The Foundation has increased its total assets from approximately 1.4 million in 2001 to over $4 million in 2009. The bulk of assets are restricted for specific use such as scholarships for students and professional development for faculty and staff. Real estate for a future Child Development Center and the Parsons Building accounts for approximately $1 million in fixed assets. In August 2009 the Foundation became debt free paying off the real estate note on property purchased for the future Child Development Center.
The bulk of the remaining $3 million in assets consists of restricted funds for student scholarships and other college based needs.
Community and Technical College Foundation of Ashland, Inc.
Statement of Financial Position
June 30, 2009
| Assets: | |
|---|---|
| Cash | $711,715 |
| Accounts receivable | $19,877 |
| Pledges receivable, net of allowance | $316,156 |
| Prepaid insurance | $3,441 |
| Total current assets | $1,051,189 |
| Non-current assets: | |
| Pledges receivable, net of current portion | $79,426 |
| Investments | $1,932,887 |
| Property, building and equipment, net | $984,808 |
| $2,997,121 | |
| Total assets | $4,048,310 |
| Liabilities: | |
| Accounts payable | $3,142 |
| Current maturities of notes payable | - |
| Total current liabilities | $3,142 |
| Notes payable, less current maturities | $20,678 |
| Total liabilities | $23,820 |
| Net Assets: | |
| Unrestricted | $672,095 |
| Temporarily restricted | $1,268,830 |
| Permanently restricted | $2,083,565 |
| $4,024,490 | |
| Total liabilities and net assets | $4,048,310 |