The Abraham Fund Initiatives, Inc. Financial Report December 31, 2014

The Abraham Fund Initiatives, Inc. Financial Report December 31, 2014 Contents Independent Auditor's Report 1 Financial Statements Statements of f...
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The Abraham Fund Initiatives, Inc. Financial Report December 31, 2014

Contents Independent Auditor's Report

1

Financial Statements Statements of financial position

2

Statements of activities

3

Statements of functional expenses Statements of cash flows Notes to financial statements

4-5 6 7-13

Independent Auditor's Report To the Board of Directors The Abraham Fund Initiatives, Inc. New York, New York Report on the Financial Statements We have audited the accompanying financial statements of The Abraham Fund Initiatives, Inc. (the Fund), which comprise the statements of financial position as of December 31, 2014 and 2013, and the related statements of activities, functional expenses and cash flows for the years 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. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free 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 auditor’s 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 auditor considers internal control relevant to the Fund’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 Fund’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 opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2014 and 2013, 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.

New York, New York September 24, 2015 1

The Abraham Fund Initiatives, Inc. Statements of Financial Position December 31, 2014 and 2013 Assets

2013

2014

Cash

$

Cash - Revolving Reserve Funds

235,774

$

325,000

Contributions Receivable, Net

704,628 -

1,149,784

618,274

Investments

51,636

56,705

Other Assets

13,515

36,514

5,208

2,405

Property, Leasehold Improvements and Equipment, Net of Accumulated Depreciation and Amortization of $156,038 and $161,449 in 2014 and 2013, Respectively Total assets Liabilities and Net Assets Liabilities Accounts payable and other liabilities Grants payable Deferred rent Loans payable Total liabilities

$

1,780,917

$

1,418,526

$

12,714 2,151 4,335 300,000 319,200

$

49,192 32,742 11,211 500,000 593,145

Commitments Net Assets Unrestricted Board designated - revolving reserve funds Total unrestricted Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets

$

See Notes to Financial Statements.

2

709,588 75,000 784,588

752,985 752,985

630,602 46,527 1,461,717

25,869 46,527 825,381

1,780,917

$

1,418,526

The Abraham Fund Initiatives, Inc. Statements of Activities Years Ended December 31, 2014 and 2013

Temporarily Restricted

Unrestricted Support and Revenue Contributions Interest and dividend income Realized and unrealized (loss) gain on investments Other Net assets released from restrictions Total support and revenue

$

$

(202) 270 25,869 2,421,264

Expenses Program services: Program initiatives and advocacy Total program services Supporting services: General and administrative Development and fund-raising Total supporting services Total expenses Change in net assets, before other change

Net Assets Beginning $

$

-

2013 Total $

Temporarily Restricted

Unrestricted

-

3,023,914 2,015 (202) 270 3,025,997

$

2,165,350 283

$

2,826 847 151,782 2,321,088

10,000 1,869

Permanently Restricted $

(151,782) (139,913)

-

Total $

2,175,350 2,152

-

2,826 847 2,181,175

1,886,064 1,886,064

-

-

1,886,064 1,886,064

1,960,862 1,960,862

-

-

1,960,862 1,960,862

334,563 169,034 503,597

-

-

334,563 169,034 503,597

333,812 250,092 583,904

-

-

333,812 250,092 583,904

2,389,661

-

-

2,389,661

2,544,766

-

-

2,544,766

-

636,336

604,733

-

Change in net assets

628,894 1,708 (25,869) 604,733

31,603

Other Change in Net Assets - Israel Affiliate no Longer Reported as Subsidiary Entity

Ending

2,395,020 307

2014 Permanently Restricted

-

31,603

604,733

752,985

25,869

784,588

$

630,602

-

-

-

636,336

46,527 $

46,527

See Notes to Financial Statements.

3

825,381 $

1,461,717

(223,678)

(139,913)

-

(363,591)

(91,008)

(1,075,738)

-

(1,166,746)

(314,686)

(1,215,651)

-

(1,530,337)

1,067,671 $

752,985

1,241,520 $

25,869

46,527 $

46,527

2,355,718 $

825,381

The Abraham Fund Initiatives, Inc. Statement of Functional Expenses Year Ended December 31, 2014 Program Services Program Initiatives and Advocacy Grants to Israel Affiliate Other grants Salaries and benefits Professional fees Outreach and promotion Trainings and conferences Office expenses Phone and communications Occupancy costs Depreciation and amortization Insurance Travel and meetings Interest expense Total functional expenses

Supporting Services General and Administrative

Development and Fund-raising

Total

$

1,526,993 28,565 179,063 3,756 19,581 7,788 91,983 1,369 5,674 16,131 5,161

$

222,258 32,551 4,829 10,262 4,082 48,208 716 2,973 5,979 2,705

$

138,422 29,618 994 -

$

1,526,993 28,565 539,743 32,551 33,374 4,829 29,843 11,870 140,191 2,085 8,647 23,104 7,866

$

1,886,064

$

334,563

$

169,034

$

2,389,661

See Notes to Financial Statements.

4

The Abraham Fund Initiatives, Inc. Statement of Functional Expenses Year Ended December 31, 2013 Program Services Program Initiatives and Advocacy Grants to Israel Affiliate Other grants Salaries and benefits Professional fees Outreach and promotion Trainings and conferences Office expenses Phone and communications Occupancy costs Depreciation and amortization Insurance Travel and meetings Interest expense Provision for bad debts Total functional expenses

Supporting Services General and Administrative

Development and Fund-raising

Total

$

1,541,909 65,849 226,035 4,714 4,754 17,660 6,366 69,108 1,444 5,582 9,377 8,064 -

$

233,799 28,500 1,076 4,853 9,934 3,581 38,873 812 3,140 1,778 4,536 2,930

$

208,849 36,112 2,680 2,451 -

$

1,541,909 65,849 668,683 28,500 41,902 9,607 30,274 9,947 107,981 2,256 8,722 13,606 12,600 2,930

$

1,960,862

$

333,812

$

250,092

$

2,544,766

See Notes to Financial Statements.

5

The Abraham Fund Initiatives, Inc. Statements of Cash Flows Years Ended December 31, 2014 and 2013 2013

2014 Cash Flows From Operating Activities Change in net assets Adjustments to reconcile change in net assets to net cash used in operating activities: Depreciation and amortization Deferred rent Provision for bad debts Change in realized and unrealized loss (gain) on investments Changes in operating assets and liabilities: (Increase) decrease in contributions receivable Decrease (increase) in other assets (Decrease) increase in accounts payable and other liabilities (Decrease) increase in grants payable Net cash provided by (used in) operating activities

$

Cash Flows From Investing Activities Proceeds from sale of investments Purchases of investments Purchases of property, leasehold improvements and equipment Net cash provided by investing activities Cash Flows From Financing Activities Proceeds from loans payable Payment of loans payable Net cash (used in) provided by financing activities Net (decrease) increase in cash and cash equivalents Cash Beginning Ending Supplemental Disclosure of Cash Flow Information Cash paid for interest

See Notes to Financial Statements.

6

636,336

$

(363,591)

2,085 (6,876) 202

2,256 325 2,930 (2,826)

(531,510) 22,999 (36,478) (30,591) 56,167

62,440 (5,793) 14,327 26,356 (263,576)

58,214 (53,347) (4,888) (21)

26,264 26,264

300,000 (500,000) (200,000)

500,000 500,000

(143,854)

262,688

704,628

441,940

$

560,774

$

$

16,501

$

704,628

-

The Abraham Fund Initiatives, Inc. Notes to Financial Statements Note 1.

Organization and Purpose

The Abraham Fund Initiatives, Inc. (the Fund) is a not-for-profit corporation organized under the laws of the State of Delaware on November 15, 1989. The Fund promotes coexistence and equality among Israel’s Jewish and Arab citizens. Named for the common ancestor of both Jews and Arabs, the Fund advances a cohesive, secure and just Israeli society by promoting policies based on innovative social models, and by conducting large-scale social change initiatives, advocacy and public education. The Fund provides grant funding to its Israel Affiliate, The Abraham Fund Initiatives for Jewish-Arab Coexistence, an Israeli not-for-profit organization. Note 2.

Summary of Significant Accounting Policies

Basis of presentation: The financial statements of the Fund are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (GAAP). In prior years, the Fund has reported the Israel Affiliate as a consolidated subsidiary entity. Effective January 1, 2013 the Fund does not consolidate the Israel Affiliate and the net assets of the Israel Affiliate are presented as a reduction in net assets in the statement of activities. The Fund and the Israel Affiliate are under the common control of a single common international board of directors. In prior years, the Fund was determined by management to control the activities of the Israel Affiliate, as most funding for the Israel Affiliate was controlled for the U.S. By 2013, the Israel Affiliate receives substantial independent funding and management determined that the Israel Affiliate operates independently. Prior to 2013, the Fund has reported its Israel Affiliate as a consolidated subsidiary entity. Over time, the level of oversight by the United States (U.S.) entity has changed, with the Israel Affiliate now operating as a separate entity under the guidance of a unified international board. In previous years, most funding was controlled from the U.S. and consolidated statements were prepared on an optional basis because of budgetary control. There is not, and has not been, legal control over the Israel Affiliate. As a result, the Fund has decided not to present combined financial information in these financial statements; it will be presenting a change in the reporting entity as the stand-alone financial statements of the U.S. Fund entity only. 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. Estimates also affect the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. General and administrative expenses, including professional fees and office expenses, are allocated among supporting services and program services, principally on the basis of the time that administrative consultants and office support spend on the various activities. Cash: The Fund maintains cash in bank deposit accounts which, at times, may exceed federally insured limits. The Fund has not experienced any losses in such accounts. Investments: Investments consist generally of money market and mutual funds and are recorded at fair value. Unrealized gains and losses are included in other support and revenue in the statements of activities. Property, leasehold improvements and equipment: Property and equipment are stated at cost and are being depreciated by the straight-line method over their estimated useful lives of 5 to 10 years. Leasehold improvements are capitalized at cost and amortized over the lesser of their useful lives or the lease term. The Fund capitalizes all purchases of property and equipment.

7

The Abraham Fund Initiatives, Inc. Notes to Financial Statements Note 2.

Summary of Significant Accounting Policies (Continued)

Contributions receivable: Contributions receivable that are expected to be collected within one year are recorded at net realizable value. Contributions receivable that are expected to be collected in one year or more are recorded at the net present value of the estimated future cash flows, using credit-adjusted interest rates, of the outstanding principal balance. Amortization of the discount is included in contributions revenue. An allowance for doubtful contributions, if any, is provided by management based on the Fund’s experience with the donors and their ability to pay. Management believes that all contributions receivable at December 31, 2014 and 2013 will be collected in full. Accordingly, no allowance for doubtful accounts has been recognized in the accompanying financial statements. Revenue recognition: All contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily restricted, and reported as net assets released from restrictions when the specific purpose is accomplished or the time restriction passes. Contributions that are required to be invested in perpetuity are recorded as permanently restricted support that increases those net asset classes. Donors may restrict the use of investment income and gains earned from invested contributions. Such investment return is classified in accordance with donor restrictions. However, if a restriction is fulfilled in the same time period in which the income is earned, the Fund reports the income as unrestricted. Net assets: In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 958 Subtopic 205 (ASC 958-205), Presentation of Financial Statements of Notfor-Profit Entities, the net assets are classified based on the existence or absence of donor-imposed restrictions by unrestricted, temporarily restricted and permanently restricted net assets. Grants expenses: Grants are recorded as expenses when they are approved by the Fund's board of directors and the grantees are identified. Grants payable are recipient amounts committed but not yet disbursed at year-end. Grants to Israel Affiliate: All grants made to the Israel Affiliate for its various projects are made pursuant to authorization by the board of directors of the Fund. Functional classification of expenses: The costs of providing program and other activities have been summarized on a functional basis in the statements of activities. Accordingly, certain expenses are allocated between program and supporting services. Recently adopted accounting pronouncements: In October 2012, the FASB issued Accounting Standards Update (ASU) 2012-04, Technical Corrections and Improvements. The amendments in this update cover a wide range of topics, including technical corrections and improvements to the ASC and conforming amendments related to fair value measurements. The amendments in this update will generally be effective for fiscal periods beginning after December 15, 2013 for nonpublic entities, except for amendments in this update where there was no transition guidance and which were immediately effective upon issuance. ASU 2012-04 has been adopted by the Fund and there were no changes to the Fund’s 2014 financial statements resulting from the adoption of this ASU.

8

The Abraham Fund Initiatives, Inc. Notes to Financial Statements Note 2.

Summary of Significant Accounting Policies (Continued)

In October 2012, the FASB issued ASU 2012-05, Not-for-Profit Entities: Classification of the Sale Proceeds of Donated Financial Assets in the Statement of Cash Flows. The amendments in this update require a not-for-profit entity to classify cash receipts from the sale of donated financial assets consistently with cash donations received in the statements of cash flows if those cash receipts were from the sale of donated financial assets that upon receipt were directed without any not-for-profit imposed limitations for sale and were converted nearly immediately into cash. Accordingly, the cash receipts from the sale of those financial assets should be classified as cash inflows from operating activities, unless the donor restricted the use of the contributed resources to long-term purposes, in which case those cash receipts should be classified as cash flows from financing activities. Otherwise, cash receipts from the sale of donated financial assets should be classified as cash flows from investing activities by the not-for-profit entity. ASU 2012-05 has been adopted by the Fund and there were no changes to the Fund’s 2014 financial statements resulting from the adoption of this ASU. Note 3.

Contributions Receivable

Contributions receivable consist of unconditional promises to give, all of which are expected to be collectible in full when due.

2014 Amounts due in Less than one year One to five years

$

Less discount to present value at a rate of 3.79% $

Note 4.

871,165 300,000 1,171,165 (21,381) 1,149,784

2013 $

$

618,274 618,274 618,274

Investments

The Fund follows FASB ASC 820, Fair Value Measurements and Disclosures. FASB ASC 820 provides a framework for measuring fair value under accounting principles generally accepted in the United States of America, and applies to all financial instruments that are being measured and reported on a fair value basis. FASB ASC 820 sets out a fair value hierarchy and 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. The fair value hierarchy is defined as follows: Level 1

Inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date. The types of investments in Level 1 generally include listed equities.

Level 2

Inputs other than quoted prices within Level 1 those are observable for the asset or liability, either directly or indirectly, including inputs in markets that are not considered to be active. Investments in this category generally include corporate debt, U.S. government debt, and less liquid securities such as securities traded on certain foreign exchanges. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement.

9

The Abraham Fund Initiatives, Inc. Notes to Financial Statements Note 4.

Investments (Continued) Level 3

Inputs that are unobservable for the asset or liability and that include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimates. Investments in this category generally include equity and debt positions in private companies.

For the year ended December 31, 2014, the application of valuation techniques applied to similar assets and liabilities has been consistent. The fair value of investments is the market value based on quoted market prices, when available, or market prices provided by recognized broker-dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use unobservable inputs due to the limited market activity of the instrument. The Fund assesses the fair value hierarchy 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. There were no transfers among Levels 1, 2 and 3 during 2014 or 2013. The following table presents the Fund’s investments measured at fair value, as of December 31:

Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) 2013 2014

Description Money market funds Israel bond Exchange-traded fund Mutual fund

$

$

Note 5.

11,137 2,055 38,444 51,636

$

$

16,944 1,000 38,761 56,705

Property, Leasehold Improvements and Equipment, Net

Property, leasehold improvements and equipment, net, consist of the following as of December 31:

2014 Computers and equipment Furniture Leasehold improvements

$

Less accumulated depreciation and amortization $

10

37,039 124,207 161,246 (156,038) 5,208

2013 $

$

32,151 124,207 7,496 163,854 (161,449) 2,405

The Abraham Fund Initiatives, Inc. Notes to Financial Statements Note 6.

Grants Payable

As part of its program activities, the Fund may make periodic grants to qualifying not-for-profit organizations in Israel that support the mission and meet the grants criteria of the Fund. When such granted projects cease to comply with certain criteria, or the project expenses are less funds than budgeted, the Fund's grant is rescinded. No grants were rescinded in 2014. Grants awarded during the years and unpaid at December 31, 2014 and 2013 total $2,151 and $32,742, respectively, and are expected to be paid during the following year. Note 7.

Loans Payable

In September 2013, the Fund borrowed $500,000 from a board member and a foundation of which a board member is a director of the Fund, for the purpose of assisting the Fund in managing its cash flow and payable needs. Interest is payable at the annual rate of 4.5% through March 31, 2014. The annual interest rate on the unpaid balance adjusts to 6.75% for the period from April 1, 2014 to May 31, 2014 and to 9% thereafter. Interest expenses accumulated for the duration of the loan amounted to $16,501 as of December 31, 2014. On March 31, 2014, the Fund paid a total of $263,125 broken out evenly to each party. On June 9, 2014, the Fund paid the remainder, with interest due in the amount of $253,376 broken out evenly to both parties. Loan with interest was paid in full on June 9, 2014. In July 2014, the Fund borrowed $300,000 from a board member and a foundation of which a board member is a director of the Fund, for the purpose of assisting the Fund in managing its cash flow and payable needs. Interest is payable at the annual rate of 4.50% through February 28, 2015. The annual interest rate on the unpaid balance adjusts to 6.00% for the period from March 1, 2015 to May 31, 2015 and to 7.50% thereafter. Interest expense accumulated for the year ended December 31, 2014 amounted to $2,441. On January 22, 2015, the Fund paid a total of $153,255 broken out evenly to each party. On March 26, 2015, the Fund paid the remainder, with interest due in the amount of $151,325 broken out evenly to both parties. Loan with interest was paid in full on March 26, 2015. Note 8.

Income Taxes

The Fund is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code (the Code) and is recognized as a public charity under the Code. Furthermore, the Fund is exempt from New York State income and sales taxes. The Fund’s affiliate in Israel is a registered Amuta (not-for-profit entity) is recognized as a public institution for income tax purposes and for contributions in Israel. As a not-for-profit entity the Fund is subject to unrelated business income tax (UBIT), if applicable. For the tax years ended December 31, 2014 and 2013, the Fund did not owe any UBIT. Management had evaluated the Fund’s tax positions and has concluded that the Fund had taken no uncertain tax positions that require adjustment to or disclosures in these financial statements. Note 9.

Board Designated Funds

In 2014, the Fund’s board of directors designated certain of the Fund’s unrestricted funds as a revolving reserve fund to serve as an internal line of credit.

11

The Abraham Fund Initiatives, Inc. Notes to Financial Statements Note 10.

Temporarily and Permanently Restricted Net Assets

Temporarily restricted net assets are available as follows as of December 31: 2013

2014 Conflict Resolution Scholarships Revolving Reserve Fund Time Restriction Temporarily restricted net assets

$

$

1,708 250,000 378,894 630,602

$

$

1,869 10,000 14,000 25,869

Net assets released from restrictions amounted to $25,869 and $151,782 for the years ended December 31, 2014 and 2013, respectively. These releases were based on the fulfillment of the purpose and time requirements for the restrictions as noted in the following table:

2014 $

Conflict Resolution Scholarships Language as a Cultural Bridge Advocacy and Public Policy Time Restriction

$

1,869 10,000 14,000 25,869

2013 $

$

1,682 22,100 50,000 78,000 151,782

Permanently restricted net assets of $46,527 consist of the principal portion of the investments designated for university scholarships in Israel (Conflict Resolution Scholarships). Investment gains from these investments are required to be accumulated, and interest and dividends are available for scholarships and are classified as temporarily restricted net assets. As of December 31, 2014 and 2013, accumulated and unappropriated earnings on these investments amounted to $1,708 and $1,869, respectively, and are reported as temporarily restricted net assets. During the years ended December 31, 2014 and 2013, $1,869 and $1,682, respectively, of these accumulated earnings were spent for conflict resolution scholarships. From time to time, the fair value of assets associated with individual donorrestricted conflict resolution scholarships funds may fall below the level that the donor or law requires the Fund to retain as a fund of perpetual duration. Deficiency of this nature is reported in unrestricted net assets and was $1,083 and $766 as of December 31, 2014 and 2013, respectively. The deficiency resulted from unfavorable market fluctuations. Note 11.

Commitments

The Fund operates from leased office space in the City of New York Under a lease which expires on October 31, 2016. The Fund terminated this lease at December 31, 2014. The termination fee was $23,499. The Fund included the lease termination fee in occupancy costs in the statement of functional expense.

12

The Abraham Fund Initiatives, Inc. Notes to Financial Statements Note 11.

Commitments (Continued)

During 2014, the Fund entered into an operating lease agreement for a new facility. This new agreement will expire on October 31, 2019, with an occupancy date of November 1, 2014, and is subject to rent escalation. Below is the future aggregate minimum commitment under the new lease.

Year Ending December 31, $

2015 2016 2017 2018 2019

$

47,073 48,721 50,426 52,191 44,754 243,165

Rent expense amounted to approximately $112,000 and $90,000 for the years ended December 31, 2014 and 2013, respectively. Note 12.

403(b) Pension Plan - United States

The Fund has a defined contribution employee benefit plan for all eligible employees in the United States. Employees must have completed one year of service unless the employee was coming to the Fund from another not-for-profit organization. Participants may elect to defer up to 25% of their annual compensation, subject to limitations as provided in the Code. The Fund contributed 5% and 8% of the participants' annual compensation during fiscal year 2014 and 2013, respectively, which can be adjusted on a yearly basis pending approval by the board. Participants vest fully in the employer's contribution immediately. The Fund made retirement contributions totaling $20,725 and $34,281 for the years ended December 31, 2014 and 2013, respectively. Note 13.

Concentrations

Financial instruments that potentially subject the Fund to a concentration of credit risk are cash accounts with major financial institutions in excess of Federal Deposit Insurance Corporation insurance limits, and contributions receivable. At December 31, 2014 and 2013, all cash accounts are held by one bank. This financial institution has a strong credit rating and management believes that credit risk related to this account is minimal. Contributions for the years ended December 31, 2014 and 2013 include $1,450,000 and $1,235,500, respectively, from one foundation. Contributions receivable at December 31, 2014 and 2013 include $600,000 and $475,000, respectively, due from this foundation. Note 14.

Subsequent Event

The Fund evaluates events occurring after the date of the financial statements to consider whether or not the impact of such events needs to be reflected or disclosed in the financial statements. Such evaluation was performed through September 24, 2015, the date the financial statements were available for issuance.

13

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