Consolidated Financial Statements December 31, 2013 and 2012 Trinity Lutheran Church and Foundation

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1 Consolidated Financial Statements Trinity Lutheran Church and Foundation

2 Table of Contents Independent Auditor s Report... 1 Consolidated Financial Statements Financial Position... 3 Activities... 4 Statements of Activities... 5 Cash Flows

3 Independent Auditor s Report Church Council Trinity Lutheran Church and Foundation Moorhead, Minnesota Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Trinity Lutheran Church and Foundation, which comprise the consolidated statements of financial position as of December 31, 2013 and 2012, and the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management s Responsibility for the Consolidated 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 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 from 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 entity 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 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 consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion th Ave. S. P.O. Box 2545 Fargo, ND T F EOE

4 Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Trinity Lutheran Church and Foundation as of December 31, 2013 and 2012, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Correction of Error As discussed in Note 9 to the consolidated financial statements, certain errors resulting in overstatement of amounts previously reported for permanently restricted net assets as of January 1, 2012, were discovered by management of the Organization during the current year. Accordingly, amounts reported for permanently and temporarily restricted net assets have been restated in the 2012 financial statements now presented. Our opinion is not modified with respect to that matter. Fargo, North Dakota July 25,

5 Consolidated Statements of Financial Position Assets (Restated) Current Assets Cash and cash equivalents Church $ 619,398 $ 799,039 Lost and Found 58,298 24,429 Foundation 14,283 25, , ,931 Accounts receivable 39,438 40,681 Current portion, grant receivable 15,000 30,000 Total current assets 746, ,612 Grant receivable, net of current portion - 26,250 Cash Restricted to Building Fund 217, ,084 Investments Church 91,733 88,168 Lost and Found 544, ,206 Foundation 2,320,969 2,034,771 2,957,539 2,609,145 Property and Equipment, 6,021,749 5,984,993 Net of Accumulated Depreciation (3,893,357) (3,765,232) 2,128,392 2,219,761 Liabilities and Net Assets $ 6,049,650 $ 5,993,852 Current Liabilities Accounts payable $ 3,179 $ 29,234 Accrued vacation 15,832 14,140 Total current liabilities 19,011 43,374 Net Assets Unrestricted Unrestricted 325, ,758 Unrestricted - Invested in property and equipment 2,128,392 2,219,761 Designated 225, ,247 Total unrestricted 2,680,005 2,679,766 Temporarily restricted 1,952,740 1,888,480 Permanently restricted 1,397,894 1,382,232 6,030,639 5,950,478 $ 6,049,650 $ 5,993,852 See 3

6 Consolidated Statements of Activities For the Year Ended December 31, Temporarily Permanently Unrestricted Restricted Restricted Total Revenue Offering and contributions $ 1,156,579 $ 153,601 $ 15,662 $ 1,325,842 Tuition and fees 547,016 8, ,006 Interest and dividends 1,342 92,005-93,347 Ministry income 9, , ,313 Net unrealized gain on investments - 326, ,883 Realized gain on investments - 11,254-11,254 Other revenues and support 64,102 24,099-88,201 Net assets released from restrictions 1,005,666 (1,005,666) - - 2,783,924 64,260 15,662 2,863,846 Expenses General and administrative 1,127, ,127,817 Ministry 530, ,218 Preschool 526, ,597 Lilly III expenses 341, ,589 Depreciation 128, ,125 Friends in Faith 79, ,851 Foundation gifts 49, ,488 2,783, ,783,685 Change in Net Assets ,260 15,662 80,161 Net Assets, Beginning of Year as restated 2,679,766 1,888,480 1,382,232 5,950,478 Net Assets, End of Year $ 2,680,005 $ 1,952,740 $ 1,397,894 $ 6,030,639 See 4

7 Consolidated Statements of Activities For the Year Ended December 31, (Restated) Temporarily Permanently Unrestricted Restricted Restricted Total Revenue Offering and contributions $ 1,116,866 $ 151,448 $ 42,718 $ 1,311,032 Tuition and fees 529, ,606 Interest and dividends 5,701 79,579-85,280 Ministry income 9, , ,115 Net unrealized loss on investments - 194, ,881 Realized gain on investments - 5,675-5,675 Other revenues and support 46,461 26,931-73,392 Net assets released from restrictions 979,998 (979,998) - - 2,687,920 (143,657) 42,718 2,586,981 Expenses General and administrative 1,113, ,113,987 Ministry 385, ,113 Preschool 503, ,132 Lilly III expenses 304, ,120 Depreciation 131, ,208 Friends in Faith 142, ,715 Foundation gifts 71, ,545 2,651, ,651,820 Change in Net Assets 36,100 (143,657) 42,718 (64,839) Net Assets, Beginning of Year as originally reported 2,643,666 1,526,169 1,845,482 6,015,317 Correction of Error - Note 9-505,968 (505,968) - Net Assets, Beginning of Year as restated 2,643,666 2,032,137 1,339,514 6,015,317 Net Assets, End of Year $ 2,679,766 $ 1,888,480 $ 1,382,232 $ 5,950,478 See 5

8 Consolidated Statements of Cash Flows Years Ended Operating Activities Change in net assets $ 80,161 $ (64,839) Adjustments to reconcile change in net assets to net cash used for operating activities Depreciation 128, ,208 Realized gain on investments (11,254) (5,675) Unrealized gain on investments (326,883) (194,881) Contributions restricted to building (39,933) (82,962) Contributions restricted to endowment (15,662) (42,718) Changes in assets and liabilities Accounts receivable 1,243 (14,345) Grant receivable 41,250 33,750 Accounts payable (26,055) 19,620 Accrued liabilities 1, Deferred revenue - (5,114) Net Cash used for Operating Activities (167,316) (225,450) Investing Activities Change in cash restricted to building fund 1,782 51,859 Proceeds from sale of investments 76, ,043 Purchase of investments (86,518) - Purchases of property and equipment (36,756) (56,090) Net Cash (used for) from Investing Activities (45,231) 226,812 Financing Activities Cash collected, restricted to building 39,933 82,962 Cash collected, restricted to endowment 15,662 42,718 Net Cash from Financing Activities 55, ,680 Net Change in Cash and Cash Equivalents (156,952) 127,042 Cash and Cash Equivalents, Beginning of Year 848, ,889 Cash and Cash Equivalents, End of Year $ 691,979 $ 848,931 See 6

9 Note 1 - Nature of Activities and Significant Accounting Policies Nature of Activities Trinity Lutheran Church (the Church) was organized on December 1, 1882, and is a constituent of the Evangelical Lutheran Church of America. The Church is a nonprofit organization and is dedicated to the proclaiming and propagating of the Christian Faith through the means of Grace. The Church also operates a preschool which provides daycare and education to young children. The Church is supported primarily through contributions from the congregation. These consolidated financial statements reflect the activity of these funds: Preschool, Friends in Faith, Memorial, Building, Foundation, Lilly Pastoral Residency, General Ministries, and Lost and Found Ministries. The Friends in Faith funds are used to support individuals for servant and ministry trips. The Memorial funds are used for various Church activities including gifts, education, music, and other designated Church purposes. The Lilly Pastoral Residency Funds are used to help support the placement of local pastors. The Trinity Lutheran Church Foundation was established as an endowment to accumulate congregational giving and use the earnings on the endowment to support local non-profit and religious organizations. The Lost and Found Ministry Gulling s Trust (Lost and Found) started in 1987 in Moorhead, MN with the mission to educate, facilitate sobriety, heal and promote growth and renewal. Lost and Found is a nonprofit organization with the philosophy to be a ministry of healing for those afflicted with addictions. Included in these programs is providing intervention support and Pastoral counseling as well as expanding an addiction library, titled Project Hope. Lost and Found is supported primarily through contributions, fund raisers, and other various grants. Principles of Consolidation The consolidated financial statements include the accounts of Trinity Lutheran Church Foundation and Lost and Found Ministry Gulling s Trust. All significant intercompany accounts and transactions have been eliminated in the consolidation. Basis of Accounting The consolidated financial statements of Trinity Lutheran Church and Foundation have been prepared on the accrual basis. The significant accounting policies followed by the Church are described below to enhance the usefulness of the consolidated financial statements to the reader. The Church is required to report 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. The Church maintains the following funds for reporting financial activity: Unrestricted Unrestricted funds include funds available for the general purpose of the Church, resources donated in memory of individuals, and resources that are used to support various missionary projects. Unrestricted Invested in Property and Equipment Unrestricted funds that include the resources expended for property and equipment acquisitions less the related accumulated depreciation. 7

10 Designated Unrestricted Unrestricted funds designated for specific purposes by the Church Executive Committee. Temporarily Restricted Net assets subject to donor restrictions that may or will be met by expenditures or actions by Trinity Lutheran Church and Foundation and/or the passage of time, and certain income earned on permanently restricted net assets that has not yet been appropriated for expenditure by Trinity s Foundation Board of Directors. Trinity Lutheran Church and Foundation reports contributions as temporarily 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 purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Permanently Restricted Net assets whose use is limited by donor-imposed restrictions that neither expire by the passage of time nor can be fulfilled or otherwise removed by action of Trinity Lutheran Church and Foundation. The restrictions stipulate that resources be maintained permanently but permit Trinity Lutheran Church and Foundation to expend the income generated in accordance with the provisions of the agreements. Cash and Cash Equivalents Cash and cash equivalents include all currency, demand deposits and highly liquid investments with an original maturity of three months or less when purchased. The carrying value of cash and cash equivalents approximates fair value because of the short maturities of those financial instruments. Cash restricted to building expenditures, permanent endowment or other long-term purposes are excluded from this definition. Concentration of Credit Risk The Church maintains cash balances at a certain financial institution. The accounts at the institution are insured by the Federal Deposit Insurance Corporation. At times during the year, the Church's bank balances exceeded this limit. Receivables Accounts receivables are uncollateralized preschool customer obligations due under normal payment terms requiring payments within 30 days from the invoice date and are non-interest bearing. Payments on receivables are applied to specific unpaid invoices. Management reviews these receivables at year-end and charges operations with those considered uncollectible. All remaining receivables are considered collectible. Grant Receivable Grant receivable represent amounts yet to be collected on the Lilly III Pastoral Ministry program. Amounts are to be received in the next fiscal year. 8

11 Property and Equipment Property and equipment additions over $1,000 are recorded at cost. Depreciation is computed using the straightline method over the estimated useful lives of the assets ranging from five to forty years. When assets are sold or otherwise disposed of, the cost and related depreciation is removed from the accounts, and any remaining gain or loss is included in the statement of activities. Costs of maintenance and repairs that do not improve or extend the useful lives of the respective assets are expensed currently. Investments Investment purchases are recorded initially at cost. If donated, investments are recorded at fair value on the date of donation. The Church carries investments in marketable securities with readily determinable fair values and all investments in debt securities at their fair values based on quoted prices (all Level 1 or level 2 measurements) in the Statement of Financial Position. Unrealized gains and losses are included in the change in net assets in the accompanying Statement of Activities. Revenue Tithe and offering and ministry incomes are considered available for unrestricted use unless specifically restricted by the donor. Tuition and fees for the preschool program are recognized as services are provided to the children. Deferred revenue from prepayments received will be recognized in future periods as they are earned. Donated Services No amounts have been reflected in the consolidated financial statements for donated services. The Church pays for certain services requiring specific expertise, however, a substantial number of volunteers have donated their time in support of the church. Contributed services do not meet the recognition criteria prescribed by generally accepted accounting principles. Income Taxes The latest determination letter issued by the Internal Revenue Service indicates Trinity Lutheran Church and Foundation are exempt from federal income tax under provisions of Section 501(c)(3) of the Internal Revenue Code. As a religious organization, Trinity Lutheran Church and Foundation are not required to file any federal or state income tax returns. The Church undergoes an annual analysis of this tax position assessing the likelihood of that position being upheld upon examination with relevant tax authorities as defined by FASB Topic ASC As of, the Church did not record any uncertain tax positions. Trinity Lutheran Church and Foundation will recognize future accrued interest and penalties related to uncertain tax positions as income tax expense, if incurred. 9

12 Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Subsequent Events The Church has evaluated subsequent events through July 25, 2014, the date which the consolidated financial statements were available to be issued. Note 2 - Property and Equipment Property and equipment consists of the following: Land $ 549,690 $ 549,690 Buildings 4,481,785 4,447,606 Furniture and Equipment 990, ,697 $ 6,021,749 $ 5,984,993 Note 3 - Retirement Plan The Church participates in a pension plan through the ELCA Board of Pensions. The plan is available for all clergy and pastoral residents who work a minimum of 20 hours a week and for six months or more. Contributions are 10% of total salary and housing allowance. The Church also participates in a 403(b) retirement plan through Thrivent Financial for Lutherans. The plan is available for certain full-time employees and part time employees who work 900 or more hours per year. Eligible employees must also have attained the age of 21 and have completed one year of service. The Church contributes 7% of gross salaries for qualified employees into the plan. Total contributions to these plans were $54,029 and $56,763 for the years ended. 10

13 Note 4 - Designated Net Assets The Church Executive Committee has made the following designations of unrestricted net assets as of Council Reserve Fund $ 165,883 $ 164,871 Equipment Fund 33,632 33,632 Friends in Faith 26,270 26,270 Pastoral Staff ,286 Continuing Education Fund - 4,188 $ 225,808 $ 274,247 Note 5 - Temporarily Restricted Net Assets Net assets are temporarily restricted for the following purposes as of : (Restated) Unappropriated Earnings on Endowment $ 925,864 $ 666,518 Lost and Found Ministry - Program 603, ,635 Building Fund 217, ,084 Memorial Fund 107,345 70,396 Haiti Medical Mission 25,295 41,625 Youth Scholarships - Moberg/Eide 17,251 13,970 Youth Scholarships - Bible Camp 15,840 15,809 Computer/Software Fund 15,076 14,286 Lilly III Pastoral Fund 15, ,997 Scientists in Congregations 6,563 5,357 Partners with Him in Haiti 4,069 12,803 Senior Ministry Tours - Norway ,000 $ 1,952,740 $ 1,888,480 11

14 Net assets were released from restrictions as follows during the years ended : Satisfaction of purpose restrictions Lilly III $ 316,125 $ 304,120 Memorial Funds 179, ,749 Lost and Found Ministry - General Program 156,663 90,067 Haiti Medical Mission 110,224 64,295 Friends in Faith 68, ,319 Building for Missions 42, ,821 Partners with Him in Haiti 34,449 15,527 Youth Scholarships-Bible Camp 6,277 5,550 Scientists in Congregations 1,794 15,424 Youth Scholarships-Moberg Eide 1,532 2,863 Lost and Found Ministry - Building Fund - 2,234 Lost and Found Ministry - Bremer Grant - 6,763 Restricted-purpose spending-rate appropriations Foundation 88,109 79,266 $ 1,005,666 $ 979,998 Note 6 - Permanently Restricted Net Assets Permanently restricted net assets result from contributions from donors who place restrictions on the use of the funds which mandate that the original principal be invested in perpetuity. The income from these investments is available for the Church to spend for various purposes and is considered temporarily restricted until expended for those purchases. Permanently restricted net assets consisted of the following as of : (Restated) General Endowment Fund $ 848,172 $ 832,510 Project Seed Fund - Seminary Tuition, Bible Camp, and Lost and Found Ministry 395, ,903 Moberg Fund - Youth Support 102, ,156 Ida C. Eid Fund - Youth Support 20,413 20,413 Gillespie Fund - Music Ministry 11,240 11,240 Plant Maintenance Fund - Facility Maintenance 10,010 10,010 Carlson Annuity Fund 10,000 10,000 $ 1,397,894 $ 1,382,232 12

15 Note 7 - Investments and Fair Value Measurements Investments consisted of the following as of : Investments Recorded at Cost Certificates of Deposit $ 64,556 $ 85,534 Money Market Deposit Accounts 65, ,530 Rio Rancho Property 1,602 1, , ,666 Investments Recorded at Fair Value Common Stock 554, ,295 Corporate Bonds 360, ,407 Exchange Traded Funds 127, ,275 Government Securities 22,460 5,496 Mutual Funds 1,760,822 1,500,874 Preferred Securities - 44,132 2,825,477 2,420,479 Total investments $ 2,957,539 $ 2,609,145 Certain assets and liabilities are reported at fair value in the consolidated financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal, or most advantageous, market at the measurement date under current market conditions regardless of whether that price is directly observable or estimated using another valuation technique. Inputs used to determine fair value refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available. A three-tier hierarchy categorizes the inputs as follows: Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities that the Church can access at the measurement date. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and market-corroborated inputs. Level 3 Unobservable inputs for the asset or liability. In these situations, the Church develops inputs using the best information available in the circumstances. 13

16 In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Assessing the significance of a particular input to entire measurement requires judgment, taking into account factors specific to the asset or liability. The categorization of an asset within the hierarchy is based upon the pricing transparency of the asset and does not necessarily correspond to the Church s assessment of the quality, risk or liquidity profile of the asset or liability. The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at. Mutual Funds and Exchange Traded Funds (EFT s) Valued at the quoted market net asset value (NAV) of shares held by the Church at year end. Common Stock, Government and Preferred Securities Valued at the closing price reported on the active market on which the individual securities are traded. Corporate Bonds Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Church believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. 14

17 The following tables set forth by level, within the fair value hierarchy, the Church's assets at fair value as of : 2013 (Level 1) (Level 2) (Level 3) Total Common Stock Basic Materials $ 111,076 $ - $ - $ 111,076 Consumer Goods 100, ,736 Financial 73, ,643 Healthcare 63, ,619 Industrial Goods 36, ,327 Services 55, ,283 Technologies 85, ,016 Utilities 28, ,358 Total Common Stock 554, ,058 Corporate Bonds - 360, ,374 Exchange Traded Funds Financial 4, ,936 High Yield Bond 30, ,420 Intermediate Term Bond 92, ,407 Total Exchange Traded Funds 127, ,763 Government Securities 22, ,460 Mutual Funds Aggressive Allocation 107, ,005 Bank Loan 2, ,020 Emerging Markets 82, ,494 Emerging Market Bonds 26, ,737 Foreign Large Blend 3, ,113 Foreign Large Growth 89, ,765 Global Real Estate 23, ,913 High Yield Bond 99, ,171 Intermediate Term Bond 53, ,692 Large Blend 1, ,488 Large Growth 347, ,172 Large Value 89, ,727 Market Neutral 17, ,242 Mid-Cap Growth 94, ,493 Mid-Cap Value 31, ,293 Moderate Allocation 48, ,144 Multisector Bond 104, ,480 Small Blend 107, ,043 Small Growth 1, ,199 Small Value 81, ,110 World Allocation 125, ,666 World Bond 62, ,680 World Stock 161, ,175 Total Mutual Funds 1,760, ,760,822 $ 2,465,103 $ 360,374 $ - $ 2,825,477 15

18 (Level 1) (Level 2) (Level 3) Total Common Stock Basic Materials $ 92,552 $ - $ - $ 92,552 Consumer Goods 37, ,358 Financial 59, ,787 Healthcare 65, ,070 Industrial Goods 40, ,083 Services 65, ,583 Technologies 57, ,881 Utilities 29, ,981 Total Common Stock 448, ,295 Corporate Bonds - 278, ,407 Exchange Traded Funds Intermediate Term Bond 94, ,642 High Yield Bond 30, ,533 Financial 18, ,100 Total Exchange Traded Funds 143, ,275 Government Securities 5, ,496 Mutual Funds Aggressive Allocation 60, ,644 Emerging Markets 52, ,734 Emerging Market Bonds 29, ,728 Foreign Large Blend 3, ,121 Foreign Large Growth 48, ,547 High Yield Bond 91, ,802 Intermediate Government 14, ,316 Intermediate Term Bond 61, ,879 Large Blend 1, ,132 Large Growth 260, ,333 Large Value 65, ,621 Mid-Cap Growth 67, ,498 Mid-Cap Value 20, ,525 Moderate Allocation 58, ,901 Multisector Bond 103, ,290 Real Estate 39, ,938 Small Blend 120, ,807 Small Growth Small Value 60, ,923 World Allocation 122, ,037 World Bond 63, ,986 World Stock 152, ,579 Total Mutual Funds 1,500, ,500,874 Preferred Securities 44, , $ 2,142,072 $ 278,407 $ - $ 2,420,479 16

19 Note 8 - Endowment Trinity Lutheran Church and Foundation s endowment consists of funds established for assisting local churches and organizations. The endowment includes donor-restricted endowment funds. As required by generally accepted accounting principles, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. Interpretation of Relevant Law The Foundation Board of Directors has interpreted the State Prudent Management of Institutional Funds Act (SPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donorrestricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, Trinity Lutheran Church and 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 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 the Church in a manner consistent with the standard of prudence prescribed by SPMIFA. In accordance with SPMIFA, Trinity Lutheran Church and Foundation considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1. The duration and preservation of the fund 2. The purposes of the organization and the donor-restricted endowment fund 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 the organization 7. The investment policies of the organization. Permanently restricted net assets are the portion of perpetual endowment funds that are required to be retained permanently either by explicit donor stipulation or by SPMIFA. The composition of Endowment Net Assets are composed entirely of donor permanently restricted funds. 17

20 The composition of endowment funds and changes in endowment funds for the years ending December 31, 2013 and 2012 were as follows: Unrestricted Temporarily Restricted Permanently Restricted Total Donor-restricted endowment net assets, December 31, 2011 $ 11,474 $ 11,180 $ 1,845,482 $ 1,868,136 Correction of error - Note 9-505,968 (505,968) - Contributions ,718 42,718 Investment income 9 62,418-62,427 Appropriations for expenses - (79,266) - (79,266) Net realized and unrealized depreciation - 166, ,218 Donor-restricted endowment net assets, December 31, , ,518 1,382,232 2,060,233 Contributions ,662 15,662 Investment income 11 74,117-74,128 Appropriations for expenses - (88,109) - (88,109) Net realized and unrealized appreciation - 273, ,338 Donor-restricted endowment net assets, December 31, 2013 $ 11,494 $ 925,864 $ 1,397,894 $ 2,335,252 Funds with Deficiencies From time to time, the fair value of assets associated with individual donor restricted endowment funds may fall below the level that the donor or SPMIFA requires the Church to retain as a fund of perpetual duration. In accordance with generally accepted accounting principles, deficiencies of this nature are reported in unrestricted net assets. There were no such deficiencies as of. Return Objectives and Risk Parameters Trinity Lutheran Church and 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. Endowment assets include those assets of donorrestricted funds that the organization must hold in perpetuity or for a donor-specified period(s). Under this policy, as approved by the Foundation Board of Directors, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of the investment objectives of the Investment Policy Statement, with moderate level of investment risk. 18

21 Strategies Employed for Achieving Objectives To satisfy its long-term rate-of-return objectives, the Church 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). Trinity Lutheran Church and Foundation targets a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints. Spending Policy and How the Investment Objectives Relate to Spending Policy The Foundation Board of Directors has a policy of appropriating for distribution each year between three (3) and five (5) percent of its endowment fund s average fair value at the end of the previous three (3) fiscal years. In establishing this policy, the Church considered the long-term expected return on its endowment. The Church spending policy is such that the corpus of the endowment will be maintained in perpetuity. Note 9 - Correction of Error During 2013, the Organization identified misstatements within the prior year consolidated financial statements related to temporarily and permanently restricted net assets. The Organization restated its previously issued consolidated financial statements to appropriately reflect the temporarily and permanently restricted net assets. The following is a summary of the effects of the restatement in the Organization s 2012 statement of financial condition: As Previously Reported Adjustment As Restated As of January 1, 2012 Temporarily restricted net assets $ 1,526,169 $ 505,968 $ 2,032,137 Permanently restricted net assets 1,845,482 (505,968) 1,339,514 19

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