The Kulas Foundation


FINANCIAL STATEMENTS

GRANTS AND DISTRIBUTIONS

Since 1961, more than $44,600,000 has been distributed to several hundred organizations in the Greater Cleveland Area. Because of the interests of both Mr. & Mrs. Kulas, the Foundation has continued to concentrate the majority of its support on a variety of musical organizations. Since the Kulas' were interested in the education of young people, the Foundation has continuously supported several programs that involve the education of young people in the arts and, particularly, in music.

In addition to overseeing the distribution of the income generated from its own assets, the Foundation oversees the distribution of the funds generated as principal beneficiary of a trust fund established by E. J. Kulas. Effective January 1, 1997 the Foundation became the successor trustee of the trust, thereby permitting unified administration of both funds. In 2003, the Foundation received $740,295 from the trust fund and distributed $542,600.

During 2003, including the above-mentioned disbursements, the Foundation distributed $2,523,046 and had committed to distribute an additional $2,279,900 in future years. Shown below by program area is the distribution of 2003 grants.

2003

No. of
Grants
No. of
Institutions
% of $
Distributed
Arts & Culture
65
39
49.0
Education *
21
17
22.9
Music Therapy & Miscellaneous
9
8
17.0
Social Services
4
3
2.4
Community
14
11
7.2
Religious
    4
    3
              1.5
Totals
117
81
100.0%

* Plus 19 Student Ticket Program Recipients


CONSOLIDATED NET ASSETS

As of 12/31/03

Kulas Foundation
$33,870,797
E.J. Kulas Trust No. 1
   13,046,794
Consolidated Net Assets
$46,917,591

NOTE: The I.R.S. Forms 990-PF for the Foundation and the Trust as of December 31, 2003 will be available at the office of the Foundation or the Kent H. Smith Foundation Library, the Foundation Center, Suite 1600, 1422 Euclid Avenue, Cleveland, Ohio 44115-2001 after July 1, 2004.


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