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Surdna Foundation, Inc Surdna Foundation, Inc. Financial Statements and Supplemental Information Years Ended June 30, 2019 and 2018 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO International Limited, a UK company limited by guarantee. Surdna Foundation, Inc. Financial Statements and Supplemental Information Years Ended June 30, 2019 and 2018 Surdna Foundation, Inc. Contents Independent Auditor’s Report 3-4 Financial Statements Statements of Financial Position as of June 30, 2019 and 2018 5 Statements of Activities for the Years Ended June 30, 2019 and 2018 6 Statement of Functional Expenses for the Year Ended June 30, 2019 7 Statement of Functional Expenses for the Year Ended June 30, 2018 8 Statements of Cash Flows for the Years Ended June 30, 2019 and 2018 9 Notes to Financial Statements 10-22 Supplemental Information Schedule of Investments Held at June 30, 2019 24-31 Schedule of Grants Payable at June 30, 2019 32-44 2 Tel: 212-371-4446 622 Third Ave., Suite 3100 Fax: 212-371-9374 New York, NY 10017 www.bdo.com Independent Auditor’s Report The Board of Directors Surdna Foundation, Inc. New York, New York We have audited the accompanying financial statements of the Surdna Foundation, Inc. (the Foundation), which comprise the statements of financial position as of June 30, 2019 and 2018, and the related statements of activities, functional expenses and cash flows for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 3 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Foundation as of June 30, 2019 and 2018, and the changes in its net assets and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America. Other Matter Our audits of the financial statements were conducted for the purpose of forming an opinion on those statements as a whole. The accompanying supplemental information presented on pages 24 through 44 of this report is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The supplemental information has been subjected to the auditing procedures applied in the audits of the financial statements, and to certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental information is fairly stated in all material respects in relation to the financial statements as a whole. February 19, 2020 4 Surdna Foundation, Inc. Statements of Financial Position June 30, 2019 2018 Assets Current Cash and cash equivalents (Note 2) $ 205,744 $ 189,922 Investments, at fair value (Notes 2 and 4) 1,006,716,878 1,024,698,344 Program-related investments (Note 2) 6,600,450 6,748,774 Accrued interest, dividends and other assets (Note 2) 10,979,096 5,120,189 Prepaid excise tax (Notes 2 and 7) 1,357,570 1,683,387 Total Current Assets 1,025,859,738 1,038,440,616 Fixed Assets, Net (Notes 2 and 5) 2,704,840 2,867,670 Total Assets $ 1,028,564,578 $ 1,041,308,286 Liabilities and Net Assets Current Liabilities Grants payable, current portion (Note 6) $ 19,563,858 $ 21,061,318 Due to brokers 1,000,662 684,198 Accrued expenses payable 993,326 1,157,199 Total Current Liabilities 21,557,846 22,902,715 Grants Payable, Net, less current portion (Note 6) 3,940,780 7,427,392 Total Liabilities 25,498,626 30,330,107 Commitments and Contingencies (Notes 2 and 9) Net Assets Without donor restrictions 1,003,065,952 1,010,978,179 Total Liabilities and Net Assets $ 1,028,564,578 $ 1,041,308,286 See accompanying notes to financial statements. 5 Surdna Foundation, Inc. Statements of Activities Year ended June 30, 2019 2018 (Without Donor Restrictions) Revenues Investment income, net of fees $ 38,499,342 $ 81,814,967 Expenses Program services: Grant program 43,463,765 44,852,870 Supporting services: Management and general 2,947,804 2,422,458 Total Expenses 46,411,569 47,275,328 Change in Net Assets (7,912,227) 34,539,639 Net Assets, beginning of year 1,010,978,179 976,438,540 Net Assets, end of year $ 1,003,065,952 $ 1,010,978,179 See accompanying notes to financial statements. 6 Surdna Foundation, Inc. Statements of Functional Expenses Year ended June 30, 2019 Supporting Program Services Services Management Grant Program and General Total Grants $ 36,619,194 $ - $ 36,619,194 Staff salaries 2,987,222 1,047,902 4,035,124 Fringe benefits 744,202 261,062 1,005,264 Payroll taxes and unemployment 183,273 64,292 247,565 Per diem salaries/bookkeeper 51,908 18,209 70,117 Rent (Note 9) 699,664 204,330 903,994 Staff expenses 325,489 66,823 392,312 Directors' expense - quarterly travel - 240,431 240,431 Directors' expense - grant related 44,203 - 44,203 Consultants - general 204,571 115,007 319,578 Consultants programs 874,027 - 874,027 Memberships 25,520 25,520 51,040 Legal fees 1,073 170,983 172,056 Office maintenance and supplies 69,182 20,204 89,386 Stationary, printing and copying 42,250 12,340 54,590 Audit and tax review fees - 106,694 106,694 Internet/software 171,446 95,078 266,524 Conference/registration 35,467 12,441 47,908 Telephone 28,292 8,263 36,555 Insurance 43,878 12,814 56,692 Books and subscriptions 7,995 2,335 10,330 Postage 6,678 1,950 8,628 Executive search 79,868 43,933 123,801 Centennial 14,850 - 14,850 Taxes - 346,041 346,041 Miscellaneous 9,396 14,462 23,858 Depreciation and amortization 194,117 56,690 250,807 Total Expenses $ 43,463,765 $ 2,947,804 $ 46,411,569 See accompanying notes to financial statements. 7 Surdna Foundation, Inc. Statements of Functional Expenses Year ended June 30, 2018 Supporting Program Services Services Management Grant Program and General Total Grants $ 37,247,072 $ - $ 37,247,072 Staff salaries 2,779,596 975,066 3,754,662 Fringe benefits 828,360 290,584 1,118,944 Payroll taxes and unemployment 164,415 57,676 222,091 Per diem salaries/bookkeeper 10,138 3,556 13,694 Rent (Note 9) 1,158,334 338,281 1,496,615 Staff expenses 260,549 59,627 320,176 Directors' expense - quarterly travel - 235,082 235,082 Directors' expense - grant related 43,540 - 43,540 Consultants - general 209,156 102,370 311,526 Consultants - programs 869,666 - 869,666 Memberships 180,500 8,744 189,244 Legal fees - 92,690 92,690 Office maintenance and supplies 84,018 24,537 108,555 Stationary, printing and copying 26,388 7,706 34,094 Audit and tax review fees - 100,335 100,335 Internet/software 219,306 148,207 367,513 Conference/registration 27,935 9,799 37,734 Telephone 26,591 7,766 34,357 Insurance 43,988 12,846 56,834 Books and subscriptions 9,866 2,881 12,747 Postage 6,849 2,000 8,849 Executive search 296,862 52,754 349,616 Annual report - 14,800 14,800 Centennial 125,352 - 125,352 Taxes - (198,258) (198,258) Loss on disposal of fixed assets 84,888 24,791 109,679 Miscellaneous 7,015 7,006 14,021 Depreciation and amortization 142,486 41,612 184,098 Total Expenses $ 44,852,870 $ 2,422,458 $ 47,275,328 See accompanying notes to financial statements.
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