The Worcester Center for Crafts Inc

“The crafts center's endowment consists of individual donor restricted funds established for a variety of purposes. Its endowment includes donor restricted endowment funds. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed or legal restrictions. Endowment funds include invested gifts and cash awaiting investment. As required by generally accepted accounting principles, the crafts center classifies as donor restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund is classified as expendable net assets with donor restrictions until those amounts are appropriated for expenditure by the crafts center in a manner consistent with the standard of prudence prescribed by state law. In accordance with the uniform prudent management of institutional funds act, the crafts center may consider the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: the duration and preservation of the fund; the purposes of the crafts center and the donor-restricted endowment fund; general economic conditions; the possible effect of inflation and deflation; the expected total return from income and the appreciation of investments; other resources of the crafts center; and the investment policies of the crafts center. The crafts center has adopted investment and spending policies for its endowment assets that attempt to provide a predictable stream of funding for its programs while seeking to maintain the purchasing power of the endowment assets. Under this policy, as approved by the board, the endowment assets are invested with the objective of achieving long-term capital appreciation while moderating the level of investment risk. Actual returns in any given year may vary. The crafts center has a policy of appropriating for expenditure each year the actual earnings of its endowment investments. In establishing this policy, the crafts center considered the long-term expected return on its endowment. From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor-imposed restrictions require the crafts center to retain as a fund of perpetual duration. The crafts center may appropriate for expenditure from these underwater endowment funds in accordance with the prudent measures prescribed by state law. As of june 30, 2024, there were no such underwaters funds. As of june 30, 2023, funds with an original gift value of $148,449 were underwater by $11,135.”

“Cost of goods sold 144,770.”

“Cost of goods sold 144,770.”