NEF Financial Highlights
The Needham Education Foundation derives its income principally from four sources:
- Annual Appeal: Mailed in the fall to households and businesses in Needham
- Annual Spelling Bee: Generated by the NEF's community event in the spring
- Teacher Recognition Cards: Small donations to the NEF, usually at each semester's end, to honor individual teachers and staff members of the Needham Public Schools
- Investment income
NEF expends its funds principally in three grant cycles:
- Autumn Grants, up to $5,000 each
- Spring Grants, up to $5,000 each
- Large Grants, up to $15,000
Grant Making
To ensure sustainability for the long term, the NEF's annual grant-making levels have been a function of its fundraising activities, combined with the performance of its investment portfolio.
In 2007-2008, the NEF funded more grants than ever, as a consequence of growth in its investment portfolio and its decision to increase the maximum size of Autumn and Spring grants from $3,500 to $5,000.
In fiscal 2010, the NEF invested its retained surplus in an approximate 60/40 mix of equity and fixed income mutual funds. The net asset balance of the NEF's portfolio declined slightly in fiscal 2008, and continued to decline due to general market conditions in early fiscal 2009.
NEF's Form 990 for Fiscal 2009, as filed with the Internal Revenue Service.
(free registration required)
The NEF's Form 990 for Fiscal 2010 will be filed in early 2011.
Income and Expenses
| Year ending | Year ending | |
| August 31, 2010 | August 31, 2009 | |
| Income | ||
| Annual Fund | $106,425 | $125,118 |
| Spelling Bee | $31,305 | $27,864 |
| Teacher Recognition Cards | $15,001 | $14,605 |
| Other income | $1,510 | $3,405 |
| Total Income | $154,241 | $170,992 |
| Expenses | ||
| Net grant awards | $122,269 | $73,283 |
| Fundraising | $10,589 | $9,903 |
| General and administrative | $18,639 | $19,888 |
| Special events & Strenghen the Core | $25,357 | $8,075 |
| Total Expense | $176,854 | $111,149 |
| Total Ordinary Income/(Deficit) | ($22,613) | $59,843 |
| Total Investment Income/(Loss) | $97,523 | $177,749 |
| Net Surplus/(Deficit) | $74,910 | ($117,906) |
Balance Sheet
| Year ending | Year ending | |
| August 31, 2010 | August 31, 2009 | |
| Assets | ||
| Cash | $88,878 | $111,971 |
| Investments | $1,392,010 | $1,294,005 |
| Total Assets | $1,480,888 | $1,405,976 |
| Liabilities | $0 | $0 |
| Liabilities and Equity | ||
| Equity | ||
| Retained Income | $1,405,976 | $1,523,882 |
| Investment Income | $74,912 | ($117,907) |
| Total Equity | $1,480,888 | $1,405,975 |
| Total Liabilities and Equity | $1,480,888 | $1,405,975 |