Spending Policy: The Foundation spending policy is to distribute an amount at least equal to 3-5% of a moving sixteen quarter average of the fair value of the endowment funds. Accordingly, over the long term, the Foundation expects its spending policy to allow its endowment assets to grow at an average rate of 3% annually. This is consistent with the Foundation's objective to maintain the purchasing power of endowment assets as well as to provide additional real growth through investment return.
Changes in endowment net assets as of June 30, 2020 are as follows:
| Without Donor Restrictions | With Donor Restrictions | Total Net Endowment Assets |
|---|
| Endowment net assets, beginning of year | $ | $ | $ |
|---|
| Contributions | - | | |
|---|
| Interest and dividends | | | |
|---|
| Realized and unrealized gains | | | |
|---|
| Other, net of investment expense | - | | |
|---|
| Amounts appropriated for expenditure | | | |
|---|
| Reclassifications | - | | |
|---|
| Endowment net assets, end of year | $ | $ | $ |
|---|
The Foundation has a defined contribution profit sharing plan which covers all employees who meet certain requirements. Foundation contributions are discretionary. No contributions were made for the year ended June 30, 2020.
69.