Moody’s Issues Favorable Credit Reviews on Hall Family Foundation, Nelson Gallery Foundation
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On April 23, 2013 is was reported that Moody’s gave a positive credit rating to two non-profit organizations. Moody’s is headed by CEO Ray McDaniel, President of Analytics Mark Almeida, and more.
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Moody’s Issues Favorable Credit Reviews on Hall Family Foundation, Nelson Gallery Foundation
- 1. Moody’s Issues Favorable Credit Reviews on Hall Family Foundation, Nelson Gallery Foundation On April 23, 2013 is was reported that Moody’s gave a positive credit rating to two non-profit organizations. Moody’s is headed by CEO Ray McDaniel, President of Analytics Mark Almeida, and more.
- 2. April 23 By STEVE ROSEN The Kansas City Star Two of Kansas City’s major non-profit foundations have earned positive credit reviews from Moody’s Investors Service. The credit agency singled out the Hall Family Foundation and the Nelson Gallery Foundation for their high A ratings and stable outlooks. The ratings on the two foundations are somewhat related because of the Hall Family Foundation donation agreement that “ensures that timely debt services are made to investors” on bonds issued in 2004. After a $3 million payment applied to the principal of those bonds in December 2012, the Hall Family Foundation is currently obligated to pay interest and principal on the remaining $57 million, Moody’s said. The Hall foundation, formed by the founding family of Hallmark Cards, is one of the largest private foundations in the Kansas City area. Grants support children and families, education, the arts and community development.
- 3. According to Moody’s, the foundation’s Aaa rating reflects its “excellent balance sheet coverage of debt and operations, exceptional liquidity and prudent fiscal management.” By law, the foundation must spend 5 percent of its endowment. Moody’s also affirmed the Nelson Gallery Foundation’s Aa3 rating, attributing it to “healthy operating cash flow margins, support from the Hall Family Foundation for debt service on the 2004 bonds, prudent debt and expense management, strong liquidity and our expectation that the gallery will see future fundraising success.” Moody’s noted the gallery increased both attendance and membership in its 2012 fiscal year. Total attendance climbed to 418,922 last year, up from 370,527 the previous year. Membership increased about 11 percent last year to 11,853. Original Article.