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2017 Audited Financial Statements

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2017 Audited Financial Statements Consolidated Financial Statements (and Supplementary Information) and Report of Independent Certified Public Accountants Robert R. McCormick Foundations December 31, 2017 and 2016 Contents Page Report of Independent Certified Public Accountants 3 Consolidated Financial Statements Statements of financial position 5 Statements of activities 6 Statements of cash flows 7 Notes to consolidated financial statements 8 Supplementary Information Schedule of grant approvals 23 Consolidating statements of financial position 24 Consolidating statements of activities 26 Grant Thornton LLP Grant Thornton Tower 171 N. Clark Street, Suite 200 Chicago, IL 60601-3370 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS T +1 312 856 0200 F +1 312 565 4719 grantthornton.com Boards of Directors Robert R. McCormick Foundation Cantigny Foundation We have audited the accompanying consolidated financial statements of the Robert R. McCormick Foundations, which comprise the consolidated statements of financial position as of December 31, 2017 and 2016, and the related consolidated statements of activities 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated 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 consolidated 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 Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Robert R. McCormick Foundations as of December 31, 2017 and 2016, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Supplementary Information Our audits were conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The schedule of grant approvals for the year ended December 31, 2017, the consolidating statements of financial position and activities as of and for the years ended December 31, 2017 and 2016, are presented for the purposes of additional analysis and are not a required part of the consolidated financial statements. The accompanying consolidating information is presented for purposes of additional analysis, rather than to present the financial position and results of operations of the individual entities. Such supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the consolidated financial statements. The information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and certain additional procedures. These additional procedures included comparing and reconciling the information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the consolidated financial statements as a whole. Chicago, Illinois May 18, 2018 Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd Robert R. McCormick Foundations CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, ASSETS 2017 2016 Cash and cash equivalents $ 86,704,527 $ 99,277,171 Accounts receivable 2,880,824 1,725,738 Other assets 588,390 541,562 Investment securities (notes C and D) 1,624,203,697 1,436,862,063 Land, buildings, equipment and improvements Land 1,323,205 1,323,205 Buildings and improvements 46,030,327 41,769,206 Machinery, equipment, furniture and fixtures 17,403,531 11,755,620 Land improvements 18,662,955 18,629,582 Other infrastructure 3,478,551 3,478,551 Construction in process 14,284,831 3,742,737 Total land, buildings, equipment and improvements 101,183,400 80,698,901 Less accumulated depreciation (55,312,483) (51,432,480) Land, buildings, equipment and improvements, net 45,870,917 29,266,421 TOTAL ASSETS $ 1,760,248,355 $ 1,567,672,955 LIABILITIES AND NET ASSETS Liabilities Accounts payable and accrued expenses $ 9,515,757 $ 7,915,444 Grants payable (note E) 24,503,850 27,050,802 Bond debt payable Bond debt payable (note G) 104,952 - Less bond issuance costs (516,334) - Bond debt payable, net (411,382) - Capital lease obligations 603,557 - Total liabilities 34,211,782 34,966,246 Net assets Unrestricted 1,719,746,237 1,526,551,782 Temporarily restricted (note H) 3,487,375 3,351,966 Permanently restricted (note H) 2,802,961 2,802,961 Total net assets 1,726,036,573 1,532,706,709 TOTAL LIABILITIES AND NET ASSETS $ 1,760,248,355 $ 1,567,672,955 The accompanying notes are an integral part of these statements. 5 Robert R. McCormick Foundations CONSOLIDATED STATEMENTS OF ACTIVITIES Years ended December 31, 2017 2016 Change in unrestricted net assets Revenue Dividends and interest $ 27,767,683 $ 22,867,117 Contributions (note I) 10,769,651 22,158,035 Golf and restaurant operations 7,425,735 7,657,905 Net realized gain on sales of investments 38,602,804 28,366,413 Museum and park operations 883,241 1,163,224 Other income 40,246 70,544 Net assets released from restrictions 1,736,335 2,988,665 Total revenue 87,225,695 85,271,903 Expenses Employees’ salaries and benefits (note J) 16,111,081 15,464,309 Outside services - golf and food & beverage operations (note K) 4,660,852 4,770,234 Depreciation 3,861,353 2,953,612 Unrelated business income tax 2,271,493 794,732 Professional fees 2,602,346 3,505,799 Programs and exhibits 1,801,649 2,197,314 Food and retail merchandise 1,439,043 1,434,619 Supplies 1,165,764 1,087,809 Rent and utilities 1,074,122 1,089,466 Real estate taxes and insurance 921,674 970,960 Maintenance and repairs 810,547 747,595 Other expenses 758,493 617,411 Outside services - other 671,817 478,083 Business meetings and travel 582,462 491,871 Fundraising and program expenses 448,691 880,736 Directors’ fees 275,000 275,000 Total expenses 39,456,387 37,759,550 Excess of revenue over expenses 47,769,308 47,512,353 Grants approved (59,634,670) (53,428,540) Deficit of revenue over expenses and grants approved before net unrealized gain on investments (11,865,362) (5,916,187) Net unrealized gain on investments 205,059,817 48,698,269 Increase in unrestricted net assets 193,194,455 42,782,082 Change in temporarily restricted net assets Contributions 1,464,086 1,192,448 Net assets released from restrictions (1,736,335) (2,988,665) Unrealized gain on endowment 407,658 213,363 Increase (decrease) in temporarily restricted net assets 135,409 (1,582,854) CHANGE IN NET ASSETS 193,329,864 41,199,228 Net assets, beginning of year 1,532,706,709 1,491,507,481 Net assets, end of year $ 1,726,036,573 $ 1,532,706,709 The accompanying notes are an integral part of these statements. 6 Robert R. McCormick Foundations CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended December 31, 2017 2016 Cash flows from operating activities Change in net assets $ 193,329,864 $ 41,199,228 Adjustments to reconcile change in net assets to net cash used in operating activities Net realized gain on sales of investments (38,602,804) (28,366,413) Net unrealized gain on investments (205,467,475) (48,911,632) Depreciation and amortization 3,864,236 2,953,612 Changes in assets and liabilities Increase in accounts receivable and other assets (1,201,914) (86,726) Decrease in grants payable (2,546,952) (2,809,864) Increase in accounts payable
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