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12 FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER SEEDS OF HOPE CHARITABLE TRUST During the year ended June 30, 2015, Seeds of Hope provided more than $1.5 million of assistance to nearly 950 students. In fiscal 2015, Seeds of Hope's net assets increased by approximately $180,000 as compared to an increase in net assets of approximately $795,000 in fiscal 2014. This change is primarily aributable to a decrease in investment returns in 2015 as compared to 2014, offset by an increase in gifts and grants. Seeds of Hope is fortunate to maintain various endowment funds, providing long-term stability for the organization and the schools served, totaling $8 million as of June 30, 2015. To maintain the organization's financial security, the annual spending restrictions of the endowment funds limit the amount of grant awards that can be made in any given year. Endowment earnings provide the majority of operational expenses, thereby allocating donor dollars directly to students in need. Three events raise essential funds to provide needed tuition assistance on an annual basis. The Adopt-A-Student Program is also very popular, allowing donors to interact with their students through leers, reports and a personal meeting. Please visit www.seedsof hopedenver.org for more information. STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $2,374,145 $2,07 7,643 Parish assessments receivable, net 52,783 40,608 Contributions receivable 438,734 273,222 Investments 7,999,062 8,370,293 Other assets, net 15,555 5,005 Total assets $10,880,279 $10,766,771 LIABILITIES & NET ASSETS: Accounts payable & accruals $15,236 $34,494 Grants payable - 50,000 Total liabilities 15,236 84,494 NET ASSETS: Unrestricted 2,339,553 1,995,571 Temporarily restricted 833,521 644,215 Permanently restricted 7,691,969 8,042,491 Total net assets 10,865,043 10,682,277 Total liabilities & net assets $10,880,279 $10,766,771 STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 SUPPORT AND REVENUE: Gis and grants, net $1,453,902 $894,474 Special events, net 516,297 420,153 Parish assessments 269,318 260,957 Total support & revenue 2,239,517 1,575,584 EXPENSES Grants to schools and students 1,435,950 1,323,693 Grant making expenses 164,224 132,397 Total program expenses 1,600,174 1,456,090 SUPPORTING SERVICES Management and general 179,100 130,284 Development and fundraising 242,176 201,140 Total supporting services 421,276 331,424 Total expenses 2,021,450 1,787,514 Gain (loss) from operations before investment return 218,067 (211,930) Investment (loss) income, net (35,301) 1,008,313 Increase in net assets $182,766 $796,383 Seeds of Hope provides financial assistance to many Catholic school students each year. Catholic schools play a crucial role in forming intentional disciples of Jesus Christ.