On behalf of The Dayton Foundation, I would like to acknowledge the generosity of the many Foundation donors, who have continued to demonstrate their commitment to philanthropy and to our community through their contributions.

During the fiscal year (July 1, 2010 - June 30, 2011), The Dayton Foundation received contributions of nearly $33 million and made approximately 14,000 grants and distributions, totaling $33.2 million, to nonprofit organizations. Over the last 10 years, the Foundation has helped its donors help others by distributing more than 143,000 grants totaling $365 million.

In addition, donors committed $22.8 million in new planned and deferred (legacy) gifts this past year, for a total of $189 million in committed legacies. This is impressive and disproportionate giving from a community our size.

The Foundation's total assets at fiscal year-end were a record $387.7 million, made possible in part by strong absolute investment returns. The return on the Foundation's discretionary invested assets was 22.1 percent, after fees, for the fiscal year, as measured by Fund Evaluation Group, an independent investment advisory firm engaged by the Foundation.

Finally, I am pleased to report that the independent accounting and auditing firm of Flagel, Huber, Flagel & Co., has completed its fiscal year-end audit of the combined financial statements of The Dayton Foundation and related entities and has issued an unqualified opinion thereon.

A complete copy of the audited financial statements may be obtained by request at 500 Kettering Tower, Dayton, Ohio, 45423, or by calling The Dayton Foundation office at (937) 222-0410 or toll free at (877) 222-0410. My thanks also go to the Foundation's Finance and Audit Committee members, the investment managers, and our Finance and Accounting staff for their effort, support and advice.