TFS 73
Shael Kalef
Chair, TFS Foundation Investment
and Finance Committee
I am pleased to provide this financial summary on behalf of
the TFS Foundation's Investment and Finance Committee.
Foundation assets increased to $10.8 million. This
increase is due to the timing of the master plan as
expenses for the master plan were lower than expected
this past year. Fundraising revenue increased to $4.4
million with over $900k from the TFS Gala held in April
2023. Favorable interest rates and strong returns yielded
over $600k in investment income. The TFS Foundation
continues to grow its fundraising program year-over-year
and this positions the organization well for the future.
During the year ending June 30, 2023, the TFS
Foundation made grants to TFS totalling $1.9 million
to support capital projects and the master plan for
both campuses. TFSF grants also continued to support
scholarships and bursaries.
TFS Foundation
Total Revenue $4,401 $ 2,182
Fundraising $37 $ 40
Program and Administration Costs $808 $ 448
Net Expenses $845 $ 488
Grants to TFS $1,944 $ 1,368
Excess (Deficiency) of
Revenue Over Expenses $1,612 $ 326
Highlights of the Statement of
Operations ($000s)
Donations and Special Events $3,711 $ 2,786
Investment Income $690 $ (604)
Total Current Assets $1,811 $ 945
Investments $9,778 $ 8,684
Total Assets $11,589 $ 9,629
Total Liabilities $761 $ 413
Net Assets $10,828 $ 9,216
Highlights of the Statement of
Financial Position ($000s)
2022 2023
