3. Investments
Investments as of April 30, 2002 and 2001, are summarized as follows:
2002
Original
Cost
Net Appreciation
(Depreciation)
Fair Value
____________
____________
____________
____________
Certificate of Deposit
$ 50,000
$ 50,000
Money Market Funds
240,062
240,062
Mutual Funds - Bond Fund
5,556,722
(10,232)
5,546,490
Mutual Fund - Government Securities
331,492
1,507
332,999
Common Stocks
9,003,405
6,140,351
15,143,756
____________
____________
____________
Totals
$15,181,681
$6,131,626
$21,313,307
____________
____________
____________
2001
Original
Cost
Net Appreciation
(Depreciation)
Fair Value
____________
____________
____________
____________
Certificate of Deposit
$ 50,000
$ 50,000
Money Market Funds
620,209
620,209
Mutual Funds - International Growth Fund
2,948,558
(75,759)
2,872,799
Mutual Fund - Government Securities
60,379
3,796
64,175
Common Stocks
13,192,071
7,645,470
20,837,541
____________
____________
____________
Totals
$16,871,217
$7,573,507
$24,444,724
____________
____________
____________
Net realized gains or losses on sales of investments are determined using the specific identification method. When a portion of an investment holding is selected to be sold, securities with the highest tax basis are sold first in order to minimize realized gain for tax reporting purposes. Net realized gains (losses) for the years ended April 30, 2002 and 2001,
were $(398,085) and $1,133,666, respectively.
Net appreciation or depreciation in the fair value of investment securities, measured by the difference between the fair value at year-end and cost, if purchased in the current fiscal year, or fair value at the end of the prior fiscal year, if held on that date, is recognized in the Statements of Unrestricted Activities. Net (depreciation) for the years ended April 30,
2002 and 2001, was $(1,442,334) and $(5,998,303), respectively.
The certificate of deposit is pledged as collateral for a line of credit to allow an independent charitable organization, Advocating Change Together, an opportunity to access the cash needed to develop "Tools for Change." The certificate matured in January 2002. The Foundation received the interest earned on the certificate through January 2002 and
renewed the certificate until July 2004, when the principal amount will be returned to the Foundation, along with interest earned through that date.
4. Property and Equipment
Property and equipment as of April 30, 2002 and 2001, are summarized as follows:
2002
2001
Leasehold Improvements
$35,618
$35,618
Furniture, Fixtures and Equipment
150,597
152,765
__________
__________
186,215
188,383
Accumulated Depreciation/Amortization
(144,922)
(127,084)
__________
__________
Totals
$41,293
$61,299
__________
__________
Depreciation and amortization expense for the years ended April 30, 2002 and 2001, was $18,796 and $22,496,
respectively.
