Financial Information

	Year Ended August, 31
	2000	1999
Revenues
Investment income - interest & dividends	$421,877	$418,851
Gain (loss) on sale of investments	$45,384	$4,176
Unrealized gain on investments	$144,641	$(317,200
Total Revenues	$611,902	$105,827
Expenses
Program expenses
Grants (approved)
Operating program grants
Poetry Competition	$3,995	$3,898
Grants History	0	$2,458
Neighborhood Initiative	65,578	31,307
Program grants	277,992	568,246
Discretionary grants	1,590	2,635
Past grant payments	4,500	0
Subtotal - grant expenses	353,655	608,544
Operating support	32,914	36,282
90% payroll & governmental taxes, professional development, etc.
Total program expenses	$386,569	$644,826
Financial expenses	$4,299	$4,566
Administrative expenses	37,338	85,421
10% payroll & governmental taxes, supplies, rent, utilities, parking, committee meetings, professional services, etc.
Total expenses	$428,206	$734,813
Excess (deficiency) of revenues over expenses	$183,696	$(628,986)
Beginning fund balance	$8,354,708	$8,983,694
Ending fund balance	$8,538,404	$8,354,708

Notes to Financial Statement 1. Grant Payments do not always occur in the same fiscal year in which the Board approves the grant. For fiscal years 1999 and 2000, the grant payments consisted of:
Program Grants	2000 $214,822	1999 $563,246
Operating Grants	$69,574	$37,778
Discretionary Grants	$1,590	$2,635
Past Grant Payments	$4,500	$55,679
Total Grant Payments	$290,486	$659,338
2. 1999 “Program Grants” include an unusual contribution of $300,000 to the Grand Rapids Community Foundation. 3. 1999 “Administrative Expenses” reflect an unusual large federal excise tax payment ($47,380) which was incurred because of receipt of newly donated funds at the end of the previous fiscal year.