ready willing - Darden Restaurants

2009/2010 Financial StatementsThe following table summarizes the fair values of financial instruments measured at fair value on a recurringbasis at May 31, 2010:Quoted prices SignificantFair value in active other Significantof assets, markets for observable unobservableat May 31, identical assets inputs inputs2010 (Level 1) (Level 2) (Level 3)Marketable securities (1) $ 1,179,621 1,102,292 77,329 ––(1) The fair value of marketable securities is based on the closing market prices of the investments whenapplicable, or, alternatively, valuations utilizing market data and other observable inputs, inclusive of therisk of nonperformance.(5) Due to SponsorDue to sponsor of $2,900 and $11,900 at May 31, 2010 and 2009, respectively, represents federal excise taxespaid by the sponsor on behalf of the Foundation.(6) Grants PayableGrants payable of $2,484,747 and $3,599,229 at May 31, 2010 and 2009, respectively, represent approvedgrants for future payments to various organizations. Grants payable at May 31, 2010 are scheduled to be paidas follows:In one year of less $ 1,000,000Between one year and five years 1,500,0002,500,000Less unamortized discount at 0.77% (15,253)Grants payable, net $ 2,484,747(7) Administrative ExpensesSubstantially all the facilities, personnel and operating costs of the Foundation are provided by DardenRestaurants, Inc. at no charge.(8) Related-Party TransactionsThe Foundation provides numerous grants to various organizations in which the Foundation’s sponsor’s officers,employees, and retirees are involved as noncompensated volunteers of community based boards of trustees ofsuch organizations.(9) Subsequent EventsThere have been no subsequent events through the issuance of these financial statements on August 23, 2010.F O U N D A T I O N F I N A N C I A L S / 2 3