2018 Annual Report - Finances
Finances
Ploughshares Fund’s programmatic services and grants are aimed at activities that have the potential to affect public policy by reaching policymakers, the media and the public with vital information about nuclear weapons and other international security issues.
To ensure maximum impact, all annual contributions go directly to grantmaking and programmatic activities, with nothing subtracted for administration or development.
In 2018, Ploughshares Fund raised $5,976,393, including $38,400 committed to long term investment. We gave grants totaling $4,177,888 and spent $3,419,453 on other programmatic activity, including $1,808,515 in N Square expenses.* Administrative and development expenses are paid for by the Fund’s Board of Directors and a draw from our capital reserves. This year, 80% of our budget was spent on grantmaking and program services, exceeding standards set by the National Charities Information Bureau/Better Business Bureau and Charity Navigator.
In 2018, Ploughshares Fund’s investments gained $1,945,775 compared to a gain of $4,459,538 in 2017. Ploughshares Fund’s investment portfolio is actively managed by the Fund’s investment committee with counsel of an investment manager.
On June 30, 2018, Ploughshares Fund’s net assets were $31,707,615 compared to net assets on June 30, 2017 of $33,239,759. Of the 2018 total net assets, $31,286,569 is held in our capital reserves, which were established to ensure that we will be able to continue our mission to eliminate the threat of nuclear weapons despite any potential external shocks that may arise.
* N Square is the product of a joint funding initiative of the John D. and Catherine T. MacArthur Foundation, the Carnegie Corporation of New York, Ploughshares Fund, and the Skoll Fund.
Financial Report
| SUPPORT AND REVENUE | 2018 | 2017 |
| Contributions | 5,976,393 | 6,541,682 |
| Investment return | 1,945,775 | 4,459,538 |
| Changes in value of split-interest agreements | 4,676 | 4,676 |
| TOTAL SUPPORT AND REVENUE | 7,926,844 | 11,005,896 |
| EXPENSES | 2018 | 2017 |
| Program Services | ||
| Grants from Ploughshares Fund | 3,861,888 | 3,603,130 |
| Grants from Cowles Fund | 316,000 | 459,000 |
| Program support | 3,419,453 | 3,367,744 |
| Supporting Services 1 | ||
| General administration | 693,895 | 668,299 |
| Development | 1,167,752 | 1,220,726 |
| TOTAL EXPENSES | 9,458,988 | 9,318,899 |
| CHANGE IN NET ASSETS | -1,532,144 | 1,686,997 |
| NET ASSETS, BEGINNING OF YEAR | 33,239,759 | 31,552,762 |
| NET ASSETS, END OF YEAR | 31,707,615 | 33,239,759 |
| ASSETS AND LIABILITIES | 2018 | 2017 |
| For fiscal year ended June 30, 2018 | ||
| ASSETS 2 | ||
| Cash and cash equivalents 3 | 523,589 | 1,721,334 |
| Promises to give | 985,381 | 856,108 |
| Interest receivable and other assets | 115,273 | 130,209 |
| Long-term investments | 31,286,569 | 32,040,357 |
| Fixed assets (less accumulated depreciation and amortization) | 36,622 | 56,750 |
| TOTAL ASSETS | 32,947,434 | 34,804,758 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | 250,853 | 354,674 |
| Grants payable | 1,125,684 | 1,192,046 |
| Deferred revenue | 13,603 | 18,279 |
| TOTAL LIABILITIES | 1,390,140 | 1,564,999 |
| NET ASSETS | ||
| Unrestricted | 6,648,123 | 7,752,435 |
| Temporarily restricted | 19,304,490 | 19,684,935 |
| Permanently restricted | 5,755,002 | 5,802,389 |
| TOTAL NET ASSETS | 31,707,615 | 33,239,759 |
| TOTAL LIABILITIES AND NET ASSETS | 33,097,755 | 34,804,758 |
Our complete audited financial statements are available upon request.
The above numbers have been audited.
- All administrative and development expenses are covered by contributions from Ploughshares Fund’s Board of Directors and the annual draw from the capital reserves.
- These assets include investments in Ploughshares’ Pooled Income Fund.
- 2017 included $611,293 restricted to funding N Square in fiscal year 2018.