Welcome to the 18th edition of the Harden Foundation annual report. I hope you find the report interesting and informative. In 1963, Gene and Ercia Harden started the Harden Foundation with a vision that their hard work and good fortunes would be able to help their community and its citizens far into the future beyond their own existence. The Board of Directors has sustained the Harden’s insight and has remained attentive of the duty to be financially prudent in order for the foundation to operate into perpetuity.
The Harden Foundation assets dipped to approximately $52 million at the end of the 2011 fiscal year. This represents an 8.8% decline in the value of the assets since December 31, 2010. Securities represented 74% of the assets held, so the decline in the stock market has had a prevalent effect on the value of our portfolio. By the close of the fiscal year, we had nearly 78% of our assets in cash and marketable securities and real estate holdings comprised 22% of the asset value. The Harden Foundation has strived to keep a proper diversity of investments in order to maintain a strong financial position. We receive guidance from nine firms, each having responsibility for a segment of our portfolio. They abide by the goals established by the Board of Directors of the Harden Foundation. This results in a strong and diversified group of securities. The Board regularly reviews the activity of these investments and compares the results with selected standards. We expect the composition of assets to continue for the immediate future, but we are mindful of the ever changing world situation.
The Foundation remains optimistic about the future and the recovery of the economy. We will continue to operate and consider grant programs that fall within our guidelines just as we have in the past 48 years. We will continue to restrict our funding to capital & operating grants that benefit programs in Monterey County. The Foundation will also continue to fund and consider grant proposals within our seven areas of interest. The areas of interest are: Community Services – Children, Youth, & Families, Senior Citizens and General; Health; Agricultural Education; Animal Welfare and Environment; and, Arts & Culture programs.
We continue to examine a five year financial plan that helps to guide us in estimating and determining grant budgets for the future. This has become challenging with the developments of the past several years but the Board has remained committed to maintaining approximately the same level of annual grant funding as in the past.
The Foundation headquarters, auxiliary buildings and the historic Harden home, situated on about six acres, represent an island in the middle of a residential development. We engage a variety of professionals to help preserve the style and history of this unique home and grounds. The Harden Foundation takes pride in preserving the estate that Eugene and Ercia Harden shared with their friends and community.
Patricia Tynan Chapman