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Financial Information

Download our complete audited financial statements for FY2011.

By the end of fiscal year 2011 total assets reached $150.1 million, a record high for ARCF. The $28 million increase in total assets was due in part to marked improvements in investment markets. Another contributing factor was $16.1 million in gifts received during the year. Grantmaking remained steady at $8.7 million, only slightly less than the $8.9 million in grants awarded in FY2010. Pooled investments returned 20.6 percent, ahead of ARCF’s composite index. The asset allocation at June 30, 2011 was comprised of 50 percent to equities, 26.3 percent to fixed income, 19.3 percent to alternative investments and 4.4 percent to cash equivalents.

Summarized Financial Information for the Year Ending June 30, 2011

Statement of Financial Position
Assets
Cash and Cash Equivalents	$13,486,812
Investments at Market Value	126,767,225
Receivables and Other Assets	9,905,382
Total Assets	$150,159,419

Liabilities and Net Assets
Scholarships Payable and Other Liabilities	$1,323,569
Agency Liabilities*	20,205,644
Net Assets	128,630,186
Total Liabilities and Net Assets	$150,159,419

Statement of Activities
Revenue
Contributions	$16,169,258
Other, net	22,369,810
Less amount for agency liabilities	4,913,299
Total Revenue	$33,326,769

Expenses
Grants	$8,687,824
Other Expenses	1,912,393
Less amount for agency liabilities	778,836
Total Expenses	$9,821,381

Increase in Net Assets	$23,804,388

*In 2001, ARCF adopted a national standard of the Financial Accounting Standards Board (FASB) Statement 136, which resulted in all agency endowment funds being reclassified to liabilities from net assets.

Performance as of June 30, 2011

	1Yr	3 Yrs	5 Yrs	10 Yrs	15 Yrs
ARCF Composite return net of investment fees	20.60%	2.20%	4.10%	4.70%	6.40%
Composite Index based on actual allocation	19.90%	-0.20%	1.80%	3.50%	5.70%
70% S&P 500/25% Barclays Cap Agg/ 5% 91-day T-Bill	22.10%	4.40%	4.10%	3.70%	6.60%

Operating Expense Ratios

	2007	2008	2009	2010	2011
Total Assets	$126,388,806	$129,131,177	$109,592,919	$121,890,724	$150,159,419
Total Operating Expense	$1,683,867	$1,792,827	$1,895,087	$1,761,388	$1,912,393
Number of Employees
Full Time ARCF Central Office	11	11.5	11	11	12
Part Time Local Directors	24	24	25	27	27
Operating Expense as % of Total Assets
Central and Local Offices	1.33%	1.39%	1.73%	1.44%	1.27%