Net Assets without Donor Restrictions – Net assets without donor restrictions are available for use at the discretion of the Board of Trustees (the Board) and/or management for general operating purposes. Accordingly, net assets of the Foundation and changes therein are classified and reported as follows: Under this provision, the Foundation is required to report information regarding its financial position and activities according to two classes of net assets: net assets without donor restrictions and net assets with donor restrictions. Accordingly, revenues are recorded when earned, and expenses are recognized when incurred.īasis of presentation The Foundation has adopted ASU 2016-14. The Foundation is rooted in Cleveland, Ohio, and organizes its grantmaking through the following program areas: climate and environmental justice creative culture and arts public education thriving families and social justice and vibrant neighborhoods and inclusive economy.īasis of Accounting The Foundation’s financial statements are presented on the accrual basis of accounting. Nature of operations The George Gund Foundation (the Foundation) was established in 1952 as a private, nonprofit institution with the sole purpose of contributing to human well-being and the progress of society. Summary of Significant Accounting Policies The accompanying notes are an integral part of the financial statements.Ĭommunity Connectivity Sidaway Bridge Notes to Financial Statements - Decemand 2019 Note 1 Supplemental Disclosure of Cash Flow Information Net increase (decrease) in cash and cash equivalents Net cash provided by investing activities Net realized and unrealized losses gains on investments
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