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Notes
The Board of
Trustees has engaged Peacock, Condron, Anderson
& Co., Certified Public Accountants, 6851
Oak Hall Lane, Suite 300, Columbia, Maryland
21045, to perform the annual audit.
Selected financial data are provided herein
which do not contain all the data and
informative disclosure required by generally
accepted accounting principles.
A copy of the complete audit report containing the required data and informative disclosures is available from The Horizon Foundation of Howard County upon written request.
Grants awarded by the Foundation range from one to four years and are approved by the Board of Trustees (the Board). The Foundation recognizes the expense related to each grant when it is approved by the board, except where the grant agreement has additional requirements for receipt of future payments. The board approved $1,462,326 and $1,897,741 for new unconditional grants in 2006 and 2005, respectively.
Cash disbursements in 2006 were $770,405 for grants approved in 2006, and $416,216 for grants approved in 2005 or prior thereto.
Cash disbursements in 2005 were $970,071 for grants approved in 2005, and $760,476 for grants approved in 2004 or prior thereto.
Additionally, the Foundation has authorized various grants for the years ended December 31, 2006, and 2005, totaling $780,500 and $637,500, respectively, contingent upon certain factors including, but not limited to, performance and availability of funds. The conditional grants will be considered unconditional when the contingencies are met.
A copy of the complete audit report containing the required data and informative disclosures is available from The Horizon Foundation of Howard County upon written request.
Grants awarded by the Foundation range from one to four years and are approved by the Board of Trustees (the Board). The Foundation recognizes the expense related to each grant when it is approved by the board, except where the grant agreement has additional requirements for receipt of future payments. The board approved $1,462,326 and $1,897,741 for new unconditional grants in 2006 and 2005, respectively.
Cash disbursements in 2006 were $770,405 for grants approved in 2006, and $416,216 for grants approved in 2005 or prior thereto.
Cash disbursements in 2005 were $970,071 for grants approved in 2005, and $760,476 for grants approved in 2004 or prior thereto.
Additionally, the Foundation has authorized various grants for the years ended December 31, 2006, and 2005, totaling $780,500 and $637,500, respectively, contingent upon certain factors including, but not limited to, performance and availability of funds. The conditional grants will be considered unconditional when the contingencies are met.