STATEMENTS OF FINANCIAL POSITION
June 30, 2008 and 2007
| 2008 | 2007 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $ 166,261 | $ 516,444 |
| Investments (Note 3) | 7,478,854 | 8,042,216 |
| Grants receivable | 1,357,313 | 1,199,671 |
| Accounts receivable | 58,976 | 62,312 |
| Unconditional promises to give, net of allowance for doubtful accounts of $50,000 (Note 9) |
5,937,160 | 1,538,485 |
| Prepaid expenses | 7,046 | 22,935 |
| $ 15,005,610 | $ 11,382,063 | |
| Liabilities and Net Assets | ||
| Liabilities | ||
| Accounts payable | $ 75,686 | $ 118,076 |
| Annuities payable (Note 11) | 30,057 | 7,276 |
| Due to Ramapo College of New Jersey | 403,054 | 652,671 |
| Deferred income | 75,014 | 113,405 |
| Due to agency funds | 85,421 | 36,127 |
| Total Liabilities | 669,232 | 927,555 |
| Net assets | ||
| Unrestricted | ||
| Undesignated | 916,347 | 657,333 |
| Board Designated (Note 2) | 417,317 | 404,742 |
| Total Unrestricted | 1,333,664 | 1,062,075 |
| Temporarily restricted (Note 4) | 7,779,330 | 4,551,593 |
| Permanently restricted (Note 5) | 5,223,384 | 4,840,840 |
| Total Net Assets | 14,336,378 | 10,454,508 |
| $ 15,005,610 | $ 11,382,063 |
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STATEMENTS OF CASH FLOWS
Years Ended June 30, 2008 and 2007
| 2008 | 2007 | |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Change in net assets | $ 3,881,870 | $ 357,839 |
| Adjustments to reconcile change in net assets to net cash provided (used) by operating activities | ||
| Permanently restricted contributions | (382,544) | (277,817) |
| Realized and unrealized loss (gain) on investments | 569,522 | (748,864) |
| Grants receivable | (157,642) | 886,166 |
| Accounts receivable | 3,336 | (50,212) |
| Unconditional promises to give | (4,398,675) | 2,056,371 |
| Interest receivable | - | 3,555 |
| Prepaid expenses | 15,889 | (8,073) |
| Accounts payable | (19,609) | 112,498 |
| Due to Ramapo College of New Jersey | (249,617) | (21,421) |
| Deferred income | (38,391) | 53,824 |
| Due to agency funds | 49,294 | 22,306 |
| Net Cash Provided (Used) by Operating Activities | (726,567) | 2,386,172 |
| Cash Flows from Investing Activities | ||
| Sales of investments | 1,191,425 | 1,765,796 |
| Purchases of investments | (1,197,585) | (4,482,591) |
| Net Cash (Used) by Investing Activities | (6,160) | (2,716,795) |
| Cash Flows from Financing Activities | ||
| Proceeds from permanently restricted contributions | 382,544 | 277,817 |
| Net Change in Cash and Cash Equivalents | (350,183) | (52,806) |
| Cash and Cash Equivalents | ||
| Beginning of year | 516,444 | 569,250 |
| End of year | 166,261 | 516,444 |
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STATEMENT OF ACTIVITIES
Year Ended June 30, 2008
Unrestricted Temporarily |
Restricted |
Permanently Restricted |
2008 Total |
|
|---|---|---|---|---|
| Operating Support and Revenue | ||||
| Donations | $ 355,788 | $ 4,948,498 | $ 382,544 | $ 5,686,830 |
| Fund raising | 514,944 | 23,529 | - | 538,473 |
| Grants (Note 10) | - | 1,690,180 | - | 1,690,180 |
| Special events | 6,523 | - | - | 6,523 |
| Memberships | 7,725 | - | - | 7,725 |
| Program service | 39,476 | 6,340 | - | 45,816 |
| Other | 150,418 | (57) | - | 150,361 |
| Investment income (Note 3) | 88,151 | (462,745) | - | (374,594) |
| Net assets released from restrictions (Note 6) | 2,978,008 | (2,978,008) | - | - |
| Total Support and Revenue | 4,141,033 | 3,227,737 | 382,544 | 7,751,314 |
| Expenses | ||||
| Payment to College towards salaries | 210,000 | - | - | 210,000 |
| Payment to College towards capital projects (Note 6) | 846,215 | - | - | 846,215 |
| Foundation operations | 169,727 | - | - | 169,727 |
| Events and programs | 63,227 | - | - | 63,227 |
| Scholarships | 420,381 | - | - | 420,381 |
| Fund raising | 206,470 | - | - | 206,470 |
| Planned giving and capital campaign | 44,254 | - | - | 44,254 |
| College grants awarded | 79,391 | - | - | 79,391 |
| Expenses for restricted grants (Note 10) | 1,829,779 | - | - | 1,829,779 |
| Total Expenses | 3,869,444 | - | - | 3,869,444 |
| Other changes in net assets | ||||
| Transfers | - | - | - | - |
| Other Changes, Net | - | - | - | - |
| Change in Net Assets | 271,589 | 3,227,737 | 382,544 | 3,881,870 |
| Net Assets | ||||
| Beginning of year | 1,062,075 | 4,551,593 | 4,840,840 | 10,454,508 |
| End of year | $1,333,664 | $ 7,779,330 | $ 5,223,384 | $14,336,378 |
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STATEMENT OF ACTIVITIES
Year Ended June 30, 2007
Unrestricted Temporarily |
Restricted |
Permanently Restricted |
2007 Total |
|
|---|---|---|---|---|
| Operating Support and Revenue | ||||
| Donations | $ 378,632 | $ 496,394 | $ 277,817 | $ 1,152,843 |
| Fund raising | 495,875 | 12,832 | - | 508,707 |
| Grants | - | 414,730 | - | 414,730 |
| Special events | 22,532 | 830 | - | 23,362 |
| Memberships | 7,285 | 7,285 | ||
| Program service | 16,152 | - | - | 16,152 |
| Other | 103,786 | - | - | 103,786 |
| Investment income | 77,368 | 832,125 | - | 909,493 |
| Net assets released from restrictions | 1,915,133 | (1,915,133) | - | - |
| Total Support and Revenue | 3,016,763 | (158,222) | 277,817 | 3,136,358 |
| Expenses | ||||
| Payment to College towards salaries | 200,000 | - | - | 200,000 |
| Payment to College towards capital projects | 315,000 | - | - | 315,000 |
| Foundation operations | 217,755 | - | - | 217,755 |
| Events and programs | 73,307 | - | - | 73,307 |
| Scholarships | 262,492 | - | - | 262,492 |
| Fund raising | 183,984 | - | - | 183,984 |
| Planned giving and capital campaign | 28,864 | - | - | 28,864 |
| College grants awarded | 90,665 | - | - | 90,665 |
| Expenses for restricted grants | 1,406,452 | - | - | 1,406,452 |
| Total Expenses | 2,778,519 | - | - | 2,778,519 |
| Other changes in net assets | ||||
| Transfers | (50,000) | 50,000 | - | - |
| Other Changes, Net | (50,000) | 50,000 | - | - |
| Change in Net Assets | 188,244 | (108,222) | 277,817 | 357,839 |
| Net Assets | ||||
| Beginning of year | 873,831 | 4,659,815 | 4,563,023 | 10,096,669 |
| End of year | $ 1,062,075 | $4,551,593 | $4,840,840 | $ 10,454,508 |
Our Financial Statements, Management Letter and Management Discussion and Analysis can be found on the Foundation Web page at http://www.ramapo.edu/foundation/finreports.html.
