Summarized Statement of Operations and Changes in Fund Balances

For the year ended December 31 (in thousands of dollars)

2012

2011
Revenue
Donations

$ 6,423

$ 8,479

Investment earnings (losses)

7,614

(243)
Other earnings

73

14

14,110

8,250

Expenses
Grants and programs

10,766

5,587

Investment fees

510

595
Operating expenses

1,322

1,199

12,598

7,381

Excess (deficiency) of revenue over expenses

1,512

869
Fund balances, beginning of year

90,287

89,418

Fund balances, end of year

$91,799

$90,287

Summarized Balance Sheet

Summarized Balance Sheet

2012

2011
Assets
Cash, receivables and short-term deposits

$349

$491
Investments

92,422

90,693

Real estate

300

300
Capital assets

25

7

$93,096

$ 91,491

Liabilities and Fund Balances
Liabilities
Grants payable and accrued liabilities

$55

$37
Managed Funds

1,242

1,167

1,297

1,204

Fund balances
Endowment funds

89,604

91,075

Contributed capital

(4,987)

(8,375)
Increase (decrease) in capital

6,507

7,079

Funds for charitable distribution

675

508
Operating fund

91,799

90,287

$93,096

$91,491