HCC Foundation Financial Information
Fiscal Year Ended June 30, 2001
| Unrestricted | Temporarily Restricted |
Permanently Restricted |
Total | ||
|---|---|---|---|---|---|
| Revenue and support: | |||||
| Contributions (Note 3) | $44,821 | $458,595 | $31,093 | $534,509 | |
| Interest and dividends | 19,488 | 1,198 | 20,686 | ||
| Realized loss on investments | (16,669) | (1,140) | (6,268) | (24,347) | |
| Unrealized gain (loss) on investments | 1,919 | 1,919 | |||
| Fund raising events | 90,162 | 11,130 | 101,292 | ||
| Other income | 3,843 | 3,843 | |||
| Net assets released from restrictions (Note 4) | 105,861 | (105,861) | _______ | _______ | |
| 249,425 | 363,652 | 24,825 | 637,902 | ||
| Expenses: | |||||
| Scholarships and awards | 79,756 | 79,756 | |||
| Program expenses | 20,665 | 20,665 | |||
| Museum expenses | 47,833 | 47,833 | |||
| Management general | 19,061 | 19,061 | |||
| Fund raising events | 64,350 | 64,350 | |||
| Other fund raising | 9,750 | 9,750 | |||
| 241,415 | _________ | _________ | 241,415 | ||
| Change in net assets | 8,010 | 363,652 | 24,825 | 396,487 | |
| Net assets, beginning | 165,535 | 16,806 | 115,235 | 297,576 | |
| Net assets, ending | $173, 545 | $380,458 | $140,060 | $694,063 | |
As referenced in the Financial Statements for years 2000 and 2001:
3.Contribution receivable:
The Foundation has been named a recipient of a charitable lead trust and will receive approximately $30,000 annually over the next 20 years. The Foundation included $339,840 in revenue representing the present value of the unconditional promise to give.4.Temporarily restricted net assets:
Temporarily restricted net assets are restricted in use for scholarships, loans, grants, and other needs of the students and College. Net assets were released from restriction by incurring expenses satisfying the restricted purpose specified by the donor or when a stipulated time restriction ends.