After 10 years of serving the residents of Maricopa County, Piper Trust staff and board continue to take seriously their stewardship of the assets entrusted to them by Virginia Piper. The investment committee of the Board of Trustees is committed to maintaining the integrity of the investment process and works hard to exercise due diligence on each investment-related decision.
Piper Trust’s portfolio returned 11.6 percent in fiscal year 2007 and 0.4 percent in fiscal year 2008, in line with returns of other foundations of similar size. Over the two years, the Trust’s total assets reached a high fair market value of $645 million, before slipping below that level as the economy faltered.
Change in Asset Values
(dollars in millions) |
3/31/2009 |
3/31/2008 |
3/31/2007 |
| Investment Activity, Net |
$(180,880,068) |
$3,258,427 |
$66,447,726 |
Grant Awards and Direct
Charitable Activities |
($18,200,354) |
($61,273,381) |
($22,858,138) |
| Grantmaking and Administrative Expenses |
($4,374,465) |
($3,536,526) |
($2,794,702) |
Federal Excise Tax on Net
Investment Income |
($449,268) |
($657,116) |
($684,945) |
| Contributions Received |
$4,022,081 |
$11,550 |
$141,504 |
| Total Change |
$198,983,538 |
$62,197,046 |
$40,251,445 |
| Memo: Beginning Net Assets |
$541,816,520 |
$604,013,566 |
$563,762,121 |
| Ending Net Assets |
$342,832,982 |
$541,816,520 |
$604,013,566 |