General Mills: Foundation Financial Summary

Financial Summary

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

Revenues and investment income (loss):
	Contributions from General Mills, Inc. and subsidiaries			$	20,499,998
	Contributions of operating costs from General Mills, Inc. and subsidiaries				268,114
	Interest income				521,022
	Net realized and unrealized investment gain (loss)				(3,177,158)

			Net revenues and investment income		18,111,976

Expenses:
	Grants approved and paid, including gift-matching
		contributions of $1,863,177 and $1,786,954 in 2008 and 2007, respectively			20,001,881
	Grants approved but unpaid				1,683,712
Management and general:
	Operating costs				268,114
	Other				139,205

			Total expenses		22,309,298

			Change in net assets		(4,197,322)

Net assets at beginning of year					57,188,071

Net assets at end of year				$	52,990,749

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

Assets
Investments:
	Cash and cash equivalents		$	2,880,985
	Futures margin deposit with broker			--
	Fixed income investments			594,326
	Commingled funds			33,956,730

		Total investments		37,432,041
	Purchased interest receivables			5,825
	Due from General Mills, Inc. and subsidiaries			20,499,998

		Total Assets	$	57,937,864

Liabilities and Net Assets
Liabilities:
	Grants payable and accrued expenses		$	4,947,115


		Total liabilities		4,947,115

Net assets – unrestricted				52,990,749

		Total liabilities and net assets	$	57,937,864

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.