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2019 Financial Statement

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2019 Financial Statement Mastercard Foundation Financial Statements December 31, 2019 (expressed in thousands of US dollars) Independent auditor’s report To the Directors of Mastercard Foundation Our opinion In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Mastercard Foundation (the Foundation) as at December 31, 2019 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. What we have audited The Foundation’s financial statements comprise: the statement of financial position as at December 31, 2019; the statement of operations for the year then ended; the statement of changes in fund balances for the year then ended; the statement of cash flows for the year then ended; and the notes to the financial statements, which include a summary of significant accounting policies. Basis for opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements. Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. PricewaterhouseCoopers LLP 200 Apple Mill Road, Vaughan, Ontario, Canada L4K 0J8 T: +1 905 326 6800, F: +1 905 326 5339 “PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. In preparing the financial statements, management is responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Foundation or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Foundation’s financial reporting process. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit 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 Foundation’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Foundation’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Foundation to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants, Licensed Public Accountants Vaughan, Ontario July 27, 2020 Mastercard Foundation Statement of Financial Position As at December 31, 2019 (expressed in thousands of US dollars) 2019 2018 General Restricted fund fund Total Total $ $ $ $ Assets Current assets Cash and cash equivalents 30,662 - 30,662 9,016 Prepaid expenses and sundry assets 4,205 - 4,205 1,232 Government remittances receivable 1,848 - 1,848 832 Portfolio investments (note 3) - - - 138,583 36,715 - 36,715 149,663 Investment in Mastercard Incorporated shares (note 4) - 27,558,167 27,558,167 17,247,917 Property and equipment (note 5) 3,433 - 3,433 3,281 Intangible assets (note 6) 599 - 599 634 40,747 27,558,167 27,598,914 17,401,495 Approved by the Board of Directors ___________________________________ Director _______________________ _ ________ Direct or The accompanying notes are an integral part of these financial statements. Mastercard Foundation Statement of Financial Position …continued As at December 31, 2019 (expressed in thousands of US dollars) 2019 2018 General Restricted fund fund Total Total $ $ $ $ Liabilities Current liabilities Accounts payable and accrued liabilities 10,640 - 10,640 5,649 Tenant deposits 19 - 19 19 10,659 - 10,659 5,668 Fund Balances General fund Unrestricted 30,088 - 30,088 9,327 Internally restricted - - - 138,583 Restricted fund - 27,558,167 27,558,167 17,247,917 30,088 27,558,167 27,588,255 17,395,827 40,747 27,558,167 27,598,914 17,401,495 Commitments (note 12) Subsequent events (note 14) The accompanying notes are an integral part of these financial statements. Mastercard Foundation Statement of Operations For the year ended December 31, 2019 (expressed in thousands of US dollars) 2019 2018 General Restricted fund fund Total Total $ $ $ $ Income Fair value changes in investments Mastercard Incorporated shares 37,416 10,357,886 10,395,302 3,579,153 Portfolio investments 3,766 - 3,766 (5,784) 41,182 10,357,886 10,399,068 3,573,369 Investment income (note 3) 151,004 - 151,004 118,612 Rental income 215 - 215 479 192,401 10,357,886 10,550,287 3,692,460 Expenditures Program disbursements (notes 9 and 12(b)) 301,927 - 301,927 266,327 Program costs (note 8) 25,696 - 25,696 15,488 Administration costs (notes 7 and 8) 30,236 - 30,236 15,797 357,859 - 357,859 297,612 Excess (deficiency) of income over expenditures for the year (165,458) 10,357,886 10,192,428 3,394,848 The accompanying notes are an integral part of these financial statements. Mastercard Foundation Statement of Changes in Fund Balances For the year ended December 31, 2019 (expressed in thousands of US dollars) General fund Internally Restricted Unrestricted restricted fund Total $ $ $ $ Balance December 31, 2017 33,834 298,381 13,668,764 14,000,979 Excess (deficiency) of income over expenditures for the year (184,507) 202 3,579,153 3,394,848 Interfund transfer 160,000 (160,000) - - Balance December 31, 2018 9,327 138,583 17,247,917 17,395,827 Excess (deficiency) of income over expenditures for the year (171,305) 5,847 10,357,886 10,192,428 Interfund transfer 192,066 (144,430) (47,636) - Balance December 31, 2019 30,088 - 27,558,167 27,588,255 The accompanying notes are an integral part of these financial statements. Mastercard Foundation Statement of Cash Flows For the year ended December 31, 2019 (expressed in thousands of US dollars) 2019 2018 $ $ Cash provided by (used in) Operating activities Excess of income over expenditures for the year 10,192,428 3,394,848 Items not affecting cash Fair value changes in investments Mastercard Incorporated shares (10,395,302) (3,579,153) Portfolio investments (3,766) 5,784 Reinvestment of dividend income (2,107) (6,000) Amortization of property and equipment 890 471 Amortization
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