The Philadelphia Foundation

“The philadelphia foundation provides customized investment management and grantmaking assistance to henrietta tower wurts memorial and scattergood foundation.”

“The goal of the foundation's investment policy is to generate income to support current operations through a total return investment strategy and a spending policy set to maintain, and ideally increase the purchasing power of the endowment, without putting the principal value of these funds at undue risk. The philadelphia foundation's permanent endowment is .02% and has a board restricted endowment of .82%. The remaining endowment (99.16%) is restricted by donor purpose. However, in the event that it becomes unnecessary, undesirable, impractical or impossible to utilize funds for such purposes designated by the donor, the philadelphia foundation has the right to utilize the donor's funds for such other charitable purposes that will as closely as possible maintain the donor's original intent. Due to the variance power that exists, these funds are accounted for as unrestricted in the financial statements of the foundation and therefore are not included in the three categories presented within schedule d.”

“The philadelphia foundation (tpf), the philadelphia foundation, inc. (tpf, inc.), tpf special assets fund (saf), queen's jubilee education foundation (qjef), the harry r. Halloran, jr. Charitable trust (halloran trust), and delaware charitable assets, inc. (dca), collectively, "the foundation," are exempt from federal income taxes under section 501(c)(3) of the internal revenue code (the code). Tpf is treated as a publicly supported, tax-exempt community foundation as defined in sections 509(a)(1) and 170(b)(1)(a)(vi) of the code. In addition, the irs has determined that tpf, inc. Is a component part of tpf and is exempt as such. Saf, the halloran trust and dca are recognized as tax-exempt supporting organizations under section 509(a)(3) of the code. Qjef is recognized as a publicly supported tax-exempt organization as defined in sections 509(a)(1) and 170(b)(1)(a)(vi) of the code. Certain unrelated business income is subject to federal income taxes. The foundation follows the income tax standard for uncertain tax positions. The application of this standard has no impact on the foundation's consolidated financial statements. The institute for journalism in new media, llc is a single-member llc with saf as the sole member. The institute is a disregarded entity for tax purposes, and all activity will be reported under saf. The foundation holds investments that produce unrelated business income. The associated unrelated business income tax is generated primarily from earnings on leveraged investments (primarily hedge funds) as well as ownership of private company stock. As of december 31, 2016, halloran trust had prepaid taxes of $179,614 which is included in halloran trust's prepaid expenses and other assets in the accompanying consolidated statements of financial position. As of december 31, 2015, tpf special assets fund had prepaid taxes of $98,215 which is included in tpf special assets fund's prepaid expenses and other assets in the accompanying consolidated statements of financial position.”