John S. and James L. Knight Foundation

Knight Foundation (the foundation) which comprise the statements of financial position as of December 31, 2019 and 2018, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. [...] 1 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the foundation as of December 31, 2019 and 2018, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. [...] Investments The investment goal of the foundation is to invest its assets in a manner that will achieve, over the long-term, a total rate of return sufficient to replace the assets utilized for grants and expenses and to recoup any value lost due to inflation and to increase the spending power of the portfolio while adhering to the risk and asset allocation parameters established by the investment. [...] Following the investment period, the general partner will generally attempt to sell the assets of the partnership over the partnership's remaining term and distribute funds to the partners as mandated in the partnership agreements. [...] The foundation recognized an unrealized gain of approximately $19,000 and unrealized loss of approximately $23,000 for the years ended December 31, 2019 and 2018, respectively, included in “Net change in fair value of investments” in the Statements of Activities related to the changes in the value of collateral investments related to corporate obligations.