Yusef Ramelize Portfolio Jun. 2016 | Page 33

NOTE 5. PLEDGES RECEIVABLE At December 31, 2015 and 2014, pledges receivable are due as follows: 2015 2014 Past due $ 222,000 $ - One year 504,830 670,671 Two to five years 805,160 1,149,740 $ 1,531,990 $ 1,820,411 As of December 31, 2015 and 2014, approximately 45% (13%, 16%, and 16% from each donor) and 25% (14% and 11% from each donor) of the pledges receivable balance are derived from three donors and two donors, respectively. NOTE 6. TEMPORARILY RESTRICTED NET ASSETS At December 31, 2015 and 2014, temporarily restricted net assets are available as follows: 2015 2014 Grants, scholarships and awards $ 3,535,145 $ 3,477,679 Time restricted ‑ capital campaign - 1,441,114 $ 3,535,145 $ 4,918,793 For the year ended December 31, 2015, net assets released from restrictions by satisfying purpose restrictions and/ or the passage of time consisted of the following: Grants, scholarships and awards $ 252,664 Time restricted ‑ capital campaign 1,447,060 $ 1,699,724 NOTE 7. RELATED‑PARTY TRANSACTIONS ICSC funds the salaries for the Foundation’s personnel, provides back office accounting services, office space and other resources, at no charge to the Foundation. For the years ended December 31, 2015 and 2014, donated facilities and services and salaries amounted to $642,835 and $718,558, respectively and have been included in “Contributions” in the accompanying statement of activities and in “Donated facilities and services” and “Donated salaries” in the accompanying statement of functional expenses. During 2014, ICSC pledged $42,091, to the Foundation, and made an additional contribution amounting to $100,000. The Foundation receives contributions from members of the Foundation’s board of directors, which amounted to $115,300 and $301,335 for the years ended December 31, 2015 and 2014, respectively. 33