Cfda Foundation Inc.

“The endowment consist of a donor-restricted endowment funds. Net assets associated with endowment funds are classified and reported based on the existence or absence of donor imposed restrictions. The board of directors of the cfda foundation, inc. Is responsible for the long-term investment policies for donor-restricted endowment funds. Investments will consist of money market funds, equity and fixed income securities to provide a balance that will enhance total return while avoiding undue risk through excessive concentration in any single asset class or individual security. Asset allocation will be determined by the finance committee and reviewed regularly. The foundation's policy is that amounts will be appropriated for expenditures in accordance with the donor's stipulations. The board of directors appropriates the earnings of the endowment fund to support scholarships, awards and grants and administrative expenses related to the operation of the program. No such distribution shall be made to the extent it would reduce the value below the endowed corpus. The foundation interprets the upmifa of the state of new york as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds, absent explicit donor stipulations to the contrary. As a result, the foundation classifies as permanently 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. Earnings attributed to the donor restricted endowment funds are classified as unrestricted or temporarily restricted net assets until those amounts are appropriated for expenditure by the foundation in a manner consistent with donor stipulations and the standard of prudence prescribed by upmifa.”

“Uncertain tax provisions as of december 31, 2013, management believes that based on evaluation of the foundations tax positions that any liability as a result of uncertain tax positions would not be material. Management continually evaluates expiring statutes of limitations, changes in tax law, and new authoritative rulings to assist in evaluating the foundation's tax positions. Accrued interest and penalties associated with uncertain tax positions, if any, would be recognized as part of the income tax provision. Income tax returns are filed in the u.s federal jurisdiction and state jurisdictions. U.s. Federal and state income tax returns prior to fiscal year 2010 are closed.”