YMCA Foundation of Southern Arizona

“The ymca and the foundation have adopted the provision under the uniform prudent management institutional funds act ("upmifa") and has adopted a spending policy that seeks to preserve and build the permanent funds entrusted to the ymca and the foundation on a real dollar basis and to maintain the distribution levels in periods of "down markets". The spending policy determines the annual dollar value of distributions that may be made from the unrestricted fund and the permanently restricted endowment funds unless the donor has clearly expressed a different intent. This amount is established by the board of directors prior to each fiscal year at the rate of 3% to 5% of the rolling average market value of the previous 12 quarters. Spending from the permanently restricted income endowment funds is limited to interest and dividends earned in the previous calendar year on that fund. Investment objectives of the ymca and the foundation are to manage the portfolio in a manner that will maximize the benefits intended by donors; provide perpetual financial support for the ymca and the foundation; and achieve a total return over time sufficient to preserve and increase the purchasing power of the assets. The ymca and the foundation believe this goal can best be achieved by managing the unrestricted, restricted income endowment, and endowment portion of the fund on a total return basis. Accordingly, the asset allocation range for equities will be 10% to 65% for this portion of the fund. For the restricted income only portion of the fund, equities will be 20% to 40%. For the charitable gift annuity reserve portion of the fund the asset allocation range for equities will be 20% to 40%. The remainder may be invested in fixed income or cash and cash equivalents of 55% to 80% of the portfolio and other alternative investments not to exceed 5%. The investment policy statement applies only to those assets for which the investment managers and the finance committee have discretionary authority.”

“The ymca and the foundation are exempt from federal income tax under section 501(c)(3) of the internal revenue code. The ymca and the foundation are also exempt from state income taxes. The ymca and the foundation adopted standards under generally accepted accounting principles that set a "more likely than not" criterion for recognizing tax benefits of uncertain tax positions, established measurement criteria for tax benefits, and established certain disclosure requirements. No cumulative effect adjustment was required at the date of adoption of the standard. The ymca and the foundation believe that their income tax filing positions will be sustained upon examination and, accordingly, have not recorded any reserves or related accruals for interest and penalties at december 31, 2013 for uncertain income tax positions pursuant to generally accepted accounting principles. Income tax related interest and penalties, if any, are reported in general and administrative expenses when incurred. The accompanying financial statements do not include any interest or penalties related to income taxes. No income tax examinations are currently underway or anticipated. The statute of limitations is three years for federal income tax purposes and four years for the state of arizona.”

“Special event expenses -11,197.”

“Special event expenses in income 11,197.”