Financial Statement

The Gelvin Foundation, Inc.

Statement of Assets, Liabilities and Net Assets
Modified Cash Basis

For the Year Ended December 31, 2019

ASSETS

Current Assets
Cash 161,834
Investments in Marketable Securities 8,304,585
Certificates of Deposit 1,996,961
Prepaid Income Tax 2,549
Total Current Assets $10,465,929
Property and Equipment, At Cost
Furniture and Fixtures 1,495
Accumulated Depreciation -1,495
Total property and Equipment, Net 0
Total Assets $10,465,929

LIABILITIES AND NET ASSETS

Current Liabilities
Accounts Payable 0
Total Liabilities 0
Total Net Assets – Unrestricted 10,465,929
Total Liabilities and Net Assets $10,465,929

The Gelvin Foundation, Inc.

Statement of Revenues, Expenses and Changes In Net Assets
Modified Cash Basis

For the Year Ended December 31, 2019

Revenues

Interest Income 52,504
Dividend Income 103,451
Realized Gain/Loss on Investments 419,933
Miscellaneous Income 6,829
Net Unrealized Gain/Loss on Investments 1,106,834
Total Revenues $1,689,551

Expenses

Management and Professional Fees 79,000
Insurance 761
Office Expense 4,414
Utilities 1,129
Charitable Donations 418,600
Federal Excise Tax 4,221
Total Expenses and Taxes $508,125
Change in Net Assets 1,181,426
Net Assets, Beginning of Year 9,284,503
Net Assets, End of Year $10,465,929