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The Moriah Fund

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STATEMENTS OF FINANCIAL POSITION
December 31, 2014 and 2013
  2014   2013
ASSETS      
Cash and cash equivalents $346,802   $783,222
Investments 61,256,779   67,222,398
Investment sales receivable -   33,201
Prepaid expenses and other assets 29,519   38,730
Program related investment principal 549,600   600,000
Contributions receivable for remainder trusts 1,170,998   1,170,998
Property and equipment, net of accumulated depreciation of $196,718 and $186,119, respectively 10,721   21,320
          TOTAL ASSETS $63,364,419   $69,869,869
       
LIABILITIES AND NET ASSETS      
Accounts payable and accrued expenses $57,086   $25,488
Excise and income tax payable 67,003   2,096
Grants payable 5,217,000   5,505,500
Deferred excise tax 64,427   97,906
       
          TOTAL LIABILITIES 5,405,516   5,630,990
Net Assets      
 Unrestricted 57,958,903   64,238,879
          TOTAL NET ASSETS 57,958,903   64,238,879
       

          TOTAL LIABILITIES
           AND NET ASSETS

$63,364,419   $69,869,869
          
STATEMENTS OF ACTIVITIES
For the Years Ended December 31, 2014 and 2013 
 
2014
2013
REVENUE AND SUPPORT      
Net realized and unrealized (loss) gains $577,070   $(1,677,738)
Pass through income from partnership interests 7,832,879   8,166,110
Interest and dividends 240,393   239,339
Contributions -   327,071
Other 109,698   112,471

          TOTAL REVENUE AND
          SUPPORT

8,760,040   7,167,253
          
EXPENSES      
Program Services:      
 Grants and contributions 13,297,500   13,956,500
 Program related activities 1,463,309   1,381,316
 Total Program Services 14,760,809   15,337,816
Supporting Services:      
 General and administrative      
 Investment related activity 218,490   215,749
 Excise and income taxes 94,196   89,413
Provision for deferred federal excise taxes (33,479)   (1,062)
Total Supporting Services 279,207   304,100
          TOTAL EXPENSES 15,040,016   15,641,916
Change in Unrestricted Net Assets (6,279,976)   (8,474,663)
       
NET ASSETS, BEGINNING OF YEAR 64,238,879   72,713,542
       
NET ASSETS, END OF YEAR $57,958,903   $64,238,879
       
STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2014 and 2013 Increase (Decrease) in Cash and Cash Equivalents 
 
2014
2013
CASH FLOWS FROM OPERATING ACTIVITIES      
Change in net assets $(6,279,976)   $(8,474,663)
Adjustments to reconcile change in net assets to net cash used in operating activities      
  Realized loss on investments (1,273,882)   174,882
  Unrealized loss (gains) on investments 696,812   1,502,856
  Pass through loss (income) from partnership interests (7,832,879)   (8,166,110)
  Depreciation and amortization 10,599   10,599
  Provision for deferred federal excise tax expense (33,479)   (1,062)
  Changes in assets and liabilities:      
    Prepaid expenses and other assets 9,211   65,543
    Contributions receivable for remainder trusts -   (327,070)
    Accounts payable and accrued expenses 31,598   (3,901)
    Excise and income tax receivable 64,907   2,096
    Grants payable (288,500)   790,000
       

          NET CASH USED IN
          OPERATING ACTIVITIES

(14,895,589)   (14,426,830
       
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition of investments (18,901,411)   (11,107,203)
Proceeds from the sale of investments 16,610,294   11,160,723
Distributions from alternative investment funds 16,699,886   14,006,396
Principal disbursement for program related investment 50,400   -

          NET CASH PROVIDED BY
          INVESTING ACTIVITIES

14,459,169   14,059,916
          

          NET DECREASE IN CASH AND
          CASH EQUIVALENTS

(436,420)   (366,914)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 783,222   1,150,136
       
CASH AND CASH EQUIVALENTS, END OF YEAR $346,802   $783,222
       
NONCASH INVESTING ACTIVITIES      
Pass through income from partnership interests $7,832,879   $8,166,110
       
SUPPLEMENTAL CASH FLOW INFORMATION       
Actual cash payments for excise and income taxes $18,754   $21,000

 

 

  © 2006 Moriah Fund