The Gelvin Foundation, Inc.
Statement of Assets, Liabilities, and Net Assets
Modified Cash Basis
For the Year Ended December 31, 2020
Statement of Assets, Liabilities, and Net Assets
Modified Cash Basis
For the Year Ended December 31, 2020
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 |
Current Liabilities | |
Accounts Payable | 0 |
Total Liabilities | 0 |
Total Net Assets – Unrestricted | 11,565,719 |
Total Liabilities and Net Assets | $11,565,719 |
Statement of Revenues, Expenses and Changes In Net Assets
Modified Cash Basis
For the Year Ended December 31, 2020
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 |
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 |