Financial Information

Treasurer's Message

Treasurer’s Note
The Firelight Foundation awarded over $1.3 million in grants during 2005, including funds granted through the Firelight Donor Advised Fund at Tides Foundation, contributing to a six-year cumulative total of nearly $4.4 million in grants. We continue to pursue a strategy of conservative portfolio management, low overhead, and active fundraising in order to provide a consistent source of support for the programs that fulfill our mission.

Fundraising
Again this year individuals and foundations generously invested in supporting family- and community-based care of children affected by HIV/AIDS in Africa by making gifts to the Firelight Foundation. The Foundation received gifts over $1.1 million in 2005 from a growing community of loyal supporters and new partnerships.

Grantmaking
In 2005 Firelight awarded 98 grants to organizations in 10 African countries, the United Kingdom, Canada, and the United States. Consistent with our mission of supporting community-based, grassroots organizations serving children, 59 of the grants awarded fell within the range of $1,000 to $10,000. Our strategy to support local initiatives and strengthen the community’s capacity to provide front line responses to the HIV/AIDS crisis has taught us that small awards best facilitate the growth of these organizations.

Future Grantmaking
Over the next three years, Firelight aims to increase our grantmaking by 25 percent per year and to develop itself as a recognized vehicle for getting funds directly to grassroots organizations in Sub-Saharan Africa. Firelight plans to award $1.6 million in grants in 2006.


Statements of Financial Position

For the Years Ended September 30, 2005 and 2004

Firelight Donor Advised Fund at Tides

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 Firelight’s 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 the Tides grantees. Program and administrative expenses covering these grants are reflected in our general budget.

At the end of the fiscal year, September 30, 2005, Firelight’s Donor Advised Fund at the Tides Foundation had a balance of $251,806. The majority of gifts and donations to the Tides Donor Advised Fund were received close to fiscal year-end and will be awarded and disbursed to grantee-partners during the next fiscal year.

The Tides Foundation assesses 7.5 percent of total contributions received by the Donor Advised Fund. These fees cover the Tides Foundation’s costs associated with administering the fund. The accounting records of the Donor Advised Fund are kept on a calendar year of January through December. However, Firelight Foundation reports financial results on a fiscal year covering October through September. The fees reported below in the Donor Advised Fund from October 1, 2004, through September 30, 2005, span two calendar years of Tides’ fees.

Donor Statement of Fund Activity – October 1, 2004 to September 30, 2005