Irving Schools Foundation

“Temporarily restricted net assets of $529,732 at december 31, 2015, remained available for the foundation for the use in education scholarships and grants to students and teachers. The foundation's endowments consist of several individual funds established to provide sholarships and grants to the teachers, students, and compuses of the irving independent school district. The endowments include both donor-restricted endowment funds and funds designated by the foundation board of directors to function as endowments. As required by us gaap, net assets associated with endowment funds, including funds designated by the foundation board of directors to function as endowments, are classified and reported based on the existence or absence of donor imposed restrictions. The foundation's board of directors has interpreted the uniform prudent management of institutional funds act (upmifa) 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 restrictions to the contrary. As a result of this interpretation, 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, (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 that is not classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the organization in a manner consistent with the standard of prudence prescribed by upmifa. In accordance with upmifa, the foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment fund: (1) the duration and preservation of the fund (2) the purposes of the organization and the donor-restricted endowment fund (3) general economic conditions (4) the possible effect of inflation and deflation (5) the expected total return from income and the appreciation of investments (6) other resources of the organization (7) the investment policies of the organization. The balance at december 31, 2015 was $2,617,271.”

“Management has concluded that any tax positions that would not meet the more-likely-than-not criterion of financial accounting standards board (fasb) accounting standards codification (asc) 740-10, accounting for income taxes, would be immaterial to the financial statements taken as a whole. Accordingly, the accompanying financial statements do not include any provision for uncertain tax positions, and no related interest or penalties have been recorded in the statement of activities or accrued in the statement of financial position. Federal and state tax returns of the entity are generally open to examination by the relevant taxing authorities for a period of three years from the date the returns are filed.”

“special event expenses grouped on audit with expenses 36,111.”

“special event expenses grouped on audit with expenses 36,111.”