The fall issue highlights 10 Lessons Learned in the First 10 Years.
During fiscal year 2008-2009, the value of Piper Trust’s investments decreased from $580 million to $371 million. The $209 million decrease included $23 million in grant payments and Trust programs and a net investment decrease of $181 million, among other things. Investment return (income less capital loss and investment fees) for the year was negative 32 percent.
In fiscal year 2008-2009, Piper Trust payment for grants and Trust programs was $23 million. Typically, the grant budget is based on five percent of a three-year average of the endowment’s market value. This policy provides a relatively stable pattern of spending, despite fluctuations in securities markets.
In fiscal year 2008-2009, the Piper board of trustees awarded 659 grants totaling $14.9 million, some of which will be paid in future years, and the Trust incurred expenses for 15 programs of $804,000. During the fiscal year, $23 million was paid on 798 grants, some of which were approved in prior years.
Change in Asset Values
(accrual basis) | 3/31/2009 | 3/31/2008 | 3/31/2007 |
| Investment Activity, Net | $(180,880,068) | $3,258,427 | $66,447,726 |
Grant Awards and Direct
Charitable Activities | ($18,200,354) | ($61,273,381) | ($22,858,138) |
| Grantmaking and Administrative Expenses | ($4,374,465) | ($3,536,526) | ($2,794,702) |
Federal Excise Tax on Net
Investment Income | ($449,268) | ($657,116) | ($684,945) |
| Contributions Received | $4,022,081 | $11,550 | $141,504 |
| Total Change | $198,983,538 | $62,197,046 | $40,251,445 |
| Memo: Beginning Net Assets | $541,816,520 | $604,013,566 | $563,762,121 |
| Ending Net Assets | $342,832,982 | $541,816,520 | $604,013,566 |