Financial Information
COMMITMENT TO OUR PHILANTHROPIC VALUES
Through the application of core values of responsiveness, transparency, accessibility, fairness and excellence, the Annenberg Foundation is committed to the funding of worldwide organizations and projects that have a deep level of community involvement and tackle challenging and timely problems. Furthermore, the Foundation encourages the development of effective ways to share ideas and knowledge.
ACCOUNTABILITY
The Foundation's family Board of Directors consists of founder Walter Annenberg's daughter, Wallis Annenberg, and three of her adult children - Lauren Bon, Gregory Annenberg Weingarten and Charles Annenberg Weingarten. The Board appoints independent investment and audit committee professionals who are knowledgeable in the areas of investing, accounting, financial reporting and internal controls. In 2011, the Foundation’s Board approved an Audit Committee recommendation to change its June 30 fiscal year to a traditional December 31 calendar year for financial reporting purposes. The audited financial statements for the six month ‘stub’ period ending December 31, 2011 are included below.
The Foundation prepares annual financial statements, which are audited by Grant Thornton LLP and filed with state attorneys general in California and Pennsylvania.
The Foundation also files Form 990-PF Return of Private Foundation annually with the United States Department of Treasury (Internal Revenue Service, IRS). The 990-PF is an IRS document that includes information about the Foundation's governance, operations, programs and financial information.
Copies of the most recent audited financial statements are provided below:
2011 Stub Period Audited Financial Statements
2011 Audited Financial Statements
2010 Audited Financial Statements
2009 Audited Financial Statements
CHARITABLE DISBURSEMENTS OVERVIEW
As of December 31, 2011, the Annenberg Foundation endowment was $1.53 billion in assets. The Foundation awarded $18.8 million in new grant commitments last year [Source: December 31, 2011, audited financial statement]. and disbursed $33.9 million in grant payments [Source: Form 990-PF, line 25, column D].
During the fiscal year ended June 30, 2011, the Foundation disbursed $104 million for charitable purposes. Seventy two percent (72%) of this amount, or $75 million, was awarded to grantee organizations. Annenberg expended an additional $20 million on direct charitable activities (see descriptions of Foundation-sponsored programs below) and $9 million on internal administrative operations [Source: Annenberg Foundation June 30, 2011 990-PF].
The direct charitable activities operated by the Foundation are:
• Annenberg Space for Photography
• Annenberg Learner
• Metabolic Studio
• Explore
• Annenberg Interpretive Center at Lower Point Vicente, LLC
These strategic initiatives, operated by the Foundation, are reported in the Form 990-PF and are described in the Direct Charitable Activities section below.
The Foundation is required to distribute 5 percent of its investment assets annually for charitable purposes. The Foundation's 5-year average distribution rate is 10.8 percent for the period 2006 through 2010.
DIRECT CHARITABLE ACTIVITIES
Annenberg Space for Photography is a cultural destination dedicated to exhibiting compelling photography. It is the first solely photographic cultural destination in Los Angeles. The intimate environment features state-of-the-art, high-definition digital technology as well as traditional prints by some of the world's most renowned and emerging photographers. The Photography Space informs and inspires the public by connecting imagery and stories. Admission is free, and a weekly lecture series is offered at no charge to the public.
Annenberg Learner, formerly Annenberg Media and the Annenberg CPB Program, advances excellent teaching in American schools by funding and distributing multimedia educational resources (video, print and web-based) to improve teaching methods and subject matter expertise. Annenberg Learner distributes its materials in hard copy and through its website, www.learner.org, for use by K-12 schools, colleges and universities, and adult learners. In FY 2010, www.learner.org was the most used site for teacher professional development based on Google searches.
Metabolic Studio LLC is a study of issues related to culture, sustainability, urban ecology, civic engagement and health. The mission of Metabolic Studio is to serve as a catalyst for community involvement through educational programs, art presentations and special events. The Studio's recent Strawberry Flag project benefited United States war veterans.
Explore LLC creates documentaries, short films, photographs and videos to showcase nonprofit efforts around the world. Explore Annenberg uses educational programming accessible through cable and satellite television, theatrical screenings and the Internet to connect people, ideas, communities and cultures. Explore has also funded a community skateboard park in Los Angeles and funds a project that provides service dogs to those in need.
Annenberg Interpretive Center at Lower Point Vicente, LLC* was a community project in which the Annenberg Foundation, worked closely with the Rancho Palos Verdes community, proposed creating a discovery park on Lower Point Vicente, a place where people of all ages learn about their connections to marine habitats, terrestrial life and domestic animals.
*This project is no longer under consideration.
