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THE DAVID ROCKEFELLER FUND, INC. Financial Statements and Supplemental Schedule December 31, 2017 and 2016 (With Independent Auditors’ Report Thereon)

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THE DAVID ROCKEFELLER FUND, INC. Financial Statements and Supplemental Schedule December 31, 2017 and 2016 (With Independent Auditors’ Report Thereon) THE DAVID ROCKEFELLER FUND, INC. Financial Statements and Supplemental Schedule December 31, 2017 and 2016 (With Independent Auditors’ Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154-0102 Independent Auditors’ Report The Board of Trustees The David Rockefeller Fund, Inc.: We have audited the accompanying financial statements of The David Rockefeller Fund, Inc., which comprise the statements of financial position as of December 31, 2017 and 2016, and the related 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 financial statements in accordance with U.S. generally accepted accounting principles; 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. Auditors’ 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 auditors’ 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 auditors consider 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. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The David Rockefeller Fund, Inc. as of December 31, 2017 and 2016, and the changes in its net assets and its cash flows for the years then ended, in accordance with U.S. generally accepted accounting principles. KPMG LLP is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Other Matter Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information included in the schedule of functional expenses for the year ended December 31, 2017 is presented for purposes of additional analysis and is not a required part of the 2017 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 information has been subjected to the auditing procedures applied in the audit of the financial statements and 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 information is fairly stated in all material respects in relation to the 2017 financial statements taken as a whole. August 10, 2018 2 THE DAVID ROCKEFELLER FUND, INC. Statements of Financial Position December 31, 2017 and 2016 Assets 2017 2016 Cash and cash equivalents $ 2,323,605 188,042 Accounts receivable and other assets 26,985 12,239 Contributions receivable 13,005,000 8,987,468 Investments 23,861,477 5,124,117 Total assets $ 39,217,067 14,311,866 Liabilities and Net Assets Liabilities: Accounts payable and accrued expenses $ 119,381 53,282 Grants payable 306,000 357,500 Total liabilities 425,381 410,782 Net assets: Unrestricted 33,752,690 4,913,616 Temporarily restricted — 8,987,468 Permanently restricted 5,038,996 — Total net assets 38,791,686 13,901,084 Total liabilities and net assets $ 39,217,067 14,311,866 See accompanying notes to financial statements. 3 THE DAVID ROCKEFELLER FUND, INC. Statements of Activities Years ended December 31, 2017 and 2016 2017 2016 Changes in unrestricted net assets: Operating revenues: Contributions $ 19,868,395 1,250,000 Investment income 464,650 106,702 Net assets released from restrictions 9,017,468 — Total operating revenues 29,350,513 1,356,702 Operating expenses: Direct charitable activities 112,292 117,666 Program and grants management 1,432,504 1,572,952 Investment management 136,835 85,365 General management 306,334 214,774 Total operating expenses 1,987,965 1,990,757 Excess (deficiency) of operating revenues over operating expenses 27,362,548 (634,055) Nonoperating gains: Net realized and unrealized gains on investments 1,476,526 181,536 Increase (decrease) in unrestricted net assets 28,839,074 (452,519) Changes in temporarily restricted net assets: Contributions 30,000 8,987,468 Net assets released from restrictions (9,017,468) — (Decrease) increase in temporarily restricted net assets (8,987,468) 8,987,468 Changes in permanently restricted net assets: Contributions 5,038,996 — Increase in permanently restricted net assets 5,038,996 — Increase in net assets 24,890,602 8,534,949 Net assets at beginning of year 13,901,084 5,366,135 Net assets at end of year $ 38,791,686 13,901,084 See accompanying notes to financial statements. 4 THE DAVID ROCKEFELLER FUND, INC. Statements of Cash Flows Years ended December 31, 2017 and 2016 2017 2016 Cash flows from operating activities: Increase in net assets $ 24,890,602 8,534,949 Adjustments to reconcile increase in net assets to net cash provided by (used in) operating activities: Net realized and unrealized gains on investments (1,476,526) (181,536) Contributions restricted for permanent investment (5,038,996) — Changes in operating assets and liabilities: Accounts receivable and other assets (14,746) (3,370) Contributions receivable (2,017,532) (8,987,468) Accounts payable and accrued expenses 66,099 (52,193) Grants payable (51,500) 302,500 Net cash provided by (used in) operating activities 16,357,401 (387,118) Cash flows from investing activities: Proceeds from sales of investments 4,050,853 5,604,032 Purchases of investments (21,311,687) (5,188,021) Net cash (used in) provided by investing activities (17,260,834) 416,011 Cash flows from financing activities: Proceeds from contributions restricted for permanent investment 3,038,996 — Net cash provided by investing activities 3,038,996 — Net increase in cash and cash equivalents 2,135,563 28,893 Cash and cash equivalents at beginning of year 188,042 159,149 Cash and cash equivalents at end of year $ 2,323,605 188,042 Supplemental disclosure of cash flow information: Cash paid for taxes $ 4,550 15,080 See accompanying notes to financial statements. 5 THE DAVID ROCKEFELLER FUND, INC. Notes to Financial Statements December 31, 2017 and 2016 (1) Organization and Purpose The David Rockefeller Fund, Inc. (the Fund) is a not-for-profit, charitable corporation existing under the New York not-for-profit corporation law and is classified as a private foundation as defined in the Internal Revenue Code (the Code). The Fund was established in 1989 and provides support to charitable and public organizations in the areas of Criminal Justice, Environment, and the Arts. The Fund also underwrites a number of programs designed to encourage family members’ individual philanthropic involvement and interests, as well as collaborative grant-making by the family. (2) Summary of Significant Accounting Policies (a) Basis of Presentation The financial statements of the Fund are prepared on the accrual basis of accounting. Unrestricted net assets represent resources over which the board of trustees has full discretion with respect to use. Temporarily restricted net assets represent expendable resources that have been time or purpose restricted by the donor. When a donor restriction expires, that is, when a stipulated time restriction ends or a purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statements of activities as net assets released from restrictions. Permanently restricted net assets represent contributions and other gifts that require that the corpus be maintained intact and that only the income be used as designated by the donor. Such income, if applicable, is reflected in the statements of activities as temporarily restricted until appropriated for expenditure. The Fund considers net realized gains and losses from securities sales and net change in unrealized appreciation on investments to be nonoperating activities. (b)
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