| Net assets are permanently restricted primarily for scholarships and University support. | |
| For the year ended June 30, 2012 net assets were released from donor restrictions by incurring expenses satisfying the purpose of the restrictions by donors as follows: | |
| Scholarships | $ 38,630 |
|---|---|
| Operating and other expenses | 22,924 |
| Interfund management fees | 127,460 |
| Total restrictions released | $189,014 |
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, 2012.
The fair value of the Foundation’s marketable securities are 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.
In the foundation has evaluated subsequent events through October 5, 2012, 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.