National Safety Council. Consolidated Financial Report June 30, 2014 and 2013

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1 Consolidated Financial Report June 30, 2014 and 2013

2 Contents Independent Auditor s Report 1 2 Financial Statements Consolidated statements of financial position 3 Consolidated statements of activities and changes in net assets 4 5 Consolidated statements of cash flows 6 Notes to consolidated financial statements 7 17

3 20 North Martingale Rd., Suite 500 Schaumburg, IL O F Independent Auditor s Report To the Board of Directors National Safety Council Itasca, Illinois Report on the Financial Statements We have audited the accompanying consolidated financial statements of National Safety Council (Council) and its consolidated affiliate which comprise the consolidated statements of financial position as of June 30, 2014 and 2013, and the related consolidated statements of activities and changes in net assets and of cash flows for the years then ended, and the related notes to the consolidated financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated 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 the consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these consolidated 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 consolidated financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Council s preparation and fair presentation of the consolidated 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 Council 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 consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 1

4 Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of National Safety Council and its consolidated affiliate as of June 30, 2014 and 2013, and its changes in net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Chicago, Illinois August 29,

5 Consolidated Statements of Financial Position June 30, 2014 and Assets Cash $ 9,644 $ 14,570 Investments 12,127 - Accounts receivable, net 5,639 4,611 Inventories Prepaid expenses and other current assets 1,397 1,039 Other assets, net 1,608 1,909 Property and equipment, net 10,797 10,640 Total assets $ 41,790 $ 33,564 Liabilities and Net Assets Liabilities Accounts payable and accrued expenses $ 4,070 $ 4,831 Deferred revenues 11,283 9,517 Accrued pension liability 7,794 9,850 Long-term debt 1,750 2,250 Total liabilities 24,897 26,448 Net Assets Unrestricted 24,406 18,958 Net actuarial loss (11,654) (14,045) Total unrestricted net assets 12,752 4,913 Temporarily restricted 4,096 2,158 Permanently restricted Total net assets 16,893 7,116 See. $ 41,790 $ 33,564 3

6 Consolidated Statements of Activities and Changes in Net Assets Years Ended June 30, 2014 and 2013 Revenues and Other Support 2014 Temporarily Permanently Unrestricted Restricted Restricted Total Program revenue: Safety programs, products, and services $ 43,130 $ - $ - $ 43,130 Membership dues 7, ,905 Grants and contracts 1, ,057 Contributions 2,053 4,547-6,600 Net assets released from restrictions 2,609 (2,609) - - Expenses Total revenues and other support 56,754 1,938-58,692 Program expenses 41, ,480 Fundraising Management and general 8, ,997 Total expenses 51, ,429 Change in net assets before nonoperating activity 5,325 1,938-7,263 Nonoperating revenue and expenses: Investment income Net actuarial gain from pension 2, ,391 2, ,514 Increase in net assets 7,839 1,938-9,777 Net assets: Beginning of year 4,913 2, ,116 End of year $ 12,752 $ 4,096 $ 45 $ 16,893 See. 4

7 Consolidated Statements of Activities and Changes in Net Assets (Continued) Years Ended June 30, 2014 and 2013 Revenues and Other Support 2013 Temporarily Permanently Unrestricted Restricted Restricted Total Program revenue: Safety programs, products, and services $ 41,117 $ - $ - $ 41,117 Membership dues 7, ,340 Grants and contracts 1, ,126 Contributions 3,427 4,099-7,526 Net assets released from restrictions 2,919 (2,919) - - Other income Expenses Total revenues and other support 55,929 1, ,110 Program expenses 39, ,649 Fundraising 1, ,058 Management and general 8, ,522 Total expenses 49, ,229 Change in net assets before nonoperating activity 6,700 1, ,881 Nonoperating revenue and expenses: Net actuarial gain from pension 4, ,068 Increase in net assets 10,768 1, ,949 Net assets (deficit): Beginning of year (5,855) (4,833) End of year $ 4,913 $ 2,158 $ 45 $ 7,116 See. 5

8 Consolidated Statements of Cash Flows Years Ended June 30, 2014 and Cash Flows from Operating Activities Increase in net assets $ 9,777 $ 11,949 Adjustments to reconcile increase in net assets to net cash provided by operating activities: Depreciation and amortization 2,031 1,820 Increase in cumulative unrealized gain on investments (52) - Net actuarial gain from pension (2,391) (4,068) Change in assets and liabilities: Accounts receivable (1,028) (873) Inventories Prepaid expenses and other current assets (358) (66) Other assets (364) (411) Accounts payable and accrued expenses (592) (433) Deferred revenues 1, Accrued pension liability Net cash provided by operating activities 9,341 9,103 Cash Flows from Investing Activities Purchases of property and equipment (1,523) (878) Purchases of investments (12,075) - Net cash used in investing activities (13,598) (878) Cash Flows from Financing Activities Principal payments on long-term debt (500) (500) Principal payments on capital lease obligations (169) (268) Net cash used in financing activities (669) (768) Net (decrease) increase in cash (4,926) 7,457 Cash: Beginning of year 14,570 7,113 End of year $ 9,644 $ 14,570 Supplemental Disclosure of Cash Flow Information Cash payments for interest $ 17 $ 39 See. 6

9 Note 1. Organization and Significant Accounting Policies The National Safety Council (Council) was formed by a committee appointed in 1912 at the first Cooperative Safety Congress to establish a permanent body devoted to the promotion of safety to human life in the industries of the United States. Originally named the National Council for Industrial Safety, the organization was established in Illinois in The Congress of the United States granted the Council a federal charter in International Safety Council (ISC) is a related entity of the Council. ISC, incorporated by the Council in 1992, was formed to perform the charitable and educational purposes of the Council throughout the world. The Council and the ISC are each exempt from federal income taxation under Sections 501(a) and 501(c)(3) of the Internal Revenue Code, respectively. Significant accounting policies are as follows: Principles of consolidation: The consolidated financial statements include the accounts of the Council and the ISC. All intercompany accounts and transactions have been eliminated in consolidation. Accounting policies: The Council follows accounting standards established by the Financial Accounting Standards Board (the FASB) to ensure consistent reporting of financial condition, results of activities, and cash flows. References to Generally Accepted Accounting Principles (GAAP) in these footnotes are to the FASB Accounting Standards Codification, sometimes referred to as the Codification or ASC. Use of estimates: The preparation of financial statements 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue recognition: Membership dues are recognized as revenues over the period of membership. Fees for periodical subscriptions and safety service packages are recognized as revenues over the subscription period. Training revenues are recognized in the month when performed. Advertising revenues are recognized in the month the publication is distributed. Revenues received in advance are deferred until earned. Deferred revenues at June 30, 2014 and 2013 primarily represent Congress fees and sponsorship received in advance and membership dues. Grant revenue: Grants are recognized as revenue as earned. Expense driven grants are recognized as revenue when the qualifying expenses have been incurred and all other grant requirements have been met. Cash concentration: Substantially all of the Council s cash is held in one financial institution and balances exceed federally insured limits. The Council has not experienced any losses in such accounts and management believes that the Council is not exposed to any significant risk on cash. Investments: Investments are recorded at fair value, based on quoted market prices. Investment income, realized gains (losses) and changes in unrealized gains (losses) are reflected in the consolidated statements of activities and changes in net assets. The investment portfolio is subject to various risks, such as interest rate, credit and overall market volatility. Because of these risks, it is possible that changes in the fair value of investments may occur and that such changes could materially affect the Council s financial statements. 7

10 Note 1. Organization and Significant Accounting Policies (Continued) Accounts receivable: Accounts receivable are carried at original invoice amount less an estimate made for doubtful receivables based on periodic reviews of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual receivables and considering financial condition, credit history, and current economic conditions. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded when received. Contributions and pledges receivable: Contributions are included in accounts receivable and are recognized at the time of notification of an unconditional promise from the donor and are classified as unrestricted, temporarily restricted or permanently restricted based upon the donor s intent. Unconditional pledges are recognized in the period received. Management determines the allowance for uncollectible contributions and pledges by regularly evaluating individual receivables. Pledges receivable are written off when deemed uncollectible. Inventories: Inventories consist primarily of publications and audio-visual materials, held for sale and are stated at the lower of cost (first-in, first-out method) or market. Property and equipment: Property and equipment are carried at cost and depreciated over the estimated useful lives of each asset, ranging from three to thirty-nine years. Depreciation and amortization are computed using the straight-line method. Leasehold improvements are amortized over the lesser of the useful life or term of the lease. Computer software costs are being amortized over their estimated useful life of three years. Functional allocation of expenses: The costs of providing the various programs and other activities have been summarized on a functional basis in the consolidated statements of activities and changes in net assets. Accordingly, certain costs have been allocated among the programs and support services benefited. Other assets: Costs incurred in connection with the development of new products totaled $3,084 and $3,258 as of the years ended June 30, 2014 and 2013, respectively, and are capitalized and amortized over a five-year expected useful life. Accumulated amortization was $1,747 and $1,504 at June 30, 2014 and 2013, respectively. Amortization is recorded as program expense and totaled $616 and $638 for fiscal years 2014 and 2013, respectively. Costs incurred to acquire membership from other entities and for financing fees related to the purchase of the building, which are capitalized as other deferred costs, totaled $936 and $771 at June 30, 2014 and 2013, respectively. The costs are deferred and amortized on the straight-line basis over the life of the related asset or debt. Accumulated amortization was $665 and $616 at June 30, 2014 and 2013, respectively. Amortization expense was $49 and $48 for fiscal years 2014 and 2013, respectively. Income taxes: The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Council may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Council, the continued tax-exempt status of bonds issued by the Council, and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the financial reporting periods presented in these consolidated financial statements. 8

11 Note 1. Organization and Significant Accounting Policies (Continued) The Council files Forms 990s in the U.S. federal jurisdiction and the State of Illinois. The Council is generally no longer subject to examination by the Internal Revenue Service for fiscal years before Temporarily restricted net assets: Temporarily restricted net assets consist of contributions made to the Council and related entities to be used for specific safety programs. Temporarily restricted net assets are reclassified to unrestricted net assets when amounts are expended to meet the donor s use restrictions or the time restriction has passed. Permanently restricted net assets: Permanently restricted net assets represent the Freeman Endowment Fund, which was established in December 1988 to enhance the awareness of safety and health matters. The principal is to be preserved and interest earned is to be used to provide a grant to promote safety and health. Reclassifications: Certain items for fiscal year 2013 have been reclassified to conform to fiscal year 2014 classifications with no effect on net asset classifications or change in net assets. Subsequent events: The Council has evaluated subsequent events for potential recognition and/or disclosure through August 29, 2014, the date the consolidated financial statements were available to be issued. Note 2. Investments and Fair Value Measurements In 2014, the Council purchased certain fixed income mutual funds in amounts totaling $12,075. In fiscal year 2014 investment income from the change in unrealized gains amounted to $52. Interest and dividend income, net of management fees, amounted to $71. At June 30, 2014, the fair value of the mutual funds was $12,127. The Council follows the accounting guidance related to fair value measurements, which provides a framework for measuring fair value under generally accepted accounting principles. This guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Council uses various methods including market, income and cost approaches. Based on these approaches, the Council often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Council utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, the Council is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 assets include common stocks, mutual funds, and government and corporate obligations. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities. Level 3. Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. 9

12 Note 2. Fair Value Measurements (Continued) The Council assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Council s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the years ended June 30, 2014 and 2013, there were no such transfers for investments or pension plan investments (see Note 7). For the years ended June 30, 2014 and 2013, the application of valuation techniques applied to similar assets and liabilities has been consistent with techniques used in previous years. The following is a description of the valuation methodologies used for instruments at fair value: The fair value of fixed income mutual funds is based on quoted market prices at the last reported sales price on the day of valuation for the same investment. In determining the appropriate levels, the Council performs a detailed analysis of the assets and liabilities that are subject to the accounting guidance. At June 30, 2014, all investments are classified as Level 1. Note 3. Accounts Receivable Accounts receivable at June 30, 2014 and 2013 consisted of the following: Trade $ 2,629 $ 2,952 Contributions and pledges 2,830 1,557 Government grants Other ,850 4,862 Less allowance for doubtful accounts (211) (251) $ 5,639 $ 4,611 Note 4. Property and Equipment Property and equipment at June 30, 2014 and 2013 consisted of the following: Land $ 2,358 $ 2,358 Building and improvements 11,945 11,852 Furniture and equipment 4,198 3,846 Computer hardware and software 4,163 3,911 Leasehold improvements ,781 22,098 Accumulated depreciation and amortization (11,984) (11,458) $ 10,797 $ 10,640 Depreciation expense on property and equipment was approximately $1,366 and $1,134 for fiscal years 2014 and 2013, respectively. In fiscal year 2014, the Council wrote off $841 of fully depreciated furniture and equipment, and computer hardware and software. 10

13 Note 5. Revolving Loan Payable and Long-Term Debt The Council has a $2,000 revolving loan with a bank to be used for their working capital needs. The agreement was amended to extend the maturity date to April 28, Borrowings bear interest at a rate equivalent to the sum of the prime rate (3.25 percent at June 30, 2014 and 2013) plus 1.25 percent and are to be used for working capital needs. There were no borrowings during the years ended June 30, 2014 and The Illinois Development Finance Authority issued $12,500 of Adjustable Rate Safety Education Revenue Bonds (Foundation for Safety and Health Project), dated October 28, 1992, to finance the purchase of the Council s office building. Under a Reimbursement Agreement with a bank, most recently amended in February 2013, an irrevocable letter of credit secures the bonds. The letter of credit is collateralized by a mortgage on the land and office building. Principal is due in semiannual installments of $250 through October 1, Interest is payable monthly at a variable rate (0.13 percent and 0.10 percent at June 30, 2014 and 2013, respectively). Interest expense was $2 and $5 for each fiscal year ended June 30, 2014 and 2013, respectively. The revolving note and the Reimbursement Agreement require the Council to comply with certain financial covenants. For the year ended June 30, 2014, the Council was not in compliance with the capital expenditures covenant. The Council received a waiver from the bank for the covenant violation. In addition, subsequent to year-end, the Reimbursement Agreement was amended to increase the capital expenditure limit included in the covenant. The principal maturities of long-term debt as of June 30, 2014, are as follows: Year ending June 30: 2015 $ $ 250 1,750 Note 6. Leases The Council rents various office and warehouse facilities under lease arrangements classified as operating leases which expire at various dates through fiscal year The leases provide for fixed rentals and include provisions for rental adjustments each year for increases in property taxes and certain other expenses. The effects of rent abatements and stated rent increases for the office and warehouse facility leases are recognized on a straight-line basis over the terms of the leases. The differences between straight-line expense and actual cash payments for the years ended June 30, 2014 and 2013 is $64 and $21, respectively, and are included in accounts payable and accrued expenses on the consolidated statements of financial position. 11

14 Note 6. Leases (Continued) Future minimum lease payments under noncancelable operating leases at June 30, 2014 are: Year ending June 30: 2015 $ Thereafter 223 Total minimum rentals $ 2,645 Rental expense under all operating leases, including amounts paid on month-to-month leases and excluding utilities for office and warehouse facilities, and equipment totaled $673 and $816 for the years ended June 30, 2014 and 2013, respectively. In fiscal year 2008, the Council entered into a five-year capital lease arrangement to finance the costs pertaining to an organization-wide phone system valued at $684. This lease ended during fiscal year 2013 and the Council took ownership of the assets. In July 2009, the Council entered into a five-year capital lease agreement for printer and copier equipment valued at $662. This lease ended on June 30, The fully depreciated equipment was returned to the lenders with final payment under the capital leases. Note 7. Retirement Benefits Defined benefit plan: The Council has a noncontributory, defined benefit pension plan covering eligible employees hired prior to The benefits are based on years of service and compensation during the last ten years of employment. The Council s funding policy is to contribute annually at least the minimum amount required by the Employee Retirement Income Security Act. Contributions are intended to provide for benefits attributed to service. In September 2004, the Board of Directors voted to freeze the Council s pension plan whereby no new employees would be eligible to enter the plan and no additional benefits would accrue for increases in salary and wages or additional length in service. These changes became effective January 1, The Council recognizes the underfunded position of its plan (the difference between the fair value of the plan assets and the accumulated postretirement benefit plan obligation) in the consolidated statements of financial position. 12

15 Note 7. Retirement Benefits (Continued) Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 31,509 $ 34,149 Interest cost 1,348 1,263 Actuarial (gain) loss 1,071 (2,217) Benefits payments (1,674) (1,686) Projected benefit obligation, end of year $ 32,254 $ 31,509 Accumulated benefit obligation $ 32,254 $ 31,509 Change in plan assets: Fair value of plan assets, beginning of year $ 21,659 $ 20,328 Actual return on plan assets 3,647 1,818 Employer contributions 828 1,199 Benefit payments (1,674) (1,686) Fair value of plan assets, end of year $ 24,460 $ 21,659 Funded status (plan assets less projected benefit obligations) $ (7,794) $ (9,850) Amounts recognized on statement of financial position as: Accrued pension liability $ (7,794) $ (9,850) Amounts recognized in accumulated other comprehensive income: Net actuarial gain (loss) $ 2,391 $ 4,068 Components of net periodic benefit cost: Interest cost $ 1,348 $ 1,263 Expected return on plan assets (1,547) (1,575) Amortization of unrecognized loss 1,362 1,608 Net periodic benefit cost $ 1,163 $ 1,296 The net pension cost was calculated using census data, asset information and a measurement date as of and for the year ended June 30, The net actuarial loss that will be amortized in fiscal year 2015 into net periodic benefit cost is expected to be $

16 Note 7. Retirement Benefits (Continued) Plan Assets The Council invests the defined benefit plan assets in a professionally managed portfolio of equity and debt securities. The Council s target asset allocation is approximately 40 percent fixed income and 60 percent equity securities. Each year this asset allocation strategy is reviewed to determine the percentage of the fund that is allocated to equity and debt securities. Equity securities include investments in mutual funds invested in the securities of small, mid, and large cap U.S. and international companies. Fixed income securities include mutual funds invested in corporate bonds of companies from diversified industries and U.S. Treasuries. In addition, the plan has an investment in a guaranteed investment account. The expected rate of return is based on both historical returns as well as the outlook for future returns given the current economic conditions. The asset allocation for the Council s pension plan by asset category is as follows: Mutual funds Equity 64 % 57 % Fixed Income Other Total 100 % 100 % 14

17 Note 7. Retirement Benefits (Continued) The Council s plan assets measured at fair value as of June 30, 2014 and 2013 are presented in the following tables sets forth by level, according to the fair value hierarchy: Mutual funds Equity 2014 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs Level 1 Level 2 Level 3 Total Large cap $ 7,079 $ - $ - $ 7,079 Small and mid cap 3, ,251 International 5, ,336 Commodities/real estate 2, ,068 Fixed income 6, ,441 Guaranteed investment contract Mutual funds Equity $ 24,175 $ - $ 142 $ 24, Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs Level 1 Level 2 Level 3 Total Large cap $ 5,529 $ - $ - $ 5,529 Small and mid cap 2, ,561 International 4, ,341 Commodities/real estate 1, ,783 Fixed income 7, ,154 Guaranteed investment contract $ 21,368 $ - $ 156 $ 21,524 The Council s investments in mutual funds are valued based on quoted market prices at the last reported sales price on the day of valuation for the same investment. The Council s guaranteed investment contract is valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer. 15

18 Note 7. Retirement Benefits (Continued) The table below sets forth a summary of changes in the fair value of the Council s Level 3 plan assets for the year ended June 30, Guaranteed Investment Contract Balance, beginning of year $ 156 Investment income 3 Annuity benefits and fees paid (18) Dividends and interest paid - Unrealized gain 1 Balance, end of year $ 142 Contributions The Council expects to contribute $1,252 to the pension plan during the year ending June 30, Estimated Future Benefit Payments Estimated future benefit payments are as follows: Year ending June 30: 2015 $ 1, , , , ,838 In aggregate for 5 years thereafter $ 9,632 18,735 Assumptions used by the Council in the determination of pension plan information consisted of the following as of June 30, 2014 and 2013: Discount rate - benefit obligation 3.97% 4.42% Discount rate - net periodic benefit cost 4.42% 3.80% Rate of increase in future compensation N/A N/A Expected long-term rate of return on plan assets 7.50% 7.50% Defined contribution plan: The Council has also established a defined contribution plan under Section 403(b) of the Internal Revenue Code. The plan allows eligible employees to defer a portion of their compensation. Such deferrals accumulate on a tax-deferred basis until the employee withdraws the funds. The Council matches a portion of the employees contributions. Total expense recorded for the Council s match was $586 and $515 for the years ended June 30, 2014 and 2013, respectively. 16

19 Note 8. Temporarily Restricted Net Assets Temporarily restricted net assets were available for the following purposes: Campbell Institute $ 1,321 $ 1,334 Robert W. Campbell Safety Award (Exxon Mobil) Teen Parent Education Program Journey to Safety Excellence Safe Communities America Other Total $ 4,096 $ 2,158 The Campbell Institute program started in fiscal The net asset balance includes pledges received in fiscal years 2014 and 2013 totaling $2,280. At June 30, 2014, $1,206 is outstanding on these pledges and $944 and $262 are expected to be collected in fiscal years 2015 and 2016, respectively. The Robert W. Campbell Safety Award net asset balance includes a pledge received in fiscal year 2014 in an original amount of $1,000. As of June 30, 2014, $800 is outstanding on the pledge and is expected to be collected in $200 annual installments over the next four fiscal years. The Journey to Safety Excellence net asset balance includes pledges received in fiscal year 2014 totaling $755. At June 30, 2014, $600 is outstanding on these pledges and is expected to be collected in $150 annual installments over the next four fiscal years. The Safe Communities America net asset balance includes pledges received in fiscal year 2014 and 2013 totaling $316. At June 30, 2014, $75 is outstanding on the pledges and is expected to be collected in fiscal year

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