The Foundation has a defined contribution profit sharing plan which covers all employees who meet certain requirements. Foundation contributions are discretionary.
No contribution was made for the year ended June 30, 2011.
Cash paid for interest was $2,519 for the year ended June 30, 2010.
The fair value of the Foundation's marketable securities is based on quoted market prices for those specific or identical instruments. On a recurring basis, all assets were classified as Level 1 in the fair value hierarchy for financial assets measured at fair value.
The Foundation has evaluated subsequent events through September 16, 2011, the date management's review of the financial statements was completed. There were no events that would impact the results of operations or financial position as of that date.