download PDF - Robert Sterling Clark Foundation

57
Note 4. Fixed Assets
Property and equipment have been recorded in the accounts at cost, with the exception of certain assets which
were written-off during the previous years when paid. The provision for depreciation has been computed at
annual rates (using the straight-line method) that will amortize the cost over the estimated useful lives of the
related assets.
Co-op & Furniture
Improvements
&
Equipment Totals
Cost basis $ 979,775 $ 56,869 $1,036,644
Accumulated depreciation (12,402) (5,687) ( 18,089)
Net Fixed Assets $ 967,373 $ 51,182 $ 1,018,555
The Foundation acquired on July 20, 1995 an interest in a co-operative (Co-op), located at 133 East 64th St.,
New York, NY, to use as its primary office space. The cost basis of $979,775 includes the original purchase
price of $725,000, capital improvements of $233,848, and closing costs of $20,927.
The current fixed monthly maintenance cost paid by the Foundation in relation to the Co-op is $3,680.
The Foundation is renting a portion of the Co-op. Current monthly rental income to the Foundation is $1,800.
Note 5. Grants
The total of grants authorized but unpaid as of October 31, 1996 is $1,215,000.
Note 6. Pension Plan
The Foundation has a defined contribution plan. Any employee, excluding students and those who work less
than 20 hours per week are eligible for employer contributions after completing 1 year of service and attainment
of age 21. Voluntary contributions can be made at any time. Contributions to the plan must be made on
a non-discriminatory basis. The Foundation will make a contribution to the plan on the employee's behalf in
the amount of 15% of his or her compensation. Employee voluntary contributions also can be made up to the
allowable maximum contribution as determined by IRS regulations.
Defined contribution pension expense for the Foundation at the October 31, 1996 year end was $58,533.
Note 7. Concentration of Credit Risk
The Foundation maintains cash balances at Bankers Trust Company located in New York. Accounts are
insured by the Federal Deposit Insurance Corporation up to $100,000. At October 31, 1996, the Foundation's
uninsured cash balances total is $ 2,833,654.