HISPANIC ASSOCIATION ON CORPORATE RESPONSIBILITY 2010 ANNUAL REPORT

Transcription

1 2010 ANNUAL REPORT

2 PAGE 2 ABOUT HACR a letter from HACR s Chairman and its President & CEO HACR CORPORATE MEMBERS HACR BOARD OF DIRECTORS & COALITION MEMBERS THE 18th ANNUAL HACR SYMPOSIUM THE HACR CEO ROUNDTABLE HACR S 25th ANNIVERSARY CAMPAIGN THE HACR CORPORATE DIRECTORS SUMMIT THE HACR CORPORATE EXECUTIVES FORUM THE HACR YOUNG HISPANIC CORPORATE ACHIEVERS HACR EVENT GALLERY HACR FINANCIALS

3 PAGE 3 The Hispanic Association on Corporate Responsibility (HACR) is comprised of 16 national coalition members whose executive directors, presidents and CEOs form the backbone of the association. HACR works diligently to remind Corporate America of its responsibility to ensure the inclusion of Hispanics at a level commensurate with their economic contributions. HACR efforts are accomplished thanks to the involvement of its corporate partners and strong coalition members. Founded in 1986, HACR is one of the most influential advocacy organizations in the nation representing Hispanic organizations in the United States and Puerto Rico. HACR s resonating voice speaks on behalf of consumers, professional executives and business owners who contribute to the profitability of Corporate America. HACR focuses on four areas of corporate responsibility and community reciprocity: employment, procurement, philanthropy and governance. Latinos in the U.S. $1 trillion estimated purchasing power 16% of the U.S. population is Hispanic 60 million Latino consumers in the U.S. represented by coalition members More than 1 of every two people added to the nation s population between July 1, 2008, and July 1, 2009, was Hispanic. There were 1.4 million Hispanics added to the population during the period million is the projected U.S. Hispanic population for July 1, 2050

4 PAGE 4 A Letter from HACR s Chairman and its President & CEO Guided by an exemplary Board of Directors and with the support from our corporate members and program participants, 2010 marks a year of significant growth and progress at the Hispanic Association on Corporate Responsibility (HACR). As you read through this annual report, we hope it provides you with an understanding of who we are as an organization, the unique programs and initiatives we offer and how they are strategically aligned to HACR s mission: to advance the inclusion of Hispanics in Corporate America at a level commensurate with our economic contributions. Our longest running program, now in its 18th year, the Annual HACR Symposium: The Power of Hispanic Inclusion was held in May in San Francisco, California. The Annual Symposium brought together more than 300 professional, academic, and non-profit leaders as well as elected officials, in thought-provoking panel discussions and dynamic peer-to-peer conversations on the significance of diversity in Corporate America. Panel discussions centered on corporate governance and board diversity, addressed the importance of building a pipeline of corporate executives and highlighted the work of the Alliance for Board Diversity (ABD) - a unique partnership that brings together Catalyst, the Executive Leadership Council, Leadership Education for Asian Pacifics and HACR. The Annual Symposium also included an exclusive conversation with George Chavel, president and CEO of Sodexo, Inc. and Michael Montelongo, senior vice president and Chief Administrative Office of Sodexo, Inc. on the importance of transparency, specifically within the context of HACR s Corporate Inclusion Index. The fourth annual HACR CEO Roundtable - hosted by Wells Fargo - featured John G. Stumpf, president, chairman and CEO of Wells Fargo, Stephen P. Holmes, chairman and CEO of Wyndham Worldwide and Don Browne, group president of Telemundo Communications Group. All three shared their personal success stories and corporate-wide diversity initiatives. Our signature event was once again moderated by Norma Garcia, evening news anchor for Noticiero Telemundo Dallas and Noticiero Telemundo San Antonio. San Francisco also served as the meeting ground for this year s Corporate Directors Summit (CDS) and Corporate Executives Forum (CEF) annual meetings, where participants exchanged views on the challenges and solutions to Hispanic inclusion and networked with peers and corporate directors. Also in its fourth year, our 2010 HACR Young Hispanic Corporate Achievers (YHCA) Program recognized 29 Hispanic professionals

5 PAGE 5 Ignacio Salazar HACR Chairman Carlos F. Orta HACR President & CEO from Fortune 500 and/or HACR corporate member companies on their exceptional achievements and successful leadership abilities. The executives gathered for the three-day program where they were engaged in teambuilding exercises, stimulating panel discussions and business sessions. In addition to our marquee events, HACR also had the pleasure of welcoming over 10 new corporate members in The members joined an already existing network of corporate thought leaders and had the opportunity to share best practices to further their ongoing commitment to social corporate responsibility. In anticipation of our 25th anniversary, HACR launched an advertising campaign that will celebrate this milestone and feature influential corporate leaders who have an outstanding track record of accomplishments in the corporate sector AND within the Hispanic community. These leaders serve as role models and have always understood the importance of giving back to our community. With the ongoing support of HACR s Board of Directors, our corporate members and numerous stakeholders, HACR continues to make strides towards our mission of advancing Hispanic inclusion in Corporate America at a level commensurate with the community s economic contributions through four core areas of corporate responsibility and community reciprocity, including: employment, procurement, philanthropy, and governance. As we look ahead to our 25th anniversary and beyond, we realize that there is much work to be done and thus we cannot become complacent or rest on our past successes. We must continue to keep our stakeholders engaged and provide them with the essential tools necessary to advance Hispanic Inclusion in Corporate America. Sincerely, Ignacio Salazar Chair, HACR Board of Directors Carlos F. Orta President & CEO, HACR

6 PAGE HACR Corporate Members Benefactor Altria Group, Inc. IBM Corporation Generation Aetna Inc. Anheuser-Busch Companies, Inc. AT&T Bank of America Comcast Corporation ConAgra Foods, Inc. Dell Inc. Ford Motor Company General Electric Harrah s Entertainment, Inc. Kraft Foods Inc. The Home Depot, Inc. McDonald s Corporation MillerCoors Sodexo, Inc. State Farm Insurance Companies Time Warner Inc. Verizon Communications Wells Fargo & Company Associate AARP Services Inc. American Petroleum Institute AOL Inc. Burger King Corporation Comerica Inc. DIAGEO Macy s, Inc. Manpower Inc. Marriott International, Inc. Marsh & McLennan Companies, Inc. Microsoft Corporation PepsiCo, Inc. Prudential Financial, Inc. Telemundo Communications Group, Inc. Tyson Foods, Inc. UnitedHealthcare Univision Communications Inc. UPS Walmart Wyndham Worldwide

7 PAGE HACR Board of Directors Ignacio Salazar PRESIDENT AND CEO SER-Jobs for Progress National, Inc. HACR Board Chair Guarione Díaz PRESIDENT AND CEO Cuban American National Council HACR Board Vice Chair Ron Blackburn-Moreno PRESIDENT AND CEO ASPIRA Association, Inc. HACR Board Treasurer Clara Padilla Andrews PRESIDENT National Association of Hispanic Publications HACR Board Secretary Francisco F. Ivarra American GI Forum of the United States The Honorable Nydia Velázquez Congressional Hispanic Caucus Institute, INC. The Honorable Lincoln Diaz-Balart Congressional Hispanic Leadership Institute, Inc. Rosa Rosales League of United Latin American Citizens Alma Morales Riojas MANA, A National Latina Organization Janet Murguía National Council of La Raza Cristina López NATIONAL HISPANA LEADERSHIP INSTITUTE Miguel Lausell National Puerto Rican Coalition Steven Ramos NATIONAL SOCIETY OF HISPANIC MBAS Javier Palomarez United States Hispanic Chamber of Commerce Dr. Juan Andrade Jr. UNITED STATES HISPANIC LEADERSHIP INSTITUTE BOARD MEMBER EMERITI Agustín De Goytisolo Raúl Yzaguirre Antonio R. Flores Hispanic Association of Colleges and Universities 2010 HACR Coalition Members American GI Forum of the United States ASPIRA Association, Inc. Congressional Hispanic Caucus Institute Congressional Hispanic Leadership Institute Cuban American National Council Hispanic Association of Colleges and Universities League of United Latin American Citizens MANA, A National Latina Organization National Association of Hispanic Publications National Council of La Raza National Puerto Rican Coalition National Hispana Leadership Institute National Society of Hispanic MBAs SER-Jobs for Progress National, Inc. United States Hispanic Chamber of Commerce United States Hispanic Leadership Institute

8 PAGE 8 Participant taking part in panel discussion Rosa Rosales (LULAC) and Cristina López (NHLI) HACR Symposium participants at opening reception From L R: Cari Dominguez (Manpower), Manny Espinoza (ALPFA), Patricia Crawford (Wells Fargo), David Olivencia (Oracle Corporation)

9 PAGE 9 The HACR 18th Annual Symposium The 18th Annual HACR Symposium: The Power of Hispanic Inclusion brought together more than 200 mid to senior level corporate executives, academic and non-profit leaders as well as elected officials from across the country to participate in dynamic panel discussions and meaningful conversations surrounding the significance of diversity in U.S. corporations. Assembly woman Fiona Ma (D-SF) speaks at opening reception HACR Symposium participants at Cafecito Networking Session This year s panels shared best practices in corporate governance, including the issues experienced with the under representation of Hispanics in Corporate America, and highlighted the collaboration between HACR and the Alliance for Board Diversity, which presented its newest efforts to increase equitable representation of women and minorities on corporate boards. The panelists diverse backgrounds and experience allowed for the exchange of different perspectives on some of the most groundbreaking strategies being implemented within their corporations to increase Hispanic representation and reach a growing Latino community. We re thrilled to have hosted such a distinguished group of Fortune 500 Company executives at this year s Symposium, said Ignacio Salazar, HACR Board Chair. The panels offered stimulating discussions about the present and future role of Hispanics in Corporate America, and allowed for an in-depth view of some of the issues and challenges of Latino representation in corporate boardrooms. Panelists also exchanged ideas on how to build an effective leadership pipeline by focusing on the importance of professional association memberships to leverage educational, networking and professional development opportunities for Latinos. This symposium provided a unique opportunity to share ideas and learn about effective diversity and leadership empowerment strategies being implemented across Corporate America, said Frank Ros, Assistant Vice President, Latin Affairs, The Coca-Cola Company. I m honored to have been among such a distinguished group of forward thinkers who value inclusion and have taken action in furthering Hispanic diversity in the U.S.

10 PAGE 10 The annual HACR CEO Roundtable took center stage during the 18th Annual HACR Symposium in San Francisco, CA. As HACR s signature event and the symposium s main highlight, the CEO Roundtable gathered the nation s highest-ranking executives to address Hispanic inclusion in their respective corporations. From L R: Ignacio Salazar (HACR Board Chair), John G. Stumpf (Wells Fargo), Don Browne (Telemundo), Norma García (Telemundo), Stephen Holmes (Wyndham Worldwide), Carlos Orta (HACR)

11 PAGE 11 The HACR CEO Roundtable The HACR CEO Roundtable The fourth annual HACR CEO Roundtable was hosted by John G. Stumpf, president, chairman and CEO of Wells Fargo. Joining Mr. Stumpf, was Stephen P. Holmes, chairman and CEO of Wyndham Worldwide and Don Browne, group president of Telemundo Communications Group. The invigorating discussion was centered on each of their companies Hispanic inclusion strategies, and the role diversity plays on various levels of their corporations. Norma García, evening news anchor for Noticiero Telemundo Dallas and Noticiero Telemundo San Antonio, served as the event s moderator and successfully engaged the panelists in sharing their personal success stories and corporate-wide talent development and retention initiatives. Participating CEOs shared insights on the importance of inclusion as it becomes a critical business advantage in their corporations. They also discussed some of the main challenges faced with Hispanic advancement, particularly in today s changing marketplace, and how they seek to continue incorporating diversity in their workforce in order to ensure they reach and meet the needs of the growing U.S. Hispanic consumer base. Hosting the 2010 HACR CEO Roundtable has reinforced my belief in the importance of inclusion and diversity in all its aspects, from employment and procurement to philanthropy and governance, said John G. Stumpf. I am proud that Wells Fargo was the first financial services company to host the HACR CEO Roundtable. This engagement is one of the many steps we are taking to achieve our vision of satisfying the financial needs of all the communities that we serve and making diversity a competitive advantage. HACR CEO Roundtable participants and panelists have a keen understanding of the importance of diversity in all aspects of their operations, said HACR president & CEO Carlos F. Orta. We re pleased that such a distinguished group of executives engaged in thought-provoking discussions and exchanged ideas that will continue advancing Hispanic inclusion for years to come.

12 PAGE YEARS POWERING HACR Launches Campaign in Celebration Since its incorporation on May 1, 1986, the Hispanic Association on Corporate Responsibility (HACR) has had a profound impact on empowering Hispanic inclusion in Corporate America. In recognition of the organization s 25th Anniversary and the important advances that have allowed HACR to become the leading advocacy organization of its kind, HACR embarked on a multimedia marketing and communications campaign that will recognize the corporations and individuals behind its success. The first phase of the campaign features outstanding individuals who are engaged with HACR s programs and are leading the way at their respective corporations, serving as examples of The Power of Hispanic Inclusion. The exceptional leaders who will be highlighted include: Anne L. Alonzo, Vice President of Corporate and Legal Affairs at Kraft Foods Inc., Cari M. Dominguez, Board Member of Manpower Inc., Rocky Egusquiza, Vice President of AARP, George Herrera, Board Member of Wyndham Worldwide Corporation, Lisa Quiroz, Senior Vice President of Corporate Responsibility at Time Warner Inc., Darren Rebeldez, Executive Vice President and COO of 7-Eleven Inc., Frank P. Ros, Assistant Vice President, Latin Affairs at The Coca-Cola Company, Patricia Salas Pineda, Board Member of Levi Strauss & Company and Nina G. Vaca, Board Member of Comerica Inc.

13 PAGE 13 HISPANIC INCLUSION of Its 25th Anniversary Milestone For 25 years HACR has had many champions working to ensure Hispanic representation and inclusion in Corporate America, said HACR President & CEO, Carlos F. Orta. It is important to take time to celebrate 25 years of Powering Hispanic Inclusion by recognizing individuals, corporations and our coalition members who have helped us achieve great success. the country, will be held in Washington, DC next year. Programming will begin on Friday, April 29, and conclude with the 25th Anniversary celebration reception and dinner on Tuesday, May 3, As part of commemorating this milestone, all of HACR s programs, designed to provide professional development and networking opportunities to Fortune 500 and HACR corporate partner executives and community leaders from across

14 PAGE 14 The third annual HACR Corporate Directors Summit, in San Francisco, CA, welcomed Hispanic directors currently serving on corporate boards of Fortune 500 and HACR corporate member companies who gathered to discuss Governance one of the organization s main pillars of corporate responsibility. The summit focused on HACR s mission to advance Hispanic inclusion in Corporate America and provided participants with the opportunity to network with colleagues and learn about some of the latest trends in the Hispanic consumer market. Back row (L-R): Michael Montelongo, Charles P. García, Alberto Zapanta, Nelson Díaz, Alejandro Silva, Tom Castro. Front row (L-R): Darren Rebelez, Cari Dominguez, Luis P. Nieto, Patricia Salas Pineda, George Herrera, Nina G. Vaca.

15 PAGE 15 The HACR Corporate Directors Summit I was extremely impressed by the magnitude and organization of the event, said Patricia Salas Pineda, group vice president of Toyota North America and board member of Levi Strauss & Company. The session s topics were very enlightening and it was a fantastic opportunity to share ideas with industry thought leaders who have been successful in the implementation of Hispanic inclusion practices in their businesses. The corporate directors participated at the three-day summit where topics included best practices in corporate governance, executive compensation in a post-crisis world and strategies for creating a solid roadmap to increase Hispanic representation on corporate boards. Participants also discussed how to respond to current multicultural market needs and identified the opportunities and challenges associated with corporate board representation. I was honored to participate in this summit which brings together a group of the brightest individuals to address topics that are important to the successful advancement of inclusion and diversity in Corporate America, said Nina G. Vaca, president & CEO of Pinnacle and board member of Comerica Inc. and Kohl s Corporation. Spearheaded by HACR s Corporate Directors Council (CDC), the summit was developed in 2008 to further the organization s mission to increase the number of Hispanics serving on corporate boards. Learning from CDC members allows HACR to better assist corporate partners in advancing these efforts. Guy Garcia, Author, The New Mainstream and The Decline of Men HACR CDS & CEF Keynote speakers, Stephen Palacios and Guy Garcia

16 PAGE 16 Executives from Fortune 500 and HACR corporate member companies gathered in May 2010 in San Francisco, CA, for the HACR Corporate Executives Forum (CEF) second annual meeting. The event provided participants with a unique opportunity to share best practices, exchange views on Hispanic inclusion, explore different challenges and solutions, and capitalize on the opportunity to network with peers and Fortune 500 corporate directors. Top row (L-R): Francisco C. Peschard, Luis Vargas, Guillermo Díaz, Ernesto Felix, Isaura Gaeta, Ruth Gaviria, Lisa Quiroz, David Olivencia, Mick López, Orlando Padilla. Middle row (L-R): Emilio Pardo, Rocky Egusquiza, Jorge Pérez, Anne Alonzo, Raymond Arroyo, Juan Galarraga, Chris Olivera, Carlos M. Hernández. Bottom row (L-R): Frank Ros, Juan P. Frías, Virginia Sánchez, David Ruíz, Magda Yrizarry, David Rodríguez.

17 PAGE 17 The HACR Corporate Executives Forum Twenty-five corporate executives participated in this year s forum, where topics discussed included the current state of corporate governance, strategic planning in response to multicultural market needs, and Hispanic inclusion and leadership in the C- Suite. The dynamic three-day forum presented the ideal environment for executives to exchange ideas about successful strategies they have implemented in their companies and how these have had a positive impact in all aspects of business. The HACR Corporate Executives Forum was modeled after the highly successful and influential Executive Leadership Council (ELC), the nation s premier leadership organization comprised of the most senior African-American corporate executives in Fortune 500 companies, representing more than 250 corporations. I want to thank HACR for putting together such a well-crafted program, said Rocky Egusquiza, vice president multicultural markets, AARP. It was a great opportunity to network with colleagues and board members who are dedicated wholeheartedly to the advancement of Hispanic inclusion and understand the importance of a diversified workforce at all levels of a company s structure. Launched in June 2008, the HACR Corporate Executives Forum was created to provide Hispanic executives at Fortune 500 and HACR corporate member companies with a platform to discuss business issues, challenges and solutions as they refer to the advancement of Latinos in Corporate America. Stephen Palacios, Executive Vice President, Cheskin

18 PAGE 18 The Hispanic Association on Corporate Responsibility (HACR) welcomed 29 young Hispanic corporate achievers in Washington, DC, for a dynamic leadership, professional and personal development seminar as part of the 2010 HACR Young Hispanic Corporate Achievers (HACR YHCA) Program. In its fourth year, the program recognizes talented young professionals from Fortune 500 and HACR corporate member companies for their exceptional achievements and successful leadership abilities, as well as their ongoing commitment to the Hispanic community. Top row (L-R): Ricardo Acevedo, Jason I. Hernández, Claudia Marín, Thomas A. Warnock, David E. Álvarez, Gustavo Muñoz Castro, Vicente Vince Rubiera, Delia Noblecilla, Arturo Sánchez III, Polo Paredes. Middle row (L-R): José C. Ramírez, Diego Patricio Espinosa, Richard Velázquez, Jorge Balestra, Noemi Flores, Naomi Hernández, Miguel A. Aguilar, Elisabeth López, Irene Sierra, Jorge Díaz, Reinaldo Padua. Bottom row (L-R): Ben F. Alvarado, Dr. Jessika Feliciano, Nerelys Ortiz, Sandra Balaguera, Dr. Cynthia Gutiérrez MacKenzie, Calline Sánchez, Dolores Arredondo, Nicolas Pérez Stable.

19 PAGE 19 The HACR Young Hispanic Corporate Achievers Altria and its family of companies are honored to be a host of the HACR YHCA Program for the second consecutive year, said Ara Shepard, associate director of diversity, Altria Client Services. We are proud to continue a long standing partnership with HACR, and fully support their efforts to create a solid pipeline of Hispanic professionals who are setting a standard of excellence in Corporate America. The professionals gathered for the three-day event where they participated in team-building exercises and thought-provoking panel discussions and sessions, including Emotional Intelligence: A Critical Element in Leadership, by Dr. Jorge Cherbosque, Director of the Emotional Intelligence and Diversity Institute, the Personal Brand: Learning Teams, activity with William Arruda, Founder and President of Reach, and Celebrating Hispanic Heritage: The History and Evolution of Latinos panel, among others. The achievers also had the opportunity to attend inspiring keynotes on the importance of diversity and successful leadership building in Corporate America, presented by renowned speakers and Fortune 500 corporate directors including Cari Dominguez, George Muñoz, Pat Pineda, Luis Nieto, Gilbert Casellas and Oscar Muñoz. HACR believes a company s success is directly correlated to its inclusion strategies, and our young honorees exemplify this, said HACR president & CEO, Carlos F. Orta. Over the past four years that we have offered the HACR YHCA program, we have seen the remarkable difference Hispanic inclusion has made in developing future corporate leaders. Launched in 2007, the HACR YHCA Program was developed as a way to recognize the outstanding achievements of young Latino professionals in Corporate America and further the organization s vision to increase the number of Hispanics on corporate boards. HACR understands the critical importance of Hispanic talent to a company s success, and works collaboratively with companies and corporate members to help them identify the potential of their younger leaders in order to continue elevating the power of Hispanic inclusion in the U.S.

20 PAGE 20 From L-R: Carlos Orta (HACR), Lawrence M. Drake II (Executive Leadership Council), J.D. Hokoyama (Leadership Education for Asian Pacifics, Inc.), Clara Padilla Andrews (National Association of Hispanic Publications), Ilene H. Lang (Catalyst), Patrick M. Prout (Prout Group), Steven Ramos (National Society of Hispanic MBAs) Tony Gladney (Harrah s Entertainment, Inc.) and Norelie García (AT&T) HACR YHCA participants during Monday s working session Dolores Arredondo (Wells Fargo) Nina G. Vaca, Board Member (Comerica Inc., Kohl s Corporation)

21 PAGE HACR Event Gallery (L-R) Dr. Juan Andrade Jr. (USHLI), Ronald Blackburn-Moreno (ASPIRA), Linda Bailey (Educational Testing Services), Ignacio Salazar (HACR Board Chair) Lisa Quiroz (Time Warner Inc.) (L-R) Emilio Pardo (AARP), Juan Galarraga (Target Corporation), Virginia Sánchez (DIAGEO), Francisco Peschard (Target Corporation), David Rodríguez (Marriott International) Dr. Cynthia Gutiérrez MacKenzie (Merck) Right photo: George Muñoz, Board Member (Altria Group, Marriott International) and David E. Álvarez (Altria Client Services)

22 PAGE 22 Statement of Financial Position Year Ending December 31, % 0.10% 1.24% 1.64% Revenues & Support 39.80% 54.43% Membership $658,100 Symposium & Conferences $481,200 In-Kind Contribution $33,787 Corporate Contributions $19,807 Research & Publications $15,000 Interest Income $1,233 Total Revenue & Support $1,209,127 Total Unrestricted Revenue & Other Support $1,209,127 Expenses 8% 17% 30% Symposium & Conferences $598,380 General & Administrative $405,218 Membership $234,459 Research & Publications $106,212 45% Total Expenses $1,344,269 Net Assets, End of Year $382,475 *The above information was extracted from HACR s 2009 financial audit by the accounting firm of Grace M. Williams, CPA PC.

23 PAGE 23 HACR Financials Since its inception, HACR has worked arduously to promote Hispanic inclusion in Corporate America at a level commensurate with its economic contributions. Through the development of top-tier events across the country, HACR provides the necessary platform for Latino leaders and top corporate executives to gather and work toward the advancement of the coalition s mission. Among the organization s major programs are the annual HACR Symposium, HACR Corporate Directors Summit, HACR Corporate Executives Forum, HACR Young Hispanic Corporate Achievers and the HACR Research Institute. The Research Institute works throughout the year to conduct objective exploration as well as issue analysis, and it publishes Hispanic-related studies associated with Corporate America. HACR s major source of revenue is corporate contributions. The association follows the accrual method of accounting, whereby revenues are recognized when earned and expenses are recognized when incurred. The financial statement presentation follows the recommendations of the Financial Accounting Standards Board in its Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements for Not-for-Profit Organizations. Under SFAS No. 117, the association is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets and permanently restricted net assets. Funding that is restricted by the donor is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a time restriction expires or a purpose restriction is met, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.

24 Hispanic Association on Corporate Responsibility 1444 I Street, N.W. Suite 850 Washington, DC NON-PROFIT ORGANIZATION US Postage PAID DULLES, VA PERMIT NO. 115