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IRVINE VALLEY COLLEGE FOUNDATIONREPORT ON AUDIT OF FINANCIAL STATEMENTSYEARS ENDED JUNE 30, 2021 AND 2020
IRVINE VALLEY COLLEGE FOUNDATIONTABLE OF CONTENTSJUNE 30, 2021 AND 2020INDEPENDENT AUDITORS’ REPORT1FINANCIAL STATEMENTSSTATEMENTS OF FINANCIAL POSITION3STATEMENT OF ACTIVITIES 20214STATEMENT OF ACTIVITIES 20205STATEMENTS OF FUNCTIONAL EXPENSE6STATEMENTS OF CASH FLOWS7NOTES TO FINANCIAL STATEMENTS8
CliftonLarsonAllen LLPCLAconnect.comINDEPENDENT AUDITORS’ REPORTBoard of GovernorsIrvine Valley College FoundationIrvine, CaliforniaWe have audited the accompanying financial statements of Irvine Valley College Foundation (theFoundation), which comprise the statements of financial position as of June 30, 2021 and 2020, and therelated statements of activities, cash flows, and functional expenses for the years then ended, and therelated notes to the financial statements.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements inaccordance with accounting principles generally accepted in the United States of America; this includesthe design, implementation, and maintenance of internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud orerror.Auditors’ ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audits. Weconducted our audits in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditors’ judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of significant accountingestimates made by management, as well as evaluating the overall presentation of the financialstatements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.(1)
Board of GovernorsIrvine Valley College FoundationOpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of the Foundation as of June 30, 2021 and 2020, and the changes in its net assets andits cash flows for the years then ended in accordance with accounting principles generally accepted inthe United States of America.CliftonLarsonAllen LLPGlendora, CaliforniaDecember 13, 2021(2)
IRVINE VALLEY COLLEGE FOUNDATIONSTATEMENTS OF FINANCIAL POSITIONJUNE 30, 2021 AND 202020212020ASSETSCURRENT ASSETSCash and Cash EquivalentsAccounts ReceivablePromises to Give, NetInvestments, at Fair ValuePrepaidsTotal Current Assets NONCURRENT ASSETSInvestments with FCCCTotal Noncurrent AssetsTotal Assets226,9723,909131,6973,956,6643,0004,322,242 ,249411,249 4,823,103 3,806,784 LIABILITIES AND NET ASSETSCURRENT LIABILITIESAccounts PayablePass-Through Scholarships PayableTotal Current LiabilitiesNET ASSETSWithout Donor RestrictionsWith Donor RestrictionsTotal Net AssetsTotal Liabilities and Net AssetsSee accompanying Notes to Financial 332 4,823,103 3,806,784
IRVINE VALLEY COLLEGE FOUNDATIONSTATEMENT OF ACTIVITIESYEAR ENDED JUNE 30, 2021Without DonorRestrictionsSUPPORT AND REVENUESupport:ContributionsSpecial Events Income - FundraisersCampus ProgramsDonated ServicesDonated Professional FeesTotal Support Other Income, Gains, and Losses:Investment IncomeRealized Gain (Loss) on InvestmentsUnrealized Gain (Loss) on InvestmentsChange in Value of FCCC InvestmentsOther IncomeTotal Other Income, Gains, and LossesTotal Revenues Before Net AssetsReleased from RestrictionsNet Assets Released from OPERATING EXPENSESProgram ServicesSupporting Services:Management and GeneralFundraisingTotal Operating ExpensesCHANGE IN NET ASSETSNet Assets - Beginning of YearNET ASSETS - END OF YEARSee accompanying Notes to Financial Statements.(4) 749,4401,814751,254Total 0021,165,2722,413,274316,380Total Support and RevenueWith 1,5513,770,332 1,435,735 3,350,443 4,786,178
IRVINE VALLEY COLLEGE FOUNDATIONSTATEMENT OF ACTIVITIESYEAR ENDED JUNE 30, 2020Without DonorRestrictionsSUPPORT AND REVENUESupport:ContributionsCampus ProgramsIn-Kind DonationsDonated ServicesDonated Professional FeesTotal Support Other Income, Gains, and Losses:Investment IncomeRealized Gain (Loss) on InvestmentsUnrealized Gain (Loss) on InvestmentsChange in Value of FCCC InvestmentsTotal Other Income, Gains, and 1384,99725,98362,118Total Revenues Before Net AssetsReleased from Restrictions1,187,499Net Assets Released from Restrictions264,047Total Support and RevenueOPERATING EXPENSESProgram ServicesSupporting Services:Management and GeneralFundraisingTotal Operating ExpensesCHANGE IN NET ASSETSNet Assets - Beginning of YearNET ASSETS - END OF YEARSee accompanying Notes to Financial Statements.(5)With DonorRestrictions 260(264,047)Total ,218,3383,393,316 1,268,781 2,501,551 3,770,332
IRVINE VALLEY COLLEGE FOUNDATIONSTATEMENTS OF FUNCTIONAL EXPENSESYEARS ENDED JUNE 30, 2021 AND 2020Program Services(Student andCampus Support)Salaries and BenefitsScholarships and GrantsDonated ServicesDonated Professional FeesSupplies and PrintingConferences and MeetingsDues and MembershipsEquipmentContract ServicesProgram ExpensesOther ExpensesTotalTotalFundraisingTotal ,364677 3,313208,7979,6053,3123,6054,84330,832 4,980150,4065,18221,5224,568402 946,061 264,307 187,060 1,397,428Program Services(Student andCampus Support)Salaries and BenefitsScholarships and GrantsDonated ServicesDonated Professional FeesSupplies and PrintingConferences and MeetingsDues and MembershipsEquipmentContract ServicesSpecial EventsProgram ExpensesOther 6,8075,54841,72725,77531,911Total ,83512,549 2,175204,98528,2928,3241,1472,4854453,61838411,762 2,429143,3592,8267434,3136441,779 908,702 263,617 185,424 1,357,743See accompanying Notes to Financial 557,7243,12131,17734,31330,86326,090
IRVINE VALLEY COLLEGE FOUNDATIONSTATEMENTS OF CASH FLOWSYEARS ENDED JUNE 30, 2021 AND 20202021CASH FLOWS FROM OPERATING ACTIVITIESContributions and Special EventsCampus ProgramsInvestment IncomeOther IncomePayments to/on Behalf of District EmployeesPayments to SuppliersPayments to/on Behalf of StudentsNet Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIESPurchase of InvestmentsProceeds from Sale of InvestmentsNet Cash Used by Investing 1)(423,414)290,3562020 (1,516,865)1,267,675(249,190)NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTSCash and Cash Equivalents - Beginning of YearCASH AND CASH EQUIVALENTS - END OF YEARRECONCILIATION OF CHANGE IN NET ASSETS TONET CASH PROVIDED BY OPERATING ACTIVITIESChange in Net AssetsAdjustments to Reconcile Change in Net Assets toNet Cash Provided by Operating Activities:Realized and Unrealized Gain on InvestmentsChanges in Assets and Liabilities:Accounts ReceivablePromises to GivePrepaidsAccounts PayablePass-Through Scholarships PayableNet Cash Provided by Operating Activities 06364,284226,972 185,806 1,015,846 377,016 See accompanying Notes to Financial )5,344(4,871)(2,332)2,470(17,131)(6,104)290,356 318,018
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 1SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESOrganization and Nature of ActivitiesIrvine Valley College Foundation (the Foundation) is a California, nonprofit public benefitcorporation founded on November 24, 2003, for the purpose of receiving contributions tofurther the educational purposes of Irvine Valley College (IVC) which is part of the SouthOrange County Community College District (the District). The principal sources of revenue forthe Foundation include donor contributions and investment related income.Basis of AccountingThe Foundation prepares its financial statements on the accrual basis of accounting inaccordance with accounting principles generally accepted in the United States of America.Revenues are recognized when earned rather than when cash is received, and certainexpenses and purchases of assets are recognized when the obligation is incurred rather thanwhen cash is disbursed. The financial statements include the accounts maintained by, anddirectly under the control of the Foundation.Classification of Net AssetsNet assets, revenues, gains, and losses are classified based on the existence or absence ofdonor or grantor-imposed restrictions. Accordingly, net assets and changes therein areclassified and reported as follows:Net Assets Without Donor RestrictionsNet assets available for use in general operations and not subject to donor restrictions.The Board of Governors has designated, from net assets without donor restrictions, netassets for Board-designated ProIVC match.Net Assets With Donor RestrictionsNet assets subject to donor imposed restrictions. Some donor-imposed restrictions aretemporary in nature, such as those that will be met by the passage of time or other eventsspecified by the donor. Other donor-imposed restrictions are perpetual in nature, wherethe donor stipulates that resources be maintained in perpetuity. Donor-imposedrestrictions are released when a restriction expires, that is, when the stipulated time haselapsed, when the stipulated purpose for which the resource was restricted has beenfulfilled, or both.Cash and Cash EquivalentsCash and cash equivalents consist of cash held in checking accounts. The Foundationmaintains cash balances in financial institutions which are insured up to 250,000. TheFoundation occasionally maintains cash balances in excess of the insured amounts and hasnot incurred losses. For purposes of the statement of cash flows, the Foundation considersall highly liquid investments purchased with an initial maturity of three months or less to becash equivalents.(8)
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 1SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)InvestmentsInvestments in marketable securities with readily determinable fair values are presented attheir fair values in the statements of financial position. Unrealized gains and losses areincluded in the change in net assets. Investment income and gains restricted by a donor arereported as increases in net assets without donor restrictions if the restrictions are met (eitherby passage of time or by use) in the reporting period in which the income and gains arerecognized.Fair Value MeasurementsThe fair value of equity and debt securities with readily determinable fair values approximatestheir respective quoted market prices. Because of the inherent uncertainty of valuationmethods, those estimated values might differ significantly from those used had a marketexisted. All other financial instruments’ fair values approximate their carrying amounts due tothe short maturities of these instruments.Public Support and RevenueThe Foundation receives substantially all of its revenue from direct donations and fundraising.Revenues are reported as increases in net assets without donor restrictions unless use of therelated asset is limited by donor-imposed restrictions. Expenses are reported as decreases innet assets without donor restrictions. Realized gains/losses and unrealized gains/losses oninvestments and other assets or liabilities are reported as increases or decreases in net assetswithout donor restrictions unless their use is restricted by explicit donor stipulation or by law.Expiration of restrictions on net assets (i.e., the donor-stipulated purpose has been fulfilledand/or the stipulated time period has elapsed) are reported as assets released from restrictionbetween the applicable classes of net assets.Revenue and Revenue RecognitionRevenue is recognized when earned. Program service fees received in advance are deferredto the applicable period in which the related services are performed. Contributions arerecognized when cash, securities or other assets, an unconditional promise to give, ornotification of a beneficial interest is received. Campus programs service revenue recognizedprimarily consists of health center fees and is recognized at the time the health services areprovided. Conditional promises to give, that is, those with a measurable performance or otherbarrier and a right of return, are not recognized until they become unconditional, that is, whenthe conditions on which they depend are substantially met. Contributions of assets other thancash are recorded at their estimated fair value at the time of the gift. The Foundation recordsspecial events revenue equal to the fair value of direct benefits to donors, and contributionincome for the excess received when the event takes place. For the fiscal year ended June30, 2021, the direct benefits to donors totaled 20,555. There were no fundraising events forthe fiscal year ended June 30, 2020 with direct benefits to donors.Donated Assets, Services, and FacilitiesThe Foundation records the value of donated assets and facilities when there is an objectivebasis available to measure their value. Donated facilities are reflected as support in theaccompanying statements at their estimated values at date of donation and fair market valueof facilities for the year.(9)
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 1SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)Promises to GiveUnconditional promises to give that are expected to be collected within one year are recordedat net realizable value. Unconditional promises to give that are expected to be collected infuture years are recorded at fair value, which is measured as the present value of their futurecash flows. The discounts on those amounts are computed using risk-adjusted interest ratesapplicable to the years in which the promises are received. Amortization of the discounts isincluded in contribution revenue. The Foundation determines the allowance for doubtfulcontributions based on historical experience, an assessment of economic conditions, and areview of subsequent collections.Conditional promises to give, that is, those with a measurable performance or other barrierand a right of return, are not recognized until they become unconditional, that is, when theconditions on which they depend are substantially met. The Foundation currently does nothave any conditional promises to give.Functional Allocation of ExpensesThe costs of providing various programs and activities have been summarized on a functionalbasis in the statements of functional expense. Accordingly, based upon management’sestimates, certain costs have been allocated among the program services for student andcampus support; management and general; and fundraising activities.Use of EstimatesThe preparation of financial statements, in conformity with accounting principles generallyaccepted in the United States of America, requires management to make estimates andassumptions that affect reported amounts of assets and liabilities at the reporting date, andrevenues and expenses during the reporting period. Actual results could differ from thoseestimates.Income TaxesThe Foundation is a nonprofit public benefit corporation that is exempt from income taxesunder Section 501(c)(3) of the Internal Revenue Code and classified by the Internal RevenueService as a supporting organization as provided in Section 509(a)(3). It is also exempt fromState franchise and income taxes under Section 23701(d) of the California Revenue andTaxation Code. Accordingly, no provision for income taxes has been reflected in thesefinancial statements.United States’ generally accepted accounting principles (US GAAP) requires management toevaluate tax positions taken by the Foundation and recognize a tax liability (or asset) if anuncertain position has been taken that more likely than not would not be sustained uponexamination. Management has analyzed the tax positions taken by the Foundation, and hasconcluded that as of June 30, 2021 and 2020, there are no uncertain positions taken orexpected to be taken that would require recognition of a liability (or asset) or disclosure in thefinancial statements. The primary tax positions evaluated are related to the Foundation’scontinued qualification as a tax-exempt organization. The statute of limitations for federal andCalifornia purposes is generally three and four years, respectively.(10)
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 2LIQUIDITY AND AVAILABILITYFinancial assets available for general expenditure, that is, without donor or other restrictionslimiting their use, within one year of the statement of financial position date, comprise thefollowing:2021Cash and Cash EquivalentsAccounts ReceivableOperating InvestmentsTotal Financial AssetsLess:Board-Designated AssetsDonor-Restricted Assets (Excludes Osher)Total Financial Assets Available forGeneral Expenditures 226,9723,9093,956,6644,187,545(85,077)(2,849,582) 1,252,8862020 185,8065,6923,203,6823,395,180(72,748)(2,090,302) 1,232,130Endowment funds consist of donor-restricted endowments and funds designated by the Boardas endowments. Income from donor-restricted endowments is restricted for specific purposes,with the exception of the amounts available for general use. Donor-restricted endowmentfunds are not available for general expenditures and have been excluded from the aboveanalysis.The Board-designated endowment of 85,077 and 72,748 for the year ended June 30, 2021and 2020, respectively, is subject to an annual spending rate of 3% as described in Note 7.Although the Foundation does not intend to spend from the Board-designated endowment(other than amounts appropriated for general expenditure as part of the Board’s annual budgetapproval and appropriation), these amounts could be made available if necessary.As part of the liquidity management plan, the Foundation invests cash in excess of dailyrequirements in short-term investments, certificates of deposit, and money market funds.(11)
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 3NET ASSETS WITH DONOR RESTRICTIONSNet assets with donor restrictions are restricted for the following purposes or periods:2021Subject to Expenditure for Specific Purpose:Campus ProgramsScholarshipsNot Subject to Spending Policy or Appropriations:Investments Held with FCCC in Perpetuity (IncludingAmounts Above Original Transfer Amount of 370,359):Investments with FCCCSubject to Spending Policy and Appropriation:Investment in Perpetuity (Including Amounts AboveOriginal Gift Amount of 1,281,875 and 1,134,023),the Income from which is Expendable to Support:ScholarshipsNet Assets with Donor Restrictions 556,939313,5512020 437,956126,075500,861411,2491,979,092 3,350,4431,526,271 2,501,551Net assets were released from donor restrictions by incurring expenses satisfying therestricted purpose as follows for the years ended June 30:2021Satisfaction of Purpose RestrictionsCampus ProgramsScholarshipsTotal Net Assets Released fromDonor RestrictionsNOTE 4 20201,760314,620 24,942239,105 316,380 264,047DONATED SERVICESThroughout the year, many individuals within the District donate significant amounts of timeto advance the programs and objectives of the Foundation. Donated services and professionalfees are reflected in the accompanying statements when the criteria for recognition have beenmet and are recorded at fair value. Donated services and professional fees include the valueof Foundation services paid for salaries and benefits and professional fees paid by the District.(12)
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 5INVESTMENTSInvestments are recorded at cost at date of acquisition or fair value at date of donation. Thecost and fair value of investments are as follows as of June 30:Investments:Money MarketEquitiesFixed IncomeTotalCostFair Value 184,2341,139,6412,213,961 3,537,836 184,2341,488,2372,284,193 3,956,664CostInvestments:Money MarketEquitiesFixed IncomeTotal 32,9221,252,6011,858,360 3,143,883Fair Value 32,9221,307,1581,863,602 3,203,6822021Level 1 184,2341,488,2372,284,193 3,956,664Level 2 32,9221,120,6271,863,602 3,017,151- 2020Level 1Level 3Level 2 -Level 3186,531 186,531 -Levels 1 through 3 have been assigned to the fair value measurements of investments. Thefair value level of measurement is determined as follows:Level 1 – quoted prices in an active market for identical assets.Level 2 – quoted prices for similar assets and market-corroborated inputs.Level 3 – the organization’s own assumptions about market participation, includingassumptions about risk, developed based on the best information available in thecircumstances. The Foundation has no Level 3 investments.The following schedule summarizes the investment return and its classification in thestatement of activities for the years ended June 30:202158,279154,861348,931 562,071Interest and Dividends, NetRealized Gain on Investments, NetUnrealized Gain on Investments, NetTotal Investment Income (13) 202058,67416,70536,191111,570
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 6INVESTMENT WITH FOUNDATION FOR CALIFORNIA COMMUNITY COLLEGES(FCCC)In 2010, the Foundation entered a partnership arrangement with the California CommunityColleges Scholarship Endowment (CCCSE) through the Foundation for California CommunityColleges (FCCC). The FCCC has an investment advisory committee charged with theresponsibility for directing and monitoring the investment management of the CCCSE’sassets.Since the agreement’s inception, the Foundation has transferred a total of 371,259 tothe FCCC. These funds are invested in a pooled investment fund held by the FCCC. At June30, 2021, the fair value of this investment was 500,861, which consisted of cash of 25,018,equity securities of 345,250, and fixed income instruments of 130,094. At June 30, 2020,the fair value of this investment was 411,249, which consisted of cash of 14,259, equitysecurities of 269,257, and fixed income instruments of 127,733. All investments weremeasured at quoted prices for similar assets and market corroborated inputs (Level 2). Netinvestment income of 109,912 and 3,555 was recognized during the year ended June 30,2021 and 2020, respectively.Changes in FCCC net assets are as follows:Investments with FCCC - Beginning of YearInvestment Return:Investment Income, Net of ExpensesNet Appreciation (Realized and Unrealized)Total Investment Return2021 411,249 (20,800)(20,300)250(20,800)(20,550)Change in Value, FCCC Investment89,612(16,995)Investments with FCCC - End of Year 500,861Other Changes:ContributionDistributionsTotal Other Changes 411,249The CCCSE was established to provide matching scholarships funds for California communitycolleges. The CCCSE was formed through a 50 million matching commitment from the OsherFoundation and a lead contribution of 25 million. The CCCSE began to distribute scholarshipfunding from the initial 25 million gift to each participating community college in the 2009-10year. The allocation is based on each college’s full time equivalent students (FTES) and eachscholarship is valued at 1,200 for a school year. The Foundation received distribution andmatching funds from the Osher Foundation totaling 41,600 to meet the required 5% minimumpayout for scholarships.(14)
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 7ENDOWMENTSThe Foundation’s endowment consists of approximately 39 individual funds established for avariety of purposes. Its endowment includes donor-restricted and Board-designatedendowment funds. As required by US GAAP, net assets associated with endowment funds,including funds designated by the Board of Governors to function as endowments, areclassified and reported based on the existence or absence of donor-imposed restrictions.Interpretation of Relevant LawThe Board of Governors of the Foundation has interpreted the Uniform Prudent Managementof Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of theoriginal gift as of the gift date of the donor-restricted endowment funds absent explicit donorstipulations to the contrary. As a result of this interpretation, the Foundation retains inperpetuity (a) the original value of gifts donated to the endowment, (b) the original value ofsubsequent gifts to the endowment, and (c) accumulations to the endowment made inaccordance with the direction of the applicable donor gift instrument at the time theaccumulation is added. Donor-restricted amounts not retained in perpetuity are subject toappropriation for expenditure by the Foundation in a manner consistent with the standard ofprudence prescribed by UPMIFA. In accordance with UPMIFA, the Foundation considers thefollowing factors in making a determination to appropriate or accumulate donor-restrictedendowment funds:(1)(2)(3)(4)(5)(6)(7)The duration and preservation of the funds.The purposes of the Foundation and the donor-restricted endowment funds.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 Foundation.The investment policies of the Foundation.Endowment net asset composition by type of fund, as of June 30, 2021 and 2020 are asfollows:2021Without Donor With DonorRestrictionsRestrictionsTotalDonor-Restricted Endowment Funds(including Osher) - 2,479,953 2,479,953Board-Designated Endowment Funds85,07785,077Total 85,077 2,479,953 2,565,030Without DonorRestrictionsDonor-Restricted Endowment Funds(including Osher)Board-Designated Endowment FundsTotal (15)72,74872,7482020With DonorRestrictionsTotal 1,937,520 1,937,520 1,937,52072,748 2,010,268
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 7ENDOWMENTS (CONTINUED)Interpretation of Relevant Law (Continued)Changes in endowment net assets for the fiscal year June 30, 2021 and 2020 are as follows:Endowment Net Assets - Beginning of YearWithout DonorRestrictions 72,7482021With DonorRestrictions 1,937,520Total (65,062)Contributions and TransfersInvestment Return:Investment Income, Net of ExpensesNet Appreciation (Realized and Unrealized)Total Investment ReturnOther Changes:DistributionsOther ChangesTotal Other Changes(8,575)20,90412,329Endowment Net Assets - End of Year Endowment Net Assets - Beginning of Year85,077 2,479,953 2,565,030Without DonorRestrictions 17,5252020With DonorRestrictions 1,739,157Total 23,957)Contributions and TransfersInvestment Return:Investment Income, Net of ExpensesNet Depreciation (Realized and Unrealized)Total Investment ReturnOther Changes:DistributionsTotal Other ChangesEndowment Net Assets - End of Year (16)72,748 1,937,520 2,010,268
IRVINE VALLEY COLLEGE FOUNDATIONNOTES TO FINANCIAL STATEMENTSJUNE 30, 2021 AND 2020NOTE 7ENDOWMENTS (CONTINUED)Funds with DeficienciesFrom time to time, the fair value of assets associated with individual donor-restrictedendowment funds may fall below the level that the donor or UPMIFA required the Foundationto retain as a fund of perpetual duration. These deficiencies result from unfavorable marketfluctuations that occurred shortly after the investment of new restricted contributions andcontinued appropriation for certain programs that are deemed prudent by the Board ofGovernors. In accordance with US GAAP, there are no funds with deficiencies of this naturethat are reported in net assets as of June 30, 2021 or 2020, respectively.Return Objectives and Risk ParametersThe Foundation has ad
Irvine Valley College Foundation (the Foundation) is a California, nonprofit public benefit corporation founded on November 24, 2003, for the purpose of receiving contributions to further the educational purposes of Irvine Valley College (IVC) which is part of the South Orange County Community College District (the District).
