Temporarily restricted net assets are available primarily for scholarships and University and student support.
For the years ended June 30, 2013 and 2012, net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions specified by donors as follows:
| 2013 | 2012 | |
| Scholarships | $ 79,436 | $ 36,655 |
| University support | 246,466 | 175,507 |
| Operating and other expenses | 126,186 | 31,134 |
| Interfund management fees | 158,876 | 20,289 |
| Student support | 86,493 | 35,991 |
| Travel and other expenses | 57,788 | 58,386 |
| Total released from restrictions | $ 755,245 | $ 357,962 |
Net assets are permanently restricted primarily for scholarships and University support.
For the years ended June 30, 2013 and 2012, net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions by donors as follows:
| 2013 | 2012 | |
| Scholarships | $- | $- |
| Operating and other expenses | - | 22,924 |
| Interfund management fees | - | 127,460 |
| Total restrictions released | $- | $- |
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 years ended June 30, 2013 and 2012.