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34-704: With assets of approximately $ 14 billion, Hewlett is one of the wealthiest grant makers in the United States. The Foundation has grantmaking programs in education, the environment, global development and population, the performing arts, and philanthropy. The Hewlett Foundation is based in Menlo Park, California . Bill and Flora Hewlett consolidated their philanthropic activity into the William R. Hewlett Foundation, which Bill, aged 53, founded in 1966 in their Palo Alto, California , home. Founding board members were Bill, Flora, and

68-456: A business . Total assets can also be called the balance sheet total . Assets can be grouped into two major classes: tangible assets and intangible assets . Tangible assets contain various subclasses, including current assets and fixed assets . Current assets include cash , inventory , accounts receivable , while fixed assets include land , buildings and equipment . Intangible assets are non-physical resources and rights that have

102-414: A business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value . Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to

136-532: A business. This group includes land , buildings , machinery , furniture , tools , IT equipment (e.g., laptops), and certain wasting resources (e.g., timberland and minerals ). They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land assets). Accumulated depreciation is shown in the face of the balance sheet or in the notes. These are also called capital assets in management accounting . A company which invests too much of it capital in assets

170-623: A former dean of Stanford Law School, became the foundation's president in 2012. He introduced new initiatives addressing political polarization as well as cybersecurity . Kramer stepped down in December 2023. Stephen C. Neal , who had been serving as a board member since 2006, was appointed as and succeeded Walter Hewlett as board chair. During its first ten years, the foundation awarded grants of approximately $ 15.3 million. The foundation's endowment kept growing considerably, with Flora Hewlett's estate bolstering it to more than $ 300 million in 1981 and

204-527: A new program supporting relations between the US and Latin America . Gardner served for six years. During Gardner's tenure, the foundation introduced the limitation of terms served as program officers with terms expiring after six years, followed by an extension of three years with board approval. In 2005, this term limit was extended to eight years. In January 2000, Paul Brest , the former dean of Stanford Law School ,

238-570: A result, asset managers use deterioration modeling to predict the future conditions of assets. Depreciation is applied to tangible assets when those assets have an anticipated lifespan of more than one year. This process of depreciation is used instead of allocating the entire expense to one year. Tangible assets such as art, furniture, stamps, gold, wine, toys and books are recognized as an asset class in their own right. Many high-net-worth individuals will seek to include these tangible assets as part of their overall asset portfolio. This has created

272-423: A value to the firm because they give the firm an advantage in the marketplace. Intangible assets include goodwill , intellectual property (such as copyrights , trademarks , patents , computer programs ), and financial assets, including financial investments, bonds , and companies' shares . IFRS (International Financial Reporting Standards), the most widely used financial reporting system, defines: "An asset

306-435: A year or in the operating cycle (whichever is longer), without disturbing the normal operations of a business. These assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets: Marketable securities : securities that can be converted into cash quickly at a reasonable price The phrase net current assets (also called working capital )

340-399: Is a present economic resource controlled by the entity as a result of past events. An economic resource is a right that has the potential to produce economic benefits." The definition under US GAAP (Generally Accepted Accounting Principles used in the United States of America): "An asset is a present right of an entity to an economic benefit." CON 8.4 provides the following discussion of

374-447: Is any form in which wealth can be held. There is a growing analytical interest in assets and asset forms in other social sciences too, especially in terms of how a variety of things (e.g., personality, personal data, ecosystems, etc.) can be turned into an asset. In the financial accounting sense of the term, it is not necessary to have title (a legally enforceable ownership right) to an asset. An asset may be recognized as long as

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408-625: Is called an asset heavy company. On the other hand, a company which operates with very few to no assets is called a light asset model. Sectors like manufacturing, medical, engineering and chemical comprise heavy asset model businesses, whereas digital businesses like AirBNB , Uber , Zomato etc. operate as light asset model businesses. Intangible assets lack physical substance and usually are very hard to evaluate. They include patents , copyrights , franchises & licenses , goodwill , trademarks , trade names , etc. These assets are (according to US GAAP) amortized to expense over 5 to 40 years with

442-532: Is often used and refers to the total of current assets less the total of current liabilities . Often referred to simply as "investments". Long-term investments are to be held for many years and are not intended to be disposed of in the near future. This group usually consists of three types of investments : Different forms of insurance may also be treated as long-term investments. Also referred to as PP&E (property, plant and equipment), these are purchased for continued and long-term use to earn profit in

476-775: The Andrew W. Mellon Foundation helped to develop the field of OpenCourseWare . Hewlett seeded the Creative Commons project with $ 1 million. In 2008, the foundation awarded the ClimateWorks Foundation approximately $ 460,800,000. Hewlett funded restoration of the Bay Area Salt Ponds and conservation of the Great Bear Rainforest in Canada. Hewlett's Environment Program makes grants to support conservation in

510-572: The International Aid Transparency Initiative activities publication, and is expected to cover 21% of the foundation's overall grantmaking; this does not include international grantmaking in Environment, Education, and other program areas, although those total a significant proportion of grants. The Foundation's Climate Initiative, in particular, is oriented toward international as well as U.S.-focused work. The sector names use

544-841: The North American West, reduce global warming and conventional pollution resulting from the use of fossil fuels , and promote environmental protection efforts in California. The Hewlett Foundation opposes coal and natural gas development. However, the Hewlett Foundation is a donor to the Breakthrough Institute , Hewlett collaborated with the Center for Investigative Reporting to create California Watch , an investigative reporting project focused on California news. The Hewlett Foundation make grants in developing countries and in

578-725: The balance sheet . On the balance sheet, additional sub-classifications are generally required by generally accepted accounting principles (GAAP), which vary from country to country. Assets can be divided into current and non-current (a.k.a. fixed or long-lived). Current assets are generally subclassified as cash and cash equivalents, receivables, inventory, and accruals (such as pre-paid expenses). Non-current assets are generally subclassified as investments (financial instruments), property, plant and equipment, intangible assets (including goodwill) and other assets (such as resources or biological assets). Current assets are cash and others that are expected to be converted to cash or consumed either in

612-444: The 50 largest charitable foundations , private foundations engaged in philanthropy , and other charitable organizations such as charitable trusts that have disclosed their assets . In many countries, asset disclosure is not legally required or made public. Only nonprofit foundations are included in this list. Organizations that are part of a larger company are excluded, such as holding companies . The entries are ordered by

646-545: The Bay Area. In 1993, with the appointment of former University of California President David P. Gardner , who succeeded Roger Heyns who retired after 15 years, the foundation's focus widened. The foundation expanded its funding of environmental causes, formerly restricted to California, to all over the Western United States and Canada . The foundation also began focusing on K-12 education reforms. Gardner introduced

680-531: The DAC 3 Digit Sector names. The following table lists the all-time top 30 grantees, as recorded in the IATI activities publication. As of 2018, the Hewlett Foundation had total assets of $ 9,761,950,634. Revenue and support as of 2018: $ 609,135,143 Expenses as of 2018: $ 482,897,720 List of wealthiest charitable foundations This is a list of wealthiest charitable foundations worldwide. It consists of

714-492: The United States to provide and advocate for family planning and reproductive health services. The Hewlett Foundation has given major financial support to Planned Parenthood and the International Planned Parenthood Federation . The following table lists the top sectors to which the Hewlett Foundation has committed funding within its Global Development and Population Program. Data are taken from

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748-398: The ability to restrict others' access to the benefit to which the entity is entitled. This accounting definition of assets includes items that are not owned by an enterprise, for example a leased building ( Finance lease ), but excludes employees because, while they have the capacity to generate economic benefits, an employer cannot control an employee. In economics , an asset (economics)

782-445: The assets up to $ 8.52 billion and catapulting the foundation into the fifth place of private foundations in America. According to the OECD , the Hewlett Foundation provided USD 123.3 million for development in 2019, all in the form of grants. In 2001, the foundation gave $ 400 million to Stanford University for humanities, sciences, and undergraduate education. At the time, the gift

816-416: The board chair. The board was expanded with the addition of Eleanor Hewlett Gilmon and Mary Hewlett Jaffe, daughters of Bill and Flora. Since 1981, the majority of the foundation's board has been composed of non-family members. The foundation has received credit for its work in the areas of conflict resolution , education , environmental protection , performing arts , and as a supporter of organizations in

850-498: The couple's oldest son, Walter Hewlett. The years 1966–1972 were referred to as "the living room years". Flora Hewlett served as a board member and Bill Hewlett was an active part of the foundation until his death. Bill Hewlett sought to fund established organizations operating in his fields of interest. In its first ten years, the foundation awarded close to $ 15.3 million to organizations involved in education, population, performing arts, environment, health, and social services. In 1972,

884-447: The exception of goodwill. Websites are treated differently in different countries and may fall under either tangible or intangible assets. Tangible assets are those that have a physical substance, such as currencies , buildings , real estate , vehicles , inventories , equipment , art collections , precious metals , rare-earth metals , Industrial metals, and crops. The physical health of tangible assets deteriorate over time. As

918-434: The foundation's assets reaching more than $ 800 million by the 1990s, an increase of more than 30 times. Between 1993 and 1999, under the leadership of David P. Gardner, the foundation's assets grew to more than $ 2 billion and grants increased from $ 35 million in 1993 to $ 84 million in 1998. In 2000, the foundation's assets had grown to $ 3.93 billion. This increased further with the transfer of Bill Hewlett's estate bringing

952-592: The foundation's board of directors was expanded with the addition of William A. Hewlett and James S. Hewlett. In 1974, the foundation hired its first executive director, John May, who was also the executive of the San Francisco Foundation . Following Flora Hewlett's death in 1977, and in her memory, the foundation's name was changed to "The William and Flora Hewlett Foundation". Shortly after, the foundation appointed former University of California Chancellor Roger W. Heyns as president, with Bill Hewlett becoming

986-401: The nature of an asset: E17: An asset has the following two essential characteristics: (a) It is a present right (b) The right is to an economic benefit. E18:The combination of those two characteristics allows an entity to obtain the economic benefit and control others' access to the benefit. A present right of an entity to an economic benefit entitles the entity to the economic benefit and

1020-417: The present ability to prevent other parties from directing the use of the economic resource and from obtaining the economic benefits that may flow from it. It follows that, if one party controls an economic resource, no other party controls that resource. The accounting equation is the mathematical structure of the balance sheet . It relates assets, liabilities, and owner's equity : Assets are reported on

1054-450: The reporting entity controls the rights (economic resource) the asset represents. The essential characteristic of control is the ability to benefit from the asset and prevent other entities from doing likewise. The IFRS conceptual framework explains (CF 4.20 ): An entity controls an economic resource if it has the present ability to direct the use of the economic resource and obtain the economic benefits that may flow from it. Control includes

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1088-483: The size of the organization's financial endowment . The endowment value is a rounded estimate measured in United States dollars , based on the exchange rates on December 31, 2020. Due to fluctuations in holdings, currency exchange and asset values, this list only represents the valuation of each foundation on a single day. Asset In financial accounting , an asset is any resource owned or controlled by

1122-436: Was appointed as the new president of the foundation. He served for 12 years. On January 12, 2001, Bill Hewlett, aged 87 years, died from heart failure. During Brest's time as president, the foundation started to focus on awarding grants for efforts curbing global warming and the expansion of the use of open educational resources . During this time, the foundation also relocated to Menlo Park, California . Larry Kramer , also

1156-553: Was the largest on record to a university. In 2007, the Hewlett Foundation made a $ 113 million donation to the University of California, Berkeley to create 100 new endowed professorships and provide financial help for graduate students. In May 2010, the Hewlett Foundation announced its strategy of " Deeper Learning ", which is a set of student educational outcomes including acquisition of robust core academic content, higher-order thinking skills, and learning dispositions. Hewlett and

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