Chief Financial Officer's Message
The Trust’s financial statements as of and for the year ended March 31, 2006, were audited by Clifton Gunderson LLP. The independent auditor issued a clean opinion on the financial statements and did not issue a management letter. Click Here to view the 2006 Independent Auditor's Report.
to view the 2006 Independent Auditor's Report.
No changes were made to the Trust’s asset allocation during the fiscal year ended March 31, 2006, and it enjoyed investment returns of 13.9%, exceeding returns of its custom benchmark (12.8%) and the Cambridge Associates Manager Medians for All Foundations (12.3%) and All Endowments (11.8%).
The Trust continued to employ a cash overlay strategy and a securities lending program, both of which contributed to investment earnings. The investment committee and the full board are committed to maintaining the integrity of the investment process and work hard to ensure that they exercise proper due diligence on each investment-related decision.
A table displaying the sources of the Trust's Change in Net Asset Values is displayed below, and a chart presenting the fair market value of the Trust's investments and charitable expenditures is displayed in the Trust's 2006 annual report.
The Trust’s staff and board look forward to continuing their stewardship of the assets entrusted to them by Virginia G. Piper.
Mary Jane Rynd
Executive Vice President and CFO
Change in Net Asset Values
(dollars in millions) | 3/31/2006 | 3/31/2005 |
| Investment Activity, Net | $71,076,589 | $29,446,284 |
| Grant Awards and Direct Charitable Activities | ($18,383,398) | ($23,769,757) |
| Grantmaking and Administrative Expenses | ($2,805,361) | ($2,734,360) |
| Federal Excise Tax on Net Investment Income | ($475,355) | ($560,750) |
| Contributions Received | $85,880 | $169,655 |
| Total Change | $49,498,355 | $2,551,072 |
| Memo: Beginning Net Assets | $514,263,766 | $511,712,694 |
| Ending Net Assets | $563,762,121 | $514,263,766 |