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Foundation Financial Summary

Financial Summary

GENERAL MILLS FOUNDATION
Statement of Financial Position
Year Ended May 31, 2009 and 2008
2009   2008   


Assets
   
Investments:*        
Fixed income investments
$
467,629    594,326   
Commingled funds 23,691,830    33,956,730   
 

Total investments 24,159,459    34,551,056   
Cash and cash equivalents 1,035,957    125,597   
Securities held as collateral 139,560    143,000   
Purchased interest receivables 2,397    5,825   
Due from General Mills, Inc. and subsidiaries 36,800,000    20,499,998   
Total assets 62,137,373    55,325,476   


Liabilities and Net Assets
   
Liabilities:        
Payable upon return of securities loaned
$
145,125    143,000   
Grants payable and accrued expenses 3,106,693    2,191,727   


Total liabilities 3,251,818    2,334,727   


Net assets:        
Unrestricted 58,885,555    52,990,749   


Total liabilities and net assets
$
62,137,373    55,325,476   


* Including securities on loan of $142,355 and $140,184 at May 31, 2009 and 2008, respectively
 
See accompanying notes to financial statements


GENERAL MILLS FOUNDATION
Statement of Activities
Year ended May 31, 2009 and 2008 
Unrestricted   

2009    2008   


Revenues and investment income:      
Contributions from General Mills, Inc. and subsidiaries
$
36,800,000   
$
20,499,998   
Contributions of operating costs from General Mills, Inc. and subsidiaries 280,170    268,114   
Interest and dividend income 277,577    521,022   
Net realized and unrealized loss on investments (9,116,614)    (3,177,158)   
Net unrealized loss on securities held as collateral (5,565)    ---   
Securities lending income 912    538   


Net revenues and investment income 28,236,480    18,111,976   


Expenses:
Grants approved and paid, including gift-matching contributions of $1,960,394 and $1,863,177 in 2009 and 2008, respectively 19,375,548    20,001,881   
Grants approved but unpaid 2,500,642    1,683,712   
Unlelated business income tax 28,782    216,386   
Operating costs 280,170    268,114   
Other 156,532    139,205   


Total expenses 22,341,674    22,309,298   


Change in net assets 5,894,806    (4,197,322)   
       
Net assets at beginning of year 52,990,749    57,188,071   


Net assets at end of year
$
58,885,555    52,990,749   


 
See accompanying notes to financial statements


GENERAL MILLS FOUNDATION
Statement of Cash Flows
Year ended May 31, 2009 and 2008 
 
2009    2008   


Cash flows from operating activities:      
Change in net assets
$
5,894,806   
$
(4,197,322)   
Adjustments to reconcile change in net assets to net cash (used in) provided by operating activities:        
Net realized and unrealized loss on investments 9,116,614    3,177,696   
Changes in assets and liabilities:    
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    ---   
Grants payable and other accured expenses 914,966    865,774   


Net cash (used in) provided by operating activities (364,623)    1,116,658   


Cash flows from investing activities:      
Purchase of investments (94,903)    (49,839,394)   
Proceeds from sale of investments 1,369,886    14,394,206   


Net cash provided by (used in) investing activities 1,274,983    (35,445,188)   


Net decrease in cash and cash equivalents 910,360    (34,454,127))   
Cash and cash equivalents at beginning of year   125,597      34,454,127   


Cash and cash equivalents at end of year
$
1,035,957      125,597   


Supplemental disclosure of cash flow information:  
Cash paid during the period for taxes
$
233,352    49,437   
 
See accompanying notes to financial statements


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.