2012 annual report - Community Foundation of West Chester/Liberty

2012 annual report 19
financials
assets
2012 2011
Assets
Cash and cash equivalents $ 345,463 241,320
Pledges receivable, net 312,333 417,261
Investments 8,515,791 6,461,924
Property and equipment – –
Total Assets $ 9,173,587 7,120,505
liabilIties and net assets
Liabilities $ – –
Total liabilities $ – –
Net Assets
Undesignated 451,203 337,484
Board designated endowments 3,529,150 3,301,048
Total unrestricted 3,980,353 3,638,532
Restricted net assets
Temporarily restricted 2,083,525 647,228
Permanently restricted 3,109,709 2,834,745
Total net assets $ 9,173,587 7,120,505
Total Liabilities and Net Assets $ 9,173,587 7,120,505
2012 Independent audit performed by Hoover & Roberts.
The Community Foundation is pleased to work with our Investment Managers;
First Financial Bank & Huntington Bank. Member FDIC
Our Investment Managers
In 2012, it was with great pleasure that we announced
the addition of Financial Management Group to our list
of approved Investment Managers. FMG is a trusted
and experienced group of wealth managers who are
passionate about serving their clients.
FMG is a 24-year-old, financial planning and investment
management company. Passionate about serving
clients in a fiduciary manner, this trusted company
advises on a fee-only arrangement and sells no
financial products for either fee-based or commission
compensation. Financial Management Group has more
than $250 million in assets under management.
FMG joins First Financial Bank and Huntington Bank
who have held the Foundation’s assets for many years.
Through the ever-changing economic cycles, both of
those Institutions have managed our Funds strategically
and confidently. In 2000, First Financial Bank was the first
investment manager that partnered with the Foundation
to offer opportunities for structure and growth. In 2006,
the Community Foundation established a relationship
with Huntington Bank to expand our offerings to our
donors and diversify the Foundation’s assets.
Today, the Community Foundation stands stronger
by offering our donors the choice of these three highlyesteemed
Financial Institutions.