b'FinancialsFor the fiscal years ended June 30, 2019 and 2018 (unaudited)ASSETSFY19FY18Cash and cash equivalents$627,876$907,871Investments42,899,84139,590,310Receivables920,409908,306Other assets55,77576,563Total assets$44,503,901$41,483,050LIABILITIES AND NET ASSETS Accounts payable and accruals$53,730$76,351Fiscal agent liability84,07383,293Split interest agreements64,03199,028Agency endowments1,238,0581,181,373Total liabilities 1,439,8931,440,045Net assets43,064,00840,043,005Total liabilities and net assets$44,503,901$41,483,050REVENUES Contributions $2,493,039$1,323,028Net investment return3,329,7014,536,561Other income305,963240,567Total revenues$6,128,703$6,100,156GRANTS AND EXPENSES Grants$1,833,992$1,342,374Program support419,273443,419Civic leadership423,310322,134Operating expenses431,124405,013Total grants and expenses$3,107,699 $2,512,940 Change in net assets$3,021,003 $ 3,959,244 Net assets, beginning of the year$40,043,005$36,083,761 Net assets, end of year$43,064,008$40,043,005 Our investment objective PERFORMANCEis to generate a total return that will provide asustainable funding source for the Foundation while 2017 20182019 preserving its portfolios purchasing power over the1 year 11.01% 1 year13.25% 1 year8.43%long run. The endowment benefited from strong equity3 year 7.87% 3 year8.25% 3 year10.83%returns during the 2019 fiscal year, with U.S. stocks5 year 8.83% 5 year9.25%5 year7.05%notable leaders in the market rally. It also benefited from an overweight position in U.S. equities relativeto benchmark and from strong performance by F I N A N C I A L Stechnology holdings. 15'