Razoo Foundation: Audited Financial Statements For 2011-2012.pdf

December 31, 2012 and 2011

Independent Auditor’s Report:
The Razoo Foundation's financial statements for the years ended December 31, 2012, and 2011 were audited. The auditor concluded that these statements present fairly, in all material respects, the financial position of the foundation as of December 31, 2012, and 2011, and its activities' results for those years.

Financial Statements:

- Balance Sheet (as of December 31):
- Assets: Cash and cash equivalents increased from $3,309,290 in 2011 to $4,877,208 in 2012.
- Liabilities: Accounts payable and accrued expenses rose by $46,724 in 2012.
- Net Assets:
- Unrestricted net assets grew from $3,215,386 in 2011 to $8,022,858 in 2012.
- Temporarily restricted net assets decreased from $25,000 in 2011 to $20,209 in 2012.

- Statement of Activities (for the year ended December 31):
- Revenues:
- Contributions to donor-advised funds were $50,817,540 in 2012 and $30,100,951 in 2011.
- Other revenues included corporate contributions, donated services, and contributed personnel.
- Expenses:
- Program services expenses were $48,837,205 in 2012 and $28,975,474 in 2011.
- Management and general expenses were $430,829 in 2012 and $428,222 in 2011.
- Fundraising expenses were $168,779 in 2012 and $153,539 in 2011.

- Statement of Cash Flows (for the year ended December 31):
- Net cash provided by operating activities was $3,265,257 in 2012 and $1,567,918 in 2011.
- The net increase in cash and cash equivalents was $3,265,257 in 2012 and $1,567,918 in 2011.

Notes to Financial Statements:
The notes are an integral part of the financial statements, providing additional details on accounting policies, donor-advised funds, contributed services, and other relevant information.