CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
2014 / FINANCIAL HIGHLIGHTS
assets
2014
Cash and Cash Equivalents
$
Contributions Receivable
14,154,980
2013 $
14,641,232
21,910,638
22,635,387
195,965
398,207
36,261,583
37,674,826
Equities
10,891,085
9,421,039
Fixed Income
12,071,406
9,690,954
Other
19,458,834
19,269,090
99,000
99,000
42,520,325
38,480,083
160,251,355
161,728,721
66,974,682
66,002,211
451,722
456,039
Cash Equivalents
12,278,176
10,247,894
Other
43,153,723
43,202,133
283,109,658
281,636,998
7,768,229
7,154,236
21,362
33,028
Prepaid Expenses and Other Assets Total Non-Endowment Investments
Cash Equivalents Total Non-Endowment Investments Endowment Investments Equities Fixed Income Cash Surrender Value of Life Insurance
Total Endowment Investments Split-Interest Agreements Property and Equipment Total Assets
$
369,681,157
$
liabilities & net assets
2014
2013
LIABILITIES Accounts Payable and Accrued Liabilities
$
312,191
$
510,330
Grants Payable
1,105,073
1,249,279
Liabilities Under Split-InterestAgreements
2,144,744
2,026,540
Liabilities Under Agency Accounts
8,225,176
7,665,171
132,777
175,111
Deferred Rent Total Liabilities
$
11,919,961
$
11,626,431
$
268,538,112
$
267,887,762
NET ASSETS Unrestricted For Grant Endowments For Grantmaking
32,579,861
28,782,536
4,980,898
5,077,830
Total Unrestricted
306,098,871
301,748,128
Temporarily Restricted
50,760,520
50,763,558
901,805
841,054
For Administrative Endowment and Operations
Permanently Restricted Total Net Assets
$
357,761,196
$
353,352,740
Total Liabilities and Net Assets
$
369,681,157
$
364,979,171
364,979,171
INVESTMENT MANAGERS
The endowment assets of TPF, Inc. are managed by: Access Capital Strategies Addison Clark Management, LLC American Funds Artisan Partners, LP Canyon Capital Advisors, LLC Cevian Capital Colchester Global Investors
Delaware Management Company Dimensional Fund Advisors, LP Eagle Capital Management, LLC Focused Investors, LLC Forester Partners, LP Highclere International Investors Hoplite Capital Management, LLC
Lansdowne Partners Limited Metropolitan Real Estate Equity Mgmt., LLC Oak Hill Advisors, LP Perennial Capital Management, LLC PIMCO Post Advisory Group Sanderson Asset Management, Inc.
Tiger Consumer Management, LLC Van Eck Global Watershed Asset Management, LLC William Blair & Co. The Investment Fund for Foundations (TIFF) The Vanguard Group
1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215-563-6417
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
2014 / FINANCIAL HIGHLIGHTS
Total for Year Ended Dec. 31, 2014
Revenue and support
$
Gifts, Grants and Bequests Investment Income
17,857,640 12,785,461
Net Unrealized and Realized Investment Gains
6,539,480
Change in Value of Perpetual Trust
60,751
Subtotal
$
37,243,332
$
24,987,948
EXPENSES Grants Investment Management and Trustee Fees
737,103
Grantmaking
723,028
Special Program Expenses
1,862,929
Development and Donor Services
1,170,528
Financial Management
1,423,993
Marketing
402,150
Total Expenses
CHANGE IN NET ASSETS BEFORE INCOME TAXES
$
31,307,679
$
5,935,653
Unrelated Business Income Tax Expense
1,527,197
CHANGE IN NET ASSETS
4,408,456
Net Assets - Beginning of Year
353,352,740
NET ASSETS – END OF YEAR
$
TRUSTEE INSTITUTIONS
In establishing a fund, donors have the option of using TPF, Inc. as a trustee or one of seven trustee institutions: The Bryn Mawr Trust Company
BNY Mellon
Wells Fargo
The Glenmede Trust Company
Pitcairn Trust Company
Wilmington Trust of Pennsylvania
PNC Bank, N.A.
357,761,196
INSTITUTIONAL PARTNERSHIPS American Funds Brown Brothers Harriman
INDEPENDENT INVESTMENT CONSULTANT Colonial Consulting
The official registration and financial information of The Philadelphia Foundation may be obtained from the Pennsylvania Department of State by calling toll-free, within Pennsylvania, 1-800-732-0999. Registration does not imply endorsement. Information filed with the Attorney General concerning this charitable solicitation may be obtained from the Attorney General of the State of New Jersey by calling 973-504-6215. Registration with the Attorney General does not imply endorsement. This report presents only the highlights of our financial activities. The Foundation’s complete audited financial statements are available online at www.philafound.org. Select “About Us,” choose “Investment Management & Fund Information” and then “Audits and 990s” on the right menu bar. A public inspection copy of our Forms 990 and 990-T may be obtained during regular business hours. 1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215-563-6417