ASSETS 2010 2009 Cash and Cash Equivalents $17,094,037 $19,417,547 Contributions Receivable 24,116,418 24,516,266 Prepaid Expenses and Other Assets 51,782 51.283 Total $41,262,237 $43,985,096

Non-Endowment Investments Equities 8,270,847 7,346,506 Fixed Income 6,340,435 5,616,007

Cash and Cash Equivalents 99,000 105,140 Total Non-Endowment Investments 14,710,282 13,067,653 Endowment Investments Equities 123,519,871 123,487,223

Fixed Income 67,571,405 68,284,231 Cash Surrender Value 445,389 441,296 of Life Insurance

Temporary Investments 8,622,696 6,685,953 Other 37,829,887 18,907,353

Total Endowment Investments 237,989,248 217,806,056

Split-Interest Agreements 4,821,538 4,577,330 Property and Equipment 68,030 22,301 Total Assets 298,851,335 $279,458,436

LIABILITIES AND NET ASSETS 2010 2009

LIABILITIES Accounts Payable and Accrued Liabilities $803,542 $993,572 Grants Payable 1,578,927 1,473,482

Liabilities Under Split-Interest Agreements 1,577,026 1,515,628

Liabilities Under Agency Accounts 5,907,410 4,939,500 Deferred Rent 268,098 285,017

Total Liabilities 10,135,003 9,207,199

NET ASSETS Unrestricted For Grant Endowments 224,816,024 206,949,730 For Grantmaking 28,275,069 26,843,406 For Administrative Endowment and Operations 3,918,634 4,255,750 Total Unrestricted 257,009,727 238,048,886

Temporarily Restricted 31,019,810 31,256,452 Permanently Restricted 686,795 945,899

Total Net Assets 288,716,332 270,251.237 Total Liabilities and Net Assets $298,851,335 $279,458,436

2010 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 MANAGERS The endowment assets of TPF, Inc., are managed by:

Total for Year Ended Dec 31, 2010 REVENUE AND SUPPORT

Gifts, Grants and Bequests $8,672,106

Investment Income 7,069,231

Gain on Investments, Net 23,242,840 Total Revenue and Support 38,984,177

EXPENSES

Grants 15,548,969

Investment Management and Trustee Fees 711,510

Grantmaking 631,654

Special Program Expenses 1,119,281

Development and Donor Services 1,056,887

Financial Management 1,170,635

Marketing 270,146 Total Expenses 20,509,082

CHANGE IN NET ASSETS 18,465,095 Net Assets - Beginning of Year 270,251,237

NET ASSETS - END OF YEAR $288,716,332

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

2010 Financial HigHigHts tHe PHiladelPHia Foundation

Consolidated Statements of Financial Activities

TRUSTEE INSTITUTIONS In 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 CompanyBNY MellonPitcairn Trust CompanyPNC Bank, N.A.Wachovia/Wells FargoWilmington Trust of Pennsylvania

INSTITUTIONAL PARTNERSHIPS American FundsBrown Brothers HarrimanMerrill Lynch Community Charitable Fund

INDEPENDENT INVESTMENT CONSULTANT Colonial Consulting