The Gelvin Foundation, Inc.
Statement of Assets, Liabilities, and Net Assets
Modified Cash Basis
For the Year Ended December 31, 2022
Financial Statement
ASSETS
| Current Assets | |
| Cash | 169,267 |
| Investments in Marketable Securities | 8,141,802 |
| Certificates of Deposit | 1,894,015 |
| Prepaid Income Tax | 0 |
| Total Current Assets | $10,205,084 |
| Property and Equipment, At Cost | |
| Furniture and Fixtures | 1,495 |
| Accumulated Depreciation | -1,495 |
| Total property and Equipment, Net | 0 |
| Total Assets | $10,205,084 |
LIABILITIES AND NET ASSETS
| Current Liabilities | |
| Excise Taxes Payable on Investment Income | 27,258 |
| Total Liabilities | 27,258 |
| Total Net Assets – Unrestricted | 10,177,826 |
| Total Liabilities and Net Assets | $10,205,084 |
The Gelvin Foundation, Inc.
Statement of Revenues, Expenses and Changes In Net Assets
Modified Cash Basis
For the Year Ended December 31, 2022
Revenues
| Interest Income | 29,031 |
| Dividend Income | 114,163 |
| Realized Gain/Loss on Investments | 480,746 |
| Miscellaneous Income | 0 |
| Net Unrealized Gain/Loss on Investments | (2,413,237) |
| Total Revenues | ($1,789,297) |
Expenses
| Management and Professional Fees | 90,038 |
| Office Expense | 4,901 |
| Utilities | 1,240 |
| Charitable Donations | 526,300 |
| Miscellaneous | 257 |
| Total Expenses | $622,736 |
| Taxes: | |
| Federal Excise Tax Levied on Investment Income | 28,403 |
| Change in Net Assets | (2,440,436) |
| Net Assets, Beginning of Year | 12,618,262 |
| Net Assets, End of Year | $10,177,826 |