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2008 Financials
KANSAS HEALTH FOUNDATION
Balance Sheet ($000’s)
December 31, 2008
(Unaudited – accrual basis)

Assets     
    Cash and investments (Note 1)    $ 377,812
    Receivables   567
    Other assets   4,506
    $ 382,885
Liabilities and Net Assets    
Liabilities:    
    Payables and accrued expenses   452
    Grants payable (Note 2)   19,711
    Total liabilities   20,163
Net Assets   362,722
    $ 382,885
Commitments (Note 3)     


KANSAS HEALTH FOUNDATION
Statement of Activity and Changes in Net Assets ($000’s)
Year Ended December 31, 2008
(Unaudited - accrual basis)

Revenue:     
    Interest and dividend income    $  8,332 
    Net realized and unrealized losses
    on investments		   (139,738)
    Investment management expenses   (2,295)
    Other income   460 
    Total revenue (loss)   (133,241)
Program grants:    
    Grants approved (Note 2)   20,080 
    Grant refunds/write-offs   (2,640)
Total program grants   17,440 
Operating expenses:    
    Charitable activities and
    grants administration		   3,278 
    Excise tax benefits and other expenses   (1,643)
    Total operating expenses   1,635 
Decrease in net assets   (152,316)
Net assets, beginning of year   515,038 
Net assets, end of year   $ 362,722 

         

 


KANSAS HEALTH FOUNDATION
Statement of Amounts Paid for Charitable Purposes ($000’s)
Year Ended December 31, 2008
(Unaudited – cash basis)

Grants paid (Note 2)   $ 20,247
     
Disbursements for charitable activities    
and grants administration (Note 2)   3,371
Total amounts paid for charitable purposes   $ 23,618

KANSAS HEALTH FOUNDATION
Notes to Financial Statements
Year Ended December 31, 2008
(Unaudited)

(1) Cash and Investments
Cash and investments are presented at estimated fair value in the accompanying balance sheet. A summary of cash and investments follows:
     ($000’s)
    Cash and cash equivalents    $ 22,525
    Fixed income investments    90,856
    Equity investments   264,431
    Total cash and investments   $ 377,812

(2) Grants Approved and Payable
The Foundation prepares its financial statements on the accrual basis of accounting. In the accompanying balance sheet and statement of activity, grants approved are recorded as expenses and liabilities when the Foundation has an obligation to transfer assets to a grantee. Grants are recorded based on the discounted present value of estimated future cash flows, discounted at a market rate of interest. Many grants are disbursed over a period of years.

(3) Commitments
As of December 31, 2008, the Foundation Board of Directors had authorized grants (in excess of grants payable) totaling approximately $64.2 million.