Thanks to an outpouring of community generosity, we ended 2016 with $416 million in consolidated assets, up 6.1% from the previous year.

The Philadelphia Foundation salutes and thanks all those who have made this growth possible and who continue to support our work on behalf of the community.

The Philadelphia Foundation exercises prudent investment practices that are oriented towards a “total return” strategy of investing. This strategy allows participation in rising markets while providing reasonable protection in falling markets.

View the 2016 financials

Assets

2016

2015

 

Cash and Cash Equivalents

$10,703,750

$11,923,313

Certificates of Deposit

751,306

750,584

Contributions Receivable

41,130,881

42,246,628

Prepaid Expenses and Other Assets

262,628

168,768

Total

$52,848,566

$55,089,293

Non-Endowment Investments

Equities

8,484,686

10,848,252

Fixed Income

10,008,816

12,269,650

Other

19,747,371

19,553,615

Total Non-Endowment Investments

$38,240,873

$42,651,517

ENDOWMENT INVESTMENTS

Equities

172,941,673

155,573,724

Fixed Income

75,507,325

64,639,304

Cash Surrender Value of Life Insurance

427,555

442,479

Cash Equivalents

13,759,773

14,198,586

Other

53,238,027

52,395,064

Total Endowment Investments

$315,874,353

$287,249,157

Split-Interest Agreements

9,589,003

7,611,232

Property and Equipment

3,494

10,927

TOTAL ASSETS

$416,556,290

$392,612,127

Liabilities and Net Assets

2016

2015

LIABILITIES

Accounts Payable and Accrued Liabilities

$883,679

$844,850

Grants Payable

904,128

4,167,047

Liabilities Under Split-Interest Agreements

2,250,417

2,055,361

Liabilities Under Agency Accounts

8,907,474

8,072,864

Deferred Rent

30,442

84,553

Total Liabilities

$12,976,140

$15,224,674

NET ASSETS

Unrestricted

For Grant Endowments

264,268,558

259,061,649

For Grantmaking

26,942,739

27,663,183

For Administrative Endowment and Operations

5,484,555

4,199,664

Total Unrestricted

$296,695,852

$290,924,496

Temporarily Restricted

53,154,842

51,725,277

Permanently Restricted

53,729,456

34,737,679

Total Net Assets

$403,580,150

$377,387,451

TOTAL LIABILITIES AND NET ASSETS

$416,556,290

$392,612,126

REVENUE AND SUPPORT

Total for Year Ended Dec. 31, 2016

Gifts, Grants and Bequests

$ 35,536,055

Investment Income

7,348,759

Net Unrealized and Realized Investment Gain

11,617,959

Change in Value of Perpetual Trust

46,326

Subtotal

$54,549,098

EXPENSES

Grants

20,457,082

Investment Management and Trustee Fees

978,398

Grantmaking

552,722

Special Program Expenses

2,373,447

Development and Donor Services

1,315,663

Financial Management

2,120,845

Marketing

454,164

Total Expenses

$28,252,322

CHANGE IN NET ASSETS BEFORE INCOME TAXES

$26,296,777

Unrelated Business Income Tax Benefit

104,078

CHANGE IN NET ASSETS

$26,192,699

Net Assets - Beginning of Year

377,387,451

NET ASSETS – END OF YEAR

$ 403,580,150

INVESTMENT MANAGERS

The endowment assets of TPF, Inc. are managed by:

  • Access Capital Strategies
  • Artisan Partners, LP
  • Bogle Investment Management
  • Canyon Capital Advisors, LLC
  • Cevian Capital
  • Colchester Global Investors
  • Dimensional Fund Advisors, LP
  • Eagle Capital Management, LLC
  • Effissimo Capital Management
  • Eightfold Real Estate Capital, LP
  • Focused Investors, LLC
  • Forester Partners, LP
  • Highclere International Investors
  • Hoplite Capital Management, LLC
  • Jackson Square Partners, LLC
  • Lansdowne Partners Limited
  • Marathon-London
  • Metropolitan Real Estate Equity Mgmt., LLC
  • Nitorum Capital
  • Oak Hill Advisors, LP
  • Perennial Capital Management, LLC
  • Permian Investment Partners

TRUSTEE INSTITUTIONS

In establishing a fund, donors have the option of using TPF, Inc. as a trustee or one of seven trustee institutions:

  • The Bryn Mawr Trust Company
  • The Glenmede Trust Company
  • BNY Mellon
  • Pitcairn Trust Company
  • PNC Bank, N.A.
  • Wells Fargo
  • Wilmington Trust of Pennsylvania

INSTITUTIONAL PARTNERSHIPS

  • American Funds
  • Brown Brothers Harriman

INDEPENDENT INVESTMENT CONSULTANT

  • Colonial Consulting