The Foundation is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code.
The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with generally accepted accounting principals. Accordingly, such information should be read in conjunction with the Foundation's financial statements for the year ended June 30, 2010 from which the summarized information was derived.
Temporarily restricted net assets are available primarily for scholarships and University and student support.
For the year ended June 30, 2011, net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions specified by donors as follows:
| Scholarships | $ 25,148 |
|---|---|
| University support | 184,806 |
| Operating and other expenses | 16,200 |
| Interfund management fees | 18,901 |
| Student support | 79,777 |
| Travel and other expenses | 68,254 |
| Total restrictions released | $393,086 |
Net assets are permanently restricted primarily for scholarships and University support.
For the year ended June 30, 2011 net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions by donors as follows:
| Scholarships | $ 23,441 |
|---|---|
| Operating and other expenses | 22,156 |
| Interfund management fees | 107,590 |
| Total restrictions released | $153,187 |