ford financials snapshot 2013 .pdf

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FINANCIAL SHAPSHOT 2013

OPERATING EXPENSES
We are committed to improving the foundation’s performance. As part of that commitment, we aim to keep
operations costs down and allocate as many funds as possible to grantmaking—helping to ensure that our
grantees get the support they need.

$136M
$130M

$127M

$121M
$109M

2004

$113M

$113M

$106M

2005

2006

2007

2008

2009

2010

2011*

$108M
$102M

2012*

2013*

* Data for 2011, 2012 and 2013 exclude investment advisory fees of $9 million, $10 million and $11.3 million, respectively. Note that 2013
is a calendar year (1/1/13 to 12/31/13), but all prior years were fiscal years (ending 9/30/YY). The period between 10/1/12 and 12/31/12 is
omitted from this chart.

FINANCIAL SHAPSHOT 2013

PAYOUT RATE
Our program and operational budgets take into account three considerations: satisfying the U.S. federal payout
requirement (the yearly obligation to disburse 5 percent of the average value of the endowment); preserving the value
of the endowment for long-term charitable funding; and meeting our programs’ needs, including new opportunities
to expand their impact. The chart below presents our payout rates during the past 10 years. During that decade,
we maintained stable grantmaking budgets in spite of the volatility of global financial markets and the resultant
fluctuations of our endowment values.

FEDERALLY MANDATED REQUIREMENT

8%
7.3%
7
6.1%
6

6.2%

6.0%
5.7%

5.5%

5.8%

5.6%
5.3%

5.0%

5

4

3

2

1

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Note that 2013 is a calendar year (1/1/13 to 12/31/13), but all prior years were fiscal years (ending 9/30/YY). The period between 10/1/12 and
12/31/12 is omitted from this chart.

FINANCIAL SHAPSHOT 2013

PORTFOLIO VALUES
We do not receive outside contributions to our endowment. Our policy has been to try to preserve the inflation
adjusted value of the endowment. As illustrated below, over the last 30 years, our net assets have grown from
$3.4 billion to $11.9 billion nominally. Adjusting for inflation, the value of our net assets has increased by nearly
50 percent during this period, while our grantmaking has exceeded $16 billion (also adjusted for inflation)—more
than twice the inflation-adjusted value of our endowment at the start of this period.

INFLATION-ADJUSTED VALUE

NOMINAL VALUE

$20B

15

10

5

1983

1989

1995

2001

Note that fiscal year 2013 coincides with the calendar year. Previous fiscal years ended September 30.

2007

2013

FINANCIAL SHAPSHOT 2013

PORTFOLIO COMPONENTS
As a result of its diversified mix of risk exposures, our endowment was well-positioned to generate attractive
risk-adjusted returns in 2012 and 2013, while also being prepared for potentially higher volatility in the external
environment. We also continued the careful and deliberate migration of the endowment’s investments to improve
its resilience against market volatility, increase its exposure to value-added investment strategies and provide
additional protection against potential inflation and deflation. We took advantage of favorable market valuations
to reduce exposure to corporate bonds and to increase exposure to hedged investments in global equity and
credit. In addition, we took advantage of opportunistic investments in real assets. The foundation also continued
to maintain a highly liquid portfolio, providing us with the ability to meet ongoing spending needs and to pursue
attractive investment opportunities arising from the current economic and financial market environment.

2013 AS OF 12/31/13

Market
Value

Percent
of Total

Short Term

$1,029.2

8.7%

Fixed-Income Investments

$463.1

3.9%

Public Equity Securities

$630.7

5.3%

Commingled Funds

$1,317.8

11.1%

Alternative Investment Funds

$6,069.2

51.0%

Private Equity & Venture Capital

$2,380.6

20.0%

$11,890.6

100.0%

Market
Value

Percent
of Total

Short Term

$559.8

5.2%

Fixed-Income Investments

$995.5

9.2%

Public Equity Securities

$861.0

7.9%

Commingled Funds

$1,636.3

15.1%

Alternative Investment Funds

$4,717.6

43.5%

Private Equity & Venture Capital

$2,085.3

19.2%

$10,855.5

100.0%

TOTAL

2012 AS OF 12/31/12

TOTAL

FINANCIAL SHAPSHOT 2013

PROGRAM-RELATED INVESTMENTS (PRIs)
In addition to issuing grants, we provide social entrepreneurs and other change makers with affordable access to
capital—in the form of debt, equity financing or loan guarantees. The trustees have earmarked up to $280 million
of the corpus for these investments. As of December 31, 2013, the foundation had $255.7 million of investments:
$221 million had been disbursed and was outstanding, and the remaining $34.7 million was committed. The
following table summarizes the PRI program for fiscal year 2013.

2013
Investments outstanding, beginning of period

As of December 31 (in thousands)
$222,404

Activities during the year:

Investments disbursed

Principal repaid

Investments written off

Investments outstanding, end of fiscal year
Commitments for investment
TOTAL COMMITMENTS AND
INVESTMENTS OUTSTANDING
Allowances for possible losses
Program development and support
Investment income received

$21,168
($22,619)

$220,953
$34,726
$255,679
$28,418
$893
$2,434