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THE HORIZON FOUNDATION OF HOWARD COUNTY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

  2002 2001 (Restated)
REVENUES, GAINS AND OTHER SUPPORT:    
Contributions $1,000 $ --
Investment (loss) income, net of expenses (310,351) 3,067,368
Unrealized loss on investments (4,974,259) (2,433,892)
Loss on disposal of asset (5,720) $ --
Other revenue 46,914 75,000
Cancelled grants payable 175,00 52,546

Total revenue, gains and other support

(5,067,416) 761,022

 

EXPENSES 2002 2001
Grants and program services:    
Proactive, responsive and capacity building grants (and related expenses) 2,902,475 3,308,958
Community Building 400,373 300,707

Total grants and program services

 3,302,848 3,609,665
Supporting services 352,345 373,437

Total expenses

 3,655,193 3,983,102

NET ASSETS - UNRESTRICTED AT BEGINNING OF YEAR 68,107,284 69,095,165

PRIOR PERIOD ADJUSTMENT - Error in timing of recognition of dividend revenue
  --
 2,234,199
     
NET ASSETS - UNRESTRICTED AT BEGINNING OF YEAR, as restated 68,107,248 71,329,364
     
CHANGE IN NET ASSETS - UNRESTRICTED as restated (8,722,609) (3,222,080)

 

NET ASSETS - UNRESTRICTED,
AT END OF YEAR		 $59,384,675 $68,107,284

THE HORIZON FOUNDATION OF HOWARD COUNTY, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2002 AND 2001

  2002 2001 (Restated)
CURRENT ASSETS:    
Cash and cash equivalents $1,677,490 $8,226,110
Accounts receivable 12,644 747
Prepaid expenses 25,806 18,525
Deposits 5,100 35,000

Total current assets

 1,721,040 8,280,382

INVESTMENTS 59,090,288 61,440,095

PROPERTY AND EQUIPMENT
(net of accumulated depreciation of $54, 598 and $28,536 for the years ended December 31, 2002 and 2001, respectively) 		89,026 120,014

TOTAL ASSETS

 $60,900,354 $69,840,491

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES:    
Accounts payable and accrued expenses $ 76,452 $ 107,504
Grants payable 1,261,977 1,625,703

Total current liabilities

 1,338,429 1,733,207
     
GRANTS PAYABLE, net of current portion 177,250
-

Total liabilities

 1,515,679 1,733,207
     
NET ASSETS - UNRESTRICTED:    
Undesignated 59,191,138 67,953,161
Board designated 193,537 154,123

Total unrestricted net assets

 59,384,675 68,107,284

TOTAL LIABILITIES AND NET ASSETS

 $60,900,354 $69,840,491