) from investments: $ 12,986,652
Investment related and other expenses: $ (966,921)
Net gain(loss) from investments: $ 12,019,721
Grants approved: $ 6,340,046
Grant support: $ 1,303,955
Total grants approved / related expenses: $ 7,644,001
Net Gain (Loss) for the period $ 4,375,730