2009-10 Annual Report - American Indian College Fund

Statement of Financial Position
(With Comparative Totals for 2009)
June 30, 2010 2009
ASSETS
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,655,210 $ 1,726,600
Promises to give, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,403,119 940,442
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . 90,438 71,471
Donated assets held for resale . . . . . . . . . . . . . . . . . . . . . . . . . . . . 714,301 54,555
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 728,975 726,488
Investments:
American Indian College Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,109,910 52,526,887
Held in trust for others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530,090 464,637
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,640,000 52,991,524
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 58,232,043 $ 56,511,080
LIABILITIES
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . . . . . . $ 143,888 $ 279,232
Liabilities under charitable gift annuities. . . . . . . . . . . . . . . . . . . . . . 16,801 24,435
Held in trust for others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530,090 464,637
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690,779 768,304
Commitments and contingencies
NET ASSETS
Unrestricted
Undesignated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,304,280 9,367,511
Board-designated for endowment . . . . . . . . . . . . . . . . . . . . . . . . 8,219,599 6,992,944
Total unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,523,879 16,360,455
Total temporarily restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,944,404 19,869,660
Total permanently restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,072,981 19,512,661
Total net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,541,264 55,742,776
TOTAL LIABILITIES AND NET ASSETS . . . . . . . . . . . . . . . . . . . . $ 58,232,043 $ 56,511,080
See accompanying summary of significant accounting policies and notes to financial statements.
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Cankdeska Cikana Community College is located on the Spirit Lake Indian Reservation
in central North Dakota and was one of original six tribal colleges that established the
American Indian Higher Education Consortium in 1970. The college offers 13 associate’s
degrees and three certificate programs.