It is a privilege to serve as chair of the Audit Committee of the California Community Foundation’s Board of Directors. CCF is an organization that holds itself to the highest standards of transparency, efficiency and strong financial management. The Audit Committee meets several times per year with CCF’s management and finance staff to ensure rigorous fiscal controls and strict administrative and governance standards. These efforts help CCF meet its responsibilities to its donors and the community it serves. I am pleased to present CCF’s financial statements for the fiscal year ended June 30, 2015. We worked closely with our professional independent auditors at KPMG LLP to provide an accurate representation of the stability and organizational health of CCF.

David W. Fleming
Audit Committee Chair and Board Member


Balance Sheets

California Community Foundation and affiliates consolidated balance sheets.*
Fiscal year ended June 30, 2015 (in thousands).

2015 2014
ASSETS
Cash and cash equivalents 10,339 14,591
Investments 1,365,074 1,322,343
Notes receivable 23,308 14,834
Contributions receivable, net 15,242 29,382
Prepaid expenses and other assets 3,463 1,005
Beneficial interests in trusts 31,833 33,862
Leasehold improvement and equipment 1,194 1,246
Real estate 6,657 7,707
Total assets 1,457,110 1,424,970
LIABILITIES AND NET ASSETS
Accounts payable and other liabilities 1,328 2,516
Funds held for others 79,755 71,771
Grants payable, net 35,852 35,082
Note payable and line of credit 840 1,090
Liabilities under split interest agreement 18,174 17,154
Deferred revenue 7,435 7,369
Total liabilities 143,384 134,982
NET ASSETS
Unrestricted 1,189,375 1,161,286
Temporarily restricted 55,252 58,032
Permanently restricted 69,099 70,669
Total net assets 1,313,726 1,289,988
Total liabilities and net assets 1,457,110 1,424,970

Income Statements

California Community Foundation and affiliates consolidated balance sheets.*
Fiscal year ended June 30, 2015 (in thousands).

Support and revenue 2015 2014
SUPPORT:
Amount raised 200,144 126,334
Less amounts raised or received on behalf of others (13,777) (12,375)
Net contributions and bequests raised 186,367 113,959
OTHER REVENUE:
Interest, dividends and other revenue 28,021 26,624
Realized and unrealized gains and losses on investments, net (17,369) 145,154
Change in value of split interest agreements (1,488) 1,170
Other revenue before allocation of investment gain 9,164 172,948
Less investment gain allocated to funds held for others (296) (9,168)
Net other revenue 8,868 163,780
Total support, revenue and net assets released from restrictions 195,235 277,739
EXPENSES:
PROGRAM SERVICES:
Grants and philanthropic distributions 154,637 162,039
Less amounts distributed on behalf of others (5,461) (4,989)
Total grants and philanthropic distributions 149,176 157,050
Program service expense 13,231 11,107
Less program services allocated to funds held for others (403) (320)
Total grants, philanthropic distributions and program services 162,004 167,837
SUPPORT SERVICES:
Management and general administrative 2,250 3,270
Development and fundraising 3,387 2,539
Investment management fees 4,082 4,108
Less administrative expenses and investment management fees allocated to funds held for others (226) (208)
Total support services 9,493 9,709
Total expenses 171,497 177,546
Change in net assets 23,738 100,193
Net assets at beginning of year 1,289,988 1,189,795
Net assets at end of year 1,313,726 1,289,988

CCF maintains operating expenses at less than one percent of assets. We are committed to efficiency in order to maximize the impact of our donors charitable contributions.

*The California Community Foundation works with an independent public accounting firm to perform an audit of its records and financial statements. A full copy of the audited financial statements is available online at CalFund.org/Audit or by calling 213.413.4130. The above abbreviated financial reports are unaudited.