Financial Report for the twelve months ended December 31, 2014
Financial Report for the twelve months ended December 31, 2014
1
Executive Summary •
Planned Investment Revenue and Interest Income net of Investment Management Fees for 2014 were $3.9M (190%) above Plan. (page 3)
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Full year net realized Investment gains were $2.6M. The overall market value of the portfolio decreased in December, resulting in a net unrealized loss of $1.9M as of December 31 compared to $1.2M of net unrealized gain as of November 30. (page 3)
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Full year Foundation expenses were $46K below Plan.
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Rental income from FSL Echo Park was about 4% better than plan ($41K) and FSL Portland was about 1.1% below Plan ($23K). FSL Portland reached full occupancy in early September. (page 3)
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Other Income consists primarily of a $90K rebate from the City of Portland related to FSL Portland green-friendly construction.
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Full year expenses for FSL Echo Park were right in line with the Plan. Full year expenses for FSL Portland were $159K (6.9%) above Plan, primarily due to Property Management Fees ($51K), Professional/Contract Services ($34K), Property Taxes ($29K) and Depreciation ($20K).
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FSL Echo Park generated net cash income of $133K. (page 3)
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FSL Portland generated net cash income of $354K. (page 3)
2
Consolidating Statement of Activities for the twelve months ended December 31, 2014
3
Foundation Statement of Activities for the twelve months ended December 31, 2014
4
FSL Echo Park Statement of Activities for the twelve months ended December 31, 2014
5
FSL Portland Statement of Activities for the twelve months ended December 31, 2014
6
2014 Full Year Management Fee Actual vs Plan Detail
7
Consolidating Balance Sheet as of December 31, 2014
8
1
Executive Summary •
Planned Investment Revenue and Interest Income net of Investment Management Fees for 2014 were $3.9M (190%) above Plan. (page 3)
•
Full year net realized Investment gains were $2.6M. The overall market value of the portfolio decreased in December, resulting in a net unrealized loss of $1.9M as of December 31 compared to $1.2M of net unrealized gain as of November 30. (page 3)
•
Full year Foundation expenses were $46K below Plan.
•
Rental income from FSL Echo Park was about 4% better than plan ($41K) and FSL Portland was about 1.1% below Plan ($23K). FSL Portland reached full occupancy in early September. (page 3)
•
Other Income consists primarily of a $90K rebate from the City of Portland related to FSL Portland green-friendly construction.
•
Full year expenses for FSL Echo Park were right in line with the Plan. Full year expenses for FSL Portland were $159K (6.9%) above Plan, primarily due to Property Management Fees ($51K), Professional/Contract Services ($34K), Property Taxes ($29K) and Depreciation ($20K).
•
FSL Echo Park generated net cash income of $133K. (page 3)
•
FSL Portland generated net cash income of $354K. (page 3)
2
Consolidating Statement of Activities for the twelve months ended December 31, 2014
3
Foundation Statement of Activities for the twelve months ended December 31, 2014
4
FSL Echo Park Statement of Activities for the twelve months ended December 31, 2014
5
FSL Portland Statement of Activities for the twelve months ended December 31, 2014
6
2014 Full Year Management Fee Actual vs Plan Detail
7
Consolidating Balance Sheet as of December 31, 2014
8
