| Subject to expenditure for specified purpose: | ||
|---|---|---|
| Instruction and institutional support | $ | 2,503,189 |
| Scholarships | 1,662,973 | |
| Total subject to expenditure for specified purpose | 4,166,162 | |
| Subject to the passage of time | 82,000 | |
| Subject to endowment spending policy and appropriation: | ||
| Investments in perpetuity (including amounts above the original gift amount of $4,006,525), which once appropriated, are expendable to support the following programs: | ||
| Instruction and institutional support | 1,700,725 | |
| Scholarships | 6,206,612 | |
| Total subject to endowment spending policy and appropriation | 7,907,337 | |
| Total Net Assets with Donor Restrictions | $ | 7,907,337 |
For the year ended June 30, 2021, net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions specified by donors as follows:
| Endowment spending allocation | $ 12,631 |
|---|---|
| University support | 128,066 |
| Scholarships | 597,292 |
| Operating and other expenses | 185,286 |
| Student support | 191,817 |
| Travel and other expenses | 9,411 |
| Total release from restrictions | $ 1,124,503 |
The Foundation’s endowment consists of approximately 52 individual funds established by donors to provide annual funding for specific activities and general operations. The endowment also includes certain net assets without donor restrictions that have been designated for endowment by the Board of Trustees.
The Foundation’s Board of Trustees has interpreted the Commonwealth of Kentucky Uniform Prudent Management of Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of the original gift as of the date of the donor-restricted endowment funds, unless there are explicit donor stipulations to the contrary. As of June 30, 2021, there were no such donor stipulations. As a result of this interpretation, the Foundation retains in perpetuity (a) the original value of initial and subsequent gift amounts including promises to give net of discount and allowance for doubtful accounts donated to the endowment and (b) any accumulations to the endowment made in accordance with the direction of the
66.