| Financial Information |
The Hickory Nut Gorge Foundation has no funds allocated to overhead. All work is done through volunteers in the community. All Foundation material is provided by the businesses and residents of the Hickory Nut Gorge. One of the valuable services provided by the Community Foundation of Western North Carolina (CFWNC) is managing the
endowment of the Hickory Nut Gorge Foundation. The following details the the investment philosophy and investment performance of the CFWNC: |
| Annual Investment Returns Through 6/30/06 CFWNC Benchmark | |||
| Time Frame | CFWNC | Benchmark | |
| One Year | 7.4% | 4.5% | |
| Three Years | 9.3% | 7.4% | |
| Five Years | 4.9% | 3.9% | |
| *The benchmark used is 60% S&P 500, 40% Lehman Brothers Government/Corporate Index.
Investment returns are reported net of investment expenses. | |||
|
Asset Allocation As Of 6/30/06 Equities Domestic 41% International 11% Total Equities 52% Alternative Investments 15% Fixed Income 30% Cash & Equivalents 4% Total 100% | |||
| STATEMENT OF FINANCIAL POSITION | |||
| 2006 | 2005 | ||
| Assets | |||
| Current Assets: | |||
| Cash & equivalents | $ 1,484,257 | $ 1,415,287 | |
| Promises to give, current portion | $ 203,827 | $ 241,459 | |
| Other receivables | $ 66,463 | $ 325,658 | |
| Prepaid expenses | $ 5,778 | $ 6,303 | |
| Total current assets | $ 1,760,325 | $ 1,988,707 | |
| Promises to give, net of current portion | $ 333,160 | $ 318,793 | |
| Property and equipment, net | $ 3,035 | $ 3,581 | |
| Investments | $ 141,652,766 | $ 122,129,767 | |
| Real estate | $ 335,000 | $ 821,000 | |
| Total Assets | $ 144,084,286 | $ 125,267,848 | |
| Liabilities and Net Assets | |||
| Current liabilities: | |||
| Grants and scholarships payable | $617,496 | $640,765 | |
| Accounts payable | $ 18,327 | $ 38,680 | |
| Liability under trust agreements, | |||
| current portion | $ 1,233,092 | $ 950,831 | |
| Total current liabilities | $ 1,868,915 | $ 1,630,276 | |
| Liability under trust agreements, | |||
| less current portion | $ 7,928,935 | $ 8,247,727 | |
| Funds held as agency endowments | $ 23,219,626 | $ 15,679,283 | |
| Total liabilities | $ 33,017,476 | $ 25,557,286 | |
| Net assets: | |||
| Unrestricted | $ 14,871,069 | $ 12,084,112 | |
| Restricted: | |||
| Temporarily restricted | $ 13,543,998 | $ 15,452,893 | |
| Permanently restricted | $ 82,651,743 | $ 72,173,557 | |
| Total restricted | $ 96,195,741 | $ 87,626,450 | |
| Total net assets | $ 111,066,810 | $ 99,710,562 | |
| Total liabilities and net assets | $ 144,084,286 | $ 125,267,848 | |