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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 disclosures
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.
During the year ended December 31, 2005, the Foundation changed its definition of cash and cash equivalents to better reflect its policies. The financial statements for year ended December 31, 2004, have been restated to reflect the change adopted in 2005.
Grants awarded by the Foundation range from one to three 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 $1,897,741 and $2,143,468 for new unconditional grants in 2005 and 2004, respectively.
Cash disbursements in 2005 were $970,071 for grants approved in 2005, and $760,476 for grants approved in 2004 or prior thereto.
Cash disbursements in 2004 were $1,361,440 for grants approved in 2004 and $245,819 for grants approved in 2003 or prior thereto.
Additionally, the Foundation has authorized various grants for the years ended December 31, 2005 and 2004, totaling $637,500 and $18,000 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.
During the year ended December 31, 2005, the Foundation changed its definition of cash and cash equivalents to better reflect its policies. The financial statements for year ended December 31, 2004, have been restated to reflect the change adopted in 2005.
Grants awarded by the Foundation range from one to three 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 $1,897,741 and $2,143,468 for new unconditional grants in 2005 and 2004, respectively.
Cash disbursements in 2005 were $970,071 for grants approved in 2005, and $760,476 for grants approved in 2004 or prior thereto.
Cash disbursements in 2004 were $1,361,440 for grants approved in 2004 and $245,819 for grants approved in 2003 or prior thereto.
Additionally, the Foundation has authorized various grants for the years ended December 31, 2005 and 2004, totaling $637,500 and $18,000 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.