El Camino Community College District Foundation

“The Foundation established a named endowment fund at the request of a donor for a minimum initial gift of $25,000 that will be held in perpetuity. Following the creation of the fund, scholarships, grants, and/or awards will be disbursed from the earnings on the endowed funds and in keeping with the donors designations. As of June 30, 2024, the Foundation held sixty-five (65) separate named endowments totaling $11,851,119. Included in that amount is $2,086,533 held in the Ella Rose Madden Endowment Fund, the income from which is to be used for education in the training of persons in the care and special needs of allied healthcare.In May 2008, the California Community Colleges Scholarship Endowment (the CCCS Endowment) was launched via a gift of $25 million from the Bernard Osher Foundation (the Osher Foundation) to the Foundation for California Community Colleges (the FCCC). The FCCC and Californias community colleges were challenged with raising an additional $50 million through June 2011, for which the Osher Foundation agreed to provide a 50% match of up to $25 million. The purpose of the CCCS Endowment is to provide scholarships for students in Californias community college system.Based on the terms of the agreement between the Osher Foundation and the FCCC, as well as the agreement between the FCCC and the Foundation, all of the funds contributed to the CCCS Endowment, regardless of source, are irrevocable gifts to the FCCC. The Foundation has an irrevocable beneficial interest in the balance of funds contributed for the benefit of students at El Camino College and the accumulated earnings, which does not include any funds contributed by the Osher Foundation.As of June 30, 2024 and 2023, the Foundations beneficial interest in the CCCS Endowment totaled $1,770,274 and $1,660,673, respectively. When coupled with funds distributed but not yet disbursed, the Foundation's net assets attributable to the CCCS Endowment are $1,777,257 and $1,699,314 as of June 30, 2024 and 2023, respectively.”

“The Foundation is a nonprofit public benefit corporation that is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and classified by the Internal Revenue Service (IRS) as a supporting organization as provided in Section 509(a)(3). It is also exempt from state franchise and income taxes under Section 23701(d) of the California Revenue and Taxation Code. Accordingly, no provision for income taxes has been reflected in these financial statements.United States Generally Accepted Accounting Principles (US GAAP) requires management to evaluate tax positions taken by the Foundation and recognize a tax liability (or asset) if an uncertain position has been taken that more likely than not would not be sustained upon examination. Management has analyzed the tax positions taken by the Foundation, and has concluded that as of June 30, 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The primary tax positions evaluated are related to the Foundations continued qualification as a tax-exempt organization. The statute of limitations for federal and California purposes is generally three and four years, respectively.”

“Change in value of split-interest engage $109601”