Thanks to an outpouring of community generosity, we ended 2017 with $494 million in consolidated assets, up 18.5% from the previous year.

The Philadelphia Foundation salutes and thanks all those who have made this growth possible and who continue to support our work on behalf of the community.

The Philadelphia Foundation exercises prudent investment practices that are oriented towards a “total return” strategy of investing. This strategy allows participation in rising markets while providing reasonable protection in falling markets.

View the 2017 financials

Assets

2017

2016

Cash and Cash Equivalents

$15,155,107

$10,703,750

Certificates of Deposit

1,739,330

751,306

Contributions Receivable

34,514,102

41,130,881

Prepaid Expenses and Other Assets

202,510

262,628

Total

$51,611,049

$52,848,566

Non-Endowment Investments

Equities

10,862,654

8,484,686

Fixed Income

10,001,135

10,008,816

Other

19,647,906

19,747,371

Total Non-Endowment Investments

$40,511,695

$38,240,873

Real Estate Held for Sale

$15,852,000

$ –

ENDOWMENT INVESTMENTS

Equities

216,920,347

172,941,673

Fixed Income

88,579,235

75,507,325

Cash Surrender Value of Life Insurance

407,246

427,555

Cash Equivalents

10,125,698

13,759,773

Other

57,544,328

53,238,027

Total Endowment Investments

$373,576,854

$315,874,353

Split-Interest Agreements

11,354,390

9,589,003

Property and Equipment

895,836

3,494

TOTAL ASSETS

$493,801,824

$416,556,290

Liabilities and Net Assets

2017

2016

LIABILITIES

Accounts Payable and Accrued Liabilities

$1,187,142

$883,679

Grants Payable

1,475,269

904,128

Liabilities Under Split-Interest Agreements

2,731,387

2,250,417

Liabilities Under Agency Accounts

10,446,460

8,907,474

Deferred Rent and Lease Incentive Liability

817,663

30,442

Total Liabilities

$16,657,921

$12,976,140

NET ASSETS

Unrestricted

For Grant Endowments

301,617,087

264,268,558

For Grantmaking

33,971,001

26,942,739

For Administrative Endowment and Operations

5,387,433

5,484,555

Total Unrestricted

$340,975,521

$296,695,852

Temporarily Restricted

70,837,458

53,154,842

Permanently Restricted

65,330,924

53,729,456

Total Net Assets

$ 477,143,903

$403,580,150

TOTAL LIABILITIES AND NET ASSETS

$493,801,824

$416,556,290

REVENUE AND SUPPORT

Total for Year Ended Dec. 31, 2017

Gifts, Grants and Bequests

$57,119,205

Investment Income

10,398,311

Net Unrealized and Realized Investment Gain

40,135,419

Change in Value of Perpetual Trust

166,078

Subtotal

$107,819,013

EXPENSES

Grants

22,326,828

Investment Management and Trustee Fees

1,223,424

Grantmaking

2,126,841

Special Program Expenses

2,620,438

Development and Donor Services

1,494,498

Financial Management

3,307,560

Marketing

393,682

Total Expenses

$33,493,271

CHANGE IN NET ASSETS BEFORE INCOME TAXES

$74,325,742

Unrelated Business Income Tax Benefit

761,989

CHANGE IN NET ASSETS

$73,563,753

Net Assets - Beginning of Year

403,580,150

NET ASSETS – END OF YEAR

$477,143,903

INVESTMENT MANAGERS

The endowment assets of TPF, Inc. are managed by:

  • Access Capital Strategies
  • Artisan Partners, LP
  • Bogle Investment Management
  • Canyon Capital Advisors, LLC
  • Cevian Capital
  • Colchester Global Investors
  • Dimensional Fund Advisors, LP
  • Eagle Capital Management, LLC
  • Effissimo Capital Management
  • Eightfold Real Estate Capital, LP
  • First Light Asset Management
  • Focused Investors, LLC
  • Hengistbury Investment Partners
  • Highclere International Investors
  • Jackson Square Partners, LLC
  • Lansdowne Partners Limited
  • Marathon-London
  • Metropolitan Real Estate Equity Management,LLC
  • Nitorium Capital
  • Oak Hill Advisors, LP
  • Perennial Capital Management, LLC
  • Permian Investment Partners
  • Pacific Investment Management Company, LLC
  • Sanderson Asset Management LLP
  • Reinvestment Fund, Inc.
  • TIFF Advisory Services, Inc.
  • Tybourne Capital Management
  • Van Eck Associates Corp
  • Vanguard

TRUSTEE INSTITUTIONS

In establishing a fund, donors have the option of using TPF, Inc. as a trustee or one of seven trustee institutions:

  • The Bryn Mawr Trust Company
  • The Glenmede Trust Company
  • BNY Mellon
  • Pitcairn Trust Company
  • PNC Bank, N.A.
  • Wells Fargo
  • Wilmington Trust

INSTITUTIONAL PARTNERSHIPS

  • American Funds
  • Brown Brothers Harriman

INDEPENDENT INVESTMENT CONSULTANT

  • Colonial Consulting