THE CHICAGO COMMUNITY TRUST (Funds Held by the Trustees … · 2020-01-02 · THE CHICAGO COMMUNITY...

THE CHICAGO COMMUNITY TRUST (Funds Held by the Trustees or Created for the

Benefit of The Chicago Community Trust)

Consolidated Financial Statements and Schedules

September 30, 2017 and 2016

(With Independent Auditors’ Report Thereon)

THE CHICAGO COMMUNITY TRUST

(Funds Held by the Trustees or Created for the


Table of Contents

Page

Independent Auditors’ Report 1

Consolidated Statements of Financial Position 3

Consolidated Statements of Activities 4

Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements 6

Schedules

Consolidating Financial Statements:

1. Consolidating Statements of Financial Position 27

2. Consolidating Statements of Activities – Unrestricted 29

3. Consolidating Statements of Activities – Temporarily Restricted 31

4. Consolidating Statements of Activities – Permanently Restricted 33

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Independent Auditors’ Report

The Executive Committee

The Chicago Community Trust:

We have audited the accompanying consolidated financial statements of The Chicago Community Trust

(the Trust), which comprise the consolidated statements of financial position as of September 30, 2017 and

2016, and the related consolidated statements of activities and cash flows for the years then ended, and the

related notes to the consolidated financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements

in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and

maintenance of internal control relevant to the preparation and fair presentation of consolidated financial

statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We

conducted our audits in accordance with auditing standards generally accepted in the United States of America.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the

consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the

assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud

or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s

preparation and fair presentation of the consolidated financial statements in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness

of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the

appropriateness of accounting policies used and the reasonableness of significant accounting estimates made

by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,

the financial position of The Chicago Community Trust as of September 30, 2017 and 2016, and the changes in

its net assets and its cash flows for the years then ended, in accordance with U.S. generally accepted

accounting principles.

2

Other Matters

Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a

whole. The consolidating information included in schedules 1 through 4 is presented for purposes of additional

analysis and is not a required part of the consolidated financial statements. Such information is the

responsibility of management and was derived from and relates directly to the underlying accounting and other

records used to prepare the consolidated financial statements. The information has been subjected to the

auditing procedures applied in the audit of the consolidated financial statements and certain additional

procedures, including comparing and reconciling such information directly to the underlying accounting and

other records used to prepare the consolidated financial statements or to the consolidated financial statements

themselves, and other additional procedures in accordance with auditing standards generally accepted in the

United States of America. In our opinion, the information is fairly stated in all material respects in relation to the

consolidated financial statements as a whole.

Chicago, Illinois

June 14, 2018




Consolidated Statements of Financial Position


Assets 2017 2016

Cash and cash equivalents $ 16,728,555 16,354,208

Investments (note 4) 2,467,382,063 2,177,434,560

Contributions receivable, net (note 6) 9,614,137 16,575,178

Government grants and contracts receivable 1,742,436 1,376,137

Land, office equipment, and leasehold improvements, less

accumulated depreciation and amortization of $4,357,851

and $3,921,307 in 2017 and 2016, respectively 1,446,842 3,351,696

Other assets 1,744,201 627,388

Beneficial interest in charitable term trusts (note 2(h)) 284,663,239 280,998,866

Beneficial interest in charitable perpetual trusts 44,927,424 41,049,934

Total assets $ 2,828,248,897 2,537,767,967

Liabilities and Net Assets

Liabilities:

Accounts payable and accrued expenses $ 5,176,839 4,316,207

Annuity payable 410,840 446,299

Grants payable (note 7) 23,917,855 23,701,343

Funds held for others 35,867,236 29,753,322

Total liabilities 65,372,770 58,217,171

Commitments (note 8)

Net assets:

Unrestricted 2,383,104,521 2,104,685,729

Temporarily restricted 294,277,376 297,574,044

Permanently restricted 85,494,230 77,291,023

Total net assets 2,762,876,127 2,479,550,796

Total liabilities and net assets $ 2,828,248,897 2,537,767,967

See accompanying notes to consolidated financial statements.

3




Consolidated Statements of Activities

Years ended September 30, 2017 and 2016

2017 2016

Unrestricted activities:

Operating activities:

Support, revenue, and transfers:

Investment payout (note 4) $ 62,146,660 57,950,571

Contributions 8,628,743 7,247,395

Government grants and contracts revenue 3,755,274 3,099,091

Transfers from nonoperating activities (note 2(e)) 252,834,364 181,956,722

Other income 1,207,806 2,185,979

Net assets released from restrictions (note 2(b)) 24,663,720 24,995,067

Total operating support, revenue, and transfers 353,236,567 277,434,825

Expenses (note 10):

Grants, net of refunds 309,079,405 229,008,168

Program-related expenses (note 9) 8,365,027 6,816,237

Program-related expenses – government grants 3,644,379 2,963,520

Investment management and custodian fees 4,295,018 4,218,368

Administrative expenses (note 10) 17,664,832 17,235,671

Other expenses 38,522 19,517

Total operating expenses 343,087,183 260,261,481

Excess of operating support, revenue, and transfers over expenses 10,149,384 17,173,344

Nonoperating activities:

Contributions 370,542,254 323,285,756

Net return on investments after investment payout (note 4) 139,924,680 95,114,754

Investment management and custodian fees (note 10) (224,065) (185,487)

Change in value of charitable gift annuity and life insurance policy (26,165) (49,086)

Transfer to operating activities (note 2(e)) (252,834,364) (181,775,112)

Other income 20,882 19,433

Net assets released from restrictions (note 2(b)) 10,866,186 9,350,105

Net nonoperating activities 268,269,408 245,760,363

Increase in unrestricted net assets 278,418,792 262,933,707

Temporarily restricted activities:

Contributions 4,542,402 2,708,436

Gain on beneficial interest in charitable term trusts (note 2(h)) 27,690,836 8,320,934

Net assets released from restrictions (note 2(b)) (35,529,906) (34,345,172)

Decrease in temporarily restricted net assets (3,296,668) (23,315,802)

Permanently restricted activities:

Net gain on investments (note 4) 4,325,717 2,563,846

Gain on beneficial interest in charitable perpetual trusts 3,877,490 2,133,618

Other — (181,610)

Increase in permanently restricted net assets 8,203,207 4,515,854

Increase in net assets 283,325,331 244,133,759

Net assets at beginning of year 2,479,550,796 2,235,417,037

Net assets at end of year $ 2,762,876,127 2,479,550,796


4




Consolidated Statements of Cash Flows


2017 2016

Cash flows from operating activities:

Increase in net assets $ 283,325,331 244,133,759

Adjustments to reconcile increase in net assets to net cash

provided by operating activities:

Depreciation and amortization 436,544 471,654

Net gain on investments (165,226,486) (117,938,732)

Net gain on beneficial interest in charitable trusts (31,568,326) (10,454,552)

Donation of land 1,578,427 —

Changes in assets and liabilities:

Contributions receivable 6,961,041 9,108,628

Government grants and contracts receivable (366,299) 1,479,987

Other assets (1,116,813) 171,375

Beneficial interest in charitable trusts 24,026,463 24,364,644

Accounts payable and accrued expenses 860,632 (2,326,912)

Annuity payable (35,459) (30,619)

Grants payable 216,512 (7,963,197)

Funds held for others 6,113,914 23,761,718

Net cash provided by operating activities 125,205,481 164,777,753

Cash flows from investing activities:

Proceeds from sale of investments 542,477,914 581,329,877

Purchase of investments (667,198,931) (747,805,089)

Capital expenditures (110,117) (284,870)

Net cash used in investing activities (124,831,134) (166,760,082)

Net increase (decrease) in cash and cash equivalents 374,347 (1,982,329)

Cash and cash equivalents at beginning of year 16,354,208 18,336,537

Cash and cash equivalents at end of year $ 16,728,555 16,354,208


5




Notes to Consolidated Financial Statements


6 (Continued)

Description of Organization

The Chicago Community Trust (the Trust) is the Chicago region’s community foundation, established in

1915 to promote, guide, and manage philanthropy for the benefit of the residents of the greater Chicago

area. The mission of the Trust is to lead and inspire philanthropic efforts that measurably improve the

quality of life and the prosperity of the region. Over the years, thousands of individuals and families,

businesses, and corporations have contributed to the Trust. Today, donors recognizing the importance of

the Trust continue to add to these funds with contributions, including provisions for the Trust in their estate

planning and establish donor-advised funds to manage their giving during their lifetime. Trust resources are

used to respond to the current needs of the community and will be used in the future to respond to the

ever-changing needs of the region.

The accompanying consolidated financial statements include all funds held by or created for the benefit of

the Trust and its affiliated organizations.

The Trust and its affiliated organizations are recognized as public charities and have received

determination letters from the Internal Revenue Service indicating that they are exempt from federal

income taxes on related income under Section 501(a) as organizations described in 501(c)(3) of the

Internal Revenue Code.

Summary of Significant Accounting Policies

(a) Basis of Consolidation

The consolidated financial statements include the accounts of the Trust; The Chicago Community

Foundation (the Foundation); The Burridge D. Butler Memorial Trust of Chicago, Illinois (the Butler

Trust); The Lavin Family Supporting Foundation; The Springboard Foundation; The Pert Foundation;

The Lake County Community Foundation; The Community Foundation of Will County; Metropolis

Strategies; The McHenry County Community Foundation; and The Glasser and Rosenthal Family

Foundation. Interorganizational transactions and balances have been eliminated in consolidation.

The Foundation was incorporated in October 1985 for the purpose of providing additional flexibility to

donors with respect to the investment of funds and to broaden the geographic area served.

The Butler Trust was created in 1951 under the provisions of the will of Burridge D. Butler. The net

income of the Butler Trust, together with any accumulations of net income, is to be distributed by the

Trust.

The Lavin Family Supporting Foundation is a not-for-profit organization incorporated in December 1996

to foster, support, develop, and maintain charitable activities and vital human and educational services

by supporting and furthering the charitable objectives of the Trust.

The Springboard Foundation was created in November 2001 and is a supporting organization of the

Trust and Foundation to improve the quality of life in Chicago’s economically challenged

neighborhoods by supporting after-school and youth programs at small, not-for-profit organizations

throughout the city.






7 (Continued)

The Pert Foundation was incorporated in December 2002 and is a supporting organization of the Trust

and Foundation for the purpose of furthering the charitable objectives of the Foundation.

The Lake County Community Foundation was incorporated in September 2005 and is a supporting

organization of the Trust and Foundation to improve the mental, moral, intellectual, and physical

improvement, assistance, and relief of the inhabitants of Lake County, Illinois, by making grants and

otherwise working for the betterment of the quality of life of the inhabitants of Lake County.

The Community Foundation of Will County was incorporated in February 2006 and is a supporting

organization of the Trust and Foundation to improve the mental, moral, intellectual, and physical

improvement, assistance, and relief of the inhabitants of Will County, Illinois, by making grants and

otherwise working for the betterment of the quality of life of the inhabitants of Will County.

Metropolis Strategies (formerly, Metropolis 2020) became a supporting organization of the Trust on

March 1, 2011. A major goal of Metropolis Strategies is to assist in the advancement of the overall

mission of the Trust by leveraging its expertise and program activities to advance opportunities for

human and economic development, securing conditions for healthy, safe, just, and caring communities

and transforming the region through sustainable development.

The Glasser and Rosenthal Family Foundation was incorporated in October 2011 and is a supporting

organization of the Trust to improve the quality of life in the Chicago area through nurturing

organizations related to education, civic affairs, urban problems, and cultural activities with the end goal

of helping Chicago thrive.

The Community Foundation for McHenry County was incorporated in May 2001 and became a

supporting organization of the Trust and Foundation on January 1, 2013, to meet the social, cultural,

educational, and charitable needs throughout McHenry County, Illinois, by making grants and

otherwise working for the betterment of the quality of life of the inhabitants of McHenry County.

The net assets presented below and in the accompanying consolidated statements of financial position

include the net assets (net of eliminations) of the organizations described above as of September 30,

2017 and 2016:

2017 2016

The Chicago Community Trust $ 1,315,116,097 1,213,509,284

The Chicago Community Foundation 1,312,096,308 1,130,398,712

The Burridge D. Butler Memorial Trust of Chicago, Illinois 40,668,939 36,555,275

The Lavin Family Supporting Foundation 16,100,673 16,068,257

The Springboard Foundation 327,438 350,441

The Pert Foundation 27,538,681 35,479,227

The Lake County Community Foundation 12,022,448 10,477,066

The Community Foundation of Will County 3,652,931 3,257,029






8 (Continued)

2017 2016

Metropolis Strategies $ 494,865 240,393

The Glasser and Rosenthal Family Foundation 3,474,205 3,186,825

The McHenry County Community Foundation 31,383,542 30,028,287

$ 2,762,876,127 2,479,550,796

(b) Basis of Presentation

The accompanying consolidated financial statements have been prepared on the accrual basis of

accounting in accordance with accounting principles generally accepted in the United States of

America.

To ensure the observance of limitations and restrictions placed on the use of available resources, the

Trust maintains its accounts in accordance with the principles and practices of fund accounting. Fund

accounting is the procedure by which resources for various purposes are classified for accounting

purposes into funds that are maintained in accordance with activities or objectives of the Trust.

For external reporting purposes, however, the Trust’s consolidated financial statements have been

prepared to focus on the organization as a whole and to follow the reporting requirements of the

Financial Accounting Standards Board (FASB) and the American Institute of Certified Public

Accountants (AICPA) Audit and Accounting Guide for Not-for-Profit Organizations, which requires that

resources be classified for reporting purposes based on the existence or absence of donor-imposed

restrictions. This is accomplished by classification of fund balances into three classes of net assets –

unrestricted, temporarily restricted, and permanently restricted. Descriptions of the three net asset

categories and related activities are as follows:

Unrestricted – Net assets that are not subject to donor-imposed restrictions.

FASB Accounting Standards Codification (ASC) Topic 958, Not-for-Profit Entities (Topic 958), and its

interpretations provide that if the governing body of the organization has the ability to remove a donor

restriction (i.e., variance power), the contribution should be classified as unrestricted. Under the Trust’s

declaration of trust, the assets are held and invested in a manner similar to endowment funds;

however, the Trust’s Executive Committee has the authority, if it deems it prudent and appropriate, to

expend the entirety of the principal or appreciation. Accordingly, all net assets and related activity over

which the management of the Trust exercises direct control are classified as unrestricted net assets in

the accompanying consolidated financial statements.

In addition, the bylaws of the Foundation include a variance power provision giving the board of

directors the power, whenever any restriction or condition on the distribution of funds becomes, in

effect, unnecessary, undesirable, impractical, or impossible for literal compliance with the terms of such

instrument, to modify any restriction without regard to and freed from any specific restriction, limitation,

or direction contained in such instrument. Accordingly, all net assets and related activity over which the






9 (Continued)

management of the Foundation exercises direct control are classified as unrestricted net assets in the

accompanying consolidated financial statements.

The Trust and its related organizations solicit a variety of contributions to fund its grants, including

donor-advised funds. Donor-advised funds allow for the donor to recommend distributions to various

trust programs or other charitable organizations approved by the Trust and its related organizations.

Although the donor’s recommendations are generally fulfilled, they are subject to the approval of the

governing board and the variance power described above and are, therefore, classified as unrestricted

net assets.

Temporarily Restricted – Net assets subject to donor-imposed restrictions that will be met either by

actions of the Trust or by the passage of time. Net assets and related activity from term trusts, whereby

the Trust has a beneficial interest in a stream of income over a specified period of time, as well as

contributions receivable restricted to use in future periods, are recorded as temporarily restricted net

assets. These assets are released from their implicit time restriction when cash is collected.

Net assets released from restrictions, as reported in the consolidated statements of activities, were

$35,529,906 and $34,345,172 in fiscal years 2017 and 2016, respectively.

Permanently Restricted – Net assets subject to donor-imposed restrictions to be maintained

permanently. Net assets and related activity from perpetual trusts, whereby the Trust has a beneficial

interest in a stream of income in perpetuity, are recorded as permanently restricted net assets.

FASB Staff Position FAS 117-1 (FAS 117-1), Endowments of Not-for-Profit Organizations: Net Asset

Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of

Institutional Funds Act, and Enhanced Disclosures for All Endowed Funds (included in Topic 958)

provides guidance on the net asset classification of donor-restricted endowment funds for a

not-for-profit organization that is subject to an enacted version of the Uniform Prudent Management of

Institutional Funds Act of 2006 (UPMIFA). FAS 117-1 also improves disclosures about an

organization’s endowed funds (both donor-restricted endowment funds and board-designated

endowment funds) whether or not the organization is subject to UPMIFA.

The State of Illinois enacted UPMIFA effective June 30, 2009. The Executive Committee has

determined that the majority of the consolidated assets of the Trust do not meet the definition of

endowment under UPMIFA. As discussed above, the Trust is governed subject to The Declaration of

Trust creating The Chicago Community Trust and the assets of the Trust are held and managed by

Corporate Trustees. In addition, the governing body has determined that the majority of the assets of

the unit Foundation are subject to the bylaws of the Foundation, which contain a variance power

provision that grants the governing board the ability to distribute the principal or corpus of the fund and

thus excludes the assets as endowments as defined under UPMIFA. While the assets of the Trust and

Foundation do not meet the definition of endowment as defined under UPMIFA, the assets, with the

exception of donor-advised funds, function as endowments and are managed by the Trust and

Foundation similar to endowment funds.






10 (Continued)

(c) Revenue and Expenses

Revenue is reported as an increase in unrestricted net assets unless use of the related asset is limited

by donor-imposed time or purpose restrictions. Expenses are reported as decreases in unrestricted net

assets. Gains and losses on investments and other assets and liabilities are reported as increases or

decreases in unrestricted net assets unless their use is limited by a donor-imposed time restriction.

Expirations of temporary restrictions on net assets (i.e., the stipulated time period has elapsed or the

cash has been collected) are reported as net assets released from restrictions.

Contributions, including unconditional pledges, are recognized in the period received. Conditional

pledges are not recognized until the conditions on which they depend are substantially met.

Contributions of assets other than cash are recorded at estimated fair value. Contributions to be

received after one year are discounted at an appropriate rate commensurate with the risk involved.

Amortization of discount is recorded as additional contribution revenue.

Grant awards without substantial conditions are recognized in the period in which they are approved by

the governing bodies. Grants to be paid after one year are discounted at an appropriate rate

commensurate with the risk involved. Amortization of the discount is recorded as additional grant

expense. Grants with substantial conditions are not recognized until the conditions on which they

depend are met.

(d) Endowment Investment and Spending Policies

The Trust and Foundation have adopted investment and spending policies for its assets held as funds

functioning as endowments that seek to provide a total return that will allow the Trust and Foundation

to provide a predictable stream of resources for current operations while maintaining the purchasing

power of the assets. To achieve this investment objective, the Trust and Foundation have adopted a

long-term strategy that invests in cash and short-term investment funds, fixed-income securities

(domestic and international), domestic equities, international equities, hedge funds, absolute return

funds, and other assets. Diversification by asset class, investment style, investment manager, etc. is

employed to avoid undue risk concentration and as a means to enhance total return. The primary

performance objective is to achieve an annualized total rate of return, net of investment fees, that is

equal to or greater than 6% plus inflation over long periods of time.

In line with the total return policy, the Trust and Foundation have adopted a spending policy that moves

toward distributing annually an amount in the form of an investment payout equal to 4.50% of a moving

12-quarter average of the fair value of the funds functioning as endowments. The payout percentage is

reviewed annually by the board of directors and was 4.50% for the fiscal years ended September 30,

2017 and 2016.

All funds of the Trust and Foundation, exclusive of donor-advised funds that are not managed similar to

endowment funds and funds that are prohibited because of the gift instrument, are subject to the

spending policy.






11 (Continued)

If investment income received is not sufficient to support the total return objective, the balance is

provided from accumulated capital gains. If income received is in excess of the objective, the balance

is reinvested in the endowment.

(e) Operations

Operating results in the consolidated statements of activities reflect all transactions increasing or

decreasing net assets except those items of a long-term capital nature (classified as nonoperating

activities), such as contributions of principal assets, donor-advised funds, reinvested investment

income, and gains and losses on investments. Transfers from nonoperating activities to operating

activities represent dollars that are transferred to match grants that have been committed from funds

previously classified as nonoperating. The transfers are primarily from donor-advised funds.

(f) Cash Equivalents

Cash equivalents include amounts held in certificates of deposit and money market accounts with

original maturities of three months or less, except for such instruments included within the investment

portfolio.

(g) Investments

Investments are recorded in the consolidated financial statements at estimated fair value. The

estimated fair value of investments is based on quoted market prices, except for common trust funds

and certain alternative investments such as hedge funds and absolute return funds, for which quoted

market prices may not be available. Investments for which observable market prices in active markets

do not exist are reported at fair value based on net asset values provided by the external managers

and represented approximately 22% and 21% of the total investments at September 30, 2017 and

2016, respectively.

The valuations for these alternative investments involve estimates, appraisals, and assumptions. To

minimize the risk of loss, alternative investments are diversified by strategy, external manager, and

number of positions. In addition, the activities of all alternative fund managers are regularly reviewed by

their independent auditors, Trust staff, and the Trust’s outside investment consultant.

See note 4 for further discussion relating to the classification of the Trust’s assets based on the

three-tier fair value hierarchy.

(h) Legacies, Bequests, and Beneficial Interest in Trusts

The Trust is a beneficiary under various wills, the total realizable value of which is not presently

determinable. Such amounts are recorded as contributions when clear title is established and the

proceeds are clearly measurable. In the absence of donor-imposed conditions, the Trust recognizes its

beneficial interest in a trust as a contribution in the period in which it receives notice that the trust

agreement conveys an unconditional right to receive benefits.

The Trust is also the income beneficiary under various charitable term and perpetual trusts, the corpus

of which is not controlled by the management of the Trust. Although the Trust has no control over the






12 (Continued)

administration or investment of the funds held in the charitable term trusts, in accordance with generally

accepted accounting principles, the current fair value of the beneficial interest in various charitable term

trusts is recognized as an asset in the accompanying consolidated financial statements.

The beneficial interest in various charitable term trusts at September 30, 2017 and 2016 is reflected in

the accompanying consolidated financial statements as $284,663,239 and $280,998,866, respectively.

During 2017 and 2016, the beneficial interest in various term trusts increased by $27,690,836 and

$8,320,934, respectively.

In determining the fair value of The Chicago Community Trust’s beneficial interest in the various

charitable term trusts, the assumed discount rates used in the present value calculations ranged from

2.63% to 7.63% and from 2.32% to 8.85% at September 30, 2017 and 2016, respectively, and the

average discount rate was 7.4% and 8.52% at September 30, 2017 and 2016, respectively. Assumed

investment returns for the various charitable term trusts that provide payouts based upon the fair value

of assets over the life of the trusts range from 6.69% to 7.63% and from 7.44% to 8.85% at

September 30, 2017 and 2016, respectively. The fair value of these computations resulted in estimated

present values of $282,985,957 and $279,369,592 at September 30, 2017 and 2016, respectively. The

value reflected on the consolidated statements of financial position at September 30, 2017 and 2016 is

the lower of the expected future cash flows or the current fair value of the underlying assets.

In addition, one of the Trust’s affiliates is a beneficiary of three charitable remainder unit trusts, for

which the affiliate will receive 50% of the income until September 2048. At that time, the proceeds of

50% of the market value of the unit trusts will be distributed to the affiliate. The value of the affiliate’s

portion of the charitable remainder unit trusts is $1,677,282 and $1,629,274 at September 30, 2017

and 2016, respectively.

The Trust received distributions from various term trusts of $24,026,463 and $24,364,644 in 2017 and

2016, respectively, which are reported in the net assets released from restriction financial statement

caption.

In addition to the charitable term trusts noted above, the Trust is also the beneficiary of several

charitable perpetual trusts. The beneficial interest in the charitable perpetual trusts is reflected in the

consolidated financial statements at the fair value of the underlying assets. The beneficial interest in

charitable perpetual trusts at September 30, 2017 and 2016 was $44,927,424 and $41,049,934,

respectively. The Trust received distributions from various charitable perpetual trusts of $1,355,761 and

$1,506,905 in 2017 and 2016, respectively, which are reported in the investment payout financial

statement caption.

(i) Fixed Assets

Office equipment and leasehold improvements are stated at cost. Depreciation of equipment is

provided over the estimated useful lives of the respective assets on a straight-line basis. Depreciation

expense was $357,635 and $400,282 in 2017 and 2016, respectively. Leasehold improvements are

amortized on a straight-line basis over the term of the leases. Amortization expense was $78,909 and

$71,372 in 2017 and 2016, respectively.






13 (Continued)

(j) Use of Estimates

In order to prepare these consolidated financial statements in conformity with U.S. generally accepted

accounting principles, management of the Trust has made a number of estimates and assumptions

related to the reporting of assets, including investments in hedge funds, absolute return funds, term

and perpetual trusts, liabilities, and the disclosure of contingent assets and liabilities at the date of the

financial statements, and the reporting of revenue, expenses, gains, and losses during the reporting

period. Actual results could differ from the amounts reflected in the consolidated financial statements

and the differences could be material.

(k) New Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from

Contracts with Customers (Topic 606). This standard replaces substantially most existing revenue

recognition guidance. The core principle is to recognize revenue upon the transfer of goods or services

to customers at an amount that reflects the consideration expected to be received. Since its issuance,

the FASB has amended several aspects of the new guidance, including provisions that address

revenue recognition associated with the licensing of intellectual property and principal versus agent

considerations. This guidance, including the amendments, is required to be adopted by not-for-profit

organizations for annual periods beginning after December 15, 2018. Early application is permitted

beginning with fiscal year 2018. The Trust is evaluating the effect that ASU No. 2014-09 will have on its

consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This guidance establishes

the principles that lessees and lessors shall apply to report useful information to users of the financial

statements about the amount, timing, and uncertainty of cash flows arising from a lease for more

transparency and comparability among organizations. The core principle of the new guidance is that a

lessee should recognize the assets and liabilities that arise from leases. This guidance becomes

effective for The Trust for fiscal years beginning after December 15, 2019, with early adoption

permitted. The Trust is evaluating the effect that ASU No. 2016-02 will have on its consolidated

financial statements and related disclosures.

In August 2016, the FASB issued ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of

Financial Statements of Not-for-Profit Entities. This standard provides improvements to the information

provided in the financial statements and accompanying notes of not-for-profit entities. The amendments

set forth the FASB s improvements to net asset classification requirements and the information

presented about not-for-profit s liquidity, financial performance, and cash flows. This guidance

becomes effective for The Trust for fiscal years beginning after December 15, 2017, with early adoption

permitted. The Trust is currently assessing the impact that the new guidance will have on its

consolidated financial statements and related disclosures.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230); Classification of

Certain Cash Receipts and Cash Payments, to provide guidance for the presentation of certain items

between operating, investing or financing in the statement of cash flows, including items such as debt

prepayments and extinguishment costs, insurance proceeds, and distributions from equity method

investees. ASU 2016-15 is effective for The Trust beginning January 1, 2019 with early adoption






14 (Continued)

permitted. The Trust is continuing to evaluate this guidance and its impact on the combined

consolidated financial statements.

(l) Reclassification Disclosure

Certain reclassifications have been made to the 2016 consolidated financial statements to conform to

2017 presentation.

Income Taxes

The Trust and its affiliates received tax determination letters from the Internal Revenue Service indicating

that they are tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code and, except

for taxes pertaining to unrelated business income, are exempt from federal and state income taxes. No

provision has been made for income taxes in the accompanying consolidated financial statements, as the

Trust has had no significant unrelated business income.

The Trust accounts for uncertain tax positions in accordance with FASB Interpretation No. 48, Accounting

for Uncertainty in Income Taxes (included in FASB ASC Subtopic 740-10, Income Taxes – Overall). There

is no impact on the consolidated financial statements as a result of this pronouncement as the Trust has no

significant uncertain tax positions.

On December 22, 2017, the President signed into law H.R. 1, originally known as the Tax Cuts and Jobs

Act. The new law includes several provisions that result in substantial changes to the tax treatment of

tax-exempt organizations and their donors. The Trust has reviewed these provisions and the potential

impact and concluded the enactment of H.R. 1 will not have a material effect on the operations of the

organization.

Investments

The fair value of investments held at September 30, 2017 and 2016 is as follows:

2017 2016

Short-term investment funds $ 245,945,664 234,271,726

Fixed income – domestic 420,263,421 352,151,287

Fixed income – international 16,710,520 49,389,499

Domestic equities 1,042,152,948 901,909,192

International equities 454,945,297 346,013,916

Hedge funds 161,725,055 162,522,265

Absolute return funds 79,577,008 109,353,478

Real estate 900,000 900,000

Other 45,162,150 20,923,197

$ 2,467,382,063 2,177,434,560






15 (Continued)

Return on investments for the years ended September 30, 2017 and 2016 consists of the following (does

not include beneficial interest in charitable term trusts):

2017 2016

Investment return:

Investment income $ 41,170,571 37,690,439

Net realized gain on sale of investments 79,348,381 35,934,260

Unrealized gain on investments 85,878,105 82,004,472

Total return on investments 206,397,057 155,629,171

Investment payout (62,146,660) (57,950,571)

Net return on investments after investment payout

(includes permanently restricted net gain on

investments) $ 144,250,397 97,678,600

Fair value is defined as the price that the Trust would receive upon selling an asset in an orderly

transaction between market participants.

The Trust has adopted the fair value hierarchy as presented by ASC Subtopic 820-10, Fair Value

Management – Overall. The hierarchy prioritizes the inputs to valuation techniques used to measure fair

value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical

assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant

unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical investments. Quoted prices are available in

active markets for identical investments as of the reporting date. The types of investments in Level 1

include listed equities held in the name of the Trust, and exclude listed equities and other securities

held indirectly through commingled funds.

Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest

rates, prepayment speeds, credit risk, etc.). Pricing inputs, including broker quotes, are generally those

other than exchange quoted prices in active markets, which are either directly or indirectly observable

as of the reporting date, and fair value is determined through the use of models or other valuation

methodologies.

Level 3 – Significant unobservable inputs (including the Trust’s own assumptions in determining the fair

value of investments). Pricing inputs are unobservable for the investment and include situations where

there is little, if any, market activity for the investment. The inputs into the determination of fair value

require significant management judgment or estimation.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on

the lowest level input that is significant to the fair value measurement in its entirety.






16 (Continued)

The following table summarizes the Trust’s investments and other assets by major category in the fair

value hierarchy as of September 30, 2017, as well as the related strategy and liquidity:

2017 Redemption

Level 1 Level 2 Level 3 Total or liquidation Days’ notice

Cash and cash equivalents:

Cash and cash equivalents $ 16,728,555 — — 16,728,555 Daily One

Total 16,728,555 — — 16,728,555

Short-term investment funds:

Short-term investment funds 245,945,664 — — 245,945,664 Daily One

Total 245,945,664 — — 245,945,664

Fixed income – domestic:

U.S. Treasuries and agency f ixed

income (includes funds) 21,857,032 — — 21,857,032 Daily One

U.S. corporate f ixed income — 64,801,926 — 64,801,926 Daily One

U.S. corporate f ixed income funds 322,313,641 — — 322,313,641 Daily One

Total 344,170,673 64,801,926 — 408,972,599

Fixed income – international:

International bonds — 11,443,360 — 11,443,360 Daily One

International f ixed income funds 5,259,825 — — 5,259,825 Daily One

Total 5,259,825 11,443,360 — 16,703,185

Domestic equities:

Domestic equities and funds 870,301,155 4,948,246 — 875,249,401 Daily One

Total 870,301,155 4,948,246 — 875,249,401

International equities:

International equities 346,996,574 1,368,185 — 348,364,759 Daily One

Total 346,996,574 1,368,185 — 348,364,759

Hedge funds:

Multiple strategies 17,063,484 — — 17,063,484 Daily One

Total 17,063,484 — — 17,063,484

Absolute return:

Absolute return/multiple strategies 3,143,225 — — 3,143,225 Daily One

Total 3,143,225 — — 3,143,225

Real estate:

Real estate property — — 900,000 900,000 Illiquid N/A

Total — — 900,000 900,000






17 (Continued)

2017 Redemption


Other:

Commodity funds $ 11,312,557 — — 11,312,557 Daily One

Total 11,312,557 — — 11,312,557

Investments measured at NAV 539,727,189

Total – all investments 1,844,193,157 82,561,717 900,000 2,467,382,063

Other assets:

Beneficial interest in charitable

term trusts — — 284,663,239 284,663,239 Illiquid N/A


perpetual trusts — — 44,927,424 44,927,424 Illiquid N/A

Total – other assets — — 329,590,663 329,590,663

Total – all assets $ 1,860,921,712 82,561,717 330,490,663 2,813,701,281

The following table summarizes the Trust’s investments and other assets by major category in the fair

value hierarchy as of September 30, 2016, as well as the related strategy and liquidity:

2016 Redemption


Cash and cash equivalents:

Cash and cash equivalents $ 16,354,208 — — 16,354,208 Daily One

Total 16,354,208 — — 16,354,208

Short-term investment funds:

Short-term investment funds 234,271,726 — — 234,271,726 Daily One

Total 234,271,726 — — 234,271,726

Fixed income – domestic:

U.S. Treasuries and agency f ixed

income (includes funds) 39,978,977 — — 39,978,977 Daily One

U.S. corporate f ixed income — 59,950,246 — 59,950,246 Daily One

U.S. corporate f ixed income funds 244,786,161 — — 244,786,161 Daily One

Total 284,765,138 59,950,246 — 344,715,384

Fixed income – international:

International bonds — 20,398,550 — 20,398,550 Daily One

International f ixed income funds 28,990,949 — — 28,990,949 Daily One

Total 28,990,949 20,398,550 — 49,389,499






18 (Continued)

2016 Redemption


Domestic equities:

Domestic equities and funds $ 778,989,531 — — 778,989,531 Daily One

Total 778,989,531 — — 778,989,531

International equities:

International equities 253,839,734 — — 253,839,734 Daily One

Total 253,839,734 — — 253,839,734

Hedge funds:

Multiple strategies 33,123,567 — — 33,123,567 Daily One

Total 33,123,567 — — 33,123,567

Absolute return:

Absolute return/multiple strategies 13,746,607 — — 13,746,607 Daily One

Total 13,746,607 — — 13,746,607

Real estate:

Real estate property — — 900,000 900,000 Illiquid N/A

Total — — 900,000 900,000

Other:

Commodity funds 10,277,358 — — 10,277,358 Daily One

Total 10,277,358 — — 10,277,358

Investments measured at NAV 458,181,154

Total – all investments 1,638,004,610 80,348,796 900,000 2,177,434,560

Other assets:


term trusts — — 280,998,866 280,998,866 Illiquid N/A


perpetual trusts — — 41,049,934 41,049,934 Illiquid N/A

Total – other assets — — 322,048,800 322,048,800

Total – all assets $ 1,654,358,818 80,348,796 322,948,800 2,515,837,568






19 (Continued)

The following table presents the Trust’s activity for the fiscal year ended September 30, 2017 for

investments and other assets measured at fair value using unobservable inputs classified in Level 3:

Beneficial

interest in

Investments charitable Consolidated

Real estate trusts total

Balance at September 30, 2016 $ 900,000 322,048,800 322,948,800

Gain on beneficial interest in charitable trusts — 31,568,326 31,568,326

Distributions from charitable trusts — (24,026,463) (24,026,463)


The following table presents the Trust’s activity for the fiscal year ended September 30, 2016 for

investments and other assets measured at fair value using unobservable inputs classified in Level 3:

Beneficial

interest in

Investments charitable Consolidated

Real estate trusts total


Total net unrealized losses (26,480) — (26,480)

Gain on beneficial interest in charitable trusts — 10,454,552 10,454,552

Distributions from charitable trusts — (24,364,644) (24,364,644)


Investments in the hedge fund asset class are primarily invested in the long-short equities strategy.

Long-short equity hedge funds have greater flexibility to adjust their investment strategy by style (growth

versus value), market capitalization (large cap, mid cap, and small cap), and geographically (domestic

versus developed international versus emerging markets). In addition, these strategies are not constrained

by sector and market cap biases of a market index and have the ability to adjust their long and short

exposures over time.

Investments in the absolute return fund asset class allow for investment flexibility to invest across the

capital structure of businesses where investment returns are generated through mispricing of assets or

events that will result in the convergence of valuations and not primarily by market direction. Strategies that

could be included in this asset class include merger arbitrage, distressed debt/credit, convertible arbitrage,

and equity restructuring.






20 (Continued)

Private equity and venture capital investments are generally made through limited partnerships. Under the

terms of these agreements, the Trust is obligated to remit additional funding periodically as capital or

liquidity calls are exercised by the manager. These partnerships have a limited existence and, under such

agreements, may provide for annual extensions for the purpose of disposing portfolio positions and

returning capital to investors. However, depending on market conditions, the inability to execute the fund’s

strategy, and other factors, a manager may extend the terms of a fund beyond its originally anticipated

existence or may wind the fund down prematurely. The Trust cannot anticipate such changes because they

are based on unforeseen events, but should they occur, they might result in less liquidity or return from the

investment than originally anticipated. As a result, the timing and amount of future capital or liquidity calls in

any particular future year are uncertain.

Funds Functioning as Endowments

Changes in the fair value of the funds functioning as endowments (quasi-endowments) for the fiscal years

ended September 30, 2017 and 2016 are as follows:

2017 2016

Quasi-endowment net assets, beginning of year $ 1,131,995,959 1,060,061,527

Contributions 33,015,906 19,147,652

Interest and dividends 20,853,216 21,156,028

Net realized/unrealized gain 119,261,858 76,278,929

Amounts appropriated for expenditure (55,730,272) (44,648,177)

Reclassifications and transfers 3,302,713 —

Change in quasi-endowment net assets 120,703,421 71,934,432

Quasi-endowment net assets, end of year $ 1,252,699,380 1,131,995,959






21 (Continued)

Contributions Receivable

At September 30, 2017, outstanding pledges (net of discount and allowance for uncollectable accounts)

consist of unconditional promises of $9,614,137. Contributions receivable are expected to be collected as

follows:

Year ending September 30:

2018 $ 5,668,239

2019 710,000

2020 210,000

2021 and beyond 3,297,000

9,885,239

Less discount (46,102)

Less allowance for uncollectabe accounts (225,000)

$ 9,614,137

Grants Payable

Grants were approved by the governing bodies of the following organizations as of September 30, 2017

and 2016; however, the grants were not due for payment until after that date:

2017 2016

The Chicago Community Trust $ 18,685,943 18,229,538

The Chicago Community Foundation 4,462,362 4,296,805

The Lavin Family Supporting Foundation 536,680 1,000,000

The Lake County Community Foundation 20,000 —

The McHenry County Community Foundation 212,870 175,000

$ 23,917,855 23,701,343

These approved grants as of September 30, 2017 are expected to be paid as follows:


2018 $ 21,570,345

2019 2,079,170

$ 23,649,515






22 (Continued)

Commitments

(a) Leases

The Trust entered into various lease agreements (includes amendments for expansion of office space),

under an operating lease, which expires in 2027 for a space located at 225 North Michigan Avenue in

Chicago, Illinois. The minimum lease payments will be abated for the first 14 to 18 months of the

various leases and will not be payable by the Trust unless the Trust defaults by failing to make timely

lease payments. The amount abated is $728,191. The following is a schedule by years of future

minimum lease payments, net of the abatement, required under these operating leases that have initial

or remaining noncancelable lease terms as of September 30, 2017:


2018 $ 585,172

2019 602,995

2020 620,817

2021 638,640

2022 656,462

Thereafter 3,297,161

Total minimum payments

required $ 6,401,247

The Trust’s affiliates also entered into various lease agreements for office space as reflected on the

following schedule as of September 30, 2017:


2018 $ 11,400

Total minimum payments

required $ 11,400

Total rental expense for all operating leases was $1,121,867 and $1,110,193 in fiscal years 2017 and

2016, respectively, which are reported in the administrative expenses financial statement caption.

There were no contingent or sublease rentals.

(b) Guarantees

On July 17, 2003, the Trust executed a guaranty to secure a line of credit of $750,000 on behalf of one

of its grantees, toward the purchase and renovation of a new building. At September 30, 2017 and

2016, no amounts have been drawn on the guarantee. The guarantee expires on July 1, 2033.






23 (Continued)

Program-Related Expenses

Program-related expenses include expenses paid on behalf of a third-party beneficiary in lieu of a grant

award to the beneficiary. In addition, program-related expenses include costs associated with staff and

other related expenses incurred by Operating Funder Collaborative Accounts and affiliated organizations of

the Trust.

Expenses by Functional Expense Classification

The Trust’s mission is to promote, guide, and manage philanthropy for the benefit of the residents of the

greater Chicago area. Our grant making is a significant undertaking towards accomplishing our mission.

Administrative expenses included under program are incurred in support of direct program activities. The

Trust’s expenses by functional classification for the year ended September 30, 2017 are as follows:

2017

Management

Program and general Fund-raising Total

Grants $ 309,079,405 — — 309,079,405

Program-related expenses 8,365,027 — — 8,365,027

Program-related expenses –

government grants 3,644,379 — — 3,644,379

Investment management and

custodian fees — 4,519,083 — 4,519,083

Other expenses — 38,522 — 38,522

Administrative expenses:

Salaries and benefits 4,179,170 2,758,041 2,017,499 8,954,710

Professional fees 410,148 2,085,337 335,774 2,831,259

Meetings and travel 196,846 322,632 90,756 610,234

Occupancy, utilities, and

insurance 634,587 334,921 292,040 1,261,548

Depreciation and amortization 213,994 124,939 97,611 436,544

Printing and publications 185,645 174,432 183,640 543,717

Other administrative expenses 439,259 2,353,028 234,533 3,026,820

Total administrative

expenses 6,259,649 8,153,330 3,251,853 17,664,832

Percentage of administrative

expenses 35.4 % 46.2 % 18.4 % 100.0 %

Total expenses $ 327,348,460 12,710,935 3,251,853 343,311,248

Percentage of total expenses 95.4 % 3.7 % 0.9 % 100.0 %






24 (Continued)

The Trust’s expenses by functional classification for the year ended September 30, 2016 are as follows:

2016

Management

Program and general Fund-raising Total

Grants $ 229,008,168 — — 229,008,168

Program-related expenses 6,816,237 — — 6,816,237

Program-related expenses –

government grants 2,963,520 — — 2,963,520

Investment management and

custodian fees — 4,403,855 — 4,403,855

Other expenses — 19,517 — 19,517

Administrative expenses:

Salaries and benefits 4,094,982 2,183,478 1,964,872 8,243,332

Professional fees 492,745 2,682,489 279,281 3,454,515

Meetings and travel 171,627 423,679 93,634 688,940

Occupancy, utilities, and

insurance 643,571 340,335 297,139 1,281,045

Depreciation and amortization 231,317 132,859 107,478 471,654

Printing and publications 52,237 349,966 45,860 448,063

Other expenses 378,367 1,850,538 419,217 2,648,122

Total administrative

expenses 6,064,846 7,963,344 3,207,481 17,235,671

Percentage of administrative

expenses 35.2 % 46.2 % 18.6 % 100.0 %

Total expenses $ 244,852,771 12,386,716 3,207,481 260,446,968

Percentage of total expenses 94.0 % 4.8 % 1.2 % 100.0 %

For fiscal years 2017 and 2016, nonoperating investment management and custodian fees of $224,065

and $185,487, respectively, are reported in the consolidated statements of activities and are included in the

above analysis.

Retirement Plans

The Trust has a 401(k) plan. Eligible employees include full-time and part-time employees who are at least

21 years of age and have at least one year of service with the Trust. Employees are 100% vested upon the

attainment of normal retirement age, or if earlier, upon the completion of three years of vesting service. The

Trust has the sole discretionary right to determine the amount of the employer contribution for a plan year.

For the fiscal years ended September 30, 2017 and 2016, the Trust contribution was 4% of eligible

compensation.






25 (Continued)

The plan also includes elective contributions by the employee which can be made immediately upon

employment. After one year of service, the Trust provides an employer matching contribution to the

401(k) plan equal to 100% of the employee’s elective contribution up to 4% of eligible compensation.

Total retirement benefit costs for the years ended September 30, 2017 and 2016 were approximately

$446,000 and $475,000, respectively.

Transactions with Affiliates

During the years ended September 30, 2017 and 2016, the Trust approved grant awards totaling

$6,117,117 and $4,363,849, respectively, to the Foundation.

During the years ended September 30, 2017 and 2016, the Trust approved grant awards totaling $180,600

and $200,000, respectively, to The Lake County Community Foundation.


and $150,000, respectively, to The Community Foundation of Will County.


and $240,000, respectively, to Metropolis Strategies.

During the years ended September 30, 2017 and 2016, the Foundation approved grant awards totaling

$2,313,000 and $1,367,466, respectively, to the Trust.


$60,436 and $19,497, respectively, to The Springboard Foundation.

During the year ended September 30, 2017, the Foundation approved grant awards totaling $250 to The

Lake County Community Foundation.


$48,000 and $24,000, respectively, to The Community Foundation of Will County.

During the year ended September 30, 2017, the Foundation approved grant awards totaling $50,000 to The

Community Foundation for McHenry County.

During the year ended September 30, 2017, The Pert Foundation approved grant awards totaling

$5,125,000 to the Foundation.

During the years ended September 30, 2017 and 2016, The Pert Foundation approved grant awards

totaling $125,000 for each year to the Trust.

During the years ended September 30, 2017 and 2016, The Pert Foundation approved grant awards

totaling $500,000 and $100,000, respectively, to The Community Foundation for McHenry County.

During the year ended September 30, 2017, The Pert Foundation approved grant awards totaling $25,000

to the Lake County Community Foundation.






26

During the year ended September 30, 2017, The Pert Foundation approved grant awards totaling $25,000

to the The Community Foundation of Will County.

During the years ended September 30, 2017 and 2016, The Glasser and Rosenthal Family Foundation

approved grant awards totaling $8,550 and $12,500, respectively, to the Foundation.

During the years ended September 30, 2017 and 2016, the Butler Trust approved grants totaling $937,720

and $706,659, respectively, to the Trust.

During the year ended September 30, 2017, The Lavin Family Supporting Foundation approved grant

awards totaling $50,000 to the Trust.

Each of these affiliate transactions have been eliminated in consolidation.

Subsequent Events

In connection with the preparation of the consolidated financial statements and in accordance with

FASB ASC Topic 855, Subsequent Events, the Trust’s management evaluated subsequent events after the

consolidated statement of financial position date of September 30, 2017 through June 14, 2018, the date

the consolidated financial statements were available to be issued, and determined there are no additional

items to disclose.

Schedule 1THE CHICAGO COMMUNITY TRUST

(Funds Held by the Trustees or Created for theBenefit of The Chicago Community Trust)

Consolidating Statement of Financial Position

September 30, 2017

TheBurridge D. The

Butler The The CommunityThe The Memorial Lavin The Lake Community The Glasser Foundation

Chicago Chicago Trust of Family The The County Foundation and Rosenthal forCommunity Community Chicago, Supporting Springboard Pert Community of Will Metropolis Family McHenry

Assets Trust Foundation Illinois Foundation Foundation Foundation Foundation County Strategies Foundation County Total Eliminations Consolidated

Cash and cash equivalents $ 11,068,476 3,241,113 759,509 43,224 383,162 5,519 589,572 178,408 177,606 335 281,631 16,728,555 — 16,728,555

Investments:Short-term investment funds 97,759,320 142,624,122 — — — 625,066 21,295 28,570 — 157,533 4,729,758 245,945,664 — 245,945,664 Fixed income – domestic 169,170,516 228,808,286 12,826,066 1,078,786 — 4,652,536 2,205,297 902,992 — 618,942 — 420,263,421 — 420,263,421 Fixed income – international 11,889,853 4,728,506 — — — — — 92,161 — — — 16,710,520 — 16,710,520 Domestic equities 444,695,998 532,010,638 18,448,675 4,912,834 — 11,304,028 7,156,616 1,345,701 — 1,176,326 21,102,132 1,042,152,948 — 1,042,152,948 International equities 208,159,637 222,630,860 — 4,281,087 — 10,510,633 2,350,847 1,071,899 — 1,539,192 4,401,142 454,945,297 — 454,945,297 Hedge funds 54,850,773 94,997,100 8,717,089 3,160,093 — — — — — — — 161,725,055 — 161,725,055 Absolute return funds 3,143,225 73,254,296 — 3,179,487 — — — — — — — 79,577,008 — 79,577,008 Real estate 900,000 — — — — — — — — — — 900,000 — 900,000 Other 10,106,137 34,556,542 — — — 499,471 — — — — — 45,162,150 — 45,162,150

Total investments 1,000,675,459 1,333,610,350 39,991,830 16,612,287 — 27,591,734 11,734,055 3,441,323 — 3,491,993 30,233,032 2,467,382,063 — 2,467,382,063

Contributions receivable 542,137 15,832,450 — — — — 175,000 150,000 493,333 — — 17,192,920 (7,578,783) 9,614,137 Government grants and contracts receivable 1,742,436 — — — — — — — — — — 1,742,436 — 1,742,436 Land, office equipment, and leasehold improvements, net 1,446,842 — — — — — — — — — — 1,446,842 — 1,446,842 Other assets 4,106,438 — — — — — — — — — 119,461 4,225,899 (2,481,698) 1,744,201 Beneficial interest in charitable term trusts 282,985,957 — — — — — — — — — 1,677,282 284,663,239 — 284,663,239 Beneficial interest in charitable perpetual trusts 44,927,424 — — — — — — — — — — 44,927,424 — 44,927,424

Total assets $ 1,347,495,169 1,352,683,913 40,751,339 16,655,511 383,162 27,597,253 12,498,627 3,769,731 670,939 3,492,328 32,311,406 2,838,309,378 (10,060,481) 2,828,248,897


Liabilities:Accounts payable and accrued expenses $ 4,769,756 2,024,948 82,400 18,158 55,724 58,572 353,641 80,854 176,074 18,123 120,287 7,758,537 (2,581,698) 5,176,839 Annuity payable 410,840 — — — — — — — — — — 410,840 — 410,840 Grants payable 26,164,726 4,462,362 — 536,680 — — 20,000 — — — 212,870 31,396,638 (7,478,783) 23,917,855 Funds held for others 1,033,750 34,100,295 — — — — 102,538 35,946 — — 594,707 35,867,236 — 35,867,236

Total liabilities 32,379,072 40,587,605 82,400 554,838 55,724 58,572 476,179 116,800 176,074 18,123 927,864 75,433,251 (10,060,481) 65,372,770

Net assets:Unrestricted 986,660,579 1,296,263,858 102,133 16,100,673 327,438 27,538,681 11,847,448 3,502,931 1,532 3,474,205 29,706,260 2,375,525,738 7,578,783 2,383,104,521 Temporarily restricted 283,528,094 15,832,450 — — — — 175,000 150,000 493,333 — 1,677,282 301,856,159 (7,578,783) 294,277,376 Permanently restricted 44,927,424 — 40,566,806 — — — — — — — — 85,494,230 — 85,494,230

Total net assets 1,315,116,097 1,312,096,308 40,668,939 16,100,673 327,438 27,538,681 12,022,448 3,652,931 494,865 3,474,205 31,383,542 2,762,876,127 — 2,762,876,127

Total liabilities and net assets $ 1,347,495,169 1,352,683,913 40,751,339 16,655,511 383,162 27,597,253 12,498,627 3,769,731 670,939 3,492,328 32,311,406 2,838,309,378 (10,060,481) 2,828,248,897

See accompanying independent auditors’ report.

27 (Continued)



Consolidating Statement of Financial Position

September 30, 2016

TheBurridge D. The


Chicago Chicago Trust of Family The The County Foundation and Rosenthal forCommunity Community Chicago, Supporting Springboard Pert Community of Will Metropolis Family McHenry

Assets Trust Foundation Illinois Foundation Foundation Foundation Foundation County Strategies Foundation County Total Eliminations Consolidated

Cash and cash equivalents $ 9,845,208 2,227,023 966,893 409,539 389,414 159 155,133 196,630 195,991 350 1,967,868 16,354,208 — 16,354,208

Investments:Short-term investment funds 84,765,430 138,897,813 15,500 — 10,308,382 4,844 11,093 — 267,893 771 234,271,726 — 234,271,726 Fixed income – domestic 113,384,504 214,531,827 13,171,941 1,560,392 — 5,170,608 1,958,136 1,000,320 — 614,186 759,373 352,151,287 — 352,151,287 Fixed income – international 46,449,156 2,329,457 610,886 — — — — — — — 49,389,499 — 49,389,499 Domestic equities 408,308,892 433,262,674 14,382,687 4,724,940 — 12,456,341 6,320,857 1,329,809 — 1,047,474 20,075,518 901,909,192 — 901,909,192 International equities 157,061,787 162,059,400 7,494,768 3,703,446 — 7,065,840 2,006,852 637,316 — 1,258,284 4,726,223 346,013,916 — 346,013,916 Hedge funds 69,689,246 90,031,196 — 2,801,823 — — — — — — — 162,522,265 — 162,522,265 Absolute return funds 13,591,527 91,882,932 — 3,879,019 — — — — — — — 109,353,478 — 109,353,478 Real estate 900,000 — — — — — — — — — — 900,000 — 900,000 Other 10,334,559 10,087,396 — — — 500,742 — 500 — — — 20,923,197 — 20,923,197

Total investments 904,485,101 1,143,082,695 35,675,782 16,669,620 — 35,501,913 10,290,689 2,979,038 — 3,187,837 25,561,885 2,177,434,560 — 2,177,434,560

Contributions receivable 1,839,894 22,932,174 — — — — 200,000 150,000 337,500 — — 25,459,568 (8,884,390) 16,575,178 Government grants and contracts receivable 1,376,137 — — — — — — — — — — 1,376,137 — 1,376,137 Land, office equipment, and leasehold improvements, net 1,773,269 — — — — — — — — — 1,578,427 3,351,696 — 3,351,696 Other assets 5,194,227 — — — — — — — — — 112,516 5,306,743 (4,679,355) 627,388 Beneficial interest in charitable term trusts 279,369,592 — — — — — — — — — 1,629,274 280,998,866 — 280,998,866 Beneficial interest in charitable perpetual trusts 41,049,934 — — — — — — — — — — 41,049,934 — 41,049,934

Total assets $ 1,244,933,362 1,168,241,892 36,642,675 17,079,159 389,414 35,502,072 10,645,822 3,325,668 533,491 3,188,187 30,849,970 2,551,331,712 (13,563,745) 2,537,767,967


Liabilities:Accounts payable and accrued expenses $ 3,839,314 4,463,098 87,400 10,902 38,973 22,845 79,188 36,257 293,098 1,362 123,125 8,995,562 (4,679,355) 4,316,207 Annuity payable 446,299 — — — — — — — — — — 446,299 — 446,299 Grants payable 27,113,928 4,296,805 — 1,000,000 — — — — — — 175,000 32,585,733 (8,884,390) 23,701,343 Funds held for others 24,537 29,083,277 — — — — 89,568 32,382 — — 523,558 29,753,322 — 29,753,322

Total liabilities 31,424,078 37,843,180 87,400 1,010,902 38,973 22,845 168,756 68,639 293,098 1,362 821,683 71,780,916 (13,563,745) 58,217,171

Net assets:Unrestricted 891,249,864 1,108,205,538 314,186 16,068,257 350,441 35,479,227 10,277,066 3,107,029 (97,107) 3,186,825 28,399,013 2,096,540,339 8,145,390 2,104,685,729 Temporarily restricted 281,209,486 22,193,174 — — — — 200,000 150,000 337,500 — 1,629,274 305,719,434 (8,145,390) 297,574,044 Permanently restricted 41,049,934 — 36,241,089 — — — — — — — — 77,291,023 — 77,291,023

Total net assets 1,213,509,284 1,130,398,712 36,555,275 16,068,257 350,441 35,479,227 10,477,066 3,257,029 240,393 3,186,825 30,028,287 2,479,550,796 — 2,479,550,796

Total liabilities and net assets $ 1,244,933,362 1,168,241,892 36,642,675 17,079,159 389,414 35,502,072 10,645,822 3,325,668 533,491 3,188,187 30,849,970 2,551,331,712 (13,563,745) 2,537,767,967


28



Consolidating Statement of Activities – Unrestricted

Year ended September 30, 2017

TheBurridge D. The


Chicago Chicago Trust of Family The The The County Foundation and Rosenthal forCommunity Community Chicago, Supporting S&C Springboard Pert Community of Will Metropolis Family McHenry

Trust Foundation Illinois Foundation Foundation Foundation Foundation Foundation County Strategies Foundation County Total Eliminations Consolidated

Operating activities:Support, revenue, and transfers:

Investment payout $ 35,175,169 23,879,462 1,029,986 79,708 — 1,853 654,913 276,306 99,569 76 142,584 807,034 62,146,660 — 62,146,660 Contributions 9,886,736 1,817,400 — — — 474,998 — 135,440 44,476 564,667 — 588,845 13,512,562 (4,883,819) 8,628,743 Government grants and contracts revenue 3,755,274 — — — — — — — — — — — 3,755,274 — 3,755,274 Transfer from nonoperating activities 6,180,977 230,566,409 — 2,028,718 — — 11,096,835 363,547 188,927 — — 2,408,951 252,834,364 — 252,834,364 Other income 4,796,928 686,979 — — — — 302 370 333 — — 19,342 5,504,254 (4,296,448) 1,207,806 Net assets released from restrictions 24,452,502 — — — — — — 200,000 150,000 217,500 — 81,218 25,101,220 (437,500) 24,663,720

Total operating support, revenue, and transfers 84,247,586 256,950,250 1,029,986 2,108,426 — 476,851 11,752,050 975,663 483,305 782,243 142,584 3,905,390 362,854,334 (9,617,767) 353,236,567

Expenses:Grants, net of refunds 59,506,804 246,350,613 937,720 2,070,850 — 385,990 11,515,000 519,047 263,484 — 128,550 3,427,020 325,105,078 (16,025,673) 309,079,405 Program-related expenses 3,952,350 5,060,717 — — — — — 6,000 — 119,167 — 84,049 9,222,283 (857,256) 8,365,027 Program-related expenses – government grants 3,761,707 — — — — — — — — — — — 3,761,707 (117,328) 3,644,379 Investment management and custodian fees 2,411,232 1,559,256 175,451 — — — 113,180 — 8,604 — — 27,295 4,295,018 — 4,295,018 Administrative expenses 14,003,471 4,498,473 128,868 37,576 — 113,864 123,870 430,617 277,526 564,437 16,826 491,168 20,686,696 (3,021,864) 17,664,832 Other expenses 437,580 — — — — — — 942 — — — — 438,522 (400,000) 38,522

Total operating expenses 84,073,144 257,469,059 1,242,039 2,108,426 — 499,854 11,752,050 956,606 549,614 683,604 145,376 4,029,532 363,509,304 (20,422,121) 343,087,183

Excess (deficiency) of operating support, revenue,and transfers over expenses 174,442 (518,809) (212,053) — — (23,003) — 19,057 (66,309) 98,639 (2,792) (124,142) (654,970) 10,804,354 10,149,384

Nonoperating activities:Contributions 34,044,863 345,256,935 — — — — — 272,564 377,006 — — 412,460 380,363,828 (9,821,574) 370,542,254 Net return on investments after investment payout 66,486,254 62,594,769 — 2,061,134 — — 3,156,289 1,642,308 274,132 — 290,172 3,419,622 139,924,680 — 139,924,680 Investment management and custodian fees (224,065) — — — — — — — — — — — (224,065) — (224,065) Change in value of charitable gift annuity and life insurance

policy (34,423) — — — — — — — — — — 8,258 3 (26,165) — (26,165) Transfer to operating activities (6,180,977) (230,566,409) — (2,028,718) — — (11,096,835) (363,547) (188,927) — — (2,408,951) (252,834,364) — (252,834,364) Other income (7,379) 28,261 — — — — — — — — — — 20,882 — 20,882 Net assets released from restrictions 1,152,000 11,263,573 — — — — — — — — — — 12,415,573 (1,549,387) 10,866,186

Net nonoperating activities 95,236,273 188,577,129 — 32,416 — — (7,940,546) 1,551,325 462,211 — 290,172 1,431,389 279,640,369 (11,370,961) 268,269,408

Increase (decrease) in net assets 95,410,715 188,058,320 (212,053) 32,416 — (23,003) (7,940,546) 1,570,382 395,902 98,639 287,380 1,307,247 278,985,399 (566,607) 278,418,792

Net assets at beginning of year 891,249,864 1,108,205,538 314,186 16,068,257 — 350,441 35,479,227 10,277,066 3,107,029 (97,107) 3,186,825 28,399,013 2,096,540,339 8,145,390 2,104,685,729

Net assets at end of year $ 986,660,579 1,296,263,858 102,133 16,100,673 — 327,438 27,538,681 11,847,448 3,502,931 1,532 3,474,205 29,706,260 2,375,525,738 7,578,783 2,383,104,521


29 (Continued)



Consolidating Statement of Activities – Unrestricted


TheBurridge D. The


Chicago Chicago Trust of Family The The The County Foundation and Rosenthal forCommunity Community Chicago, Supporting S&C Springboard Pert Community of Will Metropolis Family McHenry

Trust Foundation Illinois Foundation Foundation Foundation Foundation Foundation County Strategies Foundation County Total Eliminations Consolidated

Operating activities:Support, revenue, and transfers:

Investment payout $ 34,595,120 20,277,742 1,102,714 74,715 — 713 623,491 245,843 64,079 99 156,845 809,210 57,950,571 — 57,950,571 Contributions 7,574,710 2,000,450 — — — 454,005 — 177,645 83,947 413,750 — 28,960 10,733,467 (3,486,072) 7,247,395 Government grants and contracts revenue 2,948,409 150,682 — — — — — — — — — 3,099,091 — 3,099,091 Transfer from nonoperating activities 2,925,235 175,599,556 — 1,215,190 — — 579,963 445,081 212,119 — — 979,578 181,956,722 — 181,956,722 Other income 4,119,062 1,461,369 — 1,130 — — 260 343 307 15,000 — 17,295 5,614,766 (3,428,787) 2,185,979 Net assets released from restrictions 24,995,067 — — — — — — 225,000 175,000 82,500 — — 25,477,567 (482,500) 24,995,067

Total operating support, revenue, and transfers 77,157,603 199,489,799 1,102,714 1,291,035 — 454,718 1,203,714 1,093,912 535,452 511,349 156,845 1,835,043 284,832,184 (7,397,359) 277,434,825

Expenses:Grants, net of refunds 45,175,851 186,023,008 706,659 1,250,000 — 343,074 967,500 540,781 282,503 — 130,000 1,238,696 236,658,072 (7,649,904) 229,008,168 Government grants and contracts expenses — — — — — — — — — — — — — — — Program-related expenses 2,410,972 5,090,627 — — — — — 7,750 — 130,000 — 82,087 7,721,436 (905,199) 6,816,237 Program-related expenses – government grants 2,812,838 150,682 — — — — — — — — — — 2,963,520 — 2,963,520 Investment management and custodian fees 2,285,829 1,518,807 176,399 15 — — 145,000 — 8,223 — — 84,095 4,218,368 — 4,218,368 Administrative expenses 13,922,779 3,791,722 218,739 41,020 — 101,111 91,214 363,465 262,784 546,533 25,669 482,678 19,847,714 (2,612,043) 17,235,671 Other expenses 380,579 — — — — 1,356 — 322 — — — — 382,257 (362,740) 19,517

Total operating expenses 66,988,848 196,574,846 1,101,797 1,291,035 — 445,541 1,203,714 912,318 553,510 676,533 155,669 1,887,556 271,791,367 (11,529,886) 260,261,481

Excess (deficiency) of operating support, revenue,and transfers over expenses 10,168,755 2,914,953 917 — — 9,177 — 181,594 (18,058) (165,184) 1,176 (52,513) 13,040,817 4,132,527 17,173,344

Nonoperating activities:Contributions 1,301,695 307,179,968 — — — — 10,000,000 221,565 449,055 — — 6,841,372 325,993,655 (2,707,899) 323,285,756 Net return on investments after investment payout 40,757,115 47,892,904 — 1,141,969 — (213) 2,194,988 723,093 172,606 — 47,520 2,184,772 95,114,754 — 95,114,754 Investment management and custodian fees (185,487) — — — — — — — — — — — (185,487) — (185,487) Change in value of charitable gift annuity and life insurance

policy (39,263) — — — — — — — — — — (9,823) (49,086) — (49,086) Transfer to operating activities (2,925,235) (175,599,556) 181,610 (1,215,190) — — (579,963) (445,081) (212,119) — — (979,578) (181,775,112) — (181,775,112) Other Income 470,628 — — — — — — — — — — 470,628 (451,195) 19,433 Net assets released from restrictions 2,340,000 10,263,066 — — — — — — — — — 84,187 12,687,253 (3,337,148) 9,350,105

Net nonoperating activities 41,719,453 189,736,382 181,610 (73,221) — (213) 11,615,025 499,577 409,542 — 47,520 8,120,930 252,256,605 (6,496,242) 245,760,363

Increase (decrease) in net assets 51,888,208 192,651,335 182,527 (73,221) — 8,964 11,615,025 681,171 391,484 (165,184) 48,696 8,068,417 265,297,422 (2,363,715) 262,933,707

Net assets at beginning of year 839,361,656 915,554,203 131,659 16,141,478 — 341,477 23,864,202 9,595,895 2,715,545 68,077 3,138,129 20,330,596 1,831,242,917 10,509,105 1,841,752,022

Net assets at end of year $ 891,249,864 1,108,205,538 314,186 16,068,257 — 350,441 35,479,227 10,277,066 3,107,029 (97,107) 3,186,825 28,399,013 2,096,540,339 8,145,390 2,104,685,729


30

Schedule 3




Consolidating Statement of Activities – Temporarily Restricted


The

The Community

The The The Lake Community Foundation

Chicago Chicago The County Foundation for

Community Community Pert Community of Will Metropolis McHenry

Trust Foundation Foundation Foundation County Strategies County Total Eliminations Consolidated


Support and revenue:

Investment payout $ — — — — — — — — — —

Contributions 361,500 — — 175,000 150,000 373,333 — 1,059,833 (493,333) 566,500

Other income — — — — — — — — — —

Net assets released from restrictions (24,452,502) — — (200,000) (150,000) (217,500) (81,218) (25,101,220) 437,500 (24,663,720)

Total operating support and revenue (24,091,002) — — (25,000) — 155,833 (81,218) (24,041,387) (55,833) (24,097,220)

Expenses:

Grants, net of refunds — — — — — — — — — —

Program-related expenses — — — — — — — — — —

Investment management and custodian fees — — — — — — — — — —

Administrative expenses — — — — — — — — — —

Other expenses — — — — — — — — — —

Total operating expenses — — — — — — — — — —

Excess (deficiency) of operating support and

revenue over expenses (24,091,002) — — (25,000) — 155,833 (81,218) (24,041,387) (55,833) (24,097,220)


Contributions — 4,902,849 — — — — — 4,902,849 (926,947) 3,975,902

Net gain on investments after investment payout — — — — — — — — — —


Gain on beneficial interest in charitable perpetual trusts — — — — — — — — — —

Gain on beneficial interest in charitable term trusts 27,561,610 — — — — — 129,226 27,690,836 — 27,690,836

Change in value of charitable gift annuity — — — — — — — — — —

Other income — — — — — — — — — —

Net assets released from restrictions (1,152,000) (11,263,573) — — — — — (12,415,573) 1,549,387 (10,866,186)

Net nonoperating activities 26,409,610 (6,360,724) — — — — 129,226 20,178,112 622,440 20,800,552

Increase (decrease) in net assets 2,318,608 (6,360,724) — (25,000) — 155,833 48,008 (3,863,275) 566,607 (3,296,668)

Net assets at beginning of year 281,209,486 22,193,174 — 200,000 150,000 337,500 1,629,274 305,719,434 (8,145,390) 297,574,044

Net assets at end of year $ 283,528,094 15,832,450 — 175,000 150,000 493,333 1,677,282 301,856,159 (7,578,783) 294,277,376


31 (Continued)

Schedule 3




Consolidating Statement of Activities – Temporarily Restricted


The

The Community

The The The Lake Community Foundation

Chicago Chicago The County Foundation for

Community Community Pert Community of Will Metropolis McHenry

Trust Foundation Foundation Foundation County Strategies Foundation Total Eliminations Consolidated



Investment payout $ — — — — — — — — — —

Contributions 80,000 — — 200,000 150,000 317,500 — 747,500 (590,000) 157,500

Other income — — — — — — — — — —

Net assets released from restrictions (24,995,067) — — (225,000) (175,000) (82,500) — (25,477,567) 482,500 (24,995,067)

Total operating support and revenue (24,915,067) — — (25,000) (25,000) 235,000 — (24,730,067) (107,500) (24,837,567)

Expenses:

Grants, net of refunds — — — — — — — — — —

Program-related expenses — — — — — — — — — —


Administrative expenses — — — — — — — — — —

Other expenses — — — — — — — — — —

Total operating expenses — — — — — — — — — —

Excess (deficiency) of operating support and

revenue over expenses (24,915,067) — — (25,000) (25,000) 235,000 — (24,730,067) (107,500) (24,837,567)


Contributions 692,000 2,724,869 — — — — — 3,416,869 (865,933) 2,550,936

Net gain on investments after investment payout — — — — — — — — — —


Gain on beneficial interest in charitable perpetual trusts — — — — — — — — — —

Gain on beneficial interest in charitable term trusts 8,252,270 — — — — — 68,664 8,320,934 — 8,320,934

Change in value of charitable gift annuity — — — — — — — — — —

Other income — — — — — — — — — —

Net assets released from restrictions (2,340,000) (10,263,066) — — — — (84,187) (12,687,253) 3,337,148 (9,350,105)

Net nonoperating activities 6,604,270 (7,538,197) — — — — (15,523) (949,450) 2,471,215 1,521,765

Increase (decrease) in net assets (18,310,797) (7,538,197) — (25,000) (25,000) 235,000 (15,523) (25,679,517) 2,363,715 (23,315,802)

Net assets at beginning of year 299,520,283 29,731,371 — 225,000 175,000 102,500 1,644,797 331,398,951 (10,509,105) 320,889,846

Net assets at end of year $ 281,209,486 22,193,174 — 200,000 150,000 337,500 1,629,274 305,719,434 (8,145,390) 297,574,044


32

Schedule 4




Consolidating Statements of Activities – Permanently Restricted


2017 2016

The The

Burridge D. Burridge D.

Butler Butler

The Memorial The Memorial

Chicago Trust of Chicago Trust of

Community Chicago, Community Chicago,

Trust Illinois Consolidated Trust Illinois Consolidated



Investment income $ — — — — — —

Contributions — — — — — —

Gain on beneficial interest in charitable term trusts — — — — — —

Other income — — — — — —

Net assets released from restrictions — — — — — —

Total operating support and revenue — — — — — —

Expenses:

Grants, net of refunds — — — — — —

Program-related expenses — — — — — —

Investment management and custodian fees — — — — — —

Administrative expenses — — — — — —

Other expenses — — — — — —

Total operating expenses — — — — — —

Excess of operating support and revenue over expenses — — — — — —


Contributions — — — — — —

Net gain (loss) on investments — 4,325,717 4,325,717 — 2,563,846 2,563,846

Investment management and custodian fees — — — — — —

Gain (loss) on beneficial interest in charitable perpetual trusts 3,877,490 — 3,877,490 2,133,618 — 2,133,618

Other — — — — (181,610) (181,610)

Net nonoperating activities 3,877,490 4,325,717 8,203,207 2,133,618 2,382,236 4,515,854

Increase (decrease) in net assets 3,877,490 4,325,717 8,203,207 2,133,618 2,382,236 4,515,854

Net assets at beginning of year 41,049,934 36,241,089 77,291,023 38,916,316 33,858,853 72,775,169

Net assets at end of year $ 44,927,424 40,566,806 85,494,230 41,049,934 36,241,089 77,291,023


33

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