Financials & Investments

Financials & Investments

Condensed and Combined Financial Information

W.K. Kellogg Foundation and W.K. Kellogg Foundation Trust

For the Years Ended Aug. 31, 2016 and 2015

Statement of Financial Position

  Combined 2016W.K. Kellogg Foundation W.K. Kellogg Foundation Trust Combined 2015W.K. Kellogg Foundation W.K. Kellogg Foundation Trust
Assets $9,564,183,251 $428,169,622 $9,136,013,629 $8,447,155,607 $418,990,707 $8,028,164,900
Liabilities $788,017,857 $371,232,440 $416,785,417 $586,408,743 $295,038,882 $291,369,861
Net Assets $8,776,165,394 $56,937,182 $8,719,228,212 $7,860,746,864 $123,951,825 $7,736,795,039
Total Liabilities and Net AssetsTotal L&NA $9,564,183,251 $428,169,622 $9,136,013,629 $8,447,155,607 $418,990,707 $8,028,164,900

Statement of Activities

  Combined 2016W.K. Kellogg Foundation W.K. Kellogg Foundation Trust Combined 2015W.K. Kellogg Foundation W.K. Kellogg Foundation Trust
Contributions from W.K. Kellogg Foundation Trust*Contributions* $390,000,000 $367,000,000
Investment Revenues-Net Cost of Earning IncomeInv. Revenue $1,413,464,720 $17,518,340 $1,395,946,380 $170,641,389 ($18,137,783) $188,779,172
Other Revenue $1,264,412 $1,264,412 $2,059,183 $2,059,183
Total Revenues $1,414,729,132 $408,782,752 $1,395,946,380 $172,700,572 $350,921,400 $188,779,172
Contributions to the W.K.Kellogg Foundation*Contributions* $390,000,000 $367,000,000
Grant Expense $384,758,609 $384,758,609 $268,064,563 $268,064,563
Program ActivitiesActivities $18,605,456 $18,605,456 $24,781,242 $24,781,242
General OperationsOperations $68,834,215 $68,834,215 $60,719,108 $60,719,108
Depreciation $3,404,252 $3,404,252 $3,692,953 $3,692,953
Federal Excise Tax ProvisionsExcise Tax $23,708,070 $194,863 $23,513,207 $1,118,074 ($466,889) $1,584,963
Total Expenses $499,310,602 $475,797,395 $413,513,207 $358,375,940 $356,790,977 $368,584,963
Change in Net Assets $915,418,530 ($67,014,643) 982,433,173 ($185,675,368) ($5,869,577) ($179,805,791)
Net Assets at Beginning of YearNet Assets at B.O.Y. $7,860,746,864 $123,951,825 $7,736,795,039 $8,046,422,232 $129,821,402 $7,916,600,830
Net Assets at End of YearNet Assets at E.O.Y. $8,776,165,394 $56,937,182 $8,719,228,212 $7,860,746,864 $123,951,825 $7,736,795,039

*Intercompany contributions and distribution of $390,000,000 and $367,000,000 for the years ended Aug. 31, 2016 and 2015, respectively, have been eliminated in the combined totals.

The W.K. Kellogg Foundation’s and W.K. Kellogg Foundation Trust’s financial statements are audited by Mitchell & Titus, LLP. A full set of the audited version of these financial statements is available on the foundation’s website at www.wkkf.org.

Summary of Investments

W.K. Kellogg Foundation and W.K. Kellogg Foundation Trust

Investment Asset Values and Time-weighted Return

Year Foundation Trust Total Time-weighted Return
2007 $430,995,061 $7,798,733,829 $8,229,728,890 13.2%
2008 $429,534,145 $7,478,548,285 $7,908,082,430 0.1%
2009 $309,059,236 $6,293,862,729 $6,602,921,965 -10.8%
2010 $310,944,822 $6,548,114,152 $6,859,058,974 8.6%
2011 $396,532,820 $6,997,685,489 $7,394,218,309 12.7%
2012 $363,384,685 $6,657,481,744 $7,020,866,429 -0.8%
2013 $350,793,093 $7,505,377,868 $7,856,170,961 17.0%
2014 $370,236,891 $8,016,072,165 $8,386,309,057 11.2%
2015 $344,882,208 $7,834,236,664 $8,179,118,871 2.2%
2016 $353,141,324 $8,839,980,800 $9,193,122,123 17.8%

Investment Asset Allocation

  Foundation Total Foundation Percentage Trust Total Trust Percentage
Cash $37,820,280 11% $66,566,681 0.8%
Kellogg Stock $5,621,042,160 63.6%
Public Equities $149,584,935 42% $614,884,817 7.0%
Fixed Income Securities $50,648,728 14% $304,499,861 3.4%
Private Equity Funds $53,687,706 15% $585,158,068 6.6%
Hedge Funds $35,294,602 10% $664,692,395 7.5%
Commingled Funds $14,046,503 4% $826,206,495 9.3%
Real Estate Funds $12,058,570 3% $154,210,324 1.7%
TOTAL $353,141,324 100% $8,837,260,801 100%

Combined Foundation and Trust Asset Allocation