General Mills: Foundation Financial Summary

2007 Financial Summary

GENERAL MILLS FOUNDATION
Statement of Activities
Year ended May 31, 2007
					Unrestricted

Revenues and investment income (loss):
	Contributions from General Mills, Inc. and subsidiaries			$	21,099,998
	Contributions of operating costs from General Mills, Inc. and subsidiaries				261,305
	Interest income				2,049,245
	Net realized and unrealized investment gain (loss)				2,146,752

			Net revenues and investment income		25,557,300

Expenses:
	Grants approved and paid, including gift-matching
		contributions of $1,786,954 and $1,699,526 in 2007 and 2006, respectively			19,006,669
	Grants approved but unpaid				621,047
Management and general:
	Operating costs				261,305
	Other				67,829

			Total expenses		19,956,850

			Change in net assets		5,600,450

Net assets at beginning of year					57,188,071

Net assets at end of year				$	57,188,071

GENERAL MILLS FOUNDATION
Statement of Financial Position
Year Ended May 31, 2007

Assets
Investments:
	Cash and cash equivalents		$	37,172,058
	Futures margin deposit with broker			476,000
	Fixed income investments			944,108
	Commingled funds			1,339,456

		Total investments		39,931,622
	Purchased interest receivables			200,335
	Due from General Mills, Inc. and subsidiaries			21,099,998

		Total Assets	$	61,231,955

Liabilities and Net Assets
Liabilities:
	Grants payable and accrued expenses		$	4,043,884


		Total liabilities		4,043,884

Net assets – unrestricted				57,188,071

		Total liabilities and net assets	$	61,231,955

Summary of Significant Accounting Policies

Basis of Presentation

The General Mills Foundation (the Foundation) focuses on grant making, scholarships, and employee gift matching. Generally, the Foundation grants are targeted in the areas of youth nutrition and fitness, social services, education, and arts and culture.

The Foundation’s net assets are classified based on the existence or absence of donor-imposed restrictions. As of May 31, 2007 and 2006, the Foundation had no permanently or temporarily restricted net assets. Accordingly, the net assets of the Foundation and the changes therein are classified and reported as unrestricted.

No restrictions are placed on investments other than a requirement for approval by the board of trustees. The Foundation’s portfolio is principally managed by trustees who have discretion over investments. The investments in the accompanying statements are stated at fair market value. Realized gains and losses on disposition of investments are recorded on the basis of average cost and are recognized on the trade date.

The Foundation is classified as a tax-exempt organization under Section 501(c)(3) and is a private foundation under Section 509(a) of the Internal Revenue Code. The Foundation is subject to a 1% federal excise tax on net investment income.

Under the Tax Reform Act of 1969, the Foundation is required to make certain minimum distributions in accordance with a specified formula. At May 31, 2007, the Foundation was in compliance with those requirements.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Complete Financial Report

A complete financial report is available on request from the General Mills Foundation.