ASSETS 2011 2010 Cash and Cash Equivalents $18,679,080 $17, 094,037 Contributions Receivable 23,643,919 24,116,418 Prepaid Expenses and Other Assets 69,090 51.782 Total $42,392,089 $41,262,237

Non-Endowment Investments Equities 8,970,725 8,270,847 Fixed Income 6,678,117 6,340,435 Other 11,856,000

Cash and Cash Equivalents 99,000 99,000 Total Non-Endowment Investments 27,603,902 14,710,282 Endowment Investments Equities 116,837,551 123,519,871

Fixed Income 66,211,871 67,571,405 Cash Surrender Value 453,841 445,389 of Life Insurance

Temporary Investments 14,059,400 8,622,696 Other 32,292,628 37,829,887

Total Endowment Investments 229,855,291 237,989,248

Split-Interest Agreements 5,292,691 4,821,528 Property and Equipment 56,362 68,030 Total Assets 305,200,334 $298,851,335

LIABILITIES AND NET ASSETS 2011 2010

LIABILITIES Accounts Payable and Accrued Liabilities $626,291 $803,542 Grants Payable 1,161,304 1,578,927

Liabilities Under Split-Interest Agreements 1,770,840 1,577,026

Liabilities Under Agency Accounts 5,860,743 5,907,410 Deferred Rent 241,429 268,098

Total Liabilities 9,660,607 10,135,003

NET ASSETS Unrestricted For Grant Endowments 216,588,260 224,816,024 For Grantmaking 31,519,970 28,275,069 For Administrative Endowment and Operations 4,438,829 3,918,634 Total Unrestricted 252,547,059 257,009,727 Temporarily Restricted 42,385,538 31,019,810

Permanently Restricted 607,130 686,795

Total Net Assets 295,539,727 288,716,332 Total Liabilities and Net Assets $305,200,334 $298,851,335

2011 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, 2011 REVENUE AND SUPPORT

Gifts, Grants and Bequests $32,267,135

Investment Income 7,903,158

Investments, Net Losses (11,119,447) Total Revenue and Support 29,050,846

EXPENSES

Grants 16,585,332

Investment Management and Trustee Fees 954,568

Grantmaking 647,369

Special Program Expenses 1,581,910

Development and Donor Services 1,151,355

Financial Management 994,152

Marketing 312,775 Total Expenses 22,227,451

CHANGE IN NET ASSETS 6,823,395 Net Assets - Beginning of Year 288,716,332

NET ASSETS - END OF YEAR $295,539,727

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

2011 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