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California State University Fresno Foundation Endowment Fund

Name: California State University Fresno Foundation

Assets Under Management: $182.6 Million (Source: California State University Fresno Foundation on 9/27/2012)

Annual Report: The California State University, Fresno Foundation Annual Report 2011-2012

Portfolio Insights: “The California State University, Fresno Foundation (the “Foundation”) was incorporated on June H, 193L It is a recognized auxiliary of the California State University and is organized and operated exclusively for educational purposes as a tax-exempt organizatiol1 under the provisions of section 50 I (c )(3) of the Internal Revenue Code and section 23701(d) of the California Revenue and Taxation Code.

Investments are primarily held in corporate equity securities, bonds, and U.S. government bonds and are reported at fair value based upon quoted market price. Any temporary difference between cost and fair value of an investment is presented as a separate component of change in net assets. The specific identification method is used to detennine realized gains and losses on investments.” (Source)

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Top California State University Fresno Foundation Endowment Fund Headlines:

1) The California State University, Fresno Foundation manages all aspects of the financial activities for grants, contracts, trust accounts, investments, endowments, scholarships, loans, gifts and donations for the California State University, Fresno campus community and other Foundation customers. (Source)

2) The California State University, Fresno Foundation was formed in 1931 to provide services in support of the California State University, Fresno mission and goals. Governed by a Board of Governors, the Foundation is managed by an Executive Director. The Board of Governors includes a representative from the University’s administration and local community representatives. While an integral part of the University, the Foundation is a private, non-profit 501 (c)(3) corporation that serves as a contracting agent for the University. The purpose of Foundation Financial Services is to provide the highest quality financial services avail able to the California State University, Fresno campus community and other Foundation stakeholders. The California State University, Fresno Foundation manages the financial activities relating to sponsored research grants and contracts, gifts and endowments (including related scholarship and loan accounts), and campus program trust accounts. (Source)

3) Effective July 1, 2008, the Fouudation adopted the provisions established by accounting literature for Endowments of Not-far-Profit Foundations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds. The accounting literature provides guidance on the net asset classification of donor restricted endowment funds for a not-for-profit Foundation that is subject to an enacted version of the Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIF A) and also requires disclosures about endowment funds, both donor restricted endowment funds and board-designated endowment funds.

The Foundation’s endowment consists of approximately 590 individual funds established lor a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Governors to function as endowments. As required by GAAP, net assets associated with endowment funds, including funds designated by the Board of Governors to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. (Source)

4) The Board of Governors of the Foundation has interpreted the California Unifonn Prudent Management of Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the Foundation classifies as permanently restricted net assets (a) the original value of· gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the pennant endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. (Source)

5) The Foundation holds short-term investments, which are defined as investments with original maturities of greater than 90 days, but less than one year. As of June 30, 2011 and 2012, the Foundation’s short-teml investments consist primarily of mutual fimd investments that the Foundation intends to hold until needed in operations, Short-term investments are reported at fair value. (Source)

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