2023 Financials

Some of us like to see the fine details. If that’s you, review the latest financial summary below.

2023 Financials

Some of us like to see the fine details. If that’s you, review the latest financial summary below.

	LIABILITIES AND NET ASSETS

STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2023	ASSETS
	Current Assets:
	Cash					$	2,169,103
	Unconditional promises to give – Net						12,500
	Prepaid expenses and other						63,466
	TOTAL CURRENT ASSETS					$	2,245,069
	Unconditional promises to give, long-term, net						12,500
	Investments						78,321,788
	Property and equipment – Net						675,077
	Cash value of life insurance						464,384
	TOTAL ASSETS						81,718,818
	Current Liabilities:
	Accounts payable:					$	235,353
	Grants payable						142,089
	Scholarships payable						158,850
	Payroll and payroll taxes payable						22,446
	Total current liabilities						558,738
	Long-term liabilities – Funds held for agencies						6,290,730
	Total liabilities						6,849,468

	Net assets:
	Without donor restriction						74,379,966
	With donor restriction						489,384
	Total net assets						74,869,350
	TOTAL LIABILITIES AND NET ASSETS				$		81,718,818
STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2023			Without Donor Restrictions		With Donor Restrictions		TOTAL
	Revenue, gains, and other support:
	Contributions	$	8,581,602	$	25,000	$	8, 606,602
	Investment gain		7,253,555		–		7,253,555
	Administrative fees – Agency funds		72,403		–		72,403
	Increase in cash value of life insurance		–		13,760		13,760
	Other		59,626		–		59,626
	Total revenue, gains, and other support		15,967,186		38,760		16,005,946

	Expenses:
	Program Services		9,210,902		–		9,210,902
	Management and general		409,652		–		409,652
	Fundraising		367,700		–		367,700
	Total expenses		9,988,254				9,988,254
	Change in net assets		5,978,932		38,760		6,017,692
	Net asset reclassification – conversion to agency fund		(186,865)		–		(186,865)
	Net assets – Beginning of year		68,587,899		450,624		69,038,523
	Net assets – End of year		74,379,966		489,384	$	74,869,350

Auditors: Wipfli LLP
The complete audited financial statements and copies of our tax
forms 990 (and 990-T if applicable) are available upon request by
calling 715.845.9555 or emailing info@cfoncw.org.

STATEMENT OF FINANCIAL POSITION
December 31, 2023

LIABILITIES AND NET ASSETS

ASSETS
Current Assets:
Cash		$	2,169,103
Unconditional promises to give – Net			12,500
Prepaid expenses and other			63,466
TOTAL CURRENT ASSETS		$	2,245,069
Unconditional promises to give, long-term, net			12,500
Investments			78,321,788
Property and equipment – Net			675,077
Cash value of life insurance			464,384
TOTAL ASSETS			81,718,818
Current Liabilities:
Accounts payable:		$	235,353
Grants payable			142,089
Scholarships payable			158,850
Payroll and payroll taxes payable			22,446
Total current liabilities			558,738
Long-term liabilities – Funds held for agencies			6,290,730
Total liabilities			6,849,468

Net assets:
Without donor restriction			74,379,966
With donor restriction			489,384
Total net assets			74,869,350
TOTAL LIABILITIES AND NET ASSETS	$		81,718,818

STATEMENT OF ACTIVITIES
Year Ended December 31, 2023


		Without Donor Restrictions		With Donor Restrictions		TOTAL
Revenue, gains, and other support:
Contributions	$	8,581,602	$	25,000	$	8, 606,602
Investment gain		7,253,555		–		7,253,555
Administrative fees – Agency funds		72,403		–		72,403
Increase in cash value of life insurance		–		13,760		13,760
Other		59,626		–		59,626
Total revenue, gains, and other support		15,967,186		38,760		16,005,946

Expenses:
Program Services		9,210,902		–		9,210,902
Management and general		409,652		–		409,652
Fundraising		367,700		–		367,700
Total expenses		9,988,254				9,988,254
Change in net assets		5,978,932		38,760		6,017,692
Net asset reclassification – conversion to agency fund		(186,865)		–		(186,865)
Net assets – Beginning of year		68,587,899		450,624		69,038,523
Net assets – End of year		74,379,966		489,384	$	74,869,350

Auditors: Wipfli LLP
The complete audited financial statements and copies of our tax
forms 990 (and 990-T if applicable) are available upon request by
calling 715.845.9555 or emailing info@cfoncw.org.

AUDITED FINANCIAL STATEMENTS

TAX FORMS

990 Tax Form

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Pam Eckmann
VP of Finance and Operations

	LIABILITIES AND NET ASSETS

	ASSETS
	Current Assets:
	Cash					$	2,169,103
	Unconditional promises to give – Net						12,500
	Prepaid expenses and other						63,466
	TOTAL CURRENT ASSETS					$	2,245,069
	Unconditional promises to give, long-term, net						12,500
	Investments						78,321,788
	Property and equipment – Net						675,077
	Cash value of life insurance						464,384
	TOTAL ASSETS						81,718,818
	Current Liabilities:
	Accounts payable:					$	235,353
	Grants payable						142,089
	Scholarships payable						158,850
	Payroll and payroll taxes payable						22,446
	Total current liabilities						558,738
	Long-term liabilities – Funds held for agencies						6,290,730
	Total liabilities						6,849,468

	Net assets:
	Without donor restriction						74,379,966
	With donor restriction						489,384
	Total net assets						74,869,350
	TOTAL LIABILITIES AND NET ASSETS				$		81,718,818

	ASSETS
	Current Assets:
	Cash					$	2,169,103
	Unconditional promises to give – Net						12,500
	Prepaid expenses and other						63,466
	TOTAL CURRENT ASSETS					$	2,245,069
	Unconditional promises to give, long-term, net						12,500
	Investments						78,321,788
	Property and equipment – Net						675,077
	Cash value of life insurance						464,384
	TOTAL ASSETS						81,718,818
	LIABILITIES AND NET ASSETS
	Current Liabilities:
	Accounts payable:					$	235,353
	Grants payable						142,089
	Scholarships payable						158,850
	Payroll and payroll taxes payable						22,446
	Total current liabilities						558,738
	Long-term liabilities – Funds held for agencies						6,290,730
	Total liabilities						6,849,468

	Net assets:
	Without donor restriction						74,379,966
	With donor restriction						489,384
	Total net assets						74,869,350
	TOTAL LIABILITIES AND NET ASSETS				$		81,718,818
			Without Donor Restrictions		With Donor Restrictions		TOTAL
	Revenue, gains, and other support:
	Contributions	$	8,581,602	$	25,000	$	8, 606,602
	Investment gain		7,253,555		–		7,253,555
	Administrative fees – Agency funds		72,403		–		72,403
	Increase in cash value of life insurance		–		13,760		13,760
	Other		59,626		–		59,626
	Total revenue, gains, and other support		15,967,186		38,760		16,005,946

	Expenses:
	Program Services		9,210,902		–		9,210,902
	Management and general		409,652		–		409,652
	Fundraising		367,700		–		367,700
	Total expenses		9,988,254				9,988,254
	Change in net assets		5,978,932		38,760		6,017,692
	Net asset reclassification – conversion to agency fund		(186,865)		–		(186,865)
	Net assets – Beginning of year		68,587,899		450,624		69,038,523
	Net assets – End of year		74,379,966		489,384	$	74,869,350

	STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2022
ASSETS
Current Assets:
Cash					$	2,604,205
Prepaid expenses and other						317,749
TOTAL CURRENT ASSETS					$	2,921,954
Investments						72,492,580
Property and equipment – Net						31,798
Cash value of life insurance						450,624
TOTAL ASSETS						75,896,956
LIABILITIES AND NET ASSETS
Current Liabilities:
Accounts payable:					$	35,196
Grants payable					$	184,419
Scholarships payable					$	123,150
Payroll and payroll taxes payable					$	17,327
TOTAL CURRENT LIABILITIES						360,092
Long-term liabilities – Funds held for agencies						6,498,341
TOTAL LIABILITIES						6,858,433

Net assets:
Without donor restriction						69,051,568
With donor restriction						(13,045)
TOTAL NET ASSETS					$	69,038,523
TOTAL LIABILITIES AND NET ASSETS						75,896,956

STATEMENT OF ACTIVITIES YEAR ENDED DECEMBER 31, 2022
		Without Donor Restrictions		With Donor Restrictions		TOTAL
Revenue, gains, and other support:
Contributions	$	5,534,908	$	–	$	5,534,908
Investment loss		(11,116,029)		–		(11,116,029)
Administrative fees – Agency funds		71,971		–		71,971
Increase in cash value of life insurance		–		18,955		18,955
Other		20,405		–		20,405
Net assets released from restrictions		32,000		(32,000)		–
TOTAL REVENUE, GAINS, AND OTHER SUPPORT		(5,456,745)		(13,045)		(5,469,790)

Expenses:
Program Services		6,764,963		–		6,764,963
Management and general		310,902		–		310,902
Fundraising		240,245		–		240,245
TOTAL EXPENSES		7,316,110				7,316,110
Change in net assets		(12,772,855)		(13,045)		(12,785,900)
Net asset reclassification – conversion to agency fund		(1,199,758)		–		(1,199,758)
Net assets – Beginning of year		83,024,181		–		83,024,181
NET ASSETS – END OF YEAR		69,051,568		(13,045)	$	69,038,523