Annual Report 2004
Text-only Version
Financial Information
Treasurer's Message
Treasurer’s Note
The Firelight Foundation, including our Donor Advised Fund, awarded nearly
$1.2 million in grants during 2004, contributing to a five-year cumulative
total of just over $3 million in grants. We continue to pursue a strategy
of conservative portfolio management, low overhead, and active fundraising
in order to maximize our grantmaking dollars.
Fundraising
The Firelight Foundation committed to a greater focus on fundraising in
2004. Individuals, businesses, and other foundations contributed a total
of $450,150. Firelight’s unique ability to apply 100% of all donations
to grantmaking, as our endowment covers all other expenditures, continues
to be very attractive to donors. In addition to the donations made directly
to the Firelight Foundation, $307,500 was donated in FY 2004 through the
Firelight Donor Advised Fund at the Tides Foundation. Tides Foundation
charges a small fee for administering these funds. A full-time Development
and Communications Officer was hired in at the end of FY 2004 to manage
and expand our future fundraising efforts.
Grantmaking
In 2004, Firelight awarded 109 grants to organizations in 10 African countries
and the United States totaling $1,186,900. We awarded $825,400 in grants
from donations and our endowment. The remaining $361,500 was funded through
the Firelight Foundation Donor Advised Fund at the Tides Foundation.
Some individuals contribute to Firelight through our Donor Advised Fund at the Tides Foundation. Grant awards made through the Donor Advised Fund are recommended by the Firelight Foundation Board of Directors and approved by the Tides Foundation Board of Directors. The Firelight staff manages the due diligence and application process for these grants. Staff also visit, support, and receive reports from Tides grantees. This report provides a complete list of grantees and the level of support they received through the Firelight Foundation Donor Advised Fund.
Future Grantmaking
With an anticipated increase in donations and the continued health of
the endowment, Firelight plans to award more than $1.35 million in grants
in 2005.
Statement of Financial Position
Two-Year Comparison for the Fiscal Years as of September 30, 2003 and 2004
|
2003
|
2004
|
|
| ASSETS |
|
|
| Current Assets Property and Equipment, net Other Assets |
11,162,431
38,369 6,000 |
11,409,342
35,101 9,355 |
| Total Assets |
11,206,800
|
11,453,798
|
| LIABILITIES AND NET ASSETS | ||
| Accounts Payable Grants Payable |
24,108
146,750 |
31,422
200,655 |
| Total Current Liabilities |
170,858
|
232,077
|
| NET ASSETS |
11,035,942
|
11,221,721
|
| Total Liabilities and Net Assets |
11,206,800
|
11,453,798
|
Statement of Activities
Two-Year Comparison for the Fiscal Years ended September 30, 2003
and 2004
|
2003
|
2004
|
|
| PUBLIC SUPPORT AND REVENUE |
|
|
| Support from Individuals Support from other Foundations Revenue from Investments |
284,592
317,250 1,742,754 |
1 140,150
310,000 1,335,520 |
| Total Public Support and Revenue |
2,344,596
|
1,785,670
|
| EXPENSES | ||
| Grants Awarded Program Services General and Administrative Fundraising |
720,800
347,945 204,040 46,141 |
2 825,400
394,517 312,684 67,290 |
| Total Expenses |
1,318,926
|
1,599,891
|
| CHANGE IN NET ASSETS |
1,025,670
|
185,779
|
| 1 In addition, $307,500 was donated through the Firelight Donor Advised Fund at the Tides Foundation. | ||
|
2 In addition, $361,500
in donations was granted through the Firelight Foundation Donor
Advised Fund at the Tides Foundation.
|
||
Please note that this Annual Report covers the period from October 1,
2003 through September 30, 2004.
If you are interested in receiving a copy of this report, please send an email to Cheryl Talley-Moon at Cheryl@firelightfoundation.org.
