Financial Statement

The Gelvin Foundation, Inc.

Statement of Assets, Liabilities, and Net Assets
Modified Cash Basis

For the Year Ended December 31, 2020

ASSETS

Current Assets
Cash 172,693
Investments in Marketable Securities 9,800,931
Certificates of Deposit 1,591,918
Prepaid Income Tax 177
Total Current Assets $11,565,719
Property and Equipment, At Cost
Furniture and Fixtures 1,495
Accumulated Depreciation -1,495
Total property and Equipment, Net 0
Total Assets $11,565,719

LIABILITIES AND NET ASSETS

Current Liabilities
Accounts Payable 0
Total Liabilities 0
Total Net Assets – Unrestricted 11,565,719
Total Liabilities and Net Assets $11,565,719

The Gelvin Foundation, Inc.

Statement of Revenues, Expenses and Changes In Net Assets
Modified Cash Basis

For the Year Ended December 31, 2020

Revenues

Interest Income 44,202
Dividend Income 109,651
Realized Gain/Loss on Investments 626,427
Miscellaneous Income 0
Net Unrealized Gain/Loss on Investments 836,351
Total Revenues $1,616,631

Expenses

Management and Professional Fees 79,893
Office Expense 3,722
Utilities 1,065
Charitable Donations 428,200
Federal Excise Tax 4,003
Total Expenses and Taxes $516,883
Change in Net Assets 1,099,748
Net Assets, Beginning of Year 10,465,971
Net Assets, End of Year $11,565,719