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Financial Report

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
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