From time to time, the fair value of assets associated with individual donor restricted endowment funds may fall below the level the donor requires the Foundation to retain as a fund of perpetual duration. There were no such deficiencies as of June 30, 2016 and 2015.
Endowment net asset composition by type of fund as of June 30, 2016 is as follows:
| Unrestricted | Temporarily Restricted | Permanently Restricted | Total Net Endowment Assets | |
|---|---|---|---|---|
| Donor-restricted endowment funds | $- | $4,030,448 | $3,608,613 | $7,639,061 |
Endowment net asset composition by type of fund as of June 30, 2015 was as follows:
| Unrestricted | Temporarily Restricted | Permanently Restricted | Total Net Endowment Assets | |
|---|---|---|---|---|
| Donor-restricted endowment funds | $- | $5,032,261 | $3,631,428 | $8,663,689 |
Changes in endowment net assets as of June 30, 2016 are as follows:
| Unrestricted | Temporarily Restricted | Permanently Restricted | Total Net Endowment Assets | |
|---|---|---|---|---|
| Endowment net assets, beginning of year | $ - | $ 5,032,261 | $ 3,631,428 | $ 8,663,689 |
| Contributions | - | - | 72,553 | 72,553 |
| Interest and dividends | - | 197,122 | - | 197,122 |
| Realized and unrealized losses | - | (73,321) | - | (73,321) |
| Amounts appropriated for expenditure | - | (1,299,043) | - | (1,299,043) |
| Reclassifications | - | 173,429 | (95,368) | 78,061 |
| Endowment net assets, end of year | $ - | $ 4,030,448 | $ 3,608,613 | $ 7,639,061 |