The Ford Foundation

2y ago
11 Views
2 Downloads
594.68 KB
26 Pages
Last View : 1m ago
Last Download : 2m ago
Upload by : Gannon Casey
Transcription

The Ford FoundationFinancial StatementsDecember 31, 2018 and 2017

The Ford FoundationIndexDecember 31, 2018 and 2017Page(s)Report of Independent Auditors . 1Financial StatementsStatements of Financial Position . 2Statements of Activities . 3Statements of Cash Flows . 4Statement of Functional Expenses .5Notes to Financial Statements . .6–24

Report of Independent AuditorsTo The Board of Trustees of The Ford FoundationWe have audited the accompanying financial statements of The Ford Foundation (the “Company”), whichcomprise the statements of financial position as of December 31, 2018 and 2017, and the relatedstatements of activities and cash flows for the years then ended and the statement of functional expensesfor the year ended December 31, 2018.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of the financial statements inaccordance with accounting principles generally accepted in the United States of America; this includesthe design, implementation, and maintenance of internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud orerror.Auditors’ ResponsibilityOur responsibility is to express an opinion on the financial statements based on our audits. We conductedour audits in accordance with auditing standards generally accepted in the United States of America.Those standards require that we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on our judgment, including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In makingthose risk assessments, we consider internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’sinternal control. Accordingly, we express no such opinion. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of significant accounting estimatesmade by management, as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of The Ford Foundation as of December 31, 2018 and 2017, and the changes in its netassets and its cash flows for the years then ended in accordance with accounting principles generallyaccepted in the United States of America.Emphasis of MatterAs discussed in Note 1 to the financial statements, the Company changed the manner in which it presentsand reports certain aspects of its financial statements as a not-for-profit entity and the manner in which itaccounts for net periodic benefit cost in 2018. Our opinion is not modified with respect to this matter.June 13, 2019PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017T: (646) 471 3000, F: (813) 286 6000, www.pwc.com/us

The Ford FoundationStatements of Financial PositionAs of December 31, 2018 and 2017December 31,(in thousands)20182017 12,450,770153,3524,08212,608,204 al excise tax receivable1,7241,600Investment related receivables9,62329,395Other receivables and assets5,9477,226Program-related investments, (net of allowancesfor possible losses of 26,892 and 23,842at December 31, 2018 and 2017, respectively)136,765142,909Fixed assets, (net of accumulated depreciationof 44,390 and 53,776 at December 31, 2018and 2017, respectively)228,530149,558 13,053,278 13,708,263 AssetsInvestments, at fair valueRedemption proceeds receivableAccrued interest and dividends receivableCashTotal assetsLiabilities and Net AssetsUnpaid grants457,417473,704Payables and other liabilities80,41283,523Investment related 8312,811,437 13,053,278 13,708,263Federal deferred excise taxesBond Payable, (net of unamortized cost of 1,983 and 2,052 at December 31, 2018 and 2017, respectively)Total liabilitiesContingencies, commitments and guarantees (Note 8)Net assetsAppropriatedUnappropriatedTotal net assets without donor restrictionsTotal liabilities and net assetsThe accompanying notes are an integral part of these financial statements.2

The Ford FoundationStatements of ActivitiesFor The Years Ended December 31, 2018 and 2017(in thousands)20182017Operating activitiesNet Investment Return 25,439 1,761,988ExpendituresProgram activitiesGrants approved515,518652,0593,169856Direct conduct of charitable activities17,71815,055Program rovision for possible losses on program-related investmentsTotal program activitiesOperational supportDepreciationBond interest expenseTotal expendituresChange in net assets from operating activitiesNon-operating activitiesNet periodic pension costs other than service costs(2,563)Post-retirement changes1,485Change in net assets without donor restrictionsBeginning of periodEnd of period(634,654)79973,31612,811,43711,838,121 12,176,783 12,811,437The accompanying notes are an integral part of these financial statements.3(3,179)

The Ford FoundationStatements of Cash FlowsFor the Years Ended December 31, 2018 and 2017(in thousands)December 31,2018Cash flows from operating activitiesChange in net assetsAdjustments to reconcile change in net assetsto net cash used in operating activitiesRealized appreciation on investments, netUnrealized depreciation (appreciation) on investments, netDepreciationPost-retirement changes and net periodic pension costsother than service costProvision for possible losses on program-related investments(Decrease) increase in deferred federal excise tax liabilityIncrease in federal excise tax receivableDecrease in other receivables and assetsGrant approvalsGrant payments(Decrease) increase in payables and other liabilitiesNet cash used in operating activities Cash flows from investing activitiesProceeds from sale of investmentsPurchase of investmentsChange in subscription paid in advance to limited marketability fundsChange in redemption proceeds receivableChange in accrued interest and dividends receivableChange in investment related receivablesChange in investment related payablesLoans disbursed for program-related investmentsRepayments of program-related investmentsPurchase of fixed assetsNet cash provided by investing activitiesCash flows from Financing activitiesProceeds from bond issuance, netNet cash provided by financing activitiesNet (decrease) increase in cashCashBeginning of period2017(634,654) nd of period 62,485The accompanying notes are an integral part of these financial statements4973,3165,953 136,622

The Ford FoundationStatement of Functional ExpensesFor The Year Ended December 31, 2018(in thousands)Direct Conductof CharitableActivities (DCAs)Program ManagementActivities and GrantsGrants approved Direct Conduct of Charitable Activities515,518 -OperationalSupport Total Expenses- 515,518-1,491-1,49138,4211,56328,56868,552Services and Professional Fees6,68613,1887,91327,787Travel, Conferences and Meetings4,037908855,012Facility and Occupancy2,6279309,73713,294Other Operating 154481159,61810,11467,143659,015Salaries, Wages & BenefitsBond Interest ExpenseSubtotal 573,984 17,888 Net Periodic Pension Costs Other Than Service Costs2,563Total Expenses The accompanying notes are an integral part of these financial statements5661,578

The Ford FoundationNotes to Financial StatementsDecember 31, 2018 and 20171.Summary of Significant Accounting PoliciesThe financial statements of The Ford Foundation (“the foundation”) are prepared on the accrual basis in conformitywith accounting principles generally accepted in the United States of America (“GAAP”).The significant accounting policies followed are set forth below:Investments, at Fair ValueThe foundation makes investments by either directly purchasing various financial positions, or purchasing a portionof an investment fund’s partnership capital or shares representing a net assets value (“NAV”) investment. Directlyowned positions are classified for financial reporting purposes as equities, fixed income or short-term investments.NAV investments in funds are classified for financial reporting as either commingled or limited marketability funds.Equity investments are directly held securities, primarily publicly traded. Equities are generally valued based uponthe final sale price as quoted on the primary exchange or at the bid price if the final sale price is not quoted. Privateequities are valued using market transactions when available. If such transactions do not exist, private securities arevalued as determined by the foundation. Fixed income investments are generally valued based upon quoted marketor bid prices from brokers and dealers, which represent fair value. Short-term investments generally include cashand cash equivalents as well as credit or debt securities with maturities of less than one year. These credit or debtsecurities may include US government and agency obligations, repurchase agreements, commercial paper, andsimilar short-term securities. Short-term investments for which market prices are not available are valued atamortized cost, which approximates fair value.Commingled funds are NAV investments in partnerships or investment companies where the foundation hassignificant transparency into the underlying positions in the commingled funds and that have no significant restrictionson redemption rights. For commingled funds the NAV is determined by either an exchange or the respective generalpartners or investment managers. The underlying positions, owned by the commingled funds, include suchinvestments as exchange traded and over the counter securities. The foundation generally has the ability to redeemcapital from commingled funds monthly or more frequently.Limited marketability funds are NAV investments in private equity, venture capital, hedge funds, and other privateinvestment entities. The foundation has significant transparency into the underlying positions of the private equityand venture capital funds. The foundation cannot independently assess the value of these underlying positionsthrough a public exchange or over the counter market. The foundation generally has restricted redemption rights forlimited marketability funds other than private equity, venture capital, and similar funds where distribution of proceedsis at the sole discretion of the general partner or investment manager.The foundation follows the concept of the “practical expedient” under GAAP. The practical expedient is an acceptablemethod under GAAP to determine the fair value of certain NAV investments that (a) do not have a readilydeterminable fair value predicated upon a public market and (b) either have the attributes of an investment companyor prepare their financial statements consistent with the measurement principles of an investment company underGAAP. As such, NAV investments are presented in the accompanying financial statements at fair value, asdetermined by the foundation. Such fair value generally represents the foundation’s proportionate share of the netassets of the NAV investment as reported by the underlying investment managers or general partners. Accordingly,the fair value NAV investments is generally increased by additional contributions and the foundation's share of netearnings from the NAV investments and decreased by distributions and the foundation’s share of net losses from theNAV investments.The foundation believes that the carrying amount of its NAV investments is a reasonable estimate of fair value as ofDecember 31, 2018 and December 31, 2017. Because these investments are not readily marketable, the estimatedvalue is subject to uncertainty, therefore, results may differ from the value that would have been used had a readymarket for these investments existed and such differences could be material.6

The Ford FoundationNotes to Financial StatementsDecember 31, 2018 and 2017Investment Transactions and Income and ExpensesFor directly owned positions, transactions are recorded on a trade date basis. Realized and unrealized appreciation(depreciation) on investments is determined by comparison of specific costs of acquisition (identified lot basis) toproceeds at the time of disposal, or market values at the last day of the period, respectively, and includes the effectsof currency translation with respect to transactions and holdings of foreign securities. Dividend income is recordedon ex-dividend date and interest income is recorded on an accrual basis. For unsettled sales or purchases as of thereporting period date, the sales proceeds or purchase price are recorded as investment related receivables orpayables, respectively and are included on the Statements of Financial Position.Dividend income, interest income, and realized and unrealized gains or losses on investments are included in netinvestment return on the Statement of Activities which is presented net of external and internal investmentmanagement expenses, and the provision for federal excise tax.Purchases and sales of securities include “in-kind” distributions from underlying private equity funds for the years2018 and 2017 were 113.6 million and 71.2 million, respectively. Realized gains on disposition of distributedsecurities for the years 2018 and 2017 totaling 80.9 million and 66.6 million, respectively.For NAV investments, transactions are recorded on a trade date basis. For unsettled sales or purchases as of thereporting period date, the sales proceeds or purchase price are recorded as subscription paid in advance orredemption proceeds receivable, respectively and are included on the Statements of Financial Position. Unrealizedappreciation (depreciation) is determined by comparison of cost basis to fair value at the last day of the period. ForNAV investments in which the foundation owns shares or units of an investment fund, realized appreciation(depreciation) on investments is determined by comparison of specific costs of acquisition (identified lot basis) toproceeds at the time of disposal. For NAV investments in which the foundation owns a portion of an investment fund’spartnership capital, realized appreciation (depreciation) is recognized on redemption of partnership interests inexcess of cost basis. Realized and unrealized appreciation (depreciation) includes the effects of currency translationwith respect to transactions and holdings of foreign currency denominated holdings. The amount of realized andunrealized appreciation (depreciation) associated with these investments is reflected in the accompanyingStatements of Activities.Fair Value MeasurementsIn accordance with GAAP, the foundation discloses its assets and liabilities, recorded at fair value into the “fair valuehierarchy.” GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liabilityin an orderly transaction between market participants at the measurement date. GAAP also established a fair valuehierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy givesthe highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) andthe lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy areas follows:Level 1: Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that thefoundation has the ability to access at the measurement date.Level 2: Inputs other than quoted prices which are observable for the asset or liability either directly or indirectly,including inputs in markets that are not considered to be active.Level 3: Inputs that are unobservable.Inputs are used in applying the various valuation techniques and refer to the assumptions that market participant useto make valuation decisions. Inputs may include price information, credit data, liquidity statistics and other factors. Afinancial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significantto the fair value measurement. The foundation considers observable data to be market data which is readily availableand reliable and provided by independent sources. The categorization of a financial instrument within the fair valuehierarchy is therefore based upon the pricing transparency of the instrument and does not necessarily correspondto the foundation’s perceived risk of that instrument.7

The Ford FoundationNotes to Financial StatementsDecember 31, 2018 and 2017Investments whose values are based on quoted market prices in active markets are classified as Level 1 andgenerally include cash equivalents and exchange traded investment instruments. The foundation does not adjust thequoted price for such instruments, even in situations where the foundation holds a large position and a sale of all itsholdings could reasonably impact the quoted price.Investments that trade in markets that are not considered to be active under the accounting definition, but are valuedbased on quoted market prices, dealer quotations, or alternative pricing sources supported by observable inputs areclassified as Level 2. Such inputs may include model based valuation techniques. These investments include certainUS government and sovereign obligations, government agency obligations, asset backed securities, derivatives, andother investment with observable pricing inputs.Investments classified as Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Theinputs into the determination of fair value are based upon the best information in the circumstance and may requiresignificant management judgment. Investments classified as Level 3 generally include securities for which no activemarket or dealer quote exists.Investments for which the fair value is determined using the “practical expedient” are presented separately in thevaluation hierarchy table.Derivative InstrumentsThe foundation records all derivative instruments and hedging activities at fair value. The fair value adjustment isrecorded directly to the invested asset and recognized as unrealized appreciation (depr

The Ford Foundation Notes to Financial Statements December 31, 2018 and 2017 6 1. Summary of Significant Accounting Policies The financial statements of The Ford Foundation (“the foundation”) are prepared on the accrual basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Related Documents:

May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)

Silat is a combative art of self-defense and survival rooted from Matay archipelago. It was traced at thé early of Langkasuka Kingdom (2nd century CE) till thé reign of Melaka (Malaysia) Sultanate era (13th century). Silat has now evolved to become part of social culture and tradition with thé appearance of a fine physical and spiritual .

On an exceptional basis, Member States may request UNESCO to provide thé candidates with access to thé platform so they can complète thé form by themselves. Thèse requests must be addressed to esd rize unesco. or by 15 A ril 2021 UNESCO will provide thé nomineewith accessto thé platform via their émail address.

̶The leading indicator of employee engagement is based on the quality of the relationship between employee and supervisor Empower your managers! ̶Help them understand the impact on the organization ̶Share important changes, plan options, tasks, and deadlines ̶Provide key messages and talking points ̶Prepare them to answer employee questions

Dr. Sunita Bharatwal** Dr. Pawan Garga*** Abstract Customer satisfaction is derived from thè functionalities and values, a product or Service can provide. The current study aims to segregate thè dimensions of ordine Service quality and gather insights on its impact on web shopping. The trends of purchases have

2020 2022 FORD Explorer Yes No 2018 2019 FORD Explorer Yes 2019 2021 FORD Eco Sport Yes 2019 2019 FORD Fiesta Yes 2018 2019 FORD Flex Yes 2019 2019 FORD Focus Yes 2019 2020 FORD Fusion Yes 2021 2022 FORD F 150 Yes 2015 2020 FORD F 150 Yes FORD Mustang MACH-E Yes 2018 2021 FORD Super Duty Yes

Chính Văn.- Còn đức Thế tôn thì tuệ giác cực kỳ trong sạch 8: hiện hành bất nhị 9, đạt đến vô tướng 10, đứng vào chỗ đứng của các đức Thế tôn 11, thể hiện tính bình đẳng của các Ngài, đến chỗ không còn chướng ngại 12, giáo pháp không thể khuynh đảo, tâm thức không bị cản trở, cái được

pickup pickup pickup pickup pickup s10 s10 s10 s10 s10 s10 s10 s10 s10 s10 s10 s10 silverado silverado silverado silverado silverado silverado silverado silverado silverado silverado venture . 85 ford . 86 ford . 87 ford . 88 ford . 89 ford . 90 ford . 91 ford . 92 ford . 93 ford . 94 ford . 95 gmc 96 gmc 97 gmc 98 gmc 99 gmc 100 gmc