| The Foundation of the Pennsylvania Medical Society
Statement of Financial Position
December 31, 2010
| ASSETS: |
|
|
LIABILITIES AND NET ASSETS: |
 Cash and cash equivalents |
177,591 |
|
Accounts payable |
186,808 |
| Long-term investments |
4,503,532 |
|
Accrued expenses |
97,117 |
| Accounts and interest receivable |
77,181 |
|
Deferred revenue |
17,550 |
| Prepaid expenses |
5,156 |
|
Agency funds |
167,095 |
| Contributions receivable, endowment |
815 |
|
Pension liability |
1,183,536 |
| Contributions receivable, remainder trust |
89,492 |
|
TOTAL LIABILITIES |
1,652,106 |
| Loans receivable |
4,736,258 |
|
Net Assets: |
|
| Allowance for uncollectible loans |
(82,114) |
|
Unrestricted |
5,823,466 |
| Accrued loan interest |
226,052 |
|
Temporarily restricted |
738,594 |
| Office furniture and equipment |
176,311 |
|
Permanently restricted |
2,145,848 |
| Accumulated depreciation |
(165,470) |
|
TOTAL NET ASSETS |
8,707,908 |
| Beneficial interest in perpetual trust |
615,210 |
|
|
|
| TOTAL ASSETS |
10,360,014 |
|
TOTAL LIABILITIES AND NET ASSETS |
10,360,014 |
The Foundation of the Pennsylvania Medical Society
Statement of Activities
For the Year Ended December 31, 2010
| REVENUES AND OTHER SUPPORT: |
Unrestricted |
Temporarily Restricted |
Permanently Restricted |
Total |
| Contributions |
388,377 |
44,445 |
45,077 |
477,899 |
| Interest income from loans |
152,766 |
|
|
152,766 |
| Fees and payments for services |
527,176 |
|
|
527,176 |
| Administrative grants |
246,083 |
|
|
246,083 |
| Other revenues |
1,582 |
|
|
1,582 |
| Net assets released from restrictions |
182,943 |
(182,943) |
|
0 |
| TOTAL REVENUES AND OTHER SUPPORT |
1,498,927 |
(138,498) |
45,077 |
1,405,506 |
| EXPENSES: |
|
|
|
|
| Programs/Services: |
|
|
|
|
| Student Financial Services |
232,405 |
|
|
232,405 |
| LifeGuard |
87,577 |
|
|
87,577 |
| Physicians' Health Programs |
847,095 |
|
2,950 |
850,045 |
| Public Health Projects |
101 |
|
|
101 |
| Financial Service |
69,198 |
|
|
69,198 |
| Education Projects (Donor Designated) |
5,379 |
|
|
5,379 |
| Named Funds |
48,963 |
|
|
48,963 |
| Board Designated |
1,116 |
|
|
1,116 |
| Administration/Support: |
|
|
|
|
| Management and General |
197,798 |
|
|
197,798 |
| Fundraising |
170,324 |
|
|
170,324 |
| TOTAL EXPENSES |
1,659,956 |
|
2,950 |
1,662,906 |
| INCREASE (DECREASE) IN NET ASSETS BEFORE INCOME FROM INVESTMENTS AND PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS |
(161,029) |
(138,498) |
42,127 |
(257,400) |
| INCOME FROM INVESTMENTS: |
|
|
|
|
| Net realized and unrealized gains on investments |
179,659 |
154,869 |
|
334,528 |
| Unrealized gain on beneficial trust |
|
|
43,002 |
43,002 |
| Income on investments |
73,264 |
40,050 |
|
113,314 |
| Change in value of split-interest agreements |
|
9,182 |
|
9,182 |
| Other investment income |
3,326 |
1,542 |
|
4,868 |
|
256,249 |
205,643 |
43,002 |
504,894 |
| INCREASE IN NET ASSETS BEFORE PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS |
95,220 |
67,145 |
85,129 |
247,494 |
| PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS |
(197,156) |
|
|
(197,156) |
| INCREASE (DECREASE) IN NET ASSETS |
(101,936) |
67,145 |
85,129 |
50,338 |
| NET ASSETS, BEGINNING OF YEAR |
5,925,402 |
671,449 |
2,060,719 |
8,657,570 |
| NET ASSETS, END OF YEAR |
5,823,466 |
738,594 |
2,145,848 |
8,707,908 |
NOTE: A complete copy of the Foundation's audited statements is available upon request. |