Annual Report - 2003
Financials - Statement of Activities
For the Years Ended December 31, 2003 and 2002
Complete financial statements, audited by Mr. Douglas C. Bunnell, Certified Public Accountant, are available for review in the offices of Permian Basin Area Foundation.
| Support and revenues: | 2003 | 2002 |
| Total amounts received into Foundation | $12,029,891 | $3,877,942 |
| Less amounts received for agency accounts and others, net of transfers to endowments |
5,375,911 | 2,529,875 |
| Total Contributions | 6,653,980 | 1,348,067 |
| Program Income | 109,601 | — |
| Total realized gains | 470,285 | -471,114 |
| Less amounts received for agency endowments |
141,765 | 123,203 |
| Realized gains | 328,520 | -293,911 |
| Total investment income | 492,637 | 312,560 |
| Less amounts received for agency endowments |
107,245 | -100,555 |
| Investment income | 385,392 | 212,005 |
| Total change in unrealized losses | 3,034,267 | -1,146,292 |
| Less amounts for agency endowments | 817,744 | 421,613 |
| Change in unrealized gains | 2,216,523 | -724,679 |
| Total support and revenues | $9,694,016 | $541,482 |
| Total grants and distributions, net | $4,221,028 | $1,244,244 |
| Less grants made from agency endowments |
3,749,601 | -958,543 |
| Grants and distributions, net | 471,427 | 285,701 |
| General and administrative expenses: | ||
| Personnel costs | 276,165 | 274,321 |
| Office and other | 202,124 | 176,989 |
| Investment expenses | 147,597 | 105,775 |
| Depreciation/depletion | 6,044 | 10,835 |
| Less administrative allocation to agency endowments |
-89,743 | -75,977 |
| Total general and administrative expenses |
542,157 | 491,943 |
| Total grants, distributions and expenses | 1,013,584 | 777,644 |
| Change in net assets | 8,680,432 | -236,162 |
| Net assets at beginning of year, before reclassification | $7,817,683 | $8,053,845 |
| Reclassification of net asset balanced | 875,385 | — |
| Net assets at end of year | $17,373,500 | $7,817,683 |
