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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 |
|
(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 |
|
3,302,848 | 3,609,665 |
| Supporting services | 352,345 | 373,437 |
|
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 |
|
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 |
|
$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 |
|
1,338,429 | 1,733,207 |
| GRANTS PAYABLE, net of current portion | 177,250 |
-
|
|
1,515,679 | 1,733,207 |
| NET ASSETS - UNRESTRICTED: | ||
| Undesignated | 59,191,138 | 67,953,161 |
| Board designated | 193,537 | 154,123 |
|
59,384,675 | 68,107,284 |
|
$60,900,354 | $69,840,491 |