the sierra club foundation...the sierra club foundation: we have audited the accompanying balance...

THE SIERRA CLUB FOUNDATION

Financial Statements and Supplemental Schedule

December 31, 2009 and 2008

(With Independent Auditors’ Report Thereon)

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Independent Auditors’ Report

The Board of Directors The Sierra Club Foundation:

We have audited the accompanying balance sheets of The Sierra Club Foundation (the Foundation) as of December 31, 2009 and 2008, and the related statements of activities, functional expenses, and cash flows for the years then ended. These financial statements are the responsibility of the Foundation’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Sierra Club Foundation as of December 31, 2009 and 2008, and the changes in its net assets and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included in the schedule of net assets is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

May 3, 2010


Balance Sheets


Assets 2009 2008

Cash and cash equivalents $ 1,022,659 1,939,717 Money market funds 23,381,330 31,550,031 Accounts receivable 256,421 388,588 Contributions receivable, net 2,588,650 6,704,828 Prepaid expenses 13,929 27,683 Investments 60,612,241 46,144,477 Property and equipment, net 125,736 143,740 Assets held under split-interest agreements 14,920,311 12,185,215 Investments – Property — 1,365,500 Other assets 223,084 224,084

Total assets $ 103,144,361 100,673,863

Liabilities and Net Assets

Liabilities:Accounts payable $ 685,561 81,730 Grants payable 3,917,561 4,642,758 Liabilities under split-interest agreements 10,031,842 9,216,294

Total liabilities 14,634,964 13,940,782

Net assets:Unrestricted:

Undesignated 21,106,563 12,360,107 Board-designated 22,181,970 29,356,274

Total unrestricted 43,288,533 41,716,381

Temporarily restricted 32,932,487 33,217,769 Permanently restricted 12,288,377 11,798,931

Total net assets 88,509,397 86,733,081

Total liabilities and net assets $ 103,144,361 100,673,863

See accompanying notes to financial statements.

2


Statement of Activities

Year ended December 31, 2009

Temporarily PermanentlyUnrestricted restricted restricted Total

Revenues, gains, and other support:Contributions $ 11,077,192 23,018,441 121,747 34,217,380 Contributions related to split-interest

agreements 94,931 917,357 7,000 1,019,288 Bequests 2,802,631 859,030 — 3,661,661

Total contributions 13,974,754 24,794,828 128,747 38,898,329

Net gains from investments 4,647,718 1,863,336 — 6,511,054 Interest and dividends 1,399,993 206,411 — 1,606,404 Net change in value of split-interest

agreements (414,798) 756,839 258,075 600,116 Other income (loss) 36,776 2,884 102,624 142,284 Net asset reclassification due to

change in law (54,082) 54,082 — — Net assets released from restrictions 27,963,662 (27,963,662) — —

Total revenues, gains, andother support 47,554,023 (285,282) 489,446 47,758,187

Expenses:Program services 41,016,345 — — 41,016,345 Support services:

Administrative 867,675 — — 867,675 Fundraising 4,097,851 — — 4,097,851

Total expenses 45,981,871 — — 45,981,871

Change in net assets 1,572,152 (285,282) 489,446 1,776,316

Net assets, beginning of year 41,716,381 33,217,769 11,798,931 86,733,081

Net assets, end of year $ 43,288,533 32,932,487 12,288,377 88,509,397


3


Statement of Activities



Revenues, gains, and other support:Contributions $ 31,154,222 17,072,748 124,963 48,351,933 Contributions related to split-interest

agreements 639,447 1,501,668 5,858 2,146,973 Bequests 1,737,444 4,077,245 — 5,814,689

Total contributions 33,531,113 22,651,661 130,821 56,313,595

Net gains (losses) from investments (16,786,441) (2,997,670) — (19,784,111) Interest and dividends 2,283,033 227,125 — 2,510,158 Net change in value of split-interest

agreements (185,105) (1,761,637) (481,135) (2,427,877) Other income (97,241) 38,128 (289,337) (348,450) Net assets released from restrictions 26,347,682 (26,347,682) — —

Total revenues, gains, andother support 45,093,041 (8,190,075) (639,651) 36,263,315

Expenses:Program services 40,229,676 — — 40,229,676 Support services:

Administrative 832,241 — — 832,241 Fundraising 3,618,860 — — 3,618,860

Total expenses 44,680,777 — — 44,680,777

Change in net assets 412,264 (8,190,075) (639,651) (8,417,462)

Net assets, beginning of year 41,304,117 41,407,844 12,438,582 95,150,543

Net assets, end of year $ 41,716,381 33,217,769 11,798,931 86,733,081


4


Statement of Functional Expenses


Support servicesProgramservices Administrative Fundraising Subtotal Total

Salaries $ 145,197 414,207 58,000 472,207 617,404 Employee benefits and taxes 39,416 122,037 17,089 139,126 178,542 Contractual fund raising services — — 3,900,000 3,900,000 3,900,000 Fund raising – other — — 108,480 108,480 108,480 Rent 18,051 46,482 3,159 49,641 67,692 Printing and copying 1,167 2,880 196 3,076 4,243 Publications — 2,324 — 2,324 2,324 Office equipment and supplies 7,939 18,033 1,226 19,259 27,198 Travel 5,123 10,873 739 11,612 16,735 Bank charges 3,649 9,395 639 10,034 13,683 Insurance 5,368 13,824 939 14,763 20,131 Telephone and telefax 1,151 2,964 201 3,165 4,316 Professional services 39,190 142,895 4,720 147,615 186,805 Postage and shipping 1,534 3,867 263 4,130 5,664 Depreciation 7,882 15,981 1,086 17,067 24,949 R l t li f 20 192 20 192 20 192Regulatory compliance fees — 20,192 — 20,192 20,192 Grants 40,734,048 — — — 40,734,048 Board of trustee meetings — 25,335 — 25,335 25,335 Miscellaneous 6,630 16,386 1,114 17,500 24,130

$ 41,016,345 867,675 4,097,851 4,965,526 45,981,871


5


Statement of Functional Expenses


Support servicesProgramservices Administrative Fundraising Subtotal Total

Salaries $ 145,413 453,480 49,026 502,506 647,919 Employee benefits and taxes 35,499 119,511 12,920 132,431 167,930 Contractual fund raising services — — 3,450,000 3,450,000 3,450,000 Fund raising – other — — 84,938 84,938 84,938 Rent 16,807 43,278 2,941 46,219 63,026 Printing and copying 3,146 8,101 551 8,652 11,798 Publications — 1,690 — 1,690 1,690 Office equipment and supplies 13,115 18,497 1,257 19,754 32,869 Travel 8,388 16,545 1,124 17,669 26,057 Bank charges 3,226 8,306 564 8,870 12,096 Insurance 6,216 16,006 1,088 17,094 23,310 Telephone and telefax 1,007 2,594 176 2,770 3,777 Professional services 137,490 59,732 4,720 64,452 201,942 Postage and shipping 2,949 7,593 516 8,109 11,058 Depreciation 8,114 16,773 1,140 17,913 26,027 R l t li f 10 725 10 725 10 725Regulatory compliance fees — 10,725 — 10,725 10,725 Grants 39,836,191 — — — 39,836,191 Board of trustee meetings — 21,470 — 21,470 21,470 Miscellaneous 12,115 27,940 7,899 35,839 47,954

$ 40,229,676 832,241 3,618,860 4,451,101 44,680,777


6


Statements of Cash Flows

Years ended December 31, 2009 and 2008

2009 2008

Cash flows from operating activities:Change in net assets $ 1,776,316 (8,417,462) Adjustments to reconcile change in net assets to net cash

provided by (used in) operating activities:Depreciation 24,949 26,027 Noncash gifts (7,000) (2,366,359) Contributions of investment securities (387,297) (1,308,774) Contributions restricted for long-term investment (121,747) (130,821) Net (gains) loss on investments (6,511,054) 19,848,172 Changes in operating assets and liabilities:

Accounts receivable 132,167 87,002 Contributions receivable, net 4,116,178 4,908,363 Prepaid expenses 13,754 6,228 Investments-property — (535,500) Other assets 1,000 59,939 Accounts payable 603,831 (205,996) Grants payable (725,197) 3,113,330 Liabilities under split-interest agreements 809,565 (2,043,721)

Net cash (used in) provided by operating activities (274,535) 13,040,428

Cash flows from investing activities:Proceeds from sale of investments 23,779,817 53,588,762 Purchase of investments (29,983,730) (53,135,675) Sale (purchase) of money market funds, net 8,168,701 (22,029,534) Purchase of property and equipment (6,945) (6,905) Change in assets held under split-interest agreements (2,722,113) 5,533,305

Net cash used in investing activities (764,270) (16,050,047)

Cash flows provided by financing activity:Contributions restricted for long-term investment 121,747 130,821

Net decrease in cash and cash equivalents (917,058) (2,878,798)

Cash and cash equivalents, beginning of year 1,939,717 4,818,515

Cash and cash equivalents, end of year $ 1,022,659 1,939,717

Supplemental data for noncash transactions:During the fiscal years ended December 31, 2009 and 2008, the Foundation received noncash assets

of $12,983 and $2,722,551, respectively, related to split-interest agreements. In addition, liabilitiesassociated with those noncash assets totaled $5,983 and $356,192 for the fiscal years ended December 31, 2009 and 2008, respectively.


7


Notes to Financial Statements


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(1) Nature of Operations

The Sierra Club Foundation (the Foundation) endeavors to preserve and enhance the natural environment through support of the Sierra Club and other conservation organizations. Grants are provided to these organizations to support charitable, educational, scientific, and legal endeavors. The Foundation provides limited support for lobbying activities as permitted by Section 501(h) of the Internal Revenue Code. No support is provided for political activities.

(2) Basis of Presentation and Summary of Significant Accounting Policies

These financial statements, which are presented on the accrual basis of accounting, have been prepared to focus on the Foundation as a whole and to present balances and transactions according to the existence or absence of donor imposed restrictions.

Net assets and changes therein are classified as follows:

Unrestricted net assets – Net assets not subject to donor imposed stipulations.

Temporarily restricted net assets – Net assets subject to donor imposed stipulations that will be met by actions of the Foundation and/or the passage of time. When a donor stipulated time restriction ends or a purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.

Permanently restricted net assets – Net assets subject to donor imposed stipulations requiring that they be maintained permanently by the Foundation. The income from these assets is available for either general operations or specific programs as specified by the donor.

Revenues are reported as increases in unrestricted net assets unless use of the related assets is limited by donor imposed restrictions. Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulation or by law. Expirations of temporary restrictions on net assets (i.e., the donor stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are reported as reclassifications between the applicable classes of net assets.

Contributions, including unconditional promises to give, are recognized as revenues in the period received. Conditional promises to give are not recognized until they become unconditional, that is when the conditions on which they depend are substantially met. Contributions of assets other than cash are recorded at their estimated fair value. Contributions to be received after one year are discounted at an appropriate discount rate commensurate with the risks involved. Amortization of the discount is recorded as additional contribution revenue in accordance with donor imposed restrictions, if any, on the contributions.

(a) Cash and Cash Equivalents

Cash and cash equivalents consist of funds in checking accounts and short term certificates of deposit with an original maturity of three months or less.




9 (Continued)

(b) Money Market Funds

Money market funds include $3.5 million of cash deposits in money market accounts at financial institutions that are FDIC insured up to $250,000 with the remainder invested in money market mutual funds. The Foundation may draw on these deposits and funds at any time.

(c) Investments and Investments in Property

Investments in marketable equity securities and all debt securities are reported at fair value. Investments in hedge funds, limited liability companies, limited partnerships, and real estate are also reported at fair value as estimated by management based upon information provided by the general partner. Investments in property are reported at fair value.

(d) Fair Value Measurements

On January 1, 2008, the Foundation adopted the provisions of Financial Accounting Standards Board (FASB) ASC Topic 820 (FASB Statement No. 157), Fair Value Measurements for fair value measurements of financial assets and financial liabilities. ASC Topic 820 includes a framework for measuring fair value and specifies certain disclosures. The primary effect of adopting this pronouncement for the Foundation was to expand disclosures. In October 2009, the FASB issued Accounting Standards Update No. 2009-12 (ASU 2009-12), Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU 2009-12 permits investors in entities that calculate Net Asset Value (NAV), or its equivalent, to use NAV as a practical expedient to estimate the fair value of an investment if the investment meets certain criteria. The Foundation adopted this guidance effective January 1, 2009.

(e) Property and Equipment, Net

Property and equipment are recorded at cost at the date of acquisition or fair value at the date of donation in the case of gifts. Depreciation and amortization are computed on the straight line method. The estimated useful lives are three to seven years for office furniture and equipment and three to five years for computer hardware and software. Leasehold improvements are amortized over the shorter of the lease term or their estimated useful lives.

(f) Grants

Grants are made by the Foundation for programs preapproved by the board of directors and are not recorded as expense until prescribed conditions are substantially met.

(g) Use of Estimates

Management of the Foundation has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates.




10 (Continued)

(h) Tax Exempt Status

The Foundation is tax exempt under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the Revenue and Taxation Code of the State of California and, generally, is not subject to state or federal taxes on income. However, the Foundation remains subject to state or federal taxes on any net income that is derived from a trade or business, regularly carried on and not in furtherance of the purpose for which it was granted exemption. No income tax provision has been recorded as net income, if any, from unrelated trade or business in the opinion of management, is not material to the consolidated financial statements taken as a whole. Gifts to the Foundation are deductible for income tax purposes under Section 170(b)(1)(A) of the Internal Revenue Code.

(i) FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes

Effective January 1, 2009 the Foundation has adopted FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), included in FASB ASC Subtopic 740-10, Income Taxes – Overall. FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation requires that the entity recognize in the financial statements the impact of a tax position if that position will more-likely-than-not be sustained on audit, based on the technical merits of the position. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the entity should presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The Foundation has considered the potential impact of FIN 48 and after review of the potential impact of tax positions, taken or not taken, determined there was no potential liability under FIN 48.

(3) Investments

ASC Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical investments that the Foundation has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly.

Level 3 inputs are unobservable inputs for the investment.

The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.




11 (Continued)

(a) Investments

The following table presents investments that are measured at fair value on a recurring basis at December 31, 2009:

Fair value measurements at December 31, 2009 using

Quoted pricesin active Significant

markets for other Significantidentical observable unobservable

December 31, assets inputs inputsDescription 2009 (Level 1) (Level 2) (Level 3)

Mutual funds:Domestic equity $ 9,696,061 9,696,061 — — International equity 4,992,698 4,992,698 — — Real estate 2,530,372 2,530,372 — — Bonds 20,607,252 10,191,525 10,415,727 —

U.S. government and governmentagency securities 9,052,421 — 9,052,421 —

Domestic fixed income 1,281,000 — 1,281,000 — Limited liability companies 5,713,969 — 5,713,969 — Hedge funds 2,400,289 — 459,532 1,940,757 Limited partnerships and real estate 4,338,179 — 3,071,751 1,266,428

Total $ 60,612,241 27,410,656 29,994,400 3,207,185




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The following table presents investments that are measured at fair value on a recurring basis at December 31, 2008:

Fair value measurements at

December 31, 2008 using

Quoted prices

in active Significant

markets for other Significant

identical observable unobservable

December 31, assets inputs inputs

Description 2008 (Level 1) (Level 2) (Level 3)

Mutual funds:

Domestic equity $ 7,910,501 7,910,501 — —

International equity 4,126,952 4,126,952 — —

Real estate 2,190,657 2,190,657 — —

Bonds 1,487,085 1,487,085 — —

U.S. government and government

agency securities 17,482,992 — 17,482,992 —

Domestic fixed income 1,814,568 — 1,814,568 —

Foreign fixed income 1,286,663 — 1,286,663 —

Equity securities 43,095 43,095 — —

Limited liability companies 2,432,691 — — 2,432,691

Hedge funds 4,089,597 — — 4,089,597

Limited partnerships and real estate 3,279,676 — 2,150,117 1,129,559

Total $ 46,144,477 15,758,290 22,734,340 7,651,847

For the valuation of mutual funds and publicly-traded equity investments at, the Foundation used quoted prices in principal active markets for identical assets as of the valuation date.

For the valuation of U.S. government/agency securities, domestic and foreign fixed income investments, and certain limited partnership and real estate investments the Foundation used significant other observable inputs, particularly dealer market prices for comparable investments as of the valuation date as well as net asset value as a practical expedient to estimate fair value.

For the valuation of hedge funds, limited liability companies, certain limited partnerships and real estate investments, the Foundation used net asset value as a practical expedient to estimate the fair value.




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The following table presents the Foundation’s investments measured at fair value using net asset value as defined in ASC Topic 820 for the year ended December 31, 2009.

RedemptionBalance as of Unfunded Redemption notice12/31/2009 commitments frequency period

Limited liability companies (i) $ 5,713,969 — 30 days 5 daysHedge funds (ii) 459,532 — Quarterly 91 daysHedge fund (iii) 1,940,757 — Non-redeemable — Limited partnership (iv) 3,071,751 — Quarterly 30 daysLimited partnerships and real

estate (v) 1,266,428 2,565,593 Non-redeemable —

Total $ 12,452,437 2,565,593

Description

(i) Limited liability investments include three private placement domestic, non-U.S., and emerging market equities. The investment strategy is to take advantage of undervalued equities relative to investors’ estimate of intrinsic value. The majority of the investments in these portfolios are traded on active markets.

(ii) Hedge funds includes a fund of funds with the principal purpose of investing, on a leveraged basis, indirectly in the equity long/short, event driven, relative value, and tactical trading sectors.

(iii) Hedge funds in this category were established for the purpose of investing in opportunities that have a longer horizon for realizing returns and, therefore, the fund agreements have scheduled, but not required, distribution dates in 2012 and 2013.

(iv) Limited partnership includes a long-only investment management strategy to generate excess returns with integration of sustainability research within a rigorous fundamental equity analysis framework. All of the investments in this portfolio are traded on active markets.

(v) Limited partnerships in this category are long-term, multi-manager investment partnerships employing globally diversified private investment strategies, including buy-out, growth capital, and occasionally secondary market interests. Capital calls will continue on certain fund commitments until after 2012.




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The following table presents the Foundation’s activities for investments measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the year ended December 31, 2009.

Fair value measurements using significantunobservable inputs (Level 3)

Limited Limitedliability partnerships

Hedge funds companies and real estate Total

Beginning balances $ 4,089,597 2,432,691 1,129,559 7,651,847 Total gains or losses

(realized/unrealized)included in changesin net assets 363,713 — (30,103) 333,610

Purchases, issuances,and settlements (315,672) — 166,972 (148,700)

Transfers out of level 3 (2,196,881) (2,432,691) — (4,629,572)

Ending balance $ 1,940,757 — 1,266,428 3,207,185

The amount of total gainsor losses for the periodincluded in changes innet assets attributable tothe change in unrealizedgains or losses relating toinvestments still held atthe reporting date $ 363,713 — (66,807) 296,906




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The following table presents the Foundation’s activities for investments measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the year ended December 31, 2008.


Limited Limitedliability partnerships

Hedge funds companies and real estate Total

Beginning balances $ 5,058,667 11,192,007 691,640 16,942,314 Total gains or losses

(realized/unrealized)included in changesin net assets (2,037,358) (4,627,456) (129,326) (6,794,140)

Purchases, issuances,and settlements 1,068,288 (4,131,860) 567,245 (2,496,327)

Ending balance $ 4,089,597 2,432,691 1,129,559 7,651,847

The amount of total gainsor losses for the periodincluded in changes innet assets attributable tothe change in unrealizedgains or losses relating toinvestments still held atthe reporting date $ (1,734,121) (1,377,783) (129,326) (3,241,230)

Investment management fees of $165,476 and $214,334 for the years ended December 31, 2009 and 2008, respectively, have been included as a reduction of interest and dividend revenues in the statements of activities.

(b) Investments in Property

Investments in Property of $1,365,500 as of December 31, 2008 consisted of interests in two donated homes valued at $830,000 and $535,500, respectively. For the valuation of the properties, the Foundation used significant other observable inputs, including property values per appraisals as of the valuation date (Level 2). Both of those homes were sold in 2009 for a total of $1,185,500.

(4) Endowments

Through December 31, 2008, the Sierra Club Foundation’s (Foundation’s) management and investment of donor-restricted endowment funds was subject to the provisions of the Uniform Management of Institutional Funds Act (UMIFA). In 2006, the Uniform Law Commission approved the model act, Uniform Prudent Management of Institutional Funds Act (UPMIFA) that serves as a guideline to states to use in enacting legislation. Among UPMIFA’s most significant changes is the elimination of UMIFA’s important concept of historic dollar value threshold, the amount below which an organization could not spend from the fund in favor of a more robust set of guidelines about what constitutes prudent spending.




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Effective January 1, 2009, the State of California has enacted UPMIFA, the provisions of which apply to funds existing on or established after that date. The impact of adopting UPMIFA as of January 1, 2009 was a reclassification of $54,082 from unrestricted endowment net assets to temporarily restricted endowment net assets.

In August 2008, FASB ASC Topic 958-205 (FASB Staff Position No. FAS 117-1), Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act and Enhanced Disclosures for All Endowment Funds (FSP), was issued, and its guidance was effective for fiscal years ending after December 15, 2008. A key component of that FSP is a requirement to classify the portion of a donor-restricted endowment fund that is not classified as permanently restricted net assets as temporarily restricted net assets until appropriated for expenditure. Another key component of that FSP is a requirement for expanded disclosures for all endowment funds. No reclassification of net assets from unrestricted to temporarily restricted was required by the Foundation due to the adoption of FAS 117-1 for the year ended December 31, 2008.

The Board of Directors of the Foundation has interpreted the California Uniform Prudent Management of Institutional Funds Act as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Foundation classifies as permanently restricted net assets: (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the organization in a manner consistent with the standard of prudence prescribed by the California Uniform Prudent Management of Institutional Funds Act.

The Foundation has a policy of appropriating for distribution each year 5% of its endowment fund’s average fair value over the prior three years (excluding those funds with deficiencies due to unfavorable market fluctuations). In establishing this policy, the Foundation considered the long-term expected return on its endowment. Accordingly, over the long term, the Foundation expects the current spending policy to allow its endowment to grow at a rate exceeding expected inflation. This is consistent with the organization’s objective to maintain the purchasing power of the endowment assets held in perpetuity or for a specified term as well as to provide additional real growth through new gifts and investment return.

The Foundation has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of endowment assets. Endowment assets include those assets of donor-restricted funds that the organization must hold in perpetuity or for a donor-specified period(s) as well as board-designated funds. Under this policy, as approved by the Board of Directors, the endowment assets are invested in a manner that is intended to provide investment growth in excess of annual payments. Actual returns in any given year may vary from this goal. To satisfy its long-term rate-of-return objectives, the Foundation relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The Foundation




17 (Continued)

targets a diversified asset allocation that places a greater emphasis on equity based investments to achieve its long-term return objectives within prudent risk constraints.

The Foundation’s endowment consists of approximately 50 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by its Board of Directors to function as endowments. Net assets associated with endowment funds, including funds designated by the Board of Directors to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions.

Endowment net asset composition by type of fund for the year ended December 31, 2009:


Donor-restricted endowment funds $ (445,262) 2,381,658 10,022,123 11,958,519 Board-designated endowment funds 1,614,480 1,652,741 — 3,267,221

Total funds $ 1,169,218 4,034,399 10,022,123 15,225,740

Endowment net asset composition by type of fund for the year ended December 31, 2008:


Donor-restricted endowment funds $ (1,070,498) 1,401,781 9,771,450 10,102,733 Board-designated endowment funds 2,877,064 1,682,494 — 4,559,558

Total funds $ 1,806,566 3,084,275 9,771,450 14,662,291




18 (Continued)

Changes in endowment net assets for the year ended December 31, 2009:


Endowment net assets, beginningof year $ 1,806,566 3,084,275 9,771,450 14,662,291

Net asset reclassification based onchange in law (54,082) 54,082 — —

Endowment net assetsafter reclassification 1,752,484 3,138,357 9,771,450 14,662,291

Investment return:Investment income 35,360 280,456 — 315,816 Net appreciation 963,077 1,154,882 — 2,117,959

Total investment return 998,437 1,435,338 — 2,433,775

Contributions — — 250,673 250,673 Appropriation of endowment assets

for expenditure (388,005) (539,296) — (927,301) Other changes:

Transfers to remove board designated endowment funds (1,193,698) — — (1,193,698)

Endowment net assets, end of year $ 1,169,218 4,034,399 10,022,123 15,225,740

Changes in endowment net assets for the year ended December 31, 2008:


Endowment net assets, beginningof year $ 2,676,814 5,103,175 9,533,260 17,313,249

Investment return:Investment income 132,212 222,975 — 355,187 Net depreciation (realized and

unrealized) (929,365) (2,838,458) — (3,767,823)

Total investment return (797,153) (2,615,483) — (3,412,636)

Contributions — 830,000 124,963 954,963 Reclassification to endowment asset — — 113,227 113,227 Appropriation of endowment assets

for expenditure (73,095) (233,417) — (306,512)

Endowment net assets, end of year $ 1,806,566 3,084,275 9,771,450 14,662,291




19 (Continued)

Description of amounts classified as permanently restricted net assets and temporarily restricted net assets (endowment only):

2009 2008

Permanently restricted net assets:(1) The portion of perpetual endowment funds that is

required to be retained permanently either by explicitdonor stipulation of by UPMIFA $ 10,022,123 9,771,450

Temporarily restricted net assets:(1) Term endowment funds 955,147 862,625 (2) Quasi-endowment with purpose restrict ion 1,652,741 1,682,494 (3) The portion of perpetual endowment funds subject to a

time restriction under UPMIFA:Without purpose restrictions 139,682 — With purpose restrict ions 1,286,829 539,156

Total endowment funds classified as temporarilyrestricted net assets $ 4,034,399 3,084,275

From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or UPMIFA requires the Foundation to retain as a fund of perpetual duration. Deficiencies of this nature that are reported in unrestricted net assets were $445,261 as of December 31, 2009. These deficiencies resulted from unfavorable market fluctuations that occurred shortly after the investment of new permanently restricted contributions and continued appropriation for certain programs that was deemed prudent by the Board of Directors. There was $1,193,699 in such deficiencies as of December 31, 2008.

(5) Contributions Receivable

Contributions receivable as of December 31, 2009 and 2008 consist of the following:

2009 2008

Receivable due in less than one year $ 1,796,675 6,570,125 Receivable due in one to five years 116,004 204,935 Receivable due in greater than five years 745,269 638,322

Total contributions receivable 2,657,948 7,413,382

Less:Allowance for doubtful accounts — (625,000) Amount representing discount at a rate of 4.88% to 7% (69,298) (83,554)

Contributions receivable, net $ 2,588,650 6,704,828




20 (Continued)

(6) Property and Equipment, Net

Property and equipment as of December 31, 2009 and 2008 consist of the following:

2009 2008

Land $ 36,000 36,000 Building 52,039 49,000 Office furniture and equipment 61,172 61,946 Leasehold improvements 230,452 227,897 Computer hardware and software 87,982 89,014

467,645 463,857

Less accumulated depreciation and amortization (341,909) (320,117)

Property and equipment, net $ 125,736 143,740

(7) Assets Held under Split Interest Agreements

The fair value of assets held under split interest agreements as of December 31, 2009 consists of the following:

Quoted pricesin active Significant Significant

markets for other otheridentical observable unobservable

December 31, assets inputs inputsDescription 2009 (Level 1) (Level 2) (Level 3)

Cash and cash equivalents $ 417,642 417,642 — — Mutual funds:

Equity mutual funds 8,100,409 8,100,409 — Bond mutual funds 3,597,870 3,597,870 — —

U.S. Treasuries 674,336 — 674,336 — Interest in perpetual trusts 793,094 — — 793,094 Interest in property held in life

estate 1,309,585 — — 1,309,585 Cash surrender value of life

insurance policies 27,375 — 27,375 —

Total $ 14,920,311 12,115,921 701,711 2,102,679

Fair value measurements at December 31, 2009 using




21 (Continued)

December 31, 2008 usingQuoted prices

in active Significantmarkets for other

identical observableDecember 31, assets inputs

Description 2008 (Level 1) (Level 2)

Cash and cash equivalents $ 329,522 329,522 — Mutual funds:

Equity mutual funds 5,517,071 5,517,071 — Bond mutual funds 3,797,469 3,797,469 —

Interest in perpetual trusts 690,471 — 690,471 Interest in property held in a life estate 1,309,585 — 1,309,585 Interest in property held in trust 514,500 — 514,500 Cash surrender value of life

insurance policies 26,597 — 26,597

Total $ 12,185,215 9,644,062 2,541,153

Fair value measurements at

For the valuation of mutual funds investments held under split interest agreements, the Foundation used quoted prices in principal active markets for identical assets as of the valuation date.

For the valuation of U.S. Treasuries and cash surrender value of life insurance policies, the Foundation used significant other observable inputs, including dealer market prices for comparable investments and life insurance company surrender value estimates as of the valuation date.

For the valuation of interests in perpetual trusts and a life estate, the Foundation used significant other unobservable inputs, including trustee valuations and sale transactions on comparable real estate properties.




22 (Continued)

The following table presents the Foundation’s activities for assets held under split interest agreements measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the year ended December 31, 2009.


Interest Interestin in

perpetual trusts life estate Total

Beginning balances $ — — — Transfer in to level 3 690,471 1,309,585 2,000,056 Total gains or losses

(realized/unrealized) included inchanges in net assets 102,623 — 102,623

Purchases, issuances, and settlements — — —

Ending balance $ 793,094 1,309,585 2,102,679

The amount of total gains or losses for theperiod included in changes in net assetsattributable to the change in unrealizedgains or losses relating to investments still held at the reporting date $ 102,623 — 102,623

(8) Liabilities under Split Interest Agreements

The Foundation has a variety of gift agreements including pooled income funds, annuities, and charitable remainder unitrusts. For trust agreements, the Foundation has recorded its estimated remainder interest in the value of the trusts, discounted at various rates, as contribution revenue. The difference between the fair value of trust assets and the contribution revenue is recorded as a liability under split interest agreements. For annuities payable, a liability is recorded for the present value of estimated annuity payments, discounted at various rates ranging from 3.2% to 7%.




23 (Continued)

(9) Temporarily Restricted Net Assets

Temporarily restricted net assets as of December 31, 2009 and 2008 consist of the following:

2009 2008

Time restrictions:Term and quasi-endowments $ 4,034,399 2,422,903 Trusts 6,937,645 5,911,419 Life insurance polices 27,375 26,597 Other 1,448,154 5,522,669

Total time restrictions 12,447,573 13,883,588

Program restrictions:National Sierra Club programs 17,495,471 15,117,674 Other program restrictions 2,989,443 4,216,507

Total program restrictions 20,484,914 19,334,181

Total temporarily restricted net assets $ 32,932,487 33,217,769

(10) Permanently Restricted Net Assets

Permanently restricted net assets as of December 31, 2009 and 2008 consist of the following:

2009 2008

Endowments $ 10,022,123 9,771,450 Trusts 2,266,254 2,027,481

Total permanently restricted net assets $ 12,288,377 11,798,931

(11) Lease Obligations

Operating leases consist of a lease for real property. The Foundation’s operating lease has a remaining term of more than one year and expires in the fiscal year 2016. Rental expense under operating leases for the years ended December 31, 2009 and 2008 was $65,952 and $65,952, respectively.

Future minimum lease payments under operating leases having remaining terms in excess of one year as of December 31, 2009 are as follows:

Fiscal year:2010 $ 57,632 2011 65,824 2012 70,308 2013 70,308 2014 70,308 2015 and thereafter 95,092

$ 429,472




24

(12) Transactions with the Sierra Club and its Chapters

The Foundation had the following transactions with the Sierra Club and its chapters:

In accordance with a fundraising contract between the Foundation and the Sierra Club, the Foundation agreed to reimburse the Sierra Club an amount not to exceed $4,000,000 and $3,450,000 for the years ended December 31, 2009 and 2008, respectively, for fundraising costs incurred on behalf of the Foundation. The Foundation paid $3,900,000 and $3,450,000 of fundraising costs for the years ended December 31, 2009 and 2008, respectively. Of the preceding amounts, $606,000 and $0 was included in accounts payable as of December 31, 2009 and 2008, respectively.

The Foundation receives certain gifts and makes grants on an advisory basis to the Sierra Club and its chapters and groups. The Foundation made grants to the Sierra Club National Programs of $26,280,574 and $25,255,273 for the years ended December 31, 2009 and 2008, respectively, and to the Sierra Club chapters of $5,707,792 and $5,644,503 for the years ended December 31, 2009 and 2008, respectively.

Accounts receivable from the Sierra Club were $140,991 and $215,992 as of December 31, 2009 and 2008, respectively.

Grants payable to the Sierra Club were $3,917,561 and $4,642,758 as of December 31, 2009 and 2008, respectively.

The Foundation’s employees participate in the Sierra Club’s Employee Benefit Plan, a contributory defined benefit plan that covers substantially all of its employees. The benefits are based on years of service and the employee’s compensation history. Employees are eligible to participate and become vested after two years of service. Employee benefit plan expense was $43,413 and $25,265 for the years ended December 31, 2009 and 2008, respectively.

(13) Gift Annuities

The Foundation maintains a separate account as a reserve fund adequate to meet the future payments under all outstanding gift annuity agreements. The funds are held by a broker custodian and are managed by professional investment managers. Investments are made in securities with readily determinable fair values and debt securities, all of which are measured at fair value.

(14) 403(b) Defined Contribution Plan

The Foundation has a 403(b) defined contribution plan, which covers substantially all employees who meet certain minimum requirements. The Foundation matches 100% of employee contributions up to 2% of eligible compensation. Foundation contributions to the plan totaled $10,721 and $14,893 for the years ended December 31, 2009 and 2008.

(15) Subsequent Events

The Foundation has evaluated subsequent events from the balance sheet date through May 3, 2010, the date at which the financial statements were available to be issued.

The Sierra Club FoundationSchedule of Net Assets

As of December 31, 2009

Balance Net Asset Reclassifcation Support and Grants and Interfund BalanceJanuary 1, 2009 Due to Change in Law Revenue Other Expenses Transfers December 31, 2009

UNRESTRICTED NET ASSETSUndesignated

Bequests/Deferred Gifts 8,705,480 1,877,751 - (1,835,359) 8,747,872 Conservation Projects 4,800,000 - (135,920) (108,000) 4,556,080 Earth Share - 405,877 - (25,000) 380,877 General 2,672,477 5,626,109 (6,523,609) 1,494,944 3,269,920 Graham Settlement 642,139 - - - 642,139 Hal Anger Bequest Fund 890,447 1,449 - (248) 891,648 Harriet Vogt Bequest 5,341,764 847,352 (18,712) 2,317,982 8,488,385 Illiquid Assets 3,293 - - - 3,293 In-Kind Gifts 1,000 (1,000) - - - Invest Income,Gains,Losses (12,128,162) 4,395,228 - 640,220 (7,092,714) Property & Equipment 66,540 - (23,273) 3,907 47,173 Ronald Simonton Bequest Fund 604,860 45,000 - (239,603) 410,257 Shasta Alpine Lodge 41,200 - (1,676) 3,039 42,563 Shasta Land 36,000 - - - 36,000 Zena Cornin Bequest 683,070 - - - 683,070

Total 12,360,107 - 13,197,765 (6,703,190) 2,251,881 21,106,563

Designated

Anger Bequest - Chapters 172,853 - - (172,853) - B. Simonton Bequest - Chapters 213,750 - - (213,750) - Bequests/Def Gifts-Chapters 0 - - - 0 Gift Annuity Pool 2,251,496 897,677 - (263,056) 2,886,118 Gift Annuity Pool Surplus - 17,540 - 246,011 263,551 Karlin Endowment Granting 26,029 - (1,000) (2,430) 22,599

Total 2,664,128 - 915,218 (1,000) (406,079) 3,172,267

Donor Advised Granting

Adam Werbach Advised 4,833 - - - 4,833 BBTO DAF 1,262,062 4,117,495 - (2,855,264) 2,524,293 Bert Fingerhut & Caroline Hick 3,270 - - - 3,270 Durgin/McKinley Donor Advised 45,766 - - - 45,766 Frank Family Environmental Fd 174,770 35,444 - (10,640) 199,574 Hunter & Isabella Morrison 36,089 - (7,000) 1,898 30,988 McCloskey Conservation 1,915 - (1,366) - 549 MFO Fund 19,393,004 48,564 - (9,318,859) 10,122,709

Total 20,921,709 - 4,201,503 (8,366) (12,182,864) 12,931,982

Sierra Club Chapters

Alabama Chapter 131,998 14 (16,854) 12,537 127,694 Alaska Chapter 621 - (10,253) 27,246 17,613 Angeles Chapter 25,056 17,929 (183,743) 153,680 12,922 Arkansas Chapter 112,486 - (2,650) 6,056 115,893 Atlantic Chapter 63,183 1,791 (89,211) 133,606 109,369 Cascade Chapter 9,356 15,189 (109,532) 108,647 23,659 Connecticut Chapter 90,982 - (90,509) 48,756 49,230 Cumberland Chapter 94,903 13,098 (68,504) 10,668 50,165 Dacotah Chapter 29,846 510 - 3,131 33,488 Delaware Chapter 66,521 35 (9,307) 3,351 60,599 Delta Chapter 69,508 - (10,720) 17,847 76,635 Florida Chapter 159,795 5,130 (10,624) 67,116 221,418 Georgia Chapter 1,929 55,540 (105,231) 54,419 6,657 Grand Canyon Chapter 2,957 6,918 (68,695) 63,601 4,781 Hawaii Chapter 14,822 38,357 (50,489) 30,890 33,580 Hoosier Chapter 11,527 2,079 (34,192) 42,210 21,624 Idaho Chapter 52,876 - (21,601) 19,465 50,740 Illinois Chapter 7,139 50,087 (114,074) 111,583 54,735 Iowa Chapter 874 9,125 (44,889) 37,171 2,281 John Muir Chapter 63,032 15,187 (58,110) 71,936 92,045 Kansas Chapter 84,252 6,300 (28,103) 9,481 71,930 Kern-Kaweah Chapter 101,848 1,500 (17,368) 4,170 90,150 Loma Prieta Chapter 43,741 34,956 (66,994) 70,239 81,941 Lone Star Chapter 3,042 20,050 (125,499) 110,653 8,246 Los Padres Chapter 1,886 1,550 (15,538) 33,699 21,597 Maine Chapter 33,798 10,970 (31,769) 26,702 39,701 Maryland Chapter 142,404 3,798 (80,540) 60,478 126,140 Massachusetts Chapter 17,879 8,030 (77,646) 89,482 37,745 Michigan Chapter 5,005 87,169 (117,132) 87,531 62,573 Mississippi Chapter 2,648 2,575 (12,187) 19,019 12,055 Missouri Chapter 19,751 6,483 (12,905) 49,740 63,068 25




Montana Chapter 45,983 - (5,823) 15,957 56,117 Mother Lode Chapter 104,955 21,473 (102,539) 57,844 81,732 Nebraska Chapter 24,361 2,565 (17,885) 23,099 32,140 New Hampshire Chapter 759 300 (21,131) 28,972 8,900 New Jersey Chapter 36,196 2,062 (98,903) 118,864 58,218 North Carolina Chapter 220,740 251,200 (137,035) 70,900 405,804 North Star Chapter 21,516 21,131 (78,178) 78,758 43,227 Ohio Chapter 63,209 5,973 (88,015) 81,415 62,582 Oklahoma Chapter 67,724 - (28,278) 6,899 46,345 Oregon Chapter 159,893 5,278 (183,521) 88,875 70,525 Pennsylvania Chapter 215,625 835 (266,942) 81,477 30,996 Puerto Rico Chapter 7,889 - (6,768) 15,027 16,148 Redwood Chapter 88,416 5,710 (17,904) 7,169 83,391 Rhode Island Chapter 23,032 1,100 (39,700) 19,000 3,433 Rio Grande Chapter 3,007 1,675 (29,481) 46,552 21,752 Rocky Mountain Chapter 27,075 5,050 (34,902) 72,989 70,212 San Diego Chapter 69,517 5,115 (42,700) 53,686 85,619 San Francisco Bay Chapter 7,727 76,277 (285,053) 330,617 129,567 San Gorgonio Chapter 1,717 11,281 (2,649) 33,823 44,172 Santa Lucia Chapter 703 45,200 (46,262) 17,182 16,823 South Carolina Chapter 5,203 20,507 (14,575) 37,491 48,625 South Dakota Chapter 50,970 - (188) (16,563) 34,220 Tehipite Chapter 81,321 - (19,936) 2,809 64,193 Tennessee Chapter 71,880 500 (30,068) 10,296 52,608 Toiyabe Chapter 5,188 10,468 (4,317) 29,427 40,765 Utah Chapter 55,038 4,950 (30,825) 35,110 64,273 Ventana Chapter 15,772 942 (25,953) 28,728 19,488 Vermont Chapter 122,901 - (21,634) 5,681 106,949 Virginia Chapter 12,337 2,900 (82,486) 77,602 10,352 Washington DC Chapter 41,965 - (9,193) 21,258 54,030 West Virginia Chapter 26,521 1,710 (17,828) 22,345 32,747 Wyoming Chapter 18,544 6,250 (232) 19,060 43,622

Total 3,163,348 - 924,821 (3,475,776) 3,107,458 3,719,851

Sierra Club Groups

Alamo Group 584 - - 3 587 Allegheny Group 16,482 - (6,189) (7,416) 2,877 Ancient Island Group 1,145 25 (1,808) 1,347 708 Anne Arundel Group 2,239 - (752) 1,226 2,713 Atlanta Group 376 - - 2 378 Austin Group 221 - - 1 222 Big Bear Group 3,036 - (3,036) 5 5 Big Bend Group 1,369 - - 7 1,376 Big Bend, FL Group 406 - - 1,661 2,066 Black Hills Group 2,106 250 - 12 2,367 Blue Ridge Group 1,354 - - 7 1,361 Broward County Group 1,182 3,876 (3,163) 2,264 4,160 Bucks County Group 4,044 - - (4,044) - Cahaba Group 6,192 - - 31 6,223 Calusa Group 313 - (1,192) 1,800 920 Cape Fear Group 1,457 - - 257 1,714 Capital Group 1,060 - (850) (200) 9 Catoctin Group 2,524 1,625 (2,049) 464 2,564 Cedar-Wapsie Group 841 - - 4 845 Central Florida Group 15,471 238 (6,008) 2,335 12,036 Central New Mexico Group 6,586 - - 33 6,619 Central Ohio Group 1,302 77 (2,925) 2,506 960 Central Piedmont Group 2,480 500 (2,974) 12 17 Central Upper Peninsula Group 1,198 - (276) 6 928 Chicago Group 8 - - 0 8 Chickasaw Group 174 100 (226) 480 528 Chippewa Valley Group 113 - - 1 113 Columbia Group 99,595 - (11,392) 473 88,676 Cypress Group 1,120 200 (1,544) 1,483 1,259 Dallas Group 19,321 4,702 (5,616) (4,899) 13,509 Delta-Sierra Group 4,627 254 - 626 5,507 Eastern Missouri Group 7,049 610 (3,894) 33 3,798 Eastern Shore Group 3,784 - (473) 17 3,328 El Paso Group 1,128 - - 6 1,134 Enos Mills Group 2,522 - - (2,522) 0 Falls of the James Group 661 - (661) 2 2 Finger Lakes Group 1,424 - (2,446) 1,023 1 Foothills Group 101 - (1,593) 1,493 1 Four Lakes Grp 12,834 8,900 - (3,519) 18,215

26




Governor Pinchot Group 1,368 266 (1,600) 757 791 Great Waters Group 13 200 - 0 213 Greater Baltimore Group 4,401 - (5,216) 3,161 2,346 Greater Charlotte Harbor Grp 945 - - 1,128 2,073 Greater Fort Worth Group 2 - - 0 2 Greater Louisville Group 4,314 - - 22 4,335 Headwaters Group (NC) 3,391 - - 17 3,408 Heartlands Group 1,223 - (109) 6 1,121 Houston Group 20,086 2,904 (22,990) 74 74 Howard County Group 9,161 93 (1,237) 1,198 9,215 Hudson Mohawk Group 4,575 - (1,329) 2,332 5,578 Indian Peaks Group 20 - (803) 785 2 Iroquois Group 132 - (2,306) 2,175 1 Kauai Group 6,630 1,000 (92) 34 7,572 Kisatchie Group 18,904 3,625 - 105 22,634 Kittatinny Group 49 - (4,892) 6,323 1,480 Lake Erie Group 1,493 - - 353 1,847 Lake Group 812 500 (4,684) 3,374 3 Lehigh Valley Group 243 - (24,806) 25,351 789 Long Island Group 3,712 306 (4,677) 5,798 5,139 Lower Hudson Group 6,356 - (2,098) 3,178 7,436 Loxahatchee Group 50 100 (1,527) 2,692 1,315 Manatee-Sarasota Group 816 - - 2,343 3,159 Many Rivers Group 299 - - 2 301 Marin Group 815 120 - 4 939 Mary's Peak Group 488 - (488) 0 0 Maui Group 1,361 500 (928) 6 939 Medoc Group 120 - - 1 121 Mendocino Group 3,932 - (5,270) 1,340 1 Miami Group 30,629 - (299) (1,362) 28,968 Miami Group (OH) 13,351 - - 67 13,418 Middle Snake Group 231,665 - (10,593) 1,118 222,190 Middle Tennessee Group 6,079 - (1,318) 474 5,235 Mid-Hudson Group 14 - (1,393) 1,881 502 Missouri Valley Group 69 - - 0 69 Moku Loa Group 3,282 - (156) 16 3,142 Montgomery County Group 5,779 225 (3,842) 5,001 7,163 Moshannon Group 3,211 - (746) 465 2,930 Mount Vernon Group 38 - - 0 39 Mt Baker Group 4,876 4,000 - 26 8,902 Mt. Evans Group 729 - - 4 733 Napa County Group 4,166 15,700 (22,167) 6,538 4,237 Nassau Group 800 2,480 (3,868) 1,048 460 Nature Coast Group 3,627 - - 1,560 5,187 New Orleans Group 3,156 - (655) 15 2,516 New York City Group 18,876 - (8,285) 8,916 19,507 Niagara Group 5,006 - (5,011) 2,157 2,152 North Group 5 - (1,560) 1,557 2 Northeast Florida Group 5,127 - - 1,935 7,062 Northeast Ohio Group 2,170 - (2,170) 4 4 Northeastern Pennsylvania Grp 6 - (418) 487 75 Northern New Mexico Group 347 - - 2 349 Northwest Florida Group 6,221 - - 326 6,548 Oahu Group 1,376 225 - 8 1,609 Orange-Chatham Group 3,116 - (1,657) 701 2,160 Otzinachson Group 561 - (1,961) 1,681 282 Palos Verdes Group 175 - - (175) - Piedmont Plateau Group 1,472 500 - 1,537 3,509 Pikes Peak Group 1 - (406) 405 0 Pisgah Group 594 - (1,081) 1,286 799 Portage Trail Group 3,227 - (1,754) 10 1,484 Poudre Canyon Group 521 - - 440 961 Prince George County Group 4,304 - (240) 21 4,085 Rachel Carson Group 3,249 - - (3,249) 0 Ramapo-Catskill Group 3,233 - - 609 3,842 Rappahannock Group 1,531 10 (124) 192 1,609 Rincon Group 8,447 - (3,243) 28 5,232 Robert Lunz Group 3,348 - - 17 3,365 Rochester Group 3,867 1,075 (5,747) 1,744 939 Rogue Group 208 100 (308) 0 0 Sacramento Group 91 - (1,143) 1,101 50 San Bernardino Mtns Group 12,883 9,699 (8,688) 79 13,973 Sangre de Cristo Group 23 - - 0 23 Santa Cruz Group 3,171 800 (8,536) 4,570 6 Sasquatch Group 269 - - (269) -

27




Sespe Group 8 - - 0 8 Shasta Group 319 - - 604 923 Sierra Club Huran Valley Group 1,272 1,217 - 11 2,499 Sierra Club Yokuts Group - - - 603 603 Solano Group 1,911 - (3,347) 1,442 6 Sonoma County Group 3,182 - (5,239) 5,437 3,381 South Mountain Group 146 - - 1 147 South Platte Group 3,706 - - (3,707) (1) Southeast Gateway Group 981 45 - 5 1,031 Southeastern Pennsylvania Grp 18,373 - (8,275) 2,714 12,812 Southern Maryland Group 1,586 - - 276 1,863 State of Franklin Group 64 - - 0 64 Suncoast Group 2,300 - - 2,295 4,596 Susquehanna Group 233 - (278) 602 558 Suwannee-St. Johns Group 7,705 2,000 (1,568) 2,063 10,200 Tampa Bay Group 4,791 - (2,508) 2,029 4,312 Taquitz Group 3,230 13,000 - 22 16,251 Teton Group 3,317 2,235 (3,437) 4 2,119 Thunder Ridge Group 1,088 - (398) 3 693 Trappers Lake Group 4,597 - (460) 208 4,346 Turtle Coast Group 78 1,000 (1,190) 1,730 1,618 Upper Columbia River Group 146 - (2,310) 12,023 9,859 Upper Cumberland - - - 250 250 Volusia-Flagler Group 4,890 - (4,656) 1,614 1,849 Western Lake Erie Group 363 - - 2 365 Western Maryland Group 0 - - 536 536 Western NC Group 2,705 - (365) 482 2,823 White River Group 122 685 - 3 810 William Bartram Group 4,255 50 (1,502) 14 2,818 Woods and Wetlands Group 7 - - 0 7 Yolano Group 103 - (543) 601 162

Total 800,521 - 86,016 (277,561) 134,413 743,389

Quasi-Endowments

Arizona Conservation Endowment 260,000 - - (75,000) 185,000 Higman Colby Library Endowment 1,097,079 - - - 1,097,079 Loma Prieta Chapter Endowment 93,607 - - - 93,607 San Francisco Bay Chapter End 206,134 - - (206,134) - San Gorgonio Chapter Endowment 50,000 - - - 50,000

Total 1,706,821 - - - (281,134) 1,425,686

Income & Apprec. on Unrestricted and Quasi-Endowments

Arizona Conservation Endow I&A - 45,116 - (24,193) 20,923 Bernard&Sheila EcksteinEnd I&A - - - - - Centennial General Endow I&A 15,125 (15,125) - - - (0) Christopher Karlin Endow I&A 36,320 (36,320) - - - - Endowment I I&A - - - - - Higman Colby Library Endow I&A - 211,751 - (114,124) 97,627 I&A Mary L. Bowerman Endow - - - - - I&A Richard Weiland Endowment - - - - - Kolar Endowment I&A 571 (571) - - - 0 Loma Prieta Chp Endowment I&A 45,665 28,267 - (8,482) 65,450 Louisa Pike Crook Endow I&A 1,085 (1,085) - - - (0) Marion Sandomire Endowment I&A - - - - - San Francisco Bay Chapter I&A - 24,274 - (24,274) - San Gorgonio Chp Endowment I&A - 9,711 - (4,916) 4,795 Warren Olney Endow-Unrestr I&A 981 (981) - - - 0

Total 99,746 (54,082) 319,119 - (175,990) 188,794

TOTAL - UNRESTRICTED NET ASSETS 41,716,381 (54,082) 19,644,443 (10,465,893) (7,552,316) 43,288,533

TEMPORARILY RESTRICTED NET ASSETSSierra Club National Programs

Abigail Mackey Yellowstone 257,652 - (14,739) 123,628 366,542 Alaska Task Force 50,923 - - (50,923) - Animas River Protection 3,340 - - (3,340) - Arctic Wilderness Campaign 160,372 290,200 (347,752) 50,923 153,743 Arizona Monuments Defense 24,326 - - (24,326) - Atlantic Coast Ecoregion 8,545 - (2,455) - 6,091 Backcountry Huts 695 - - (695) - BBtO: National ICO 2006 329 - - (329) - BBtO: Spokane ICO 2006 426 - - (426) - 28




BEC PEC in Colorado 1,620 - - (1,620) - BEC PEC in Ohio 2,000 1,000 - - 3,000 Beyond Coal Virginia - 85,000 (11,921) 144 73,223 Big Oil, Big Profits 15,000 125 (15,000) (125) - Blue Green Alliance - 30,611 (50,611) 20,000 - Bringing Global Leaders - 20,000 (6,856) - 13,144 Building Bridges 155,952 - (2,710,332) 2,846,019 291,639 CA Vision 2020:Great Coastal 43,518 5,000 (48,518) - - CAFO Litigation 5,000 - (4,776) - 224 California Car Law Defense 46,638 - (46,638) - - California Vision 2020 128,559 - (83,794) - 44,764 California/Nevada Desert 15,907 4,500 (9,682) 1,000 11,724 Campaign Retire Old Coal - 200,000 (200,000) - - Campaign to Stop CTL/G - 220,000 (220,000) - - Center for Environmental Innov 41,555 - - 3,027 44,581 Clair Tappaan Lodge 7,071 8,375 (3,652) 1,600 13,395 Clean Water Campaign 285 - - - 285 Clear Choice for Nevada 43,073 - (29,231) (13,842) - Climate Change Media 1 - - - 1 Climate Recovery 176,586 461,686 (390,000) - 248,272 Climate Recovery IE - 250,000 - 813 250,813 Coal Ominbus - 790,000 (409,041) - 380,959 Coal Rush Florida 21,003 - (21,003) - - Cool Cities Campaign 323,215 10,000 (591,983) 326,620 67,852 Cool Cities Great Lakes - 214,200 (115,374) - 98,826 Cool Cities Greening 43,505 - (43,505) - - Cool Cities NE 2 - (2) - - CRP and Biofuels 28,767 - - (28,767) - CRP Clean Energy Solutions 36,000 187,784 (6,248) - 217,536 CRP General - 50,000 - - 50,000 CRP Resilient Habitats 58,467 504,149 (72,622) 75,299 565,293 CRP Resilient Habitats -GYE - 10,000 - 46,422 56,422 Dirty Fuels Campaign - 200,000 (12,561) - 187,439 EJ in Minnesota - 75,000 (75,000) - - End Commercial Logging - Litig 225 - - - 225 Endangered Species 100 - - (100) - Energy,GlobalWarming&NuclWaste 25,829 - - - 25,829 Environmental Career 21,040 382,161 (189,030) - 214,171 Environmental Justice Init. 81,671 - (81,671) - - Environmental Law 719,367 1,256,833 (314,894) 50,151 1,711,458 EPA Climate Solutions - 100,000 (61,374) - 38,626 EPEC: Evrnmtl Values & Media 350,000 - (149,533) (200,467) - EPEC:Environmental Partnership 38,819 - (38,819) - - Everglades Restoration 38,706 11 (35,454) - 3,263 Expediting Renewable Energy - 651,000 (197,696) - 453,304 Field Office: Northeast - - 64 - 64 Field Office: Northern Plains 217,541 70,000 (32,796) - 254,744 Florida Coastal Protection 51 - - - 51 Florida Panther 13,058 - (13,058) - - FO - Southeast 50,940 - (44,868) - 6,072 Forest Protection Restoration 2,000 - - (2,000) - Friends of the Foothills Proj 44,038 - (24,638) - 19,400 Fuel Economy Campaign 321,699 175,000 (263,128) - 233,571 George Abraham 59,866 - (1,527) - 58,339 George Graham 169,498 - - - 169,498 Global Population & EnvProgram 428,441 190,000 (357,369) 28,613 289,685 Grand Canyon Action - 25 (25) - - Great Lakes Granting 167,714 - (73,225) 27,228 121,718 Great Lakes Great Waters WI - 6,000 (6,000) - - Great Lakes Wind Energy 22,500 - (21,156) - 1,344 Great Lakes, Great Waters 40,000 - (60,000) 20,000 - Great Lakes, Great Waters: MI - 12,000 (9,923) - 2,077 Great Oswegatche Wilderness 15,390 - - - 15,390 Green Jobs 50,000 - (50,000) - - Green Livelihoods India 28,328 36,000 (64,328) - - Green Transportation - 1,125 (1,400) 275 - Gulf Coast Restoration 24,444 15 (24,459) - 0 Human Rights and the Environ 27,882 - (15,458) - 12,424 Hunter Angler Outreach - 2,000,000 (184,858) 28,767 1,843,909 Hunting and Angling Local 917,222 - (916,284) - 938 Hunting and Angling Natl. 923,966 - (861,749) - 62,217 ICO SF Bay Rafting 43,684 4,071 (5,000) 2,463 45,218 ICO: Angeles 23,515 54,088 (31,578) 142 46,167 ICO: Asheville 1,737 750 - 1,655 4,141 ICO: Atlanta 33,853 596 (4,002) 167 30,614

29




ICO: Austin 4,598 200 (3,124) 13 1,688 ICO: Baltimore 23,379 7,310 (18,478) 92 12,303 ICO: Birmingham 4,784 - - 24 4,808 ICO: Boston 5,702 100 - 29 5,831 ICO: Boulder Valley 1,728 6,510 (7,536) 5,011 5,713 ICO: Chicago 24,142 7,420 (6,333) 134 25,364 ICO: Cincinnati 28,553 3,601 (7,073) 128 25,209 ICO: Cleveland 3,847 722 (1,000) 19 3,588 ICO: Dallas 19,156 7,840 - 112 27,107 ICO: El Paso 3,046 2,000 (1,234) 21 3,833 ICO: Grand Rapids 3,614 - (849) 16 2,782 ICO: Harrisburg 10,257 300 (8,000) 2,031 4,589 ICO: Hartford 6,261 3,000 - 548 9,808 ICO: Houston 9,264 850 - 50 10,163 ICO: Jacksonville 33 1,250 (1,052) 737 967 ICO: Lexington 964 1,000 - 6 1,970 ICO: Louisville 12 - - 737 749 ICO: Madison 11,680 4,940 (2,479) 3,674 17,814 ICO: Manatee-Sarasota 1,679 - (500) 8 1,186 ICO: Miami 2,240 8,000 (6,000) 4,014 8,254 ICO: Minnesota 12,780 2,500 (6,545) 58 8,794 ICO: Nashville - 1,500 (311) 4 1,192 ICO: National 126,547 175,927 (315,052) 176,972 164,394 ICO: New Haven 10,970 3,000 (4,493) 49 9,527 ICO: New Jersey 7,054 250 - 36 7,340 ICO: New York 15,266 1,462 - 79 16,808 ICO: Oklahoma City 897 - - (897) (0) ICO: Orange County 21,442 11,403 (13,055) 73 19,863 ICO: Orlando 263 - - 738 1,001 ICO: Philadelphia 10,871 1,310 (3,888) 47 8,340 ICO: Phoenix 1,806 - - 9 1,815 ICO: Portland 12,158 - (1,000) 4,749 15,907 ICO: Raleigh 5,382 - (3,676) 4,717 6,422 ICO: Rocky Mountain 3,438 1,066 - 1,162 5,666 ICO: Sacramento 8,334 1,230 (1,709) 41 7,896 ICO: San Diego 15,234 5,660 (5,056) 80 15,918 ICO: San Francisco 34,477 7,065 - 2,423 43,965 ICO: San Jose 42,001 2,900 (18,273) 4,420 31,048 ICO: Seattle 134,476 30,074 (30,088) 5,356 139,818 ICO: Spokane 3,825 500 (8,495) 9,702 5,532 ICO: St Louis 1,285 - (500) 5 789 ICO: Tampa Bay 5,503 1,211 (2,666) 19 4,067 ICO: Tucson 3,110 - (2,335) 10 786 ICO: Washington D.C. 16,672 800 - 86 17,558 ICO: Washtenaw 1,968 4,000 (1,104) 9 4,874 ICO: West Palm Beach 2,112 500 - 11 2,623 ICO: Winston-Salem 3,284 - - (3,284) (0) International - 4,000 (4,000) - - International Committee 17,684 1,000 (6,444) - 12,239 Jeffrey Brenner Midwest Proj 22,975 - (6,546) 10,130 26,559 L. Batten Fund for New Mexico 23,957 38,807 (71,081) - (8,317) Lands - - - 2,593 2,593 Larry Mehlhaff Conservation 110,269 1,000 (73,632) - 37,637 Le Conte Memorial - 10,185 (10,185) - - Louisiana Env Justice Project 535 - - (535) - Lynne Aromstam Mem Granting 40,393 - - 7,526 47,918 MAHA Central Valley Clean Air 8,500 - - - 8,500 Maine Woods - 48,092 (116,447) 71,167 2,812 Midwest Clean Energy 11,552 - (1,925) 10,640 20,267 Midwest Clean Energy 124,981 197,500 (342,481) 20,000 - Midwest Climate Challenge 54,314 - (54,314) - - Midwest Energy Illinois 73 - - - 73 Missouri Clean Energy - 31,000 - - 31,000 Move Beyond Coal 1,004,001 4,127,950 (6,764,684) 1,875,000 242,267 National Educational Project 192,393 273,500 (358,643) - 107,250 Natl Envmtl Justice Grassroots - 1,301,200 (172,375) 311,528 1,440,353 Nevada Clean Energy - 70,000 (83,842) 13,842 - New Mexico National 416,567 - (58,534) - 358,033 No New Coal in '09 - 1,081,000 (324,339) - 756,661 Northeastern Wilderness 3,303 - - (3,303) - Northern Arizona Toxics 1,577 - - - 1,577 Northern Rockies Wildlife 18,635 6,483 (25,118) - - Northwest Salmon 76,613 - (6,983) 20,000 89,631 Northwest Wildlands - 117,600 (98,432) - 19,168 Ntl Volunteer Educational Proj - 2,900 (2,900) - -

30




Oral History 5,600 - - - 5,600 Outreach to Industrial Workers 128,477 - (68,798) - 59,679 Owyhee Canyonlands Campaign 13,322 - (4,917) - 8,405 Peter Grubb Hut 15,325 611 - 695 16,631 Polling & Research 50,000 - (37,500) (12,500) - Population Committee 52,176 39 (6,316) 9,767 55,667 Protect Health in Deep South 4,087 - - (4,087) - Protecting Florida's Coast 20,000 10,000 (30,000) - - Public Power - 31,000 (31,000) - - Rebuilding America - 150,000 (89,513) - 60,487 Red Tide Campaign 194,964 250,000 (315,457) - 129,507 Responsible Trade 265,646 14,957 (131,527) - 149,076 Responsible Trade Tours 25,000 25,000 (29,049) - 20,951 Restoring the Everglades 12,500 148,950 (131,359) - 30,091 Richard W. Nathan Granting 2,220 - 152 10,673 13,044 Safeguarding Communities 21,600 57,500 (41,450) (150) 37,500 San Gabriel Mountains 108,720 40,000 (148,720) 11,980 11,980 Scholarship Project 40,002 - (29,950) (10,052) - SCTA 217,852 - (217,852) - - Sequoia Campaign 28,330 - - - 28,330 Service Trips 783 - - - 783 Sharon Churchwell 1,652 700 (1,070) - 1,281 Sierra Nevada Ecoregion - - - 3,246 3,246 Sierra Student Coalition - 1,405 (114,155) 119,750 7,000 Sierra Student Coalition - 35,000 (35,000) - - So Appalachian Highlands Eco 38,284 - (644) - 37,640 SSC Northwest 18,858 - (3,825) - 15,033 SSC: Campus Climate 141,308 317,387 (322,789) - 135,905 Sustainable Fisheries - 50,000 (4,864) - 45,136 Sustainable Washington DC 33,092 - (8,997) - 24,095 Tar Sands Project - 200,000 (200,000) - - True Cost of Food 3,659 2,000 (4,647) - 1,012 Utah Wildlands 3,589 - - - 3,589 Veteran and Military Family - 200 (8,102,906) 9,318,859 1,216,152 Virginia Smart Energy - - 144 (144) - Volunteer Awards 59,211 - - 3,860 63,072 Water Sentinels Program 278,116 2,503,000 (356,054) 6,891 2,431,953 Western Coal Campaign 3,680,644 20,000 (3,700,644) - - Western Coal Campaign WY 2,580 15,000 (17,580) - - Western Coal Campaign-Utah - - (20,915) 20,915 - Wilderness Coordination 19,414 - (11,671) - 7,743 William Colby Mem Library 195,331 - (193,782) 148,091 149,640 Yellowstone & Northern Plains 33,739 - (32,858) (881) - Yosemite Committee 3,720 - (600) - 3,120

Total 15,117,674 - 20,049,672 (33,189,451) 15,517,576 17,495,471

Advisory (Non-Club)

Dunsmuir Ridge Alliance 1,227 - - - 1,227 El Sobrante Valley Legal Dfns 3,995 - (516) - 3,480 Frontera del Norte 219,788 - (10,000) 1,094 210,882 John Muir Trust 2,350 - (2,350) - - Kern Plateau Book 1,009 - (1,009) (0) 0 Long Island Sound GrantingFund 6,460 - (4,608) 5,733 7,585 Monterey Bay Dunes 31 - - - 31 Ouachita Watch 2,526 - - - 2,526 Rapedhi Water Supply Project 1,049 - - (1,049) - Schroeder Wildlife Granting 8,987 - (2,000) 588 7,574

Total 247,423 - - (20,483) 6,365 233,306

Chapter Granting

Arizona Conservation - - (25,000) 39,561 14,561 California Wildlands 321 - (321) - - Community Shares: Utah 12,016 4,407 (1,644) - 14,779 Community Shares: Wisconsin 25,725 17,772 (19,290) - 24,206 Community Shares:Gtr Milwaukee 2,245 3,860 (4,373) - 1,733 Earth Share of Georgia - 8,907 (1,080) - 7,827 Earth Share of Michigan - 1,814 (1,574) - 240 Earth Share of Missouri 5,997 3,488 (1,319) - 8,166 Earth Share: California 46,605 91,716 (9,103) - 129,218 Earth Share: Illinois 69,697 16,042 (3,073) - 82,666 Earth Share: Texas - 25,479 (25,479) - - Ed Stevens Granting 57,010 - (10,509) 22,949 69,449 Elna Baker Conservation 29,530 - (29,530) - -

31




Env. Protection Litigation 183 - (99) - 84 Gay & Lesbian Sierrans 18 - - (18) - Maine Share 14,360 6,016 (20,292) - 85 Minnesota Environmental Fund 70,256 38,511 (47,862) - 60,904 Morros Preservation 13,923 - (11,038) - 2,886 Ocotillo Groundwater Protect 5,500 - (1,490) - 4,010 San Luis Obispo Land Preserv 10,077 2,385 (12,462) - - Santa Monica Mountains Protect 29,166 - (17,698) - 11,468 Sierra Club California 492 22,330 (119,553) 136,792 40,061 Trancas Town Litigation 26,548 - - - 26,548 Tyler Nakashima End Granting 323 - - 10,952 11,275 William Mott EndowmentGranting 1,307 - (650) 361 1,018

Total 421,301 - 242,727 (363,439) 210,597 511,185

Chapter Project

Arizona Energy Efficiency 30,117 38,500 (19,621) - 48,996 AZ Mounuments Defense 39,255 - (23,846) 24,326 39,734 Banning Ranch Preservation 1,141 - (1,141) - - Bay Chapter Energy and Global - 777 (777) - - CA/NV Desert Report - 2,000 - - 2,000 Campaign to Protect the U.S. 2,663 20,175 (41,006) 25,250 7,081 Cascade Checkerboard 14,265 25,000 (14,119) - 25,145 CHACE 143 - - (143) - Climate of Change - - - 2,000 2,000 Cool Spring Forest 1,626 - - - 1,626 Energy for Iowa - 24,845 (17,214) - 7,631 Forest Rest & Preservation 3,793 250 (2,360) 1,557 3,240 Georgia Water Coalition 4,928 - (4,928) - - Grand Staircase Intervention 2,241 - - - 2,241 Illinois Clean Water Campaign 18,182 250 (4,727) - 13,705 Illinois Partners 16,395 - (16,395) - - Iowa Eagle - - (498) 3,000 2,502 Lake Calumet Wetlands 4,061 - (3,450) - 611 Loma Prieta CAT 9,070 - (9,070) - - Loma Prieta Climate Action 13,788 3,695 (17,483) - - Loma Prieta Climate Friendly - 90,000 (9,913) - 80,087 Mattaponi River 164 8,178 (5,822) - 2,521 MI Chapter Clean Energy - 5,000 (5,000) - - MI Sulfide Mining - 2,072 (47,446) 50,000 4,626 Michigan Forest Biodiversity - 21,200 (21,200) - - Michigan Water Sentinels 259 - - - 259 Mining Without Harm 125 - - - 125 Missouri Chapter Clean Air 6,683 - (4,667) - 2,016 MN Forest Rest - - (3,564) 3,564 - Mountain Island Lake 66 - (66) - - N Star Land Use and Transp 85,932 4,436 (71,652) 70,000 88,716 NC Clean Water Campaign Focus 54,369 - (3,974) - 50,395 NC Climate Reovery Campaign - 25,000 (14,695) - 10,305 NE MN Organizing Project 4,645 1,490 (1,014) (5,121) - New Mexico Local 436,718 - (154,363) - 282,355 NY Watersheds 5,200 6,740 - - 11,940 OH Clean Energy - 105,000 (26,238) - 78,762 Ohio Chapter Clean Water 38,250 29,191 (32,998) - 34,443 Ohio Energy Efficiency 11,363 - (9,409) - 1,954 Oregon Legal Defense Project 1,181 840 - - 2,021 Pajaro River 18,677 200 (4,808) - 14,070 Powder River Rail Litigation 29,869 - - (29,869) - Protect and Restore - - - 3,000 3,000 Restore Grand Canyon Ntl Park 5,809 30,501 (43,459) 25,000 17,851 Rocky Mountain Transportation 752 - - - 752 San Diego Canyons Campaign 1,224 - (420) (803) - Santa Lucia Cool Cities 3,266 - (3,266) - - Save Palos CO Litig & Educ 13,046 - - - 13,046 SC Nuclear Plants - 16,000 (16,000) - - SCC Environmental Health - - (64,268) 130,000 65,732 SD Canyons Diamond 100 - - (100) - Sierra Nevada Forestry Camp 16,194 - (19,234) 5,000 1,960 Soka Public Relations Effort 2,062 - - - 2,062 Southern Illinois Habitat 25,943 - (25,464) - 479 Southern Illinois Habitat - 32,000 (22,742) - 9,258 Southwest Water Management 3,522 - - (3,522) - Stop Coal in Iowa Campaign - 12,234 (1,227) - 11,007 Sustainable Water 5,000 - (298) 5,000 9,702 Tahoe Basin Project 4,168 - (4,048) (120) 0

32




Texas Clean Air - 12,750 (17,750) 5,000 - Texas Cool Cities Campaign - 30,000 (615) - 29,385 Texas Radioactive Waste - 9,780 (9,780) - - Transportation Choices 2020 13,277 40,000 (17,329) 42 35,990 Utah Smart Energy 20,915 - - (20,915) - Virginia Endangered Landscape 140,590 150,000 (101,533) - 189,057 West Virginia PATH - 250 - - 250 Wetlands Protection 19,375 - (47,227) 44,000 16,149 Wildlife Tracking - - - 3,000 3,000 WV Energy Project - 1,380 (426) - 954

Total 1,130,411 - 749,734 (988,549) 339,146 1,230,742

Foundation Granting

Avery Wildlife 10,267 - - (5,813) 4,455 Ben & Bessie Glazer Wildlife 1,000 - - (1,000) - Coastal Protection 4,203 - - - 4,203 Jean Stone Fund 348,867 4,332 (300,000) - 53,199 Lauesen Land Preservation 15,579 - - - 15,579 Multi-Year 352,761 - (257,361) (95,400) - Walt Whitman Gay & Lesbian Env 18,550 - - - 18,550

Total 751,227 - 4,332 (557,361) (102,213) 95,985

Group Granting

Adirondack Committee 9,651 - - - 9,651 Delta-Sierra Litigation 14,124 - (2,112) (2,500) 9,512 Greenville Community 2,012 - (300) - 1,712 Hudson Group Transportation 744 - (61) - 683 Huplits Trust Granting 144,896 50,000 (128,597) - 66,300 Owens River Watershed Project 1,828 - - - 1,828

Total 173,256 - 50,000 (131,070) (2,500) 89,686

Group Project

A+ Community of Youth 5,879 5,050 (475) - 10,454 Alabama Coast Group - 3,500 - - 3,500 Cherokee Group - - - 319 319 Cypress Town Center Litigation 630 - (30,000) 30,000 630 Dallas: Friends of Clean Air 14,139 - - - 14,139 Eagle View Group (IA) - 1,620 - - 1,620 Earth Day Mobile Bay 245 2,565 - - 2,810 Fourth Bore Coalition 3,006 2,200 15,633 - 20,839 Grand Kankakee Marsh - - - 3,000 3,000 Harvey Broome Group - - - 514 514 Hawaii Monk Seal Project - 20,000 (10,000) - 10,000 Houston Group Transportation 1,285 - (1,285) - - Katy Prairie Lawsuit 2,792 - (2,792) - - Kid's Guide to the Ozarks 13,000 1,625 (14,362) (263) (0) Lancaster Group - - - 457 457 Land Reclamation Project 1,987 - (1,688) - 299 Maidu Group - - (109) 600 491 Placer Group - 215 (820) 700 95 Prairie Dog Relocation Project 3,859 350 (403) - 3,806 Preserved McIntire Park 1,800 5,691 (7,875) 1,000 616 Protect the North Shore 1,000 - - - 1,000 Rockville Trails Estates 38,717 8,354 (42,477) - 4,594 Saratoga County Open Space 1,430 - - - 1,430 Save Our Waterfront 5,000 11,700 (16,700) - - Save the Poudre 6,000 12,975 (6,122) 3,340 16,193 Seattle Group Cool It Campaign 2,357 - (2,357) - - Sierra Nevada Group - - (1,200) 1,200 - SLR Tidelands Litigation 65 - - (65) - Solano Litigation - 18,425 (18,300) 1,000 1,125 Spokane River 3,199 - (3,199) - - Tahoe Area Group 11,450 14,685 (26,994) 15,220 14,361 Three Rivers 63,676 75,000 (72,680) - 65,996 Watauga Group - - - 250 250 Yahi Group - - (600) 600 -

Total 181,516 - 183,955 (244,805) 57,872 178,538

Other Funds

Higman Endowment 3 1,682,494 (222,505) - (9,004) 1,450,984 33




John U. White Bequest 50,000 - - - 50,000 Pledges Receivable 5,472,669 2,607,677 - (6,682,193) 1,398,153

Total 7,205,163 - 2,385,172 - (6,691,197) 2,899,137

Term Endowments

Hunter & Isabella Morrison End 237,340 - - - 237,340 Jack Voelpel Endowment 100,000 - - - 100,000 Richard Nathan Endowment 230,485 - - - 230,485 Susan Krohn Memorial End 172,584 - - - 172,584

Total 740,409 - - - - 740,409

Endowments Income & Appreciation

Abigail MackeyYellowstoneI&A - 422,199 - (153,506) 268,693 Albert & Katherine Payne I&A - 9,382 - (6,472) 2,910 Amos Roos Endowment I&A 10,631 17,817 - (5,199) 23,249 Avis Goodwin Endowment I&A - 48,665 - (31,289) 17,377 Bernard&Sheila EcksteinEnd I&A - 9,463 - (6,086) 3,377 Centennial General Endow I&A - 15,125 12,701 - (3,811) 24,015 Center for Envmtl Innov EndI&A - 10,142 - (3,027) 7,115 Christopher Karlin Endow I&A - 36,320 25,300 - (7,570) 54,050 Clark Jones Western US End I&A - 40,598 - (11,980) 28,618 Clark&Marjorie Jones Endow I&A 1,284 2,305 - (692) 2,898 Ed Stevens Endowment I&A - 77,778 - (22,949) 54,829 Ed&Peggy Wayburn Endowment I&A - 2,946 - - 2,946 Endowment I I&A - 81,233 - (33,013) 48,220 Fred & Betsy Weintz Endow I&A - 31,017 - (11,165) 19,853 Gary Torre Endowment I&A 30,716 22,471 - (6,743) 46,444 Great Lakes Endowment I&A 97,072 90,740 - (27,228) 160,584 Higman Endowment III I&A - 279,277 - (77,521) 201,756 Hunter&Isabella MorrisonEndI&A 122,216 72,978 - (21,898) 173,296 I&A Harbor Properties 64,061 4,133 - (14,054) 54,139 I&A Mary L. Bowerman Endow - 16,047 - (16,047) - I&A Richard Weiland Endowment - 485,230 - (485,230) - Jack Voelpel Endowment I&A - 20,291 - (6,073) 14,218 James & Sue Higman End I&A 16,031 25,428 - (7,616) 33,843 Jeffrey Brenner Endowment I&A 54,334 33,760 - (10,130) 77,964 Kenneth Turner Endowment I&A - 50,005 - (50,005) - Kolar Endowment I&A - 571 2,154 - - 2,725 Long Island Sound Endow I&A 21,147 19,105 - (5,733) 34,519 Louisa Pike Crook Endow I&A - 1,085 2,392 - (718) 2,759 Lynne Aronstam Endowment I&A - 25,425 - (7,526) 17,900 Margaret Andrew Hansell I&A - 22,084 - - 22,084 Marion Sandomire Endowment I&A - 14,112 - (10,514) 3,598 Mel&BeverlyRubin Endowment I&A 998 10,856 - (3,258) 8,597 Minerva McDonell Endowment I&A - 11,459 - (11,459) - Richard Nathan Endow I&A - 43,624 - (28,056) 15,568 Ronald Mann Endowment I&A - 10,142 - (3,026) 7,116 Schroeder Wildlife Endow I&A 6,099 11,900 - (3,574) 14,425 Seelig Endowment I&A - 19,696 - - 19,696 SierraNevada Ecoregion End I&A - 10,908 - (6,038) 4,870 Stuart Avery Wildlife End I&A 10,595 13,985 - (4,201) 20,380 Susan Krohn Memorial Endow I&A - 32,665 - (21,008) 11,657 Tyler Nakashima Educ Endow I&A - 35,969 - (35,132) 837 Utah Chapter Endowment I&A 16,974 15,581 - (4,675) 27,881 Volunteer Awards Endowment I&A 39,803 16,197 - (4,860) 51,140 Warren Olney Endowment I&A 252 2,631 - (599) 2,283 Warren Olney Endow-Unrestr I&A - 981 203 - (246) 938 West Virginia Endowment I&A - 8,989 - (8,332) 656 William Mott Award Endow I&A 435 1,205 - (361) 1,279 Yellowstone & NoPlains End I&A 168,723 113,973 - (30,990) 251,707

Total 661,373 54,082 2,337,163 - (1,209,610) 1,843,007

Programs

Military Sustainable Housing 650,000 - - - 650,000 Shasta Operations - 5,832 (20,821) 14,988 (1)

Total 650,000 - 5,832 (20,821) 14,988 649,999

Charitable Remainder Trusts

Amy Toma Cherot Trust 504,446 56,919 - - 561,365 Bernice Coan Trust 42,890 8,695 - - 51,585 David & Nancy Hall Trust 42,590 9,239 - - 51,828 Higman CRAT - 924,535 - - 924,535 34




Higman Life Estate 1,309,585 - - - 1,309,585 James & Nathalie Diener Trust 37,213 7,219 - - 44,432 John & Ilene Nelson Trust 65,397 11,890 - - 77,287 John Maddox Life Estate 535,500 (38,635) - (496,865) - John Maddox Trust 185,817 14,712 - - 200,529 Jonah Goodwin Trust 16,140 6,035 - - 22,175 Kay Gillis Trust 320,912 53,854 - - 374,767 Lewis & Grace Ward Trust 44,197 8,880 - - 53,077 Melissa Jones Hamilton Trust 46,340 9,770 - - 56,110 Millman & dela Cruz Trust 67,957 16,254 - - 84,211 Nancy Berger Trust 168,668 31,593 - - 200,261 Norman Egger Annuity Trust 37,669 14,570 - - 52,240 Patricia Ann Cochrane Trust 137,710 26,371 - - 164,082 Phyllis Lindley Trust 207,823 44,808 - - 252,631 Pooled Income Fund 476,617 47,960 - (5,916) 518,662 Robert & Patricia Foster Trust 174,167 33,694 - - 207,861 Robert & Peggy Schotz Trust 143,026 28,992 - - 172,018 Scott Edmundson Trust 461,880 95,418 - - 557,298 Trust Receivables 573,249 135,197 - (85,927) 622,519 William Sander Trust 311,625 66,964 - - 378,589

Total 5,911,419 - 1,614,934 - (588,707) 6,937,646

Life Insurance Policies

Frank Loulan Life Ins Policy 17,964 634 - - 18,599 Walter Wells Life Ins Policy 8,633 144 - - 8,777

Total 26,597 - 778 - - 27,375

TOTAL TEMPORARILY RESTRICTED NET ASSETS 33,217,769 54,082 27,624,298 (35,515,978) 7,552,316 32,932,487

PERMANENTLY RESTRICTED NET ASSETSCharitable Trusts & Gift Annuities

Banks Pooled Income Fund 163,330 25,812 - (2,178) 186,963 Bernice Coan Trust 94,984 20,288 - - 115,272 Conrad Pooled Income Fund 24,712 2,049 - (192) 26,568 Frank Seelig Trust 101,860 30,674 - (131,388) 1,147 Fred & Louise Taylor Trust 152,036 42,534 - - 194,570 Permanently Restricted CGAs 27,011 (15,784) - - 11,227 Perpetual Trusts 690,471 102,624 - - 793,094 Pooled Income Fund II 57,075 17,815 - - 74,890 Rebecca Hardaway Dalton Trust 374,245 88,068 - - 462,313 Richard & Cynthia Myren Trust 129,373 15,847 - - 145,220 Suzanne Keith Trust 106,143 19,501 - - 125,645 Wayburn Pooled Income Fund 106,242 24,672 - (1,569) 129,345

Total 2,027,481 - 374,100 - (135,327) 2,266,254

Endowments

Abigail Mackey Yellowstone End 2,112,723 26,000 - - 2,138,723 Albert & Katherine Payne Endow 50,000 - - - 50,000 Amos Roos Memorial Endowment 76,680 5,000 - - 81,680 Avis Goodwin Endowment 257,113 - - - 257,113 Bernard & Sheila Eckstein End 50,000 - - - 50,000 Centennial General Endowment 47,453 - - - 47,453 Center for Environ Innov Endow 50,000 - - - 50,000 Christopher Karlin Endowment 87,903 2,325 - - 90,228 Clark & Marjorie Jones Endow 10,071 - - - 10,071 Clark Jones Western US End 200,395 - - - 200,395 Ed & Peggy Wayburn Endowment 14,532 - - - 14,532 Ed Stevens Endowment 383,919 - - - 383,919 Endowment I 405,728 10,000 - - 415,728 Fred & Betsy Weintz Endowment 147,394 7,000 - - 154,394 Gary Torre Endowment 80,000 - - - 80,000 Great Lakes Endowment 350,000 - - - 350,000 Harbor Properties Endowment 155,730 - - - 155,730 James & Sue Higman Endowment 109,276 - - - 109,276 Jeffrey Brenner Endowment 112,002 - - - 112,002 Kenneth Turner Endowment 285,684 - - - 285,684 Kolar Endowment 10,070 - - - 10,070 Long Island Sound Endowment 72,983 - - - 72,983 Louisa Pike Crook Endowment 10,700 - - - 10,700 Lynne Aronstam Endowment 125,458 - - - 125,458 Margaret Andrew Hansell 113,339 - - - 113,339 Marion Sandomire Endowment 75,974 - - - 75,974 35




Mary L. Bowerman Endowment 99,761 - - - 99,761 Mel & Beverly Rubin Endowment 52,489 - - - 52,489 Minerva McDonell Endowment 65,467 - - - 65,467 Richard Weiland Endowment 3,254,168 71,272 - - 3,325,439 Ronald Mann Endowment 50,000 - - - 50,000 Schroeder Wildlife Endowment 52,524 - - - 52,524 Seelig Endowment - - - 128,927 128,927 Sierra Nevada Ecoregion Endow 56,670 - - - 56,670 Stuart Avery Wildlife Endow 58,302 - - - 58,302 Tyler Nakashima Educ Endow 201,845 - - - 201,845 Utah Chapter Endowment 59,739 150 - - 59,889 Volunteer Awards Endowment 40,000 - - - 40,000 Warren Olney Endowment 12,738 - - - 12,738 West Virginia Endowment 50,000 - - - 50,000 William Mott Award Endowment 5,500 - - - 5,500 Yellowstone & No Plains Endow 317,120 - - - 317,120

Total 9,771,450 - 121,747 - 128,927 10,022,123

TOTAL PERMANENTLY RESTRICTED NET ASSETS 11,798,931 - 495,846 - (6,400) 12,288,377

TOTAL NET ASSETS 86,733,082 - 47,764,587 (45,981,871) (6,400) 88,509,397

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the sierra club foundation...the sierra club foundation: we have audited the accompanying balance...

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