WASHINGTON APPLE EDUCATION FOUNDATION. Financial Statements. December 31, 2011 I N D E X

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1 WASHINGTON APPLE EDUCATION FOUNDATION Financial Statements December 31, 2011 I N D E X Independent Auditors' Report... Page 1 Statements of Financial Position...2 Statements of Activities Statements of Changes in Net Assets...5 Statements of Functional Expenses Statements of Cash Flows Notes to Financial Statements

2 INDEPENDENT AUDITORS' REPORT To the Board of Directors Washington Apple Education Foundation Wenatchee, Washington We have audited the accompanying statements of financial position of Washington Apple Education Foundation as of December 31, 2011 and 2010, and the related statements of activities, changes in net assets, functional expenses and cash flows for the years then ended. These financial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Washington Apple Education Foundation as of December 31, 2011 and 2010, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Wenatchee, Washington March 14,

3 STATEMENTS OF FINANCIAL POSITION December 31, 2011 and 2010 ASSETS Cash $ 120,343 $ 94,456 Certificates of deposit 733, ,000 Investments, at fair value [Notes 3 and 4] 3,411,102 3,616,095 Accounts receivable 25,287 8,956 Interest receivable 171, ,556 Inventory 4,713 7,451 Prepaid expenses 5,305 3,151 Office equipment, net of accumulated depreciation depreciation of $15,413 and $12,983 for 2011 and 2010, respectively 11,534 10,034 TOTAL ASSETS $ 4,482,571 $ 4,543,699 LIABILITIES AND NET ASSETS LIABILITIES Accounts payable $ 6,493 $ 5,840 Grants and scholarships payable 277, ,383 Accrued liabilities 3,650 5,649 Deferred revenue 6,050 8,370 Total liabilities 294, ,242 NET ASSETS Unrestricted Board designated endowment [Note 5] 11,590 11,590 Board designated scholarship [Note 5] 166, ,928 Reserve 85,415 85,415 Total unrestricted 263, ,933 Temporarily restricted [Note 6] 1,586,269 1,698,267 Permanently restricted [Note 6] 2,338,957 2,326,257 Total net assets 4,188,543 4,309,457 TOTAL LIABILITIES AND NET ASSETS $ 4,482,571 $ 4,543,699 See accompanying notes 2

4 STATEMENTS OF ACTIVITIES For the Years Ended December 31, 2011 and Temporarily Permanently Unrestricted Restricted Restricted Total Support and revenue Contributions $ 75,379 $ 418,295 $ 10,700 $ 504,374 In-kind support [Note 7] Special events [Note 8] 255, ,631 Interest and dividends 4, , ,383 Product sales Net change in fair value of investments (12,507) (74,866) - (87,373) Other income Net assets released from restrictions 674,968 (674,968) - - Total support and revenue 1,000,084 (109,998) 10, ,786 Expenses Farmworker education 32, ,594 Grants and scholarships 600, ,983 Industry education 181, ,578 Management and general 81, ,839 Fundraising 124, ,706 Total expenses 1,021, ,021,700 CHANGES IN NET ASSETS $ (21,616) $ (109,998) $ 10,700 $ (120,914) 3

5 STATEMENTS OF ACTIVITIES For the Years Ended December 31, 2011 and Temporarily Permanently Unrestricted Restricted Restricted Total Support and revenue Contributions $ 67,626 $ 658,176 $ 26,669 $ 752,471 In-kind support [Note 7] 3, ,250 Special events [Note 8] 230, ,449 Interest and dividends 4, , ,658 Product sales 2, ,535 Net change in fair value of investments 22, , ,963 Other income Net assets released from restrictions 589,574 (589,574) - - Total support and revenue 921, ,208 26,669 1,335,001 Expenses Farmworker education 49, ,347 Grants and scholarships 488, ,649 Industry education 203, ,795 Management and general 60, ,491 Fundraising 100, ,066 Total expenses 902, ,348 CHANGES IN NET ASSETS $ 18,776 $ 387,208 $ 26,669 $ 432,653 See accompanying notes 4

6 STATEMENTS OF CHANGES IN NET ASSETS For the Years Ended December 31, 2011 and 2010 Temporarily Permanently Unrestricted Restricted Restricted Total BALANCE AT JANUARY 1, 2010 $ 266,157 $ 1,323,209 $ 2,287,438 $ 3,876,804 Reclassification of net assets - (12,150) 12,150 - Changes in net assets 18, ,208 26, ,653 BALANCE AT DECEMBER 31, ,933 1,698,267 2,326,257 4,309,457 Reclassification of net assets - (2,000) 2,000 - Changes in net assets (21,616) (109,998) 10,700 (120,914) BALANCE AT DECEMBER 31, 2011 $ 263,317 $ 1,586,269 $ 2,338,957 $ 4,188,543 See accompanying notes 5

7 STATEMENTS OF FUNCTIONAL EXPENSES For the Years Ended December 31, 2011 and Program Services Farmworker Grants and Industry Education Scholarships Education Scholarships $ - $ 477,310 $ - Farmworker grants 26,730 4,691 - Other grants - 38, ,096 Payroll 3,660 35,377 13,419 Special events [Note 8] - 7,794 - Occupancy and office expenses [Note 10] 670 6,480 2,458 Payroll taxes and benefits [Note 9] 692 6,693 2,539 Professional fees [Note 7] Development expenses 196 3,530 - Printing 352 3,403 1,291 Travel and mileage 118 1, Investment management fee - 8,628 - Promotional expenses 73 6, Supplies Depreciation Merchandise Professional development Bank fees and charges Taxes and licenses Miscellaneous Total $ 32,594 $ 600,983 `$ 181,578 6

8 STATEMENTS OF FUNCTIONAL EXPENSES For the Years Ended December 31, 2011 and Management Total Total and General Fundraising Expenses Expenses Scholarships $ - $ - $ 477,310 $ 363,526 Farmworker grants ,421 45,682 Other grants , ,253 Payroll 31,717 37, , ,279 Special events [Note 8] - 60,696 68,490 60,548 Occupancy and office expenses [Note 10] 5,810 6,927 22,345 21,473 Payroll taxes and benefits [Note 9] 6,000 7,154 23,078 19,205 Professional fees [Note 7] 19,146-19,146 16,934 Development expenses - 4,855 8,581 5,791 Printing 3,052 3,638 11,736 10,833 Travel and mileage 1,020 1,215 3,921 3,518 Investment management fee 1,102-9,730 7,927 Promotional expenses - - 7,414 9,438 Supplies 894 1,065 3,436 2,581 Depreciation 4,117-4,117 3,628 Merchandise - 1,339 1,339 2,705 Professional development 4,316-4,316 3,934 Bank fees and charges 1,681-1,681 1,307 Taxes and licenses Miscellaneous 2,810-2, Total $ 81,839 $ 124,706 $ 1,021,700 $ 902,348 See accompanying notes 7

9 STATEMENT OF FUNCTIONAL EXPENSES For the Year Ended December 31, Program Services Farmworker Grants and Industry Education Scholarships Education Scholarships $ - $ 363,526 $ - Farmworker grants 39,977 5,705 - Other grants - 12, ,708 Payroll 5,814 38,372 5,814 Special events [Note 8] - 30,274 - Occupancy and office expenses [Note 10] 1,074 7,086 1,074 Payroll taxes and benefits [Note 9] 960 6, Professional fees [Note 7] Development expenses 151 4,631 - Printing 542 3, Travel and mileage 176 1, Investment management fee - 7,062 - Promotional expenses 524 7,522 1,392 Supplies Depreciation Merchandise Professional development Bank fees and charges Taxes and licenses Miscellaneous Total $ 49,347 $ 488,649 $ 203,795 8

10 STATEMENT OF FUNCTIONAL EXPENSES For the Year Ended December 31, Management Total and General Fundraising Expenses Scholarships $ - $ - $ 363,526 Farmworker grants ,682 Other grants ,253 Payroll 22,093 44, ,279 Special events [Note 8] - 30,274 60,548 Occupancy and office expenses [Note 10] 4,079 8,160 21,473 Payroll taxes and benefits [Note 9] 3,649 7,298 19,205 Professional fees [Note 7] 16,934-16,934 Development expenses - 1,009 5,791 Printing 2,057 4,117 10,833 Travel and mileage 669 1,336 3,518 Investment management fee 865-7,927 Promotional expenses - - 9,438 Supplies ,581 Depreciation 3,628-3,628 Merchandise - 2,705 2,705 Professional development 3,934-3,934 Bank fees and charges 1,307-1,307 Taxes and licenses Miscellaneous Total $ 60,491 $ 100,066 $ 902,348 See accompanying notes 9

11 STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2011 and CASH FLOWS FROM OPERATING ACTIVITIES Cash received from donors and customers $ 743,595 $ 1,005,090 Cash paid to suppliers, employees and award recipients (955,563) (912,341) Interest and dividends received 219, ,544 Net cash provided by operating activities 7, ,293 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of certificates of deposit 175, ,000 Purchase of certificates of deposit (347,380) (375,000) Proceeds from sale of investments 504, ,749 Purchase of investments (326,201) (367,051) Proceeds from note receivable 19,780 18,486 Purchase of office equipment (6,397) (2,383) Net cash provided (used) by investing activities 18,803 (259,199) INCREASE IN CASH 25,887 40,094 CASH - BEGINNING OF YEAR 94,456 54,362 CASH - END OF YEAR $ 120,343 $ 94,456 10

12 STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2011 and 2010 RECONCILIATION OF CHANGES IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES Changes in net assets $ (120,914) $ 432,653 Noncash and nonoperating income Net change in fair value of investments 87,373 (125,963) Noncash contributions (10,450) (17,550) Noncash loss on disposal of asset Noncash expenses Depreciation 4,117 3,628 Professional fees 870 3,250 (Increase) decrease in operating assets Accounts receivable (16,331) 18,960 Interest receivable 1,269 1,186 Inventory 2,738 3,206 Prepaid expenses (2,154) (1,265) Increase (decrease) in operating liabilities Accounts payable 653 1,234 Grants and scholarships payable 63,452 (11,371) Accrued liabilities (1,999) (1,975) Deferred revenue (2,320) (6,700) Net cash provided by operating activities $ 7,084 $ 299,293 See accompanying notes 11

13 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 1 - ORGANIZATION Washington Apple Education Foundation (the Foundation ) is a nonprofit organization incorporated in The purpose of the Foundation is to coordinate, promote and develop educational opportunities on behalf of the Washington tree fruit industry. Its activities include industry education, farmworker education and establishing and administering fruit industry scholarships and grants. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of accounting The accompanying financial statements have been prepared on the accrual basis of accounting. Under this method of accounting, support and revenue are recognized when earned and expenses are recognized when goods or services are received, whether or not paid. B. Financial statement presentation The Foundation reports information regarding its financial position and activities according to three classes of net assets: Unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Net assets of the Foundation are classified and reported as follows: Unrestricted net assets bear no donor limitations. The use of these funds is determined by the Foundation s Board of Directors. Temporarily Restricted net assets represent assets whose use by the Foundation is limited by donor-imposed stipulations that either expire with the passage of time or can be fulfilled and removed by actions of the Board of Directors pursuant to those stipulations. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted or permanently restricted net assets and reported in the statements of activities as net assets released from restrictions. Permanently Restricted net assets represent assets whose use by the Foundation is limited by donor-imposed stipulations that neither expire with the passage of time nor can be fulfilled or otherwise removed by actions of the Board of Directors. C. Cash Cash consists of cash on hand and amounts on deposit in bank accounts and highly liquid investments with maturities of three months or less at the date of acquisition. Cash in money market accounts with brokers or in investment pools are considered to be investments. 12

14 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued D. Investments Investments in equity and fixed income securities with readily determinable market values are recorded at fair value. Investments in securities traded on organized securities exchanges are valued at the closing price on the last business day of the fiscal year; securities traded on the over-the-counter markets are valued at the last reported bid price. The fair value of other investments, principally notes receivable for which quoted market prices are not available are determined by management using methods it considers appropriate. Securities are generally held in custodial investment accounts administered by certain financial institutions. Investments are made according to the Investment Policies adopted by the Foundation s Board of Directors. These guidelines provide for investment in equities, fixed income and other securities with performance measured against appropriate indices. Outside parties are contracted by the Foundation for the purpose of providing Board education, investment management, evaluation of investment advisors, and compliance with investment policies. The Foundation pools most of its funds in order to obtain greater investment leverage and more efficient administration. The allocation of income, realized and unrealized gains or losses from pooled investments, is calculated based on the average percentage share of each fund's balance in the pool. Investment securities, in general, are exposed to various risks, including interest rate, credit, and overall market volatility. Due to the level of risk associated with certain longterm investments, it is reasonably probable that changes in the values of these investments will occur in the near term and that such changes could materially affect the amounts reported in the statements of financial position. E. Accounts receivable Account receivables represent amounts related to various fundraising efforts and are stated at net realizable value. The receivables are unsecured and are considered fully collectible. Therefore, an allowance for doubtful accounts is not considered necessary at December 31, 2011 and F. Inventory Inventory consists of logo products and note cards. It is stated at the lower of cost, on a first-in, first-out basis, or market if purchased and at the estimated fair market value if received through donations. 13

15 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued G. Office equipment Office equipment includes those assets used in the operations of the Foundation with an estimated useful life of over one year. They are recorded at cost or, if donated, at the estimated fair market value at the date of donation. Depreciation is recorded using the straight-line method over the estimated useful lives of the individual assets. H. Federal tax status The Foundation operates as a tax exempt organization under Section 501(c)(3) of the Internal Revenue Code; therefore, no provision for Federal income tax is presented. The Foundation has also been classified as a publicly supported organization under Sections 509(a)(1) and 170(b)(1)(A)(vi) of the Internal Revenue Code. The Foundation receives certain revenues that are considered unrelated business taxable income. For the years ended December 31, 2011 and 2010, the Foundation recognized no income tax related to unrelated business income. The Foundation has adopted the provisions of FASB ASC Management has evaluated the Foundation s tax positions and concluded the Foundation has taken no uncertain tax positions requiring adjustment to the financial statements to comply with these provisions. With few exceptions, the Foundation is no longer subject to income tax examinations by U.S. Federal tax authorities for the years before I. Grants Grants are approved by the Board of Directors of the Foundation in accordance with their respective bylaws and guidelines. Typically grants and distributions are recorded in the financial statements when approved. However, grants approved by the Board of Directors that are payable upon the performance of specified conditions by the grantee are not reflected in grants payable in the financial statements until such time as those conditions are satisfied. J. Functional Allocation of Expenses The costs of providing the various programs and other activities have been summarized on a functional basis in the statements of activities. Accordingly, certain costs have been allocated among the programs and supporting services benefited. K. Advertising Advertising costs are expensed as incurred. 14

16 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued L. Concentrations of Credit Risk The Foundation maintains cash balances in one financial institution. The balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Throughout the fiscal year, the cash balances in the financial institutions may exceed the $250,000 insurance limit. Funds held in money market accounts are not insured by the FDIC. M. Donated investments Donated investments are recorded at market value on the date acquired and are typically converted to cash immediately thereafter. N. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. O. Statements of cash flows For purposes of the statements of cash flows, the Foundation considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash. P. Reclassifications Certain reclassifications have been made to the prior years financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported net assets. NOTE 3 - FAIR VALUE MEASUREMENTS GAAP requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. 15

17 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 3 - FAIR VALUE MEASUREMENTS - continued GAAP uses a three-level valuation hierarchy based on observable and non-observable inputs. Observable inputs consist of data obtained from independent sources. Nonobservable inputs reflect market assumptions. These two types of inputs are used to create the fair value hierarchy, giving preference to observable inputs. Financial assets and liabilities classified as Level 1 have fair value based on unadjusted quoted market prices for identical instruments in active markets. Financial assets and liabilities classified as Level 2 have fair values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in inactive markets, and model-derived valuations whose inputs are observable. Financial assets and liabilities classified as Level 3 have fair values based on value drivers that are unobservable. There were no changes in the valuation techniques during the current year. Fair values of assets measured on a recurring basis at December 31, 2011, and 2010 were as follows: Fair Value Measurements at December 31, 2011 Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Equities US large cap funds $ 657,688 $ - $ - $ 657,688 Small mid cap funds 198, ,442 International funds 258, ,748 Fixed income Intermediate bond funds 49, ,122 Cash Equivelents Money market funds 70, ,300 Note receivable [Note 4] - - 2,176,802 2,176,802 Total financial assets $ 1,234,300 $ - $ 2,176,802 $ 3,411,102 16

18 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 3 - FAIR VALUE MEASUREMENTS - continued Fair Value Measurements at December 31, 2010 Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Equities US large cap funds $ 662,783 $ - $ - $ 662,783 Small mid cap funds 80, ,578 International funds 229, ,492 Fixed income Intermediate bond funds 114, ,869 Cash Equivelents Money market funds 340, ,391 Note receivable [Note 4] - - 2,187,982 2,187,982 Total financial assets $ 1,428,113 $ - $ 2,187,982 $ 3,616,095 A reconciliation of the beginning and ending balances by each major category of assets for fair value measurements made using significant unobservable inputs (Level 3) follows: Fair Value Measurements for non-marketable investments Balance at December 31, 2009 $ 2,192,168 Principle received (18,486) Discount earned 14,300 Balance at December 31, ,187,982 Principle received (19,780) Discount earned 8,600 Balance at December 31, 2011 $ 2,176,802 17

19 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 4 - NOTE RECEIVABLE A note receivable from Auvil Fruit Company, secured by shares of the Company's stock, is due in annual installments of $208,203, including interest at 7%. The note is due January The note receivable has been adjusted to fair value. $ 2,176,802 $ 2,187,982 A summary of expected future principal payments on the note receivable is as follows: Year Ending Amount December 31, 2012 $ 21,164 December 31, ,646 December 31, ,231 December 31, ,927 December 31, ,742 Thereafter 2,547,692 Total 2,669,402 Less discount (492,600) Total $ 2,176,802 NOTE 5 - DESIGNATED ASSETS The Board of Directors has designated two funds within the unrestricted net assets class. The Board designated endowment fund was created from the proceeds of the 2003 Tree Fruit Cookbook. The Board designated scholarship fund was created to provide scholarship program support from unrestricted net assets. NOTE 6 - ENDOWMENT FUNDS The Foundation s endowment funds consist of funds established to provide ongoing support for farmworker education and operations. As required by GAAP, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. 18

20 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 6 - ENDOWMENT FUNDS - continued In the absence of donor restrictions, the Foundation follows the Uniform Prudent Management of Institutional Funds Act of 2009 (UPMIFA). UPMIFA abolishes the historic dollar value and allows the Foundation to spend as much of an endowment fund as it determines to be prudent, regardless of whether the fund value is below its historic dollar value. As of December 31, 2011, endowment net assets consisted of the following: Temporarily Permanently Unrestricted Restricted Restricted Total Donor restricted endowment funds $ - $ 1,787 $ 18,800 $ 20,587 Changes to endowment net assets for the year ended December 31, 2011 are as follows: Net endowment assets, December 31, 2010 Temporarily Permanently Unrestricted Restricted Restricted Total $ - $ 2,523 $ 16,700 $ 19,223 Endowment investment return Interest and dividends, net of fees Realized and unrealized gains - (1,086) - (1,086) Contributions - - 2,100 2,100 Net endowment assets, December 31, 2011 $ - $ 1,787 $ 18,800 $ 20,587 The Foundation has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Under these policies, as approved by the Board of Directors, the endowment assets are invested in a manner that is intended to produce results that, over time, will provide a real rate of return equal to the spending rate while assuming a reasonable level of investment risk. 19

21 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 7 - DONATED SERVICES AND MATERIALS In-kind contributions provided by various donors are recognized at their fair market value in the financial statements as both revenue and expense. The in-kind contributions received in the years ended December 31, 2011 and 2010, include donated services and materials of $870 and $3,250, respectively. NOTE 8 - SPECIAL EVENTS Revenue and expenses from special events are as follows: Golf Wild Tournament Hort Show Hort Show Scholarship Hockey and Auction Raffle Auction Luncheon Night Total Total Revenues $ 141,233 $ 19,337 $ 24,007 $ 47,515 $ 23,539 $ 255,631 $ 230,449 Direct expenses 42, ,502 15,588 5,961 68,490 60,548 Net proceeds 98,620 18,511 20,505 31,927 17, , ,901 Allocated expenses 13,236 1,891 9,454 9,454 3,782 37,817 44,186 Net proceeds after allocated expenses $ 85,384 $ 16,620 $ 11,051 $ 22,473 $ 13,796 $ 149,324 $ 125,715 NOTE 9 - RETIREMENT PLAN The Foundation adopted a SIMPLE IRA retirement plan on August 13, Eligible employees may contribute to the plan by requesting amounts be withheld from their salary and remitted to the plan by the Foundation. The Foundation matches employee contributions up to 3% of their compensation. Employer contributions were $2,208 and $2,930 for 2011 and 2010, respectively. NOTE 10 - OPERATING LEASE The Foundation rents its office space under a one year operating lease with monthly payments of $676 through August 31, The annual rent for the years ended December 31, 2011 and 2010, was $8,

22 NOTES TO FINANCIAL STATEMENTS December 31, 2011 and 2010 NOTE 10 - OPERATING LEASE - continued Future minimum lease payments are as follows: Year Ending Amount December 31, 2012 $ 5,410 NOTE 11 - SUBSEQUENT EVENTS The Foundation has evaluated subsequent events through March 14, 2012, the date which the statements were available to be issued. 21