2020 Annual Report - Finances

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Contents

Finances

FISCAL YEAR 2020 / JULY 1, 2019 – JUNE 30, 2020

Ploughshares Fund’s programmatic services and grants are aimed at activities that have the potential to affect public policy by reaching policymakers, the media and the public with vital information about nuclear weapons and other international security issues.

To ensure maximum impact, all annual contributions go directly to grantmaking and programmatic activities, with nothing subtracted for administration or development.

FISCAL YEAR 2020
In 2020, Ploughshares Fund raised $7,543,575, including $917,769 committed to long-term investment. We gave grants totaling $4,800,229 and spent $1,730,497 on other programmatic activity. Administrative and development expenses are paid for by the Fund’s Board of Directors and a draw from our capital reserves. This year, 80% of our budget was spent on grantmaking and program services, exceeding standards set by the National Charities Information Bureau/Better Business Bureau and Charity Navigator.

We have adjusted our operations in response to COVID-19 and have remained fully staffed without participating in government assistance programs including the Paycheck Protection Program assistance.

In 2020, Ploughshares Fund’s investments lost $328,466 compared to a gain of $187,609 in 2019. Ploughshares Fund’s investment portfolio is actively managed by the Fund’s investment committee with counsel of an investment manager.

At June 30, 2020, Ploughshares Fund’s net assets were $27,630,149 compared to net assets at June 30, 2019 of $28,617,735. Of the 2020 total net assets, $25,668,175 is held in our capital reserves, which were established to ensure that we will be able to continue our mission to eliminate the threat of nuclear weapons despite any potential external shocks that may arise.

Financial Report 1

FISCAL YEAR 2020 / JULY 1, 2019 – JUNE 30, 2020
SUPPORT AND REVENUE 2020 2019
Contributions 7,543,575 4,690,922
Investment return -328,466 187,609
Changes in value of split-interest agreements 2,677 4,677
TOTAL SUPPORT AND REVENUE 7,217,786 4,883,208
EXPENSES 2020 2019
Program Services    
Grants from Ploughshares Fund 4,427,229 3,924,700
Grants from Cowles Fund 373,000 275,000
Program support 1,730,497 1,894,977
Supporting Services 2    
General administration 671,673 698,712
Development 1,002,973 1,179,699
TOTAL EXPENSES 8,205,372 7,973,088
CHANGE IN NET ASSETS -987,586 -3,089,880
NET ASSETS, BEGINNING OF YEAR 28,617,735 31,707,615
NET ASSETS, END OF YEAR 27,630,149 28,617,735

 

 
ASSETS AND LIABILITIES 2020 2019
ASSETS 3    
Cash and cash equivalents 2,163,836 126,782
Promises to give 956,607 1,439,078
Interest receivable and other assets 90,518 91,987
Long-term investments 25,668,175 28,456,678
Fixed assets (less accumulated depreciation and amortization) 10,218 23,420
TOTAL ASSETS 28,889,354 30,137,945
LIABILITIES  
Accounts payable and accrued expenses 135,689 181,580
Grants payable 1,117,266 1,329,613
Deferred revenue 6,250 8,927
TOTAL LIABILITIES 1,259,205 1,520,120
NET ASSETS    
Without donor restrictions 2,188,599 3,959,499
With donor restrictions 25,441,550 24,658,236
TOTAL NET ASSETS 27,630,149 28,617,735
 
TOTAL LIABILITIES AND NET ASSETS 28,889,354 30,137,855

  1. Our complete audited financial statements are available upon request. The above numbers have been audited.
  2. All administrative and development expenses are covered by contributions from Ploughshares Fund’s Board of Directors and a draw from our capital reserve.
  3. These assets include investments in Ploughshares’ Pooled Income Fund.

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