Foundation Statement of Financial Position
It is the mission of the GRCC Foundation to secure and manage financial gifts to support and promote student, employee and community learning, enabling the college to fulfill its mission and vision.
Total Assets
| Assets (as of June 30) | 2022 | 2021 |
|---|---|---|
| Cash and cash equivalents | $ 3,210,117 | $ 4,578,042 |
| Contributions receivable - net of allowance for uncollectible pledges of $250 at June 30, 2022 and $2,000 at June 30, 2021 | $ 2,155,537 | 3,760,693 |
| Accrued interest receivable | $ 80,085 | $76,566 |
| Investments | $31,633,274 | 38,205,264 |
| Total assets | $37,079,013 | $46,620,565 |
Liabilities (as of June 30)
| Liabilities | 2022 | 2021 |
|---|---|---|
| Scholarships payable | $ 1,006,512 | $ 649,944 |
| Accounts payable | $ 291,561 | $900,369 |
| Grants payable | $ 5,576 | $146,031 |
| Funds held on behalf of others | $ 1,612,151 | 2,915,027 |
| Total liabilities | $ 2,915,800 | 4,611,371 |
Net Assets (as of June 30)
| Net assets | 2022 | 2021 |
|---|---|---|
| Without donor restrictions | $ 8,494,809 | $8,242,127 |
| With donor restrictions | $ 25,668,404 | $33,767,067 |
| Total net assets | $ 34,163,213 | $42,009,194 |
| Total liabilities and net assets | $ 37,079,013 | $ 46,620,565 |