NAFSA: Association of International Educators FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT DECEMBER 31, 2013 AND 2012

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1 NAFSA: Association of International Educators FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT

2 TABLE OF CONTENTS Page Independent Auditors Report 1 Financial Statements Statements of Financial Position 2 Statements of Activities 3 Statements of Changes in Net Assets 4 Statements of Functional Expenses 5 Statements of Cash Flows 7 Notes to Financial Statements 8

3 To the Board of Directors NAFSA: Association of International Educators Washington, DC Independent Auditors Report We have audited the accompanying financial statements of NAFSA: Association of International Educators (NAFSA), which comprise the statement of financial position as of December 31, 2013, the related statements of activities, changes in net assets, cash flows and functional expenses for the year then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit 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 from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NAFSA as of December 31, 2013 and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Prior Period Financial Statements The financial statements of NAFSA as of December 31, 2012 were audited by other auditors, whose report dated March 15, 2013 expressed an unmodified opinion on those statements. As discussed in Note 12, NAFSA has restated its 2012 financial statements during the current year to record its deferred compensation plan, in accordance with accounting principles generally accepted in the United States of America. The other auditor reported on the 2012 financial statements before the restatement. Bethesda, Maryland March 21, 2014

4 STATEMENTS OF FINANCIAL POSITION ASSETS December 31, (As Restated) CURRENT ASSETS Cash and Cash Equivalents $ 2,168,855 $ 2,514,278 Accounts Receivable, Net of Allowance for Uncollectible Accounts of $73,254 for 2013 and $59,907 for ,444 74,262 Prepaid Expenses 532, ,035 Total Current Assets 2,872,438 3,138,575 NON-CURRENT ASSETS Investments 9,596,517 9,025,146 Long Term Receivables Investments 533, ,973 Property and Equipment, Net 1,288,304 1,088,558 Prepaid Expenses, Net of Current Portion 86,264 52,452 Deposits 19,569 19,569 Total Non-Current Assets 11,524,137 10,305,698 LIABILITIES AND NET ASSETS $ 14,396,575 $ 13,444,273 CURRENT LIABILITIES Accounts Payable and Accrued Expenses $ 399,774 $ 617,893 Deferred Membership Dues 1,812,173 1,720,498 Other Deferred Revenue 2,777,346 2,753,571 Total Current Liabilities 4,989,293 5,091,962 OTHER LIABILITIES 286, ,180 NET ASSETS Unrestricted 8,129,579 7,163,665 Temporarily Restricted 271, ,366 Permanently Restricted 719, ,100 Total Net Assets 9,120,408 8,025,131 $ 14,396,575 $ 13,444,273 2 The Accompanying Notes Are An Integral Part Of These Financial Statements

5 STATEMENTS OF ACTIVITIES Year Ended December 31, REVENUE Conferences $ 8,315,054 $ 8,623,192 Membership Dues 3,642,489 3,463,034 Corporate and Member Support 1,258,547 1,194,097 Products and Services Sales 2,486,704 2,363,598 Investment Income, Net of Investment Fees 950, ,446 Other 26,633 12,571 Net Assets Released from Restriction 27,469 26,219 Total Revenue 16,707,676 16,115,157 EXPENSES Program Services Publications 2,388,178 2,230,597 Conferences 4,279,606 3,995,225 Public Policy 1,092,873 1,072,671 Practice Support and Member Services 1,985,457 2,064,343 Core and Advanced Education Services 1,109, ,268 Product Development 94,890 - Other Program Services 115,711 - Total Program Services 11,066,443 10,334,104 Supporting Services General and Administrative 3,753,149 3,479,655 Organizational Advancement 518, ,820 Governance and Committees 403, ,596 Total Supporting Services 4,675,319 4,407,071 Total Expenses 15,741,762 14,741,175 Change in Unrestricted Net Assets 965,914 1,373,982 CHANGE IN TEMPORARILY RESTRICTED NET ASSETS Contributions 60,000 28,822 Investment Income, Net of Investment Fees 96,832 22,252 Net Assets Released from Restriction (27,469) (26,219) Change in Temporarily Restricted Net Assets 129,363 24,855 CHANGE IN NET ASSETS $ 1,095,277 $ 1,398,837 3 The Accompanying Notes Are An Integral Part Of These Financial Statements

6 STATEMENTS OF CHANGES IN NET ASSETS YEARS ENDED Temporarily Permanently Unrestricted Restricted Restricted Total Net Assets at January 1, 2012 $ 5,789,683 $ 117,511 $ 719,100 $ 6,626,294 Change in Net Assets 1,373,982 24,855-1,398,837 Net Assets at December 31, ,163, , ,100 8,025,131 Change in Net Assets 965, ,363-1,095,277 Net Assets at December 31, 2013 $ 8,129,579 $ 271,729 $ 719,100 $ 9,120,408 4 The Accompanying Notes Are An Integral Part Of These Financial Statements

7 STATEMENT OF FUNCTIONAL EXPENSES YEAR ENDED DECEMBER Practice Core and Support and Advanced Other Total General Governance Total Public Member Education Product Program Program and Organizational and Supporting 2013 Publications Conferences Policy Services Services Development Services Services Administrative Advancement Committees Services Total Salaries and Benefits $ 1,478,102 $ 1,140,569 $ 835,848 $ 1,529,031 $ 654,214 $ 92,403 $ 31,007 $ 5,761,174 $ 1,999,123 $ 453,111 $ - $ 2,452,234 $ 8,213,408 Purchased Services 381, , , , ,220-62,361 1,704, ,997 13,025 12, ,122 1,920,693 Occupany Expenses , , ,678 Meeting Expenses 29,517 1,961,522 45, , ,887 2,243-2,442,691 37,415 41, , ,437 2,884,128 Fulfillment Expenses 93,747 1, , , ,155 Program Expenses Printing Expenses 228, ,597 2,468 22,733 31, ,821 18,670 3,993 2,846 25, ,330 Depreciation 728 2, , , , ,759 Postage Expenses 86,270 51, ,555 16, ,361 4,501 1,448 3,199 9, ,509 Communications Expenses 4,589 22,350 6,715 15, , ,268 35, , ,721 Other 85,728 81,278 74,277 41,097 26,075-22, , ,179 3,818 23, , ,381 Total 2013 Expenses $ 2,388,178 $ 4,279,606 $ 1,092,873 $ 1,985,457 $ 1,109,728 $ 94,890 $ 115,711 $ 11,066,443 $ 3,753,149 $ 518,175 $ 403,995 $ 4,675,319 $ 15,741,762 5 The Accompanying Notes Are An Integral Part Of These Financial Statements

8 STATEMENT OF FUNCTIONAL EXPENSES YEAR ENDED DECEMBER 31, 2012 Practice Core and Support and Advanced Total General Governance Total Public Member Education Program and Organizational and Supporting 2012 Publications Conferences Policy Services Services Services Administrative Advancement Committees Services Total Salaries and Benefits $ 1,189,119 $ 961,918 $ 897,751 $ 1,618,378 $ 564,811 $ 5,231,977 $ 1,798,076 $ 392,976 $ 484 $ 2,191,536 $ 7,423,513 Purchased Services 575, ,694 72, , ,809 1,646, ,795 14,530 36, ,053 1,841,955 Occupancy Expenses , , ,611 Meeting Expenses 37,409 2,054,165 32, , ,815 2,422,261 39,789 57, , ,324 2,887,585 Fulfillment Expenses 94,542 4, , ,645 Program Expenses - 12, , ,725 Printing Expenses 154, ,385 1,410 14,023 39, ,768 20,634 1,109 3,916 25, ,427 Depreciation , , ,255 Postage Expenses 89,021 35, ,968 19, ,781 4,838 2,490 3,954 11, ,063 Communications Expenses 3, ,101 5,866 11,979 86, ,759 34,491 2, , ,875 Other 85,661 49,236 62,854 15,775 12, , ,894 4,615 38, , ,521 Total 2012 Expenses $ 2,230,597 $ 3,995,225 $ 1,072,671 $ 2,064,343 $ 971,268 $ 10,334,104 $ 3,479,655 $ 475,820 $ 451,596 $ 4,407,071 $ 14,741,175 6 The Accompanying Notes Are An Integral Part Of These Financial Statements

9 STATEMENTS OF CASH FLOWS Year Ended December 31, CASH FLOWS FROM OPERATING ACTIVITIES Change in Net Assets $ 1,095,277 $ 1,398,837 Adjustments to Reconcile Change in Net Assets to Net Cash Provided by (Used in) Operating Activities Net Realized and Unrealized Gains (854,232) (312,202) Depreciation and Amortization 210, ,255 Bad Debt Expense 29,478 10,392 Change in: Accounts Receivable (126,660) 23,150 Long Term Receivables Investments (413,510) (119,973) Prepaid Expenses (15,916) (134,018) Accounts Payable and Accrued Expenses (218,119) 72,561 Deferred Membership Dues 91,675 91,215 Other Deferred Revenue 23, ,497 Other Liabilities (40,306) 88,930 Net Cash Provided by (Used in) Operating Activities (217,779) 1,684,644 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from Sales of Investments 2,712,788 1,196,200 Purchases of Investments (2,429,927) (2,657,547) Purchase of Property and Equipment (410,505) (126,541) Net Cash Used in Investing Activities (127,644) (1,587,888) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (345,423) 96,756 CASH AND CASH EQUIVALENTS, Beginning of Year 2,514,278 2,417,522 CASH AND CASH EQUIVALENTS, End of Year $ 2,168,855 $ 2,514,278 7 The Accompanying Notes Are An Integral Part Of These Financial Statements

10 NOTE 1 SIGNIFICANT ACCOUNTING POLICIES Organization NAFSA: Association of International Educators (NAFSA) was incorporated in Washington, DC in January 1989, is headquartered in Washington, DC, and is an association of individuals worldwide advancing international education and exchange and global workforce development. The NAFSA headquarters serves international educators and their institutions and organizations by establishing principles of good practice, providing training and professional development opportunities, providing networking opportunities and advocating for international education. NAFSA s members share a belief that international education advances learning and scholarship, builds understanding and respect among different peoples, and enhances constructive leadership in the global community. NAFSA believes international education by its nature is fundamental to fostering peace, security and well-being. NAFSA is affiliated with 11 unincorporated regional organizations (collectively, the Regions) whose purpose is to advance NAFSA s mission and respond to the needs of NAFSA members within various geographic areas around the country. The Regions have adopted Operating Procedures that provide a framework for governance as well as various procedural guidelines, including guidelines on communications with NAFSA. The Regions are self-governed and NAFSA does not exercise control over their activities. Consequently, the activities of these Regions are not included in NAFSA s accompanying financial statements. NAFSA has evaluated the risk of potential liabilities that it may be subject to as a result of its relationship with the various Regions and believes that its current insurance coverage is adequate to cover such contingencies. NAFSA provides technical and conference registration assistance to the Regions. There was $50,349 and $30,105 due from the Regions to NAFSA at December 31, 2013 and 2012, respectively. There was $30,707 and $13,224 due to the Regions from NAFSA at December 31, 2013 and 2012, respectively. Basis of Accounting The accompanying financial statements have been prepared using the accrual basis of accounting. Consequently, revenue is recognized when earned and expenses when the obligation is incurred. Financial Statement Presentation NAFSA reports information regarding its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted and permanently restricted, as applicable. NAFSA classifies its net assets, revenues and expenses based upon the existence or absence of donorimposed restrictions on contributed assets. Accordingly, the net assets of NAFSA and changes therein are classified and reported as follows: Unrestricted Net Assets: Net assets that are not subject to donor-imposed stipulations. Temporarily Restricted Net Assets: Net assets subject to donor-imposed stipulations that will be met in the future either by actions of NAFSA (undertaking of project activities) and/or the passage of time. Permanently Restricted Net Assets: Net assets subject to donor-imposed stipulations that neither expire by passage of time nor can be fulfilled or otherwise removed by actions of NAFSA. 8

11 NOTE 1 SIGNIFICANT ACCOUNTING POLICIES (Continued) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents NAFSA considers all highly liquid instruments, which are to be used for current operations and which have an original maturity of three months or less, to be cash and cash equivalents, except for highly liquid instruments held within its investment portfolios. Accounts Receivable NAFSA records accounts receivable net of an allowance for uncollectible accounts when necessary. Accounts receivable are comprised primarily of advertising and sponsorship receivables. The allowance is determined based on a review of the estimated collectability of the specific accounts, plus a general provision based on historical loss experience and existing economic conditions. Uncollectible amounts are charged off against the allowance for uncollectible accounts once management determines an account, or a portion thereof, to be worthless. Bad debt expense of $29,478 and $10,392 was included in the statements of activities for the years ended December 31, 2013 and 2012, respectively. Investments Investments are reported using the fair value measurement standard. Liquid instruments which are to be used for the long-term purposes of NAFSA are classified as investments. Investments include annuities relating to NAFSA s 457(b) Plan. NAFSA follows FASB Accounting Standards Codification (FASB ASC) Topic 820, Fair Value Measurement. FASB ASC Topic 820 defines fair value under U.S. generally accepted accounting principles, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction. FASB ASC Topic 820 establishes a fair value hierarchy that encourages the use of observable inputs when measuring fair value, but allows for unobservable inputs when observable inputs do not exist. The following provides a description of the three levels of inputs that may be used to measure fair value of NAFSA investments under FASB ASC Topic 820. Level 1 Level 1 inputs consist of unadjusted quoted prices in active markets for identical assets and provide highest quality inputs. Level 2 Level 2 inputs are based on primarily on quoted prices for identical assets in inactive markets or similar assets in active or inactive markets or other significant market-observable inputs. Level 3 Level 3 inputs provide the lowest quality inputs because there are no significant observable inputs. 9

12 NOTE 1 SIGNIFICANT ACCOUNTING POLICIES (Continued) Investments (Continued) Alternative investments: NAFSA s investment in the Endowment TEI Fund, L.P. (the TEI Fund) is an alternative investment. These investments are not readily marketable and are often highly illiquid. The estimated fair values of alternative investments are subject to a high degree of uncertainty and the actual fair values could differ materially from the estimated fair values. The TEI Fund is a limited partnership organized under the laws of the State of Delaware. The TEI Fund was registered and began operations on March 17, 2005 as a non-diversified closed-end management investment company under the Investment Company Act of 1940, as amended. The TEI Fund is carried on NAFSA s statements of financial position at the net asset value (NAV) at the end of the fiscal period. The valuation of the TEI Fund s investments is determined as of the close of business at the end of any fiscal period, generally monthly. The valuation of the TEI Fund s investments is calculated by Citi Fund Services Ohio, Inc., the TEI Fund s independent administrator (the Independent Administrator), in consultation with Endowment Advisers, L.P. (the Adviser). The valuation procedures of the TEI Fund s underlying investments are reviewed by a committee approved by the TEI Fund s Board that was established to oversee the valuation of the investments (the Valuation Committee) in consultation with the TEI Fund s investment adviser and the Independent Administrator. At December 31, 2013 and 2012, NAFSA has $1,290,712 and $2,256,276, respectively, of Alternative Investments that are valued using Level 3 inputs and whose NAV reported by the funds Independent Administrator approximates the fair value of the investments. The TEI Fund accepts investments on a monthly basis. Liquidations of the TEI Fund are allowed quarterly. The TEI Fund reserves the right to restrict liquidations. In each of the quarters ended December 31, 2013 and 2012, NAFSA submitted a tender offer to sell a portion of its interests in the TEI Fund. The tender offers were executed on December 31, 2013 and 2012 and were settled during February 2014 and February 2013 for $533,483 and $119,973, respectively. Such amounts have been recorded as long-term receivables on the statements of financial position, as it is management s intent to re-invest the funds when received. All investments have been valued using a market approach. There were no changes in the valuation techniques during the current year. Property and Equipment Property and equipment in excess of $2,500 are stated at cost and depreciated using the straight-line method over their estimated useful lives ranging from three to 10 years. Leasehold improvements are amortized using the straight-line method over the shorter of the useful lives of the improvements or the terms of the related lease. Net Asset Classification NAFSA s net assets are classified into three categories: unrestricted, temporarily restricted and permanently restricted. All contributions are considered to be available for unrestricted use unless specifically restricted by the donor or by law. 10

13 NOTE 1 SIGNIFICANT ACCOUNTING POLICIES (Continued) Net Asset Classification (Continued) Temporarily restricted net assets: NAFSA reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is when a stipulated time restriction ends or a purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statements of activities as net assets released from restrictions. Permanently restricted net assets represent resources whose use by NAFSA is limited by donorimposed stipulations that neither expire by passage of time nor can be fulfilled. The income generated by these assets may be unrestricted or restricted according to donor stipulations. NAFSA classifies its permanently restricted net assets according to the provisions of the Uniform Prudent Management of Institutional Funds Act, enacted in the District of Columbia in As interpreted by the Financial Accounting Standards Board, donor designated endowment funds and board designated endowment funds are disclosed separately on the statements of financial position and in the accompanying footnotes. Revenue Recognition Revenue is recognized during the period in which it is earned. For membership and global partnership dues, revenue is recognized over the period to which the dues apply. In addition, revenue received in advance for monthly subscriptions is recorded as deferred revenue based on the time period remaining on the subscription. Revenue received in advance and not yet earned is deferred to the applicable period. Functional Allocation of Expenses The direct costs of providing various programs and other activities have been summarized on a functional basis. Indirect costs have not been allocated among the programs and supporting services benefitted. Income Tax Status NAFSA is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. The NAFSA informational and income tax returns include the activities of the 11 Regions. Income from certain activities not directly related to NAFSA s tax-exempt purpose is subject to taxation as unrelated business income. Unrelated business income was received in the form of advertising revenue for the years ended December 31, 2013 and At December 31, 2013, NAFSA had net operating loss carryforwards for tax purposes of approximately $3.8 million available to offset unrelated business income. These carryforwards expire during the years ending 2015 through Management has determined that a valuation allowance equal to the deferred tax asset is necessary at December 31, 2013 and NAFSA believes it has appropriate support for any tax position taken and, as such, does not have any uncertain tax positions that are material to the financial statements. NAFSA recognizes interest and penalties expense related to unrecognized tax benefits in general and administrative expenses on the statements of activities and changes in net assets. NAFSA reported no penalties and interest related to unrecognized tax benefits for the years ended December 31, 2013 and Tax years prior to 2010 are no longer subject to examination by the IRS or the tax jurisdiction of the District of Columbia. 11

14 NOTE 1 SIGNIFICANT ACCOUNTING POLICIES (Continued) Description of Activities Publications NAFSA maintains a website and produces various publications, magazines and newsletters. These publications represent NAFSA's commitment to the ongoing enhancement of international educational exchange. Conferences NAFSA provides various workshops and meetings that serve as a forum for the latest developments in international educational exchange. These meetings offer a concentrated opportunity for the exchange of ideas and offer a network for sharing information as it seeks to increase awareness of and support for international education. Public Policy Represents expenses incurred to link Association members with Congress and federal agencies, advocating for support for exchange programs and for removing barriers to exchange and informing membership of government actions affecting educational exchange. Practice Support and Member Services Represents expenses related to the provision of professional practice support information to members and the coordination and communication of membership benefits to the members and prospective members. Core and Advanced Education Services Represents expenses related to educational activities designed to support professional development by promoting core competencies, mid-level training needs and leadership symposium programming. General and Administrative Expenses Includes the functions necessary for executive management, and to ensure proper administrative functions of the Board of Directors; to maintain an adequate working environment; to maintain and support management information systems; and to manage human resources and financial and budgetary responsibilities of NAFSA. Organizational Advancement Represents expenses incurred to maintain NAFSA's various fund drives as it seeks to increase awareness of and support for international education in higher education, in government and in the community. Governance and Committees Expenses cover all costs relating to the governance structure of NAFSA. Also included are the costs of various committees of NAFSA. Reclassifications Certain reclassifications have been made to the 2012 amounts to conform to the 2013 presentation. Subsequent Events NAFSA has evaluated events and transactions for potential recognition or disclosure through March 21, 2014, the date the financial statements were available to be issued. 12

15 NOTE 2 CONCENTRATION OF CREDIT RISK NAFSA maintains balances at banks in excess of Federal Deposit Insurance Corporation coverage. Funds on deposit with the National Bank of Canada totaled $87,148 at December 31, 2013 and were fully insured under the Canada Deposit Insurance Corporation. The total amount of uninsured deposits at December 31, 2013 amounted to approximately $2,300,000. NOTE 3 INVESTMENTS Investments are stated at fair value and consist of the following at: December 31, Equity Securities $ 3,494,427 $ 1,936,725 Mutual Funds 3,286,997 2,336,363 Cash and Money Funds 209,754 1,112,486 Corporate Debt Securities 301, ,967 Municipal Debt Securities 157,869 53,223 Exchange-Traded Funds 568, ,926 Alternative Investment 1,290,712 2,256,276 Annuities 286, ,180 $ 9,596,517 $ 9,025,146 Investment income consists of the following for the year ended: December 31, 2013 Temporarily Unrestricted Restricted Total Realized and Unrealized Gains, Net $ 786,480 $ 67,752 $ 854,232 Investment Income 164,300 29, ,380 $ 950,780 $ 96,832 $ 1,047,612 December 31, 2012 Temporarily Unrestricted Restricted Total Realized and Unrealized Gains, Net $ 305,057 $ 7,145 $ 312,202 Investment Income 127,389 15, ,496 $ 432,446 $ 22,252 $ 454,698 Investment fees totaled $72,446 and $49,517 for the years ended December 31, 2013 and 2012 respectively, and are included in realized and unrealized gains, net, in the tables above. 13

16 NOTE 4 PROPERTY AND EQUIPMENT Property and equipment consists of the following at: December 31, Leasehold Improvements $ 1,367,695 $ 1,363,320 Furniture and Equipment 274, ,167 Computer Equipment and Software 976, ,214 2,619,124 2,363,701 Less: Accumulated Depreciation and Amortization (1,330,820) (1,275,143) Net Property and Equipment $ 1,288,304 $ 1,088,558 NOTE 5 LINE OF CREDIT NAFSA maintains a credit facility with Bank of America, N.A. through Merrill Lynch. The borrowing capacity under the facility fluctuates in proportion to the pledged collateral. As of December 31, 2013 and 2012, NAFSA s borrowing capacity under the facility was $1,644,478 and $1,372,010, respectively. The facility is secured by selected investment securities held through Merrill Lynch and is not due on demand with interest at the LIBOR rate plus percent, or percent at December 31, The pledged securities have a value of $2,514,459 at December 31, This credit facility is maintained to finance working capital requirements. The credit facility was not used during 2013 or NOTE 6 OPERATING LEASES In April 2008, NAFSA executed an amendment to its 1998 office space lease. The amendment, effective June 1, 2008, extends the expiration date of the lease until December 31, 2018 and provides access to additional space in the building. Monthly lease payments from January 2009 through the expiration date are $35,845. The amended lease also requires NAFSA to pay for a prorated share of the annual operating expenses for the building, which totaled $251,142 and $280,000 for the years ended December 31, 2013 and 2012, respectively. In addition, NAFSA leases equipment under two operating leases. Rent expense, including NAFSA s prorated share of the annual operating expenses, for 2013 and 2012 totaled $681,279 and $710,137, respectively. Future minimum lease payments are as follows: Year Ending December 31, Office Equipment Total 2014 $ 430,137 $ 16,251 $ 446, ,137 10, , , , , , , ,137 Total $ 2,150,685 $ 28,065 $ 2,178,750 14

17 NOTE 7 TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets consist of the unexpended portion of restricted contributions received by NAFSA as follows: December 31, Publications $ 65,866 $ 65,866 Education 79,654 32,900 Endowment 119,084 22,253 Professional Development 7,125 21,347 $ 271,729 $ 142,366 NOTE 8 PERMANENTLY RESTRICTED NET ASSETS Permanently Restricted Net Assets Interpretation of Relevant Law In 2006, NAFSA received $719,059 from an irrevocable unitrust agreement (the agreement) executed in December 1988 by Tamara H. Bryant. As the remainderman listed in the trust, NAFSA and Mrs. Bryant executed an agreement in January 1989 designating these funds to the Tamara H. Bryant Endowed Scholarship Fund. In 2007, an additional $41 was donated, which brings the total principal balance of the fund to $719,100. The Board of Directors has interpreted the Uniform Prudent Management of Institutional Funds Act (UPMIFA), which became effective in the District of Columbia in July 2008, 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, and has designated the Finance & Audit Committee of the Board of Directors to act as agent for the Board to implement the policy. As a result of this interpretation, NAFSA classifies as permanently restricted net assets (a) the original value of gifts to the permanent endowment, (b) the original value of subsequent gifts to the permanent 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. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by NAFSA in a manner consistent with the standard prudence prescribed by UPMIFA. In accordance with UPMIFA, NAFSA considers the following factors in making a determination to appropriate or accumulate donorrestricted endowment funds: (1) The duration and preservation of the funds (2) The purposes of NAFSA and the donor-restricted endowment funds (3) General economic conditions (4) The possible effect of inflation and deflation (5) The expected total return from income and the appreciation of investments (6) Other resources of NAFSA (7) The investment policies of NAFSA 15

18 NOTE 8 PERMANENTLY RESTRICTED NET ASSETS (Continued) Permanently Restricted Net Assets Return Objectives and Risk Parameters The investment policy establishes a benchmark return objective through diversification of asset classes. The current long-term return objective is to return 7 percent net of the investment fee over three- to fiveyear rolling time periods and a full-market cycle. Actual returns in any given year may vary from this amount. To satisfy its long-term rate of return objectives and reduce the overall volatility of the portfolio, NAFSA has divided its portfolio into two segments. One segment is designed to pursue an absolute return strategy and the other is to pursue a relative return strategy. The absolute return strategy is comprised of alternative assets using funds that can be invested for infinite time periods. The relative return strategy is comprised of a traditional allocation of stocks, fixed income and cash that more closely track securities market fluctuations. Permanently Restricted Net Assets Strategies Employed for Achieving Objectives To satisfy its long-term rate-of-return objectives, NAFSA relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). Spending Policy and How the Investment Objectives Relate to Spending Policy Based on the agreement, the income earned on the principal of the endowment is to be used to provide recognition and financial assistance to outstanding Burmese or East Asian students enrolled or planning to enroll in graduate schools in the United States, or outstanding African American students enrolled or planning to enroll in a study abroad program through an accredited university or college. Each candidate must demonstrate financial need for funds to meet tuition and fees for his or her educational program. The Endowment Policy establishes an Endowment Fund Program Committee of the Board of Directors and provides that this committee shall review at least annually and recommend appropriate action to the Board of Directors for the distribution of income and asset appreciation of the general fund and donor designated funds. Changes in endowment net assets for the years ended December 31, 2013 and 2012 are summarized below: Temporarily Permanently Unrestricted Restricted Restricted Total Endowment Net Assets, January 1, 2012 $ - $ - $ 719,100 $ 719,100 Interest and Dividends - 15,107-15,107 Net Appreciation - 7,145-7,145 Changes in Endowment Net Assets - 22,252-22,252 Endowment Net Assets, December 31, , , ,352 Interest and Dividends - 29,080-29,080 Net Appreciation - 67,752-67,752 Changes in Endowment Net Assets - 96,832-96,832 Endowment Net Assets, December 31, 2013 $ - $ 119,084 $ 719,100 $ 838,184 16

19 NOTE 9 RETIREMENT PLANS NAFSA maintains a contributory defined-contribution retirement plan (the Plan) in accordance with Section 403(b) of the Internal Revenue Code. The Plan covers all employees who meet certain eligibility requirements, as amended effective January 1, This plan requires a nondiscretionary contribution of five percent of compensation and a discretionary match on employee elective deferrals, to be determined by the NAFSA Board. The discretionary match has been four percent during the years ended December 31, 2013 and Employer contributions to the Plan for 2013 and 2012 were $573,401 and $459,863, respectively. NAFSA also maintains an additional Section 403(b) plan, whereby employees can make pretax elective deferrals, and no employer contributions are permitted. There have been no employee contributions to this Plan during the years ended December 31, 2013 and NAFSA also maintains a deferred compensation plan in accordance with Section 457(b) of the Internal Revenue Code. The deferred compensation plan covers top-hat employees of NAFSA as defined in the deferred compensation plan documents. All contributions to the deferred compensation plan are from elective deferrals from eligible employee s wages and NAFSA does not contribute any non-elective funds to the deferred compensation plan. NOTE 10 COMMITMENTS AND CONTINGENCIES NAFSA has executed contracts for future annual conferences through In the event of cancellation, NAFSA may be required to pay various costs as stipulated in the contracts, the amounts of which are dependent upon the respective dates of cancellation. As a result of NAFSA obtaining insurance to cover any potential liabilities arising from the cancellation of its conference and due to the numerous variables involved, NAFSA s ultimate liability, or potential range of loss, under these contracts cannot be determined. At December 31, 2013, there are no plans to cancel any future conferences. 17

20 NOTE 11 FAIR VALUE MEASUREMENTS NAFSA has determined the fair value of certain assets through application of FASB ASC Topic 820, Fair Value Measurement. Fair values of assets measured on a recurring basis as of December 31, 2013 and 2012 are as follows: Fair Value Measurement at Reportable Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets/Liabilities Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2013 Assets Cash and Money Funds $ 209,754 $ - $ 209,754 $ - Equity Securities 3,494,427 3,494, Mutual Funds Fixed Income 1,435,579 1,435, Mutual Funds Equity 1,851,418 1,851, Corporate Debt Securities 301, ,127 - Municipal Debt Securities 157, ,869 - Exchange-Traded Funds 568, , Alternative Investment Limited Partnership 1,290, ,290,712 Annuities 286, ,053 30,821 $ 9,596,517 $ 7,350,181 $ 924,803 $ 1,321,533 December 31, 2012 Assets Cash and Money Funds $ 1,112,486 $ - $ 1,112,486 $ - Equity Securities 1,936,725 1,936, Mutual Funds Fixed Income 1,094,244 1,094, Mutual Funds Equity 1,242,119 1,242, Corporate Debt Securities 276, ,967 - Municipal Debt Securities 53,223-53,223 - Exchange-Traded Funds 725, , Alternative Investment Limited Partnership 2,256, ,256,276 Annuities 327, ,637 23,543 $ 9,025,146 $ 4,999,014 $ 1,746,313 $ 2,279,819 The following table represents a reconciliation of investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Balance as of January 1, 2012 $ 2,407,735 Sales, Net (114,873) Realized and Unrealized Losses, Net (13,043) Balance as of December 31, ,279,819 Sales, Net (994,700) Realized and Unrealized Gains, Net 36,414 Balance as of December 31, 2013 $ 1,321,533 18

21 NOTE 12 PRIOR PERIOD ADJUSTMENT NAFSA s December 31, 2012 financial statements have been restated to include the assets and liabilities related to NAFSA s 457(b) deferred compensation plan as of December 31, The correction had no effect on the previously reported statement of activities or statement of changes in net assets for the year ended December 31, Investments and other liabilities each increased by $327,180 at December 31, 2012 as a result of the restatement. NOTE 13 SUBSEQUENT EVENT On February 18, 2014, the TEI Fund s Board approved a tender offer (the Offer ) to be made for up to 100 percent of the TEI Fund s outstanding partnership interests, with a valuation date of March 31, 2014, which can potentially be extended to June 30, 2014 depending on certain factors as set forth in the Offer. Interests tendered will not be paid in cash from the TEI Fund, but rather will be paid in-kind with tendering partners receiving shares of limited partnership interests in PMF Fund, L.P. (the PMF Fund ), a newly-formed, closed-end, non-diversified, registered investment company. The PMF Fund is a liquidating fund that has an expected duration of 10 years. The Offer commenced on February 20, 2014 and, unless extended, was to expire on March 19, The estimated net asset value will be calculated for the purpose of the Offer as of March 31, 2014 or, if the valuation date is extended, June 30, The Offer is subject to certain conditions and is being made simultaneously with a cash tender offer by The PMF Fund (Early Liquidity Offer), in which partners tendering interests pursuant to the Offer, and therefore becoming holders of shares of the PMF Fund, will have the opportunity to tender their PMF Fund shares for purchase by the PMF Fund at a discount to their net asset value. The Early Liquidity Offer is contingent upon consummation of the TEI Fund tender offer, and satisfaction of other conditions of the Early Liquidity Offer. As of March 12, 2014, NAFSA had tendered all of its interests in the TEI Fund in exchange for shares in the PMF Fund. 19

22 B E T H E S D A A N N A P O L I S T Y S O N S C O R N E R H E R N D O N

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