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STATEMENT OF ASSETS AND FUND BALANCES (UNAUDITED)
ASSETS:
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December 31, 2004
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Cash and cash equivalents
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$ 2,036,161
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Investments:
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| US government & agency obligations |
9,712,716
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| Corporate stock |
38,994,235
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| Corporate bonds |
1,635,435
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| Alternative investments |
3,113,227
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Equipment and leasehold improvements
(net of depreciation)
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57,743 |
Other assets
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5,025
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| Total Assets |
$55,554,542
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NOTES TO STATEMENT OF ASSETS & FUND BALANCE
1. Organization
The Gladys Krieble Delmas Foundation (the “Foundation”) is a New York charitable trust created by an Agreement of Trust dated May 5, 1976. The only donors to the Foundation were Gladys Krieble Delmas and Jean Paul Delmas. The assets of the Foundation may be employed by the Foundation’s Trustees without restriction for charitable purposes.
2. Summary of Significant Accounting Policies
Basis of Reporting: The financial statements are prepared on the cash basis of accounting and do not include interest and dividends receivable, amortization of bond premiums, accretion of bond discounts, federal excise tax payable, grants approved but unpaid during the period, and other liabilities.
3. Federal Excise Tax
The Foundation has been recognized by the Internal Revenue Service as a tax exempt organization described in Section 501(c)(3) of the Internal Revenue Code, and, accordingly, is not subject to federal income tax. However, the Foundation is classified as a private foundation and, as such, is subject to an excise tax on net investment income including dividends, interest, and net realized gains on securities transactions reduced by related expenses.
The Internal Revenue Code requires that certain minimum distributions be made in accordance with a specific formula. In calendar year 2003, the Foundation has exceeded federally mandated distribution requirements.
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