The Foundation was established in 1952. The Foundation also supports projects concerned with domestic social change. The accompanying financial statements have been prepared on the accrual basis of accounting.
Cash represents demand deposits on hand at financial institutions.
When assets are retired or sold, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss arising from such disposition is included in the statement of activities. Grant awards are disbursed to organizations upon approval of the Board, and subsequent notification to the trustee. The Foundation records grants payable upon approval and fulfillment of conditions, if applicable. These conditions were met in fiscal year 1998 and were included in the 1998 grant expense. Investment securities are carried at fair value.