about us
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 |
Audited Statements
Form 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.
