Financial Summary
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GENERAL
MILLS FOUNDATION
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Statement
of Financial Position
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Year
Ended May 31, 2009 and 2008
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|
2009 |
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|
2008
|
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Assets
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|
|
|
|
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| Investments:* |
|
|
|
|
|
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|
Fixed
income investments |
$
|
467,629 |
|
|
594,326 |
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|
Commingled
funds |
|
23,691,830 |
|
|
33,956,730 |
|
|
|
|
|
|
|
|
|
|
|
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|
Total
investments
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|
24,159,459 |
|
|
34,551,056 |
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|
Cash and
cash equivalents
|
|
1,035,957 |
|
|
125,597 |
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|
Securities held as collateral
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|
139,560 |
|
|
143,000 |
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|
Purchased interest receivables
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|
2,397 |
|
|
5,825 |
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|
Due from General Mills, Inc. and subsidiaries |
|
36,800,000 |
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|
20,499,998 |
|
|
|
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Total assets |
|
62,137,373 |
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|
55,325,476 |
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|
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Liabilities
and Net Assets
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| Liabilities: |
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|
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Payable upon return of securities loaned |
$
|
145,125 |
|
|
143,000 |
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|
Grants
payable and accrued expenses |
|
3,106,693 |
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|
2,191,727 |
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|
|
|
|
|
|
|
|
|
|
|
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Total
liabilities |
|
3,251,818 |
|
|
2,334,727 |
|
|
|
|
|
|
|
|
|
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| Net assets: |
|
|
|
|
|
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Unrestricted |
|
58,885,555 |
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|
52,990,749 |
|
|
|
|
|
|
|
|
|
|
|
|
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Total
liabilities and net assets |
$
|
62,137,373 |
|
|
55,325,476 |
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|
|
|
|
|
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* Including securities on loan of $142,355 and $140,184 at May 31, 2009 and 2008, respectively
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See accompanying notes to financial statements
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GENERAL
MILLS FOUNDATION
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Statement
of Activities
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|
Year
ended May 31, 2009 and 2008
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Unrestricted
|
|
|
|
| |
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2009
|
|
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2008
|
|
|
|
|
|
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| Revenues
and investment income: |
|
|
|
|
|
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|
Contributions
from General Mills, Inc. and subsidiaries |
$
|
36,800,000 |
|
$
|
20,499,998 |
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|
Contributions
of operating costs from General Mills, Inc. and subsidiaries |
|
280,170 |
|
|
268,114 |
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|
Interest
and dividend
income |
|
277,577
|
|
|
521,022
|
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|
Net
realized and unrealized loss on investments |
|
(9,116,614) |
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|
(3,177,158) |
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Net
unrealized loss on securities held as collateral |
|
(5,565) |
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|
--- |
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Securities lending income |
|
912 |
|
|
538 |
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|
|
|
|
|
|
|
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Net
revenues and investment income |
|
28,236,480 |
|
|
18,111,976 |
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|
|
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| Expenses: |
|
|
|
|
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Grants
approved and paid, including gift-matching contributions
of $1,960,394 and $1,863,177 in 2009 and 2008, respectively
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|
19,375,548 |
|
|
20,001,881
|
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Grants
approved but unpaid |
|
2,500,642 |
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|
1,683,712 |
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Unlelated business income tax |
|
28,782 |
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|
216,386 |
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Operating costs |
|
280,170 |
|
|
268,114 |
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Other |
|
156,532 |
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|
139,205 |
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|
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Total
expenses |
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22,341,674 |
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22,309,298 |
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Change
in net assets |
|
5,894,806 |
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|
(4,197,322) |
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| |
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| Net assets
at beginning of year |
|
52,990,749 |
|
|
57,188,071 |
|
|
|
|
|
|
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| Net assets
at end of year |
$
|
58,885,555 |
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|
52,990,749 |
|
|
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|
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See accompanying notes to financial statements
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GENERAL
MILLS FOUNDATION
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Statement
of Cash Flows
|
|
Year
ended May 31, 2009 and 2008
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2009
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2008
|
|
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| Cash flows from operating activities: |
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|
|
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Change in net assets |
$
|
5,894,806 |
|
$
|
(4,197,322) |
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Adjustments to reconcile change in net assets to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
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Net realized and unrealized loss on investments |
|
9,116,614 |
|
|
3,177,696 |
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Changes in assets and liabilities: |
|
|
|
|
|
|
|
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Securities held as collateral |
|
3,440 |
|
|
--- |
|
|
|
|
Futures margin deposit with broker |
|
--- |
|
|
476,000 |
|
|
|
|
Purchased interest receivables |
|
3,428 |
|
|
194,510 |
|
|
|
|
Due from General Mills, Inc. and subsidiaries |
|
(16,300,002) |
|
|
600,000 |
|
|
|
|
Payable upon return of securities loaned |
|
2,125 |
|
|
--- |
|
|
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|
Grants payable and other accured expenses |
|
914,966 |
|
|
865,774 |
|
|
|
|
|
|
|
|
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Net cash (used in) provided by operating activities |
|
(364,623) |
|
|
1,116,658 |
|
|
|
|
|
|
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| Cash flows from investing activities: |
|
|
|
|
|
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|
Purchase of investments |
|
(94,903)
|
|
|
(49,839,394)
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|
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Proceeds from sale of investments |
|
1,369,886 |
|
|
14,394,206 |
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|
|
|
|
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Net cash provided by (used in) investing activities |
|
1,274,983 |
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|
(35,445,188) |
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|
|
|
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|
|
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Net decrease in cash and cash equivalents |
|
910,360 |
|
|
(34,454,127)) |
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| Cash and cash equivalents at beginning of year |
|
125,597 |
|
|
34,454,127 |
|
|
|
|
|
|
|
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| Cash and cash equivalents at end of year |
$
|
1,035,957 |
|
|
125,597 |
|
|
|
|
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| Supplemental disclosure of cash flow information: |
|
|
|
|
|
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|
Cash paid during the period for taxes |
$ |
233,352 |
|
|
49,437 |
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|
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See accompanying notes to financial statements
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Summary of Significant Accounting Policies
Basis of Presentation
The General Mills Foundation (the Foundation) focuses on grant making,
scholarships, and employee gift matching. Generally, the Foundation grants are
targeted in the areas of youth nutrition and fitness, social services,
education, and arts and culture.
No restrictions are placed on investments other than a requirement for approval
by the board of trustees. The Foundation’s portfolio is principally managed by
trustees who have discretion over investments. The investments in the
accompanying financial statements are stated at fair value. Realized gains and
losses on disposition of investments are recorded on the basis of average cost
and are recognized on the trade date.
The Foundation’s net assets are classified based on the existence or absence of
donor-imposed restrictions. As of May 31, 2008 and 2007, the Foundation had no
permanently or temporarily restricted net assets. Accordingly, the net assets
of the Foundation and the changes therein are classified and reported as
unrestricted.
The Foundation is classified as a tax-exempt organization under Section
501(c)(3) and is a private foundation under Section 509(a) of the Internal
Revenue Code. The Foundation is subject to a 1% federal excise tax on net
investment income and unrelated business income tax associated with certain
investments.
Under the Tax Reform Act of 1969, the Foundation is required to make certain
minimum distributions in accordance with a specified formula. At May 31, 2008,
the Foundation was in compliance with those requirements.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Complete Financial Report
A complete financial report is available on request from the General Mills
Foundation.
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