|Government, Groups, Schools||$237,425|
|Events, net of direct benefit||$542,616|
|Net expense over revenue**||$7,668,149|
|Net assets, beginning of year||$5480,280|
|Net assets, end of year||$13,148,429|
**The Foundation has accumulated net assets due to the recognition of multi-year pledges. These net assets are used in the years that pledge payments are received and expended for grants, program expenses and operations.
In FY19, the Zoo and Foundation agreed to remove budgeting uncertainty by changing the timing for grants to the Zoo. To do this, we adopted the industry best practice whereby funds are raised by the Foundation in one year and distributed to the Zoo in the following year. This resulted in a one-time decrease in the percentage of Foundation revenue spent on programs. This will adjust to normal levels in FY20.