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Financials

Sound financial stewardship

We employ effective investment strategies for patrons and nonprofits to make long-lasting philanthropic contributions to their communities while attaining significant tax advantages. By listening to your priorities and considering your charitable needs we are able to advise on strategic giving maximizing your efforts.

Statement of Financial Position

December 31, 2023 and 2022

Assets 12/31/2023 12/31/2022
Cash and investments at market value $119,165,756 $106,558,563
Receivables  126,231 175,559
Prepaid expenses  60,933  91,746
Property and equipment (net)  67,713 42,722
Operating Lease  653,471 723,894
Split interest agreements  11,028,140  9,502,666
Total Assets  $131,104,244   $117,095,150 
Liabilities    
Accounts payable 7,581 3,832
Grants/Scholarships payable  726,423  748,921
Deferred Revenue  65,977 48,205
Operating Lease 695,072  743,370
Liability to resource providers 7,497,339  6,397,855
Liabilities under split interest agreements 7,025,386  6,193,337
Total Liabilities  16,017,778  14,135,520 
Net Assets    
Without donor restrictions:    
Designated by the Board for Endowment 89,007,680 77,786,955
Undesignated 20,251,035 19,875,184
Total Without donor restrictions 109,258,715   14,135,520 
With donor restrictions:    
Split-interest agreements 4,002,754 3,309,329
Fiscal sponsorships 1,822,997 1,988,162
Total With donor restrictions  5,825,751  5,297,491 
Total Net Assets  115,084,466   102,959,630
     
Total Liabilities and Net Assets $131,102,244  $117,095,150

 

The accompanying condensed financial data was extracted from the financial statements of TFEC for the years ending December 31, 2022 and 2021. A copy of the most recently audited financial statements, together with the auditors’ opinion, is available from TFEC located at 200 N 3rd St, 8th Fl, Harrisburg, PA 17101. Audit and financial statements are prepared by Maher Duessel, Certified Public Accountants.

Statement of Activities

December 31, 2022 and 2021

Support and Revenues 12/31/2022 12/31/2021
Contributions $5,235,638  $7,265,894 
Dividend and interest income  1,870,232   1,611,601 
Net gains (loss) on long-term investments  (22,918,954)  19,073,758 
Reimbursements and other 620,634   573,761 
Split interest agreements  (497,147)  498,547 
Total Support and Revenues (15,689,597)  29,023,561 
 
Expenses 12/31/2022 12/31/2021
Grants and program services 8,800,641  7,327,348 
Asset Development and general administration  1,527,651   1,366,023 
Total Expenses  10,328,292   8,693,371 
Change in Net Assets  (26,017,889)  20,330,190 
Net Assets, January 1 128,977,519   108,647,329 
Net Assets, December 31  $102,959,630   $128,977,519 

The accompanying condensed financial data was extracted from the financial statements of TFEC for the years ending December 31, 2022 and 2020. A copy of the most recently audited financial statements, together with the auditors’ opinion, is available from TFEC located at 200 N 3rd St, 8th Fl, Harrisburg, PA 17101. Audit and financial statements are prepared by Maher Duessel, Certified Public Accountants.

Asset Breakdown

December 31, 2023

Asset Categories Amount Percent
Advised – Non-Permanent 18,239,458 13.91%
Advised – Permanent 15,689,125 11.97%
Agency 8,726,501 6.66%
Area of Interest 7,547,213 5.76%
Projects 1,746,835 1.33%
Restricted 31,122,531 23.74%
Scholarships 27,482,558 20.96%
Split Interest Agreements (Trusts) 11,028,140 8.41%
Unrestricted 9,519,883 7.26%
Total Assets $131,102,244 100.00
Form 990

2023 TFEC 990

2022 TFEC 990

2021 TFEC 990

The Foundation for Enhancing Communities does not currently file a Form 990-T. If a Form 990-T should ever be filed, it will be made publicly available along with our Form 990.