November 16, The support of our contributors and grantors made it possible for our initiatives to make great progress in 2014.

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1 Noveer 16, 215 Dear Reader: At the Clinton Foundation, we work around the world helping farers lift theselves out of poverty, assisting island nations with renewale energy projects, epowering girls and woen, and prooting healthier counities and nutritional food options at schools here in the United States. n 214, the continued strong support for the Foundation enaled us to continue to scale and expand our work. We are an operating foundation our staff works on the ground across the gloe to ipleent our progras directly, and we convene partners to ake coitents that have an even roader reach. We rely on the support of individuals, usinesses, and governents that provide contriutions and grants to sustain this work. n 214, financial support increased, while expenses grew at a slower rate, consistent with the expansion of our work around the world. And we continued to grow our endowent to ake our work sustainale in the future. The support of our contriutors and grantors ade it possile for our initiatives to ake great progress in 214. For exaple: The Clinton Gloal nitiative, which convenes leaders fro usiness, governent, and civil society, announced 319 new Coitents to Action y CG eers that are expected to iprove the lives of ore than 4.9 illion people; The Clinton Developent nitiative s Anchor Far project in Tanzania and Malawi worked with ore than 36, sallholder farers, providing cliate-sart agronoic training and access to arkets and services for aize, soya, and sunflower production; No Ceilings: the Full Participation Project, in collaoration with the Center on Universal Education at the Brookings nstitution, announced a $6 illion partnership ringing together 3 cross-sector partners to help 14 illion girls receive a safe and quality secondary education over the next five years; The Clinton Giustra Enterprise Partnership (CGEP), which creates social enterprises that help people lift theselves out of poverty, expanded its work in 214. CGEP created a peanut supply chain enterprise in Haiti and a distriution enterprise in Peru. CGEP also egan working with ore than 5 farers across Latin Aerica, registered ore than 1,5 students in its training center enterprise in Coloia, and recruited and trained ore than 2 feale entrepreneurs in Peru and Haiti; The Clinton Foundation continued its work on the ground in Haiti. n 214, the Haiti tea supported the growth of 1 entrepreneurial usinesses across Haiti and provided agricultural training and inputs to over 3 Haitian coffee farers;

2 Too Sall to Fail partnered with Univision, the leading edia copany serving Hispanic Aerica, to launch Pequeños y Valiosos ( Young and Valuale ), a ultiplatfor capaign to reach Hispanic failies; The Clinton Health Matters nitiative, which ais to iprove the health and wellness in counities across the United States, generated ore than 45 foralized strategic partnerships with national and local entities. These partnerships collectively reflect investents and projects that will reach ore than 5 illion people across the country; The Clinton Cliate nitiative, through its uilding retrofit and energy efficiency progras, helped reduce greenhouse gas eissions in the US y 33,5 tons through 214; The Clinton Presidential Center arked the welcoing of ore than 3.3 illion visitors fro around the world since opening in 24, and the Choctaw Building at the Center was recognized as the oldest LEED-certified uilding in Arkansas, and aong the oldest of all LEED-certified uildings in the country. This is just a saple of the life-changing work that we do around the world. Our operations are lean and sustainale to axiize our contriutors and grantors support. Consistent with previous years, in 214 the vast ajority of the Foundation s spending went to fulfilling our prograatic work approxiately 8 percent of all spending. We are coitted to transparency and accountaility, and as such have posted not only our 99 tax docuents ut also the consolidated, audited financial stateents of the Foundation. For reporting purposes, the latter reflects the work of the Clinton Health Access nitiative, a separate 51(c)3 which ecae independent in 21. We will continue to voluntarily post quarterly disclosures of all our contriutors and grantors, well aove and eyond what is required of charities. The work we are doing has een uilt to continue for any years to coe, and to e scaled and expanded where it is ost effective and having the ost eaningful ipact. a incredily proud of our work around the world and the tireless efforts of the Clinton Foundation s staff, and excited for the difference we will ake in the years to coe. Sincerely, Donna E. Shalala President, Clinton Foundation

3 Bill, Hillary & Chelsea Clinton Foundation Consolidated Financial Stateents Deceer 31, 214 and 213

4 Bill, Hillary & Chelsea Clinton Foundation ndex Deceer 31, 214 and 213 Page(s) ndependent Auditor s Report... 1 Consolidated Financial Stateents Stateents of Financial Position... 2 Stateents of Activities... 3 Stateents of Cash Flows... 4 Notes to Financial Stateents

5 ndependent Auditor's Report To the Board of Directors of the Bill, Hillary, and Chelsea Clinton Foundation: We have audited the accopanying consolidated financial stateents of the Bill, Hillary & Chelsea Clinton Foundation (the Foundation ), which coprise the consolidated stateents of financial position as of Deceer 31, 214, and Deceer 31, 213, and the related consolidated stateents of activities and of cash flows for the years then ended. Manageent's Responsiility for the Consolidated Financial Stateents Manageent is responsile for the preparation and fair presentation of the consolidated financial stateents in accordance with accounting principles generally accepted in the United States of Aerica; this includes the design, ipleentation, and aintenance of internal control relevant to the preparation and fair presentation of consolidated financial stateents that are free fro aterial isstateent, whether due to fraud or error. Auditor's Responsiility Our responsiility is to express an opinion on the consolidated financial stateents ased on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of Aerica. Those standards require that we plan and perfor the audit to otain reasonale assurance aout whether the consolidated financial stateents are free fro aterial isstateent. An audit involves perforing procedures to otain audit evidence aout the aounts and disclosures in the consolidated financial stateents. The procedures selected depend on our judgent, including the assessent of the risks of aterial isstateent of the consolidated financial stateents, whether due to fraud or error. n aking those risk assessents, we consider internal control relevant to the Foundation's preparation and fair presentation of the consolidated financial stateents in order to design audit procedures that are appropriate in the circustances, ut not for the purpose of expressing an opinion on the effectiveness of the Foundation's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonaleness of significant accounting estiates ade y anageent, as well as evaluating the overall presentation of the consolidated financial stateents. We elieve that the audit evidence we have otained is sufficient and appropriate to provide a asis for our audit opinion. Opinion n our opinion, the consolidated financial stateents referred to aove present fairly, in all aterial respects, the financial position of the Bill, Hillary & Chelsea Clinton Foundation at Deceer 31, 214, and Deceer 31, 213, 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 Aerica. Noveer 16, 215 PricewaterhouseCoopers LLP, 9 South Shackleford Road, Suite 6, Little Rock, Arkansas T: , F: ,

6 Bill, Hillary & Chelsea Clinton Foundation Consolidated Stateents of Financial Position Deceer 31, 214 and Assets Cash and cash equivalents $ 43,152,198 $ 66,12,516 Assets liited as to use 82,969,15 86,645,545 Accounts receivale 3,53,579 2,192,744 Grants receivale 9,88,966 4,566,828 nventory and prepaid expenses 3,595,928 2,397,481 Contriutions receivale, net 112,36,985 61,164,276 nvestents 75,661,523 16,194,745 Prograatic and other investents 1,23,347 2,174,513 Property and equipent, net of accuulated depreciation 17,951,664 11,26,478 Total assets $ 439,55,295 $ 351,555,126 Liailities and Net Assets Liailities Accounts payale and accrued expenses $ 13,668,39 $ 14,298,984 Deferred revenue 53,878,588 53,663,185 Long-ter det - 74,985 Total liailities 67,546,627 68,37,154 Net assets Unrestricted 51,31,683 54,555,63 Unrestricted, invested in fixed assets 17,721,2 11,26,478 Total unrestricted 159,22,73 164,762,18 Teporarily restricted 62,242,56 59,742,16 Peranently restricted 15,693,45 59,13,848 Total net assets 371,958, ,517,972 $ 439,55,295 $ 351,555,126 The accopanying notes are an integral part of these consolidated financial stateents. 2

7 Bill, Hillary & Chelsea Clinton Foundation Consolidated Stateents of Activities Years Ended Deceer 31, 214 and Teporarily Peranently Teporarily Peranently Unrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total Revenues, gains and other support Contriutions $ 24,313,685 $ 11,339,712 $ 92,179,557 $ 217,832,954 $ 48,758,632 $ 88,586,623 $ 58,763,848 $ 196,19,13 Grants 113,957, ,957,283 92,923, ,923,66 nvestent return 13, ,167-2,342 3, , ,26 Presidential center 3,579, ,579,397 2,814, ,814,98 Other 2,415, ,415,75 2,122,182 51,973-2,174,155 Net assets released fro restrictions 98,23,3 (98,23,3) ,24,875 (84,24,875) - - Total revenue, gains and other 242,482,293 3,323,876 92,179, ,985,726 23,891,17 5,86,293 58,763, ,741,158 Expenses and losses Progra services 217,77, ,77, ,633, ,633,38 Manageent and general 21,388,327 21,388,327 15,633, ,633,562 Fund raising 9,125,43 9,125,43 1,129, ,129,16 Provision for uncollectile pledges - 823,332 5, 1,323, , - 225, Total expenses and losses 248,221, ,332 5, 249,545,3 222,396,12 225, - 222,621,12 Change in net assets (5,739,45) 2,5,544 91,679,557 88,44,696 8,494,915 4,861,293 58,763,848 72,12,56 Net assets Beginning of year 164,762,18 59,742,16 59,13, ,517, ,267,193 54,88,723 25, 211,397,916 End of year $ 159,22,73 $ 62,242,56 $ 15,693,45 $ 371,958,668 $ 164,762,18 $ 59,742,16 $ 59,13,848 $ 283,517,972 The accopanying notes are an integral part of these consolidated financial stateents. 3

8 Bill, Hillary & Chelsea Clinton Foundation Consolidated Stateents of Cash Flows Years Ended Deceer 31, 214 and Operating activities Change in net assets $ 88,44,696 $ 72,12,56 tes not requiring (providing) operating activities cash flows Depreciation 5,689,549 4,963,682 Gain on sales of property and equipent (7,653) (34,26) Provision for ad dets 1,323, , Net unrealized prograatic and other investent loss 1,5,68 293,351 Contriutions to endowent (4,998,464) (14,316,723) Changes in Assets liited as to use 3,676,44 (68,538,568) Accounts receivale (86,835) (1,171,287) Grants receivale (5,314,138) (3,138,777) Contriutions receivale (52,196,41) (48,963,817) nventory and prepaid expenses (1,198,446) 148,279 Accounts payale and accrued expenses (63,946) 6,622,82 Deferred grant revenue 215,43 16,799,953 Net cash provided y (used in) operating activities (81,495) (34,99,39) nvesting activities Purchase of property and equipent (3,447,271) (5,161,98) Proceeds fro sales of property and equipent 2,189 45,65 Purchases of securities and investents (61,199,451) (15,543,188) Sales of securities and investents 1,653,231 39,867 Net cash used in investing activities (62,973,32) (2,267,769) Financing activities Payent of long-ter det (74,985) - Contriutions to endowent 4,998,464 14,316,723 Net cash provided y financing activities 4,923,479 14,316,723 Decrease in cash and cash equivalents (22,86,318) (4,941,355) Cash and cash equivalents Beginning of year 66,12,516 16,953,871 End of year $ 43,152,198 $ 66,12,516 The accopanying notes are an integral part of these consolidated financial stateents. 4

9 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and Nature of Operations and Suary of Significant Accounting Policies Nature of Operations The Clinton Foundation works with usinesses, governents, nongovernental organizations, and individuals to iprove gloal health and wellness, increase opportunity for girls and woen, reduce childhood oesity, create econoic opportunity and growth, and help counities address the effects of cliate change y ipleenting progras, facilitating opportunities and foring creative partnerships. To accoplish its goals through easurale results, the Clinton Foundation has estalished separate initiatives, with distinct approaches and issions. Each initiative reflects the Clinton Foundation s vision and overall goals. The initiatives are as follows: The Alliance for a Healthier Generation (Alliance), an affiliated entity founded y the Clinton Foundation and the Aerican Heart Association, works with schools, copanies, counity organizations, health care professionals, and failies to uild healthier environents for illions of children. n 214, the Alliance enrolled ore than 6, schools in its Healthy Schools Progra, helping reach 3.4 illion students. By the end of 214, the Alliance s Healthy Schools Progra was supporting ore than 16 illion students y iproving physical education, health education, child nutrition, and staff wellness policies and progras in ore than 27, schools. The Clinton Cliate nitiative (CC) collaorates with governents and partners to increase the resiliency of counities facing cliate change y creating and ipleenting replicale and sustainale odels that foster cross-sector collaorations. CC s approach addresses ajor sources of greenhouse gas eissions and the people, policies, and practices that ipact the, while also saving oney for individuals and governents and growing econoies. n 214, through its uilding retrofit and energy efficiency progras, CC helped reduce greenhouse gas eissions in the US y 33,5 tons. By the end of 214, the Hoe Energy and Affordaility Loan (HEAL) progra had copleted ore than 65 retrofits saving approxiately $625,. The Clinton Developent nitiative (CD) develops and operates agriusiness projects that epower sallholder farers to increase their econoic potential. n Malawi, Tanzania, and Rwanda, CD integrates coercial fars with outreach to sallholder farers to increase access and allow the to participate equitaly in local arkets. CD s odel puts farers first y providing the training, as well as increasing their access to inputs, to iprove their crop yields and increase their incoes. n 214, CD s Anchor Far Project in Tanzania and Malawi worked with ore than 36, sallholder farers, providing cliate-sart agronoic training and access to arkets and services for aize, soya, and sunflower production. The Clinton Foundation has een actively engaged in Haiti since 29, focusing on econoic diversification, private sector investent, and jo creation in order to create long-ter, sustainale econoic developent. Since 21, the Clinton Foundation has raised a total of ore than $3 illion for Haiti, including relief funds as well as funds focused on sustainale developent, education, and capacity uilding progras. The Clinton Foundation continues to concentrate on creating sustainale econoic growth in sectors including energy, touris, 5

10 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 agriculture, environent, and artisans. n 214, the Clinton Foundation facilitated visits of ore than 3 international investors, while supporting the growth of 1 entrepreneurial usinesses across Haiti. The Clinton Giustra Enterprise Partnership (CGEP) is pioneering an innovative approach to poverty alleviation. CGEP creates new enterprises to generate oth social ipact and financial returns y addressing existing arket gaps in developing countries supply or distriution chains. CGEP provides underserved counities access to arkets, jos, and training y incorporating individuals into one of three odels Distriution Enterprises, Supply Chain Enterprises, and Training Center Enterprises. n 214, CGEP created a peanut supply chain enterprise in Haiti and a distriution enterprise in Peru, for a total portfolio of six social enterprises. CGEP also egan working with ore than 5 farers across Latin Aerica, registered ore than 1,5 students in its training center enterprise in Coloia, and recruited and trained ore than 2 feale entrepreneurs in Peru and Haiti. CGEP successful pilot progras are incorporated to for for profit legal enterprise entities in which the Clinton Foundation typically holds a significant ownership position. ncluded in the consolidated financial stateents are the following entities carrying out the work of CGEP: Acceso Fund, LLC; Acceso Worldwide Fund, nc.; Haiti Developent Fund, LLC and Acceso Peanut Enterprise Corporation, S.A. The Clinton Gloal nitiative s (CG) ission is to inspire, connect, and epower everyone to forge solutions to the world s ost pressing challenges. CG convenes leaders fro the private sector, pulic sector, and civil society to drive action through its unique odel. Rather than directly ipleenting projects, CG helps its eers turn ideas into action through ipactful and easurale Coitents to Action within nine tracks, each representing a topical gloal challenge or strategic approach. To support the developent of coitents year-round, CG facilitates conversations, provides opportunities to identify partners, and counicates the results of the work. n 214 alone, 319 Coitents to Action were ade y CG eers and are expected to have a positive ipact on the lives of ore than 4.9 illion people. Clinton Gloal nitiative operated as a separate entity fro 29 through 212. n 213 CG was erged with Clinton Foundation and now operates as a progra within the Clinton Foundation. The Clinton Health Access nitiative (CHA) works to address the HV/ADS crisis in the developing world and strengthen health systes there. Taking its lead fro governents and working with partners, the Clinton Health Access nitiative has iproved arkets for edicines and diagnostics, lowered the costs of treatent, and expanded access to life-saving technologies, creating a sustainale odel that can e owned and aintained y governents. The Clinton Health Access nitiative has expanded their initial odel to increase access to high-quality treatent for alaria, accelerate the rollout of new vaccines, and lower infant ortality. n January 21, CHA ecae a separate nonprofit organization and continues to operate as a separate legal entity. The Clinton Health Matters nitiative (CHM) works to iprove the health and well-eing of people across the U.S. y activating individuals, counities, and organizations to ake eaningful contriutions to the health of others. By ipleenting evidence-ased systes, and investent strategies, CHM ais to ultiately reduce the prevalence of preventale 6

11 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 diseases, close health inequity and disparity gaps, and reduce health care costs associated with preventale diseases. n 214, CHM generated ore than 45 foralized strategic partnerships with national and local entities, which collectively reflected investents and projects that will reach ore than 5 illion people across the U.S. The Willia J. Clinton Presidential Center and Park is a world-class educational and cultural venue offering a variety of special events, exhiitions, educational progras, and lectures throughout the year. By the end of 214, the Center had welcoed ore than 3.3 illion visitors fro around the world since opening in 24. Most iportantly, the Center is a reflection of the work past, present, and future of the 42nd President of the United States. n 214, the Choctaw Building at the Center was recognized as the oldest LEED-certified uilding in Arkansas, and aong the oldest of all LEED-certified uildings in the US. n addition during 214 the Center also welcoed the artwork of renowned Aerican artist Dale Chihuly, and celerated its 1-year anniversary. Too Sall to Fail ais to help parents and counities take eaningful actions to iprove the health and well-eing of children ages zero to five, preparing the for success in the 21st century. Working with partners across the country, Too Sall to Fail, a collaoration etween the Clinton Foundation and Next Generation, is uilding a pulic action capaign focused on closing this word gap to help ensure that all children start school ready to learn. n 214, Too Sall to Fail partnered with Univision, the leading edia copany serving Hispanic Aerica, to launch Pequeños y Valiosos ( Young and Valuale ), a ultiplatfor capaign to reach Hispanic failies. No Ceilings: The Full Participation Project is an initiative to advance the full participation of girls and woen around the world. No Ceilings rings together gloal partners to uild an evidence-ased case for full participation and accelerated progress for girls and woen. n 214, No Ceilings, in collaoration with the Center on Universal Education at the Brookings nstitution, announced a $6 illion partnership ringing together 3 cross-sector partners to help 14 illion girls receive a safe and quality secondary education over the next five years. Willia J. Clinton nsalingsstiftelse (Clinton Foundation Sweden) works on ipleenting long-ter solutions focused on cliate change, iproving health systes in the developing world, strengthening econoic developent around the world and fighting childhood oesity. Clinton Foundation Sweden ais to develop or ipleent, independently or together with others and with joint resources, long-ter solutions oth locally and in all parts of the world. Clinton Foundation Sweden is a separate legal non-profit Swedish entity. Principles of Consolidation The accopanying consolidated financial stateents of the Foundation incorporate the accounts of the Clinton Foundation, including the accounts of all progra operating offices of the Foundation. Additionally, the consolidated financial stateents include the net assets and activities of the entities over which the Foundation aintains an econoic interest in or financial control over including; the Willia J. Clinton nsalingsstiftelse, Acceso Worldwide Fund, Acceso Peanut Enterprise Corporation, S.A. and CHA. 7

12 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 Use of Estiates The preparation of financial stateents in confority with accounting principles generally accepted in the United States of Aerica requires anageent to ake estiates and assuptions that affect the reported aounts of assets and liailities and disclosure of contingent assets and liailities at the date of the financial stateents and the reported aounts of revenues and expenses during the reporting period. Actual results could differ fro those estiates. Cash Equivalents The Clinton Foundation considers all liquid investents with original aturities of three onths or less to e cash equivalents. At Deceer 31, 214 and 213, cash equivalents consisted priarily of oney arket accounts with rokers. At Deceer 31, 214, the Clinton Foundation s cash and assets liited as to use accounts exceeded federally insured liits y approxiately $187 illion. Assets Liited as to Use Clinton Foundation assets liited as to use include funds designated y contriution or grant agreeents to e used for a specific liited progra or purpose. Assets liited as to use held y CHA are liited under its arrangeent with UNTAD, an international organization affiliated with the World Health Organization, which works to leverage price reductions for diagnostics and edicines to etter treat ADS, alaria and tuerculosis in the developing world. The assets relate to the UNTAD arrangeent and ay e used only for the purchase of pediatric and second-line drugs and related coodities and diagnostics for UNTAD-sponsored projects. nvestents and nvestent Return nvestents in equity securities having a readily deterinale fair value and in all det securities are carried at fair value. nvestent return includes dividend, interest and other investent incoe; realized and unrealized gains and losses on investents carried at fair value; and realized gains and losses on other investents. nvestent return is reflected in the stateents of activities as unrestricted, teporarily restricted or peranently restricted ased upon the existence and nature of any donor or legally-iposed restrictions. Receivales Receivales priarily consist of contriutions and grants receivale. The Clinton Foundation receives grant support fro foundations, governental units and private entities funding specific progras or events. Since the financial stateents of the Clinton Foundation are prepared on the accrual asis, all earned portions of the grants not yet received as of Deceer 31, 214 and 213, have een recorded as receivales. Contriutions receivale are stated at the aount pledged y donors net of net present value discounts. The Clinton Foundation provides an allowance for doutful pledges receivale, which is ased upon a review of outstanding receivales, historical collection inforation and existing econoic conditions. Delinquent pledges receivale are written off ased on the specific circustances of the donor aking the pledge. 8

13 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 Accounts receivale are coprised priarily of progra related illings due, general deposits, travel advances and various deposits for leased facilities. Property and Equipent Property and equipent are stated at cost less accuulated depreciation. Depreciation is charged to expense priarily y the straight-line ethod. The estiated useful lives for each ajor depreciale classification of property and equipent are as follows: Building and fixtures Furniture and equipent 15 4 years 3 1 years Net Assets The Clinton Foundation prepares its consolidated financial stateents in confority with accounting principles generally accepted in the United States of Aerica (GAAP). Net assets, revenues and releases fro restriction are classified ased on the existence or asence of donoriposed restrictions. Accordingly, the net assets of the Clinton Foundation and the changes therein are classified and reported in three categories of net assets: Unrestricted net assets are those that are not suject to donor-iposed restrictions, including the net investent in fixed assets, unrestricted gifts and unrestricted current funds. Teporarily restricted net assets are those whose use y the Clinton Foundation is suject to donor iposed stipulations that will e satisfied either y actions of the Foundation, the passage of tie or oth. n addition net assets of consolidated investent entities are treated as teporarily restricted as to purpose. Peranently restricted net assets have een restricted y donors to e aintained y the Clinton Foundation either in perpetuity or until released y specific action y the Foundation's Board in accordance with applicale law. Contriutions Gifts of cash and other assets received without donor stipulations are reported as unrestricted revenue and net assets. Gifts received with a donor stipulation that liits their use are reported as teporarily or peranently restricted revenue and net assets. When a donor-stipulated tie restriction ends or purpose restriction is accoplished, teporarily restricted net assets are reclassified to unrestricted net assets and reported in the stateent of activities as net assets released fro restrictions. Gifts that are originally restricted y the donor and for which the restriction is et in the sae tie period are recorded as teporarily restricted and then released fro restriction. Gifts of land, uildings, equipent and other long-lived assets are reported as unrestricted revenue and net assets unless explicit donor stipulations specify how such assets ust e used, in which case the gifts are reported as teporarily or peranently restricted revenue and net assets. Asent explicit donor stipulations for the tie long-lived assets ust e held; expirations of 9

14 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 restrictions resulting in reclassification of teporarily restricted net assets to unrestricted net assets are reported when the long-lived assets are placed in service. Unconditional gifts expected to e collected within one year are reported at their net realizale value. Aounts expected to e collected in future years are recorded at the present value of estiated future cash flows. The discounts on those pledges are coputed using an interest rate for the year in which the proise was received and considers arket and credit risk as applicale. Susequent years accretion of the discount is included in contriution revenue. Conditional gifts depend on the occurrence of a specified future and uncertain event to ind the potential donor and are recognized as assets and revenue when the conditions are sustantially et and the gift ecoes unconditional. No conditional gifts were recorded, received or pledged in either 214 or 213. Collections The collections aintained at the Willia J. Clinton Presidential Lirary and Museu are the property of the National Archives, and, as such, these collections are not included on the stateents of financial position of the Clinton Foundation. Furtherore, the Clinton Foundation is not responsile for the aintenance or preservation of ites in the collections. n-kind Contriutions n addition to receiving cash contriutions, the Clinton Foundation receives in-kind contriutions fro various donors. t is the policy of the Clinton Foundation to record the estiated fair value of certain in-kind donations as an expense in its financial stateents and siilarly increase contriution revenue y a like aount. For the years ended Deceer 31, 214 and 213, $2,236,18 and $1,721,837, respectively, were received in in-kind contriutions. Grants Grant support is received fro foundations, governental units and private entities funding specific progras or events. Support funded y governent grants is recognized as exchange transactions as the Clinton Foundation perfors the contracted services or incurs outlays eligile for reiurseent under the grant agreeents. Grant activities and outlays are suject to audit and acceptance y the granting agency, and, as a result of such audit, adjustents could e required. Other ncoe Other incoe includes net revenues attriutale to progra specific transactions, sulease rental incoe, gains and losses on sale of fixed assets, gains on prograatic investents accounted for under the equity ethod and proceeds fro speeches given y eers of the Clinton faily, ased on contractual agreeents etween the Clinton Foundation and the paying organization. ncoe Taxes The Clinton Foundation is exept fro incoe taxes under Section 51 of the nternal Revenue Code and a siilar provision of state law. However, the Clinton Foundation is suject to federal incoe tax on any unrelated usiness taxale incoe. There is no tax liaility due to unrelated usiness incoe. Therefore, no provision for incoe taxes on unrelated usiness incoe has een included in the consolidated financial stateents. The consolidated for profit entities, Acceso 1

15 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 Worldwide Fund and Acceso Peanut enterprise Corporation, S.A., oth have net losses. t is difficult to estiate whether the tax enefit resulting fro these losses will e utilized within the prescried period as defined y pertinent tax law. Any such enefit will e recorded in the future proportionally to the tax losses utilized and is iaterial to the consolidated stateents. Manageent has analyzed tax positions taken y the consolidated entities and has concluded that, as of Deceer 31, 214, there are no uncertain tax positions taken or expected to e taken that would require recognition of a liaility or disclosure in the consolidated financial stateents. Functional Allocation of Expenses The costs of supporting the various progras and other activities have een suarized on a functional asis in the stateents of activities. Certain costs have een allocated aong the progra services, anageent and general and fund-raising categories ased on tie and effort easureents and other ethods. Deferred Revenue Deferred revenue includes granted and contriuted funds received in advance for delivery of progra services. These aounts are recognized as revenue when earned ased on the underlying agreeent. Deferred revenue also includes aounts unspent under the UNTAD agreeent. CHA recognizes contriution revenue when underlying conditions are et and costs are incurred. Revisions to 213 Financial Stateents The 213 consolidated financial stateents presented herein have een revised to correct the accounting to now consolidate a controlled entity historically reported on the equity asis of accounting. The Foundation assessed the ateriality of the errors and concluded that they were not aterial to any of its previously issued annual financial stateents. The following suarizes the changes in the Stateent of Financial Position, Stateent of Activities and Stateent of Cash Flows as of and for the year ended Deceer 31, 213: As Originally As Revised Reported Stateent of Financial Position Cash and cash equivalents $ 66,12,516 $ 65,647,516 Beneficial interest in net assets of related entity 365, Stateent of Activities Contriutions (Teporarily Restricted) 88,586,623 91,31,968 Contriutions - Total 196,19,13 198,824,448 Change in interest in net assets of related entities (Teporarily Restricted) - (2,715,345) Change in interest in net assets of related entities - Total - (2,715,345) Stateent of Cash Flow Operating activities Change in eneficial interest in net assets of related entity - 2,715,345 Net cash used in operating activities (34,99,39) (32,274,964) Decrease in cash and cash equivalents (4,941,355) (38,226,1) Beginning of year - Cash and cash equivalents 16,953,871 13,873,526 End of year - Cash and cash equivalents 66,12,516 65,647,516 11

16 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 Susequent Events Susequent events have een evaluated through Noveer 16, 215, which is the date the financial stateents were availale to e issued. 2. Assets Liited as to Use Assets liited as to use represent the cash availale on hand for the UNTAD Coodities Progra and cash on hand restricted to expenditures for specific Clinton Foundation progras at Deceer 31: Assets liited as to use $ 82,969,15 $ 86,645, nvestents and nvestent Return nvestents at Deceer 31 consisted of the following: Certificates of deposit $ - $ 1,545,585 Endowent funds (cash and cash equivalents, utual and oney arket funds) 55,661,416 14,649,16 Operating investents 2,,17 - $ 75,661,523 $ 16,194,745 Operating investents represent unrestricted funds intended to e invested long ter y Clinton Foundation in order to axiize investent earnings. Coposition of the investent return reported in the stateent of activities is as follows: nterest and dividend incoe $ 95,658 $ 166,956 Unrealized and realized net gains on investents 14, ,34 $ 2,342 $ 719,26 12

17 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and Prograatic and Other nvestents At Deceer and 213 all prograatic investents are associated with the ission of Clinton Giustra Enterprise Partnership (CGEP) initiative and coprised of investents in: Acceso Fund, LLC $ 1,68,564 $ 1,996,55 Haiti Developent Fund, LLC 13, ,885 Due fro investent entities 4,226 61,123 $ 1,23,347 $ 2,174,513 The priary purpose of the prograatic investents is to further the tax exept ojectives of the Clinton Foundation and not focus on production of incoe or the appreciation of the asset. Like grants, these financial investents have as their priary purpose the achieveent of the Clinton Foundation s prograatic ission. These investents, which represent ownership interests in other organizations, are accounted for using the equity ethod of accounting, and are not suject to the fair value easureent requireents in ASC due to these investents not eeting the definition of an equity security with readily deterinale fair value. The net loss on prograatic investents accounted for y the equity ethod for 214 and 213 was $971,166 and $524,996, respectively, as recorded in progra services 5. Contriutions and Grants Receivale All contriutions receivale, with the exception of Clinton Foundation endowent contriutions receivale, are reported as a coponent of teporarily restricted net assets and consisted of the following at Deceer 31: Due within one year $ 56,237,694 $ 21,26,433 Due in one to five years 55,221,139 31,1,787 Due in ore than five years 6,475, 15,2, 117,933,833 67,417,22 Less: Allowance for uncollectile contriutions 2,682,514 3,891,579 Unaortized discount 3,214,334 2,361,365 $ 112,36,985 $ 61,164,276 Clinton Foundation endowent net contriutions receivale of $95,13,549 and $$44,447,125 at Deceer 31, 214 and 213, respectively, are classified as peranently restricted net assets. 13

18 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 Clinton Foundation and CHA receive grant support through periodic clais filed with respective funding sources, not to exceed a liit specified in the funding agreeent. Advances fro grantors were approxiately $53,878,588 and $53,663,185 at Deceer 31, 214 and 213, respectively, and are reported as deferred revenue on the consolidated stateents of financial position. 6. Property and Equipent Property and equipent at Deceer 31 consist of the following: Land $ 1,3,874 $ 1,3,874 Furniture and equipent 12,225,573 9,32,546 Buildings and fixtures 136,82,52 136,353,324 15,328, ,956,744 Less: Accuulated depreciation 42,377,33 36,75,266 $ 17,951,664 $ 11,26, Net Assets Teporarily Restricted Net Assets Teporarily restricted net assets on Deceer 31, 214 and 213, were availale for the following purposes: Tie restricted pledges receivale $ 11,671,193 $ 2,63,521 Haiti relief and recovery 1,531,656 1,526,38 CHA initiatives 36,621,243 36,135,388 Foundation initiatives 12,418,468 19,476,799 $ 62,242,56 $ 59,742,16 Tie restricted pledges receivale represent gifts whose only restriction is the passage of tie. Peranently Restricted Net Assets Peranently restricted net assets at Deceer 31, 214 and 213 were restricted to: Clinton Foundation Endowent Fund $ 55,312,855 $ 14,316,723 Clinton Foundation Endowent contriutions receivale, net 95,13,549 44,447,125 Speaker's Endowent Fund 25, 25, $ 15,693,45 $ 59,13,848 14

19 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 The Clinton Foundation endowent fund is coprised of peranently restricted gifts received y the Foundation. The incoe of the endowent fund is unrestricted as to purpose. Net Assets Released Fro Restrictions Net assets were released fro donor restrictions y incurring expenses satisfying the restricted purposes, y the expiration of a tie restriction or y occurrence of other events specified y donors Purpose restrictions accoplished CHA initiatives $ 48,12,133 $ 44,423,217 Haiti relief and recovery 3,232,193 1,133,224 Foundation initiatives 35,825,479 29,929,63 87,177,85 75,486,44 Tie restrictions expired Collection of pledges 11,25,198 8,754,831 $ 98,23,3 $ 84,24, Endowent The Clinton Foundation s Endowent consists of funds estalished to support the Foundation s ission to create partnerships of great purpose to iprove gloal health and wellness, increase opportunity for woen and girls, reduce childhood oesity, create econoic opportunity and growth, and help counities address the effects of cliate change. n furtherance of its ission, the overall goal of the Foundation s Endowent is to provide a stale source of financial support and liquidity for the ission of the Foundation. The Endowent is coprised of donorrestricted endowent funds. As required y accounting principles generally accepted in the United States of Aerica (GAAP), net assets associated with endowent funds are classified and reported ased on the existence or asence of donor-iposed restrictions. Applicale law requires that all endowent funds e classified as peranently restricted. n the Foundation's Endowent, these coprise two types of funds: (1) funds that have donor restrictions requiring that they e aintained in perpetuity; and (2) funds that do not have donor restrictions as to the ter for which such funds ust e aintained prior to their appropriation for spending and which can e appropriated for spending y specific action of the Foundation's Board. n the latter instance, where there is no such explicit donor restriction within the gift instruent, the Foundation has deterined that it will prudentially classify the original value of a gift and any susequent gifts ade under the sae instruent as peranently restricted given the totality of the circustances of the gift. Accuulated earnings on the Endowent are classified as teporarily restricted net assets until those aounts are appropriated for expenditure y the Foundation. The Foundation akes all deterinations to appropriate or 15

20 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 accuulate donor-restricted endowent funds in a anner consistent with the standard of prudence prescried y applicale law, including UPMFA. The coposition of net assets y type of endowent fund at Deceer 31, 214 and 213 was: Teporarily Peranently Unrestricted Restricted Restricted Total Donor-restricted endowent funds - 98,56 15,693,45 15,791,965 Total endowent funds $ - $ 98,56 $ 15,693,45 $ 15,791, Teporarily Peranently Unrestricted Restricted Restricted Total Donor-restricted endowent funds $ - $ 82,437 $ 59,13,848 $ 59,96,285 Total endowent funds $ - $ 82,437 $ 59,13,848 $ 59,96, Changes in endowent net assets for the years ended Deceer 31, 214 and 213 were: Teporarily Peranently Unrestricted Restricted Restricted Total Endowent net assets, eginning of year $ - $ 82,437 $ 59,13,848 $ 59,96,285 Net appreciation (depreciation) - 16,123 16,123 Write off of uncollectile pledges (5,) (5,) Contriutions - 92,179,557 92,179,557 Total endowent funds $ - $ 98,56 $ 15,693,45 $ 15,791, Teporarily Peranently Unrestricted Restricted Restricted Total Endowent net assets, eginning of year $ - $ 17,491 $ 25, $ 267,491 Net appreciation (depreciation) - 64,946-64,946 Contriutions - 58,763,848 58,763,848 Total endowent funds $ - $ 82,437 $ 59,13,848 $ 59,96,285 Net endowent contriutions receivale as of Deceer 31, 214 and 213 were $95,13,549 and $44,447,125, respectively. 16

21 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 Fro tie to tie, the fair value of assets associated with individual donor-restricted endowent funds ay fall elow the value of the initial and susequent donor gift aounts. n accordance with GAAP, when the value of endowent funds fall elow initial and susequent gift aounts, such deficiencies are classified as a reduction of unrestricted net assets. As of Deceer 31, 214 and Deceer 31, 213 no such deficiencies exist. The Clinton Foundation Endowent was created during the 213 fiscal year. During 214, the Foundation Board approved candidates for the nvestent Coittee which is epowered to approve and adopt investent policies and procedures to ensure that endowent funds and their related returns are spent in accordance with UPMFA and donor s intent and aintain the appropriate aount of risk and return for the Foundation s purposes. For the long-ter, the priary investent ojective for the Endowent is to earn a total return (net of all investent progra fees), within a prudent level of risk, which is sufficient to aintain in real ters the purchasing power of the Endowent, support operating expenses and payout requireents and provide oderate capital appreciation after accounting for such distriutions and expenses. The risk tolerance of the Foundation is oderate. Moderate fluctuations in arket value can e tolerated over tie, and staility of the overall corpus is valued for predictaility and consistency of payouts over tie. This tolerance, as dictated y arket conditions and organizational circustances, ay e adjusted over tie. The Foundation s investent tie horizon is long ter. The Foundation, in consultation with the nvestent Coittee, has delegated to an nvestent Advisor the day-to-day ipleentation of the investent progra as set forth in the nvestent Policy Stateent. The specific roles and responsiilities of the nvestent Advisor are governed y a written investent anageent agreeent, signed and agreed to y the Foundation and the nvestent Advisor. The following is a suary of the asset allocation guidelines and perforance encharks adopted y the Foundation: Target Allocation y Asset Class Benchark Near-Ter Long-Ter Reserve Reserve Fixed ncoe 1.% 1.% Barclays nterediate Aggregate ndex Balanced Reserves 2.5%.% Sutotal 12.5% 1.% Hedged Strategic Fixed ncoe 9.% 7.% HFR Strategic Fixed ncoe Peer Group Diversified Strategies 1.5% 9.% HFR Fund of Funds Diversified ndex Hedged Equity 1.5% 9.% HRF Equity (Total) Hedge ndex Sutotal 3.% 25.% Directional Benchark Equity 25.% 25.% MSC All Country World ndex Select Equity 27.5% 25.% MSC All Country World M ndex Private nvestents 5.% 15.% State Street Private Equity ndex: US Private Equity Funds Median Return Sutotal 57.5% 65.% Total 1.% 1.% 17

22 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 The Endowent uses two different spending policies, one for the near-ter and one for the longter, to e adopted once the Foundation reaches a threshold set at the Board s discretion. The near-ter spending policy dictates that no spending will occur fro the Endowent for the foreseeale future as the corpus is estalished and grows eaningfully fro inflows. The longter spending policy specifies that annual spending will e ased on 3-5% of the trailing 12 quarter average of the Endowent or siilar forula. By using the trailing 12 quarter average the Foundation ais to sooth the spending aount and avoid large swings, providing a consistent and predictale level of financial support for the Foundation over tie. The Foundation has not used or invested any of the endowent funds (or any net appreciation fro these funds classified in teporarily restricted net assets) during 214 as the nvestent Coittee, nvestent Policy and Spending Policy were approved late in the year. For this reason, all endowent funds received and held during 214 are held in cash and cash equivalents, oney arket funds and utual funds. 9. Functional Expenses Expenses incurred y the Clinton Foundation, excluding provision for uncollectile pledges, classified y functional categories for the years ended Deceer 31, 214 and 213, were as follows: 214 Progra Manageent/ Fund Services General Raising Total Salaries and enefits $ 79,937,654 $ 12,835,47 $ 3,114,78 $ 95,887,139 Direct progra expenditures 33,689,239-3,36 33,692,599 Professional and consulting 13,829,22 1,39,623 2,3,51 17,249,876 Conferences and events 12,687, ,611 1,384,249 14,2,147 UNTAD coodities expense 14,196, ,196,24 Procureent and shipping 2,549, ,549,578 Travel 18,475, ,325 1,359,48 2,786,529 Telecounications 2,278, ,714 29,591 2,769,964 Meetings and trainings 13,361,81 138,621 19,42 13,519,824 Bank and other fees 625,735 62, ,969 1,45,557 Occupancy costs 5,593,595 1,587, ,437 7,297,586 Office expenses 6,192,912 1,464,445 13,779 7,788,136 Capital charges 5,664,24 8,535-5,672,739 Depreciation 5,19, ,82 32,432 5,475,816 Other 3,516,547 1,484, ,62 5,729,968 Totals, year ended Deceer 31, 214 $ 217,77,941 $ 21,388,327 $ 9,125,43 $ 248,221,698 18

23 Bill, Hillary & Chelsea Clinton Foundation Notes to Consolidated Financial Stateents Deceer 31, 214 and 213 Progra Manageent/ Fund Services General Raising Total Salaries and enefits $ 65,775,5 $ 9,592,297 $ 3,616,323 $ 78,983,67 Direct progra expenditures 29,389,26-46,17 29,435,43 Professional and consulting 13,697,674 94,31 2,96,221 16,698,196 Conferences and events 9,721,984 28,879 1,444,691 11,195,554 UNTAD coodities expense 28,647, ,647,779 Procureent and shipping 1,668, ,668,867 Travel 16,77, ,369 1,754,678 19,198,51 Telecounications 2,214, ,36 82,118 2,62,623 Meetings and trainings 7,47,295 86,95 9,971 7,567,216 Bank and other fees 76,9 171, ,212 1,15,559 Occupancy costs 4,715, ,953 42,114 5,978,89 Office expenses 4,673, , ,25 5,653,722 Capital charges 3,962, ,962,232 Depreciation 4,318, ,715-4,963,682 Other 2,963,25 1,555, ,565 4,671,568 Totals, year ended Deceer 31, 213 $ 196,633,38 $ 15,633,562 $ 1,129,16 $ 222,396, Progra Services Expenses Progra service expenses incurred y the Clinton Foundation classified y initiative for the years ended Deceer 31, 214 and 213, were as follows: Clinton Health Access nitiative $ 143,41,357 66% $ 127,781,347 68% Clinton Gloal nitiative 23,544,381 11% 23,684,78 9% Clinton Presidential Center 13,51,618 6% 12,288,987 6% Clinton Cliate nitiative 8,293,416 4% 8,46,81 8% Clinton Giustra Sustaninale Growth nitiative 7,358,967 3% 5,39,288 3% Clinton Developent nitiative 4,482,714 2% 2,575,41 1% Clinton Health Matters nitiative 3,696,323 2% 1,676,729 % Other Progra 13,789,165 6% 15,18,749 5% $ 217,77,941 1% $ 196,633,38 1% 11. Operating Leases The Clinton Foundation s leases which are generally onth-to-onth operating leases for office space oth doestically and internationally, expire at various dates through 243. Rental expense 19

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