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September 30, Assets Cash and cash equivalents Temporary investments for future periods Prepaid expenses and other assets Pledges receivable, net Investments Property and equipment,

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September 30, Assets Cash and cash equivalents Temporary investments for future periods Prepaid expenses and other assets Pledges receivable, net Investments Property and equipment, net Assets held-for-sale Total Assets Liabilities and Net Assets Liabilities Accounts payable and accrued expenses Deferred revenue and rent payable Annuities payable Notes payable Other liabilities Liabilities held-for-sale Total Liabilities 2018 $ 19,833,319 $ 12,795,438 7,213,231 123,804,049 74,921,466 15,079,880 2017 9,500,852 34,250,987 6,109,159 92,091,750 74,410,696 11,926,983 3,256,510 $ 253,647,383 $ 231,546,937 $ 12,945,226 $ 13,822,324 3,522,058 3,261,838 4,407,795 4,777,168 6,682,500 7,729,423 7,297,319 6,858,127 3,138,120 34,854,898 39,587,000 Commitments and Contingencies Net Assets Unrestricted: Available for operations 7,996,593 410,150 Board designated 52,297,564 57,032,097 Unrestricted net assets held-for-sale 118,390 Total Unrestricted 60,294,157 57,560,637 Temporarily restricted 151,174,377 127,078,360 Permanently restricted 7,323,951 7,320,940 218,792,485 191,959,937 Total Net Assets Total Liabilities and Net Assets $ 253,647,383 $ 231,546,937 See accompanying notes to consolidated financial statements. Cash flows from operating activities: 2018 2017 Change in net assets $ 12,070,210 10,092,548 Adjustments to reconcile change in net assets to net cash (used in) provided by operating activities: Depreciation 19,899 17,264 Contributions of investment securities and noncash gifts (2,642,375) (3,270,089) Contributions restricted for long-term investment (1,045,193) (421,526) Net loss (gain) on investments 5,158,382 (10,685,672) Changes in operating assets and liabilities: Contributions receivable, net Other assets Accounts payable (25,362,435) 5,010,106 (323,451) (55,196) 615,424 16,541 Grants payable 2,152,448 3,296,589 Liabilities under split-interest agreements 429,801 944,396 Net cash (used in) provided by operating activities (8,927,290) 4,944,961 Cash flows from investing activities: Proceeds from sale of investments 26,987,630 23,961,077 Purchase of investments (28,809,845) (27,590,479) Proceeds from sale of money market funds 31,440,854 54,389,001 Purchase of money market funds (20,519,045) (65,635,793) Purchase of property and equipment (5,840) (14,947) Change in assets held under split-interest agreements 506,305 (1,060,949) Net cash provided by (used in) investing activities 9,600,059 (15,952,090) Cash flows from financing activity: Contributions restricted for long-term investment 1,045,193 421,526 Net cash provided by financing activity Net change in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year 1,045,193 421,526 1,717,962 8,778,992 (10,585,603) 19,364,595 $ EA 10,496,954 8,778,992 See accompanying notes to financial statements.

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