ASSETS 2009 2008 Cash and Cash Equivalents $19,417,547 $20,815,445 Contributions Receivable 24,516,266 26,233,813 Prepaid Expenses and Other Assets 51.283 33,905 Total $43,985,096 47,083,163

Non-Endowment Investments Equities 7,346,506 5,809,523 Fixed Income 5,616,007 5,530,002 Cash and Cash Equivalents 105,140 102,025

Total Non-Endowment Investments 13,067,653 11,441,550 Endowment Investments Equities 123,487,223 97,460,984

Fixed Income 68,284,231 59,413,432 Cash Surrender Value 441,296 431,215 of Life Insurance

Temporary Investments 6,685,953 3,965,531 Other 18,907,353 22,015,898

Total Endowment Investments 217,806,056 183,287,060

Split-Interest Agreements 4,577,330 3,982,432 Property and Equipment 22,301 79 Total Assets $279,458,436 $245,794,284

LIABILITIES AND NET ASSETS 2009 2008

LIABILITIES Accounts Payable and Accrued Liabilities $993,572 $1,613,555

Grants Payable 1,473,482 1,238,141

Liabilities Under Split-Interest Agreements 1,515,628 1,529,733

Liabilities Under Agency Accounts 4,939,500 3,824,716

Deferred Rent 285,017 297,909

Total Liabilities 9,207,199 8,504,054

NET ASSETS Unrestricted For Grant Endowments 206,949,730 172,639,691

For Grantmaking 26,843,406 27,490,413

For Administrative Endowment and Operations 4,255,750 4,089,556

Total Unrestricted 238,048,886 204,219,660

Temporarily Restricted 31,256,452 32,231,112

Permanently Restricted 945,899 839,458

Total Net Assets 270,251.237 237,290,230 Total Liabilities and Net Assets $279,458,436 $245,794,284

2009 Financial HigHigHts tHe PHiladelPHia Foundation

1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215 563 6417

Consolidated Statements of Financial Position

Access Capital StrategiesAmerican FundsArmstrong ShawWilliam Blair & Co.City of London Investment Mgmt. Colchester Global Investors

Eagle Capital Management, LLCForester Partners, LPGryphon International Investment Corp.Merrill LynchMetropolitan Real Estate Equity Mgmt., LLCPerennial Capital Management, LLC

Philadelphia International AdvisorsPIMCOPost Advisory GroupThe Investment Fund for Foundations (TIFF)Turner Investment Partners, Inc.The Vanguard Group

INVESTMENT MANAGERSThe endowment assets of TPF, Inc., are managed by:

Total for Year Ended Dec 31, 2009 REVENUE AND SUPPORT

Gifts, Grants and Bequests $8,705,384

Investment Income 5,989,486

Gain on Investments, Net 40,487,485 Total Revenue and Support 55,182,355

EXPENSES

Grants 16,390,796

Investment Management and Trustee Fees 601,300

Grantmaking 629,721

Special Program Expenses 2,078,263

Development and Donor Services 1,232,212

Financial Management 1,078,283

Marketing 210,773 Total Expenses 22,221,348

CHANGE IN NET ASSETS 32,961,007 Net Assets - Beginning of Year 237,290,230

NET ASSETS - END OF YEAR $270,251,237

The official registration and financial information of The Philadelphia Foundation may be obtained from the Pennsylvania Department of State by calling toll-free, within Pennsylvania, 1-800-732-0999. Registration does not imply endorsement.

Information filed with the Attorney General concerning this charitable solicitation may be obtained from the Attorney General of the State of New Jersey by calling 973-504-6215. Registration with the Attorney General does not imply endorsement.

This report presents only the highlights of our financial activities. The Foundation’s complete audited financial statements are available online at www.philafound.org. Select “About the Foundation” and then “Investment Management and Fund Information.” A public inspection copy of our Forms 990 and 990-T may be obtained during regular business hours.

1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215 563 6417

2009 Financial HigHigHts tHe PHiladelPHia Foundation

Consolidated Statements of Financial Activities

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

The Bryn Mawr Trust CompanyThe Glenmede Trust CompanyMellon PSFS, N.A. Pitcairn Trust CompanyPNC Bank, N.A.Wachovia Bank, N.A.Wilmington Trust of Pennsylvania

INSTITUTIONAL PARTNERSHIPS American FundsBrown Brothers HarrimanMerrill Lynch Community Charitable Fund

INDEPENDENT INVESTMENT CONSULTANTColonial Consulting