^£^5

MR

BELX^ADO COMMOWFTY COLLEGE FOUNDATION, INC NEW ORLEANS, LOUISIANA

FINANCIAL STATEMENTS

JUNE 30,2010

Under provisions of state law, this report is a public document Acopyofthe report has been submitted to the entity and other appropnate public officials The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropnate, at the office of the pansh clerk of court

Release Date l ^ l l O l l A iHio\i

Postlethwaite & Netterville

A l W « M M d AeeounhfiB CeifwnAion

DELGABQ COMMUNITY COLLEGE FOUNPATION. INC. NEW ORLEANS^ LODISI ANA

l?lNANCiAL STATEMEN1S

JUNK30.2Die

C O N T E N T S

INDFPR^FNT AUDIfORS' REPORT 1

FiNANQALSrATEMENrS

Stdtemcmsof financml Po»don 2

Statement's of A -i vities 3-4

St itemertl'sorCash Flows 5

NQTLS lOnNANCIALSTArHVgbNrS 6

Postlethwaite & Netterville

WWW pncpo con*

rvD£pg!SFD£Nr \UDrro]fes^ RETORT

To the Bottrcl ul Uitxctor^ ot The Delgadc Communuv College Foundauon tnc NewOrtcaits Lrm^ana

We have AiulUvd the aci.umpan>mg siater»ent!> of finaflcial postUott of the DcJ^do Community College Foundfttton U\c (si non|m>l1torgdni/dltcii}'(the Konndation) as of June 3D 301U mu) 300<}, *md die retoi ia statements oi achvibcs, and cash dows f(»* the yeafs then ejnded These nitartcml statements ai^ the responsihihty of the Foundation*!; mandg&meni Our responsibiliiy is to express an opinion on these fhumciat s tatcnKni based on our audits

We conducted oui audits m occddamre with auditing standards gaseialty accepted tn the Untied S m ^ of America 1 ho»e stanUardj» re<iuire tihiat we plan and perform the audit to obtain reaion^blc as&unmce about whether the llnancml staicmaits art free of matcna! misstatemcnc An audit tntludcs consideration of tntcmid conu^l o\er Hnancial rcporttng as a basis ioi designing audit procedures that are appropnate m the circumstances, but not foi the purpose of expressing an opinion on the efffccli\ene^ of the Foundation's internal control over financial rtqjorting Acconlmgiy, we repress no ^uch opinion An m ^ l mciudcs examining on a test basris, evidence supporting the amounts and disclosures tn die ftftancial statements An audit also includes ai <!iessmg the accountmg principles u$ed and Ntgnificanr esttoites made b) mana^ment a& well as evaluating the overall nnaitcml ttaicment pre>eniation We believe that mir audits provide a reasonable basis lor our opinion

jn our opiinun the financial statements re&rrcd to above present tair!>. m all material respects* the fTn m-ial position of the DeJgado Commonity College roimd<^on^ Inc at June JO, ^ 1 0 and 2009, and tihe change tn Us net assets and its ea^ flows for the years then ended in contormity with iiccounimg pnnctples gcncrafly accepted in the United States of Amenca

0 ^ M ^ ^ M*€f * Metainc Louisiana November UIQIO

i .

30^ Bocf - Enet-Qy Cenfe • 1100 ftjydras Street * H^Qriems, LA W63-30(X) • ""ef S04S8929'8 OneGalter-aBlvd Sutte210Q - Mebrit LA 70001 • let 504,837^90 " Hx 504.8343609

\ - ^ ' - * i

D E K ^ A D O C O M M U N I T Y C O I LfcGE FOtiXD KTION, IXC >fFWt>w,)frANSiQinisiA?v^ '•

jyv£39,2019^i»d?00?.

A-

Csrreot ai»>iet£k Ca$h tutd cash ev|ut\at«f»$ C^h &fld chsh equl\^nt«^ ivslnct&l Pledges receiV;diblc uei of discount bftse r«ceivabl« - S'tudem Lttc Cent«r Inv«timent5-iNoic4} prepaid expen'se^

fota! eurroii a^ets

InvesniuMits - (Note 4) Pledges recejvat>Jc Boni issuance tostk, n u L ease receivable - Siudeni Life C«mer

ToiftI non-cunret4t Assa^

eatal Assets

L l A B f X I T I ^ S

Carrent UabiliUes. Accounts payable Boadk p^able, net of dtscobni of S4 <£31 Due>to Alnmni A&tocUitton Accrued mtercbt |»i>4bt«

total curreai tiabihttefi

ton^ te rm ltahthtte$* Bonds payable, net of discoum of S84,a9T DuetoDdgadOrnei

Toiot long-term habilnies

Total habihuib

Net nSMtfs; Unr(Mtncii»d remporanl> restricted Ferman^tly reNUtcied

!c»ialneta>'cets

r^tal 1 tahdiUes JM^ N>t Minis

S S I f f ^

S

S

S mrnsxsss

2oia

1413> 4$$ 3.14

100.009

2,10235>^

35a MO

231,^SS 3365,079

3.«S7^14

5,969.707

SSET:»

15,643 9 5 . 3 ^ 32.68t 5 3 1 ^

197,499

3*420,105 -409.K7«

3.S29,9S1

4027,480

120,76^ 1 7S2.064

39,400

! 942427

S9g9>707

2009

$ 106 $56 338,S23

9)739 95,000

X^^2

l.S^7;214

350.^99 10395

261,975 3^65,079

3 9913^8

$ 5^2a4S2

$ 16 705 90369 I5,»6^ 55,172

178,109

3J515,472 ^70.240

3.89U712

4,069,8Z1

lQI,79Jt t,6IS43S

38,400

l.'?58,631

$ 5,R2» *52

The JiCtfi.}mpanvijng i oies a r e s n i n t m ^ l paif oirthwSi. &tat«mcnl&

->-

pr , t CAIMK Qi^MirlNI \ > CTMi^Cfi ^QM>PA H tQ^- I N C

Sh W ORi.£ANS. I OtHSt KhtA

FOR r U L YEARS r V D g P J t J N f 30 20lftaBdl009 m0

Support tiod ft«v«no<K

Comnburtoii« I utttU^it^ins ti::v<3\ui» l^«tc rental revuiue

rtoaated sen-Ices and faati sti Div^dendir and ml«ve« ReatiTtd gain on (fyvcsun^i*? lint«»U3scd ^ l a dn tmcstmenu

lmr(!imcw:d

5 32,041 80JIW

-

(J0.H2 «.5i9

• .

IcitijvminVv Re&tni.ied

S 10» QS2 -

239,305

3^493 5,622

92,951

PcnA&a«<dl>

Hcstnctu]

$ 1,006 « *

* •

ItAal

S Ml , t35 80 219

23V3t1<

6«,3I2

47 05 J 5,622

92954

fatal juppoft and }»cau«^

Uti a.'ts«^ reltfisd ^om nsAtvi^im

foial $uppon. Kvmixcs «im) other

IRM93

3 2 0 , ^

S02,022

41M ^55

(320,829)

163,626

uooo

uooo

66&,Ma

666,648

Espenses FundRtsn^g (»pen$es ^kiioli^nthlps

Other co'lleacsBppon Managemenf a&d aenera! ocputses IniBifSt cvpcnac

imjiiCNpentev

• Changes in net fts«ctc

Net assets Begtofilag ofttie }car

£;ndofthe>ear

_ 15,222 6,$2ii

ia;>559 54,723

271 :22

4«^052

18970

IOU'?93

S 12076^

163 626

1,618 118

t,000

3a,40i)

15.222

0,^26 IS5 559 54,72.*

221*222

f S3 as:

IH1>96

i 75M3I

S l2076Tt $ 1,7^,06-t $ 39,400 S 1,94X22?

>rupKiMN,S)iWV^M

S.tATEME'S I < OF ACTIVfTtlrS rto»Mi««cctl I'XiRTtir VKVRS TMifeD JUNE30.2DI0 ^nd 2009

206»

Support and Rev«n«t«« Cortrhuironsi rundf tijiftS ftft «ftae« I «»b« ruiul npvtnta DoiMtetl st'rvic^ ind taciliues DtviJendsnod ImenSi t HeaUml (lOMk) Oft invesaaems: UurcdtAiJ (lo- t) ott m\»tn8iats

f orai Nippon an4 iev«iHies

1 iLk^natct

S 9 802 *>» i n

> 6(1 UZ

MO^

-

Ii»ftp«if^nl>

R«sincad

$ 207,^5 .

240,49^ •

4J.1S: (199)

(I93J23)

r£rrnanC}iuy

----. -

Tml

$ 218,547 9a,4}2

240,497 £0,342 44J»I

i\m mjzs}

M l 666

421 $23

295,902 1,000 468,568

Tofj*J support, icvemiesAnd<Hhcf wppoii

ispenscs rundrott^ms ttvpcn^^. Scbolorship^ Oih«rcon«et,$uppitMt MsnojromLai aiid jtcnend expense MHMCSI cspknse

1odile^AiMr«

t flanges in n«ia5fiet»

Nclflitsct^

li«g«nmiig«rfli«}ear

Tttd ofttie year

599,4«9

2S,5H ^5 126

262 132 37,3<»S

-:>9ft444

607.911

l8.t22)

l ! r 2J5

S m i 793

(Ut.o-^l)

(131.920

l,750^W

1,000

t,00fj

37,400

46S.5^

25,5H »^26

2«2.t32 57.398

226.444

607,911

(I39L343)

I.S97.97J

S 101793 $ 1618438 S ^8400 $ )J5a63;t

P*c ^vt.,onipanvtns notes are $» mtejri^ piort {i^tht»sioi^ intnt

t>FLr;A»OrnVtMaM7\ C O M l>f,feH>^*VDAriQN.LNC' ^KW ORl lASS. I Ol tSUNA

STA r£MEN 1 o r CASH Ft OWS

CASH fUlVirS fRO»l OPrRATINC ACnVITI^^ Changitpoeias^c's ^djusniKms m rtn.eiiti^i. chun^it in re t as>«i> to iwst ui>h

piuviddi by operating «cttvtiies' Amont7^ton of b<i?id ducspim asd boHid nsuaiK^ u»»is Unre«li/£d (gmn) fo$:» on ime^tments

C hangtt ui apcr£»7iitg ajh»fts a ^ ^ ^ 0 l i s $ . Pledgo fcuivable^ net o^disctnimacannion Prepaid«xpenses Accounts pa>tt&1e Accmcd t t^&fi pAyabN!

N«( e t<fh provided b> opmuing actii)ti«s

Puitihttscti ot tnvfeatfneau t*roceeds iVom ^ Ic s of lovcstmeotit

Net cash u iu l in m\o»ur$ aai^^itires

CASH PLOWS m)M ng^ANaNa ACTIVI m s Uond pnncip^t pdym«nt!i RG,<tp*$ Oft Ita&c rtjceivahie PaymuitiF on dvc to Dclgado Commimitv C o i l i ^ Pa>ments on diixt to l>elgado AJumm A& riCiustMo

Net cash provided hf Onancing ai u\ t ins

CAS« VNDCASH EOtAVALENIS Bt^nnmg of the year

Cnd(^ die year

2010 20U9 S ta^ 396

17 681 (101.142)

n,44g (1,227) (1062) (1366)

107,928

(14311)

{i4 5 i n

t95(KJ0i 95,000 ^36^8 16,818 50 456

$ smM^i

13,432 191.110

(3.488)

^M23? 6t,603

(73J96S) 61 143 (14.822")

WOQO) 9O;000

15^8^ 482

143.873

465,679

47 263

418^16

$ 609,532 $ 465JKr9

RECONCILKTION Ofr CASH AND C A ^ gOntVALENTJi: O i ^ and ca$h c<iuf t^aU^ts;, {|nRmr*cted CEttiidoJt^diequtvaSuiijx rcbtncied

loud

DtSCLO&URE OK NON-CASM tTEMS, tn4andd0nauonii to the FoandKUoo

O t » £ R O I S C L O S t J « L &

% 141038 $ } m , » ^ ^68t3l4 358 823

S 609,552 % 465,679 II ir'niiiri'i saeaag <iii ' ii

$ m U 2 % 60,342

S 2 2 2 , 5 ^ S 269,011

1 he ik<wnr«iiivin£L AOK* ort, an in^d^nil part ol fhcst. >t3teiri-nis

TffE DELCA0O COMMUNITY FOnNDAriQN. LNC. N'EW O m EANS, LOUISIANA

NOIFS TO FtNANCIAt STATPMENTS

1 Nature of ActivStMttt

1 he Dclgado Cammunity Colkg,; Fout*dauon, \ m (the f oundmicnt) Vi a nonprofit coiporatwn oi^rfni/ed under the *awr<ioftheS^teteofLoulSlana on June 1» 1988 to

• Pmmoie the educational md culmrai wcliate of the D d ^ o Ccmimunity College (Delgado) and develop «ix{^nd, and improve l)elgado*s (hcltlties to provide broader educational advantages and opp(»tiinmes encourage rei tutftii, and increase Delgado s usefulness^

• A&M&t any bXud&a to toirtmue his or^lier studies >vithin Ftelgado, aid and facilitate anv Kn<? of ^oTk or researeii in the areas «mbmced m di$ objcus and pnrpohcii ofDolgado; nnd g^emOy, tnterprci liic aims. ob,ecuve&, Bnd needs 6t>De<tgado lo die public with a view to bener muittal understending and progre^, mid

• Solicit and accept grants and bequests, including tund$ of all kinU^ *o provide scholarbhips and activities m researcti orsoch oth^* designated benefits ^or l^tgddo and tt$ facdities and $itnd(»iis,

l*hfe Foundation is governed by a Board of Director* Paor to the orgam^aticm of the Foundtilion, the Delgado Community Col^go Developmcm Foundaiton (the Devetopmem Toundation) mfmiESemcd te suppofi origani/^ion for Delgado

2, gjanimarv of Slgiirflc»Bt AccottPtiiitf FoKaeb

Basis of presentation

I he accotmt;ii of the Foundation are maintained m accotihmce wuh the principle; of ibiid accocffittng under whsch rc^urces for 't'ariotis putiKsses are clasfiHed into tods according to speciiiad activiae^ or objectives Net BiSfSis am available for the toUowmg purpows

UprusnIcted Net M*:^ - This tuod is used to account for unrestricted revenues and e>tperidinir«av

1 lie i oundat<on recoid^ conttibutiom; n> temporanly reacted if they Jfit received with donor snputation^ t^at tiniU their use either through purpc^se or time restrictions W.ien tkini r i«$trtcttons expiree ten^porardy rc^ tncied n«t asi,m are reclassified to unresmtcEed net as sets and reported m the Statement of Activities ss net a$$et leteased from resini.ttQn$

1 mporanK Rc^tnctcd Net Assets include the following

Cfaailcn^g Qtai ^ Pridowmcnt - this fund H used to account for a gf<tnt received from the US* i'>epartmcni of education whiUi i$ t^ing administeied b> the Toundatton

f - 6 *

1 HE DEI^ADO LOMWONITV FQUNI>ATION, iNC NFW ORI.KAMS, LOUiSlANfA

N01KS rO HNANCIAL STATEJMl^N FS

2 Sammar> of SIgatflcaat Atconnting Policies fcontioued)

Restricted Capital Developmtfm - This fund in u&ed to accoum tor contributions to tlte Foumlafion \ ))m£ use ha^ bM ii re&tncied bv donors for capital Improvemem^

^•LSgJ'^^^^'^hfP" ^ *s ^nd IS used to acLuimt for contributions to the PoumMtion which die donor hi^ designated for the purpose of General Assistance I'rognnn Scholarship^ to low ^M ntodarate income sltidcn^s dial do not qualify for fedenti or state financtji Aid

Dclgaslo Kcu>V|eiy *- Inis tund i tf^d to account forconinbulums to the 1 ouiidation ^\ho% use has bam re^nicied b> donors to assiM the coUetge to necovcr from the effects orilom*.anc ICatnna

Katnna Student Vicnms » H I K fund is used to «tccodhl M conlnbuttons to the Foundation u.^ose use lias been rcstn>:tcd b> donors (br as'nstance to students affected by Htirrtcane Kami^

Ai hton Ryan Lndowc4 P^roftssorship - 1 his rvind is used to acccunr ^ r contrmMions to the Founddticn to establish the Ashton Ryan £ndo\ved Professorship Mr Ryan ha& pledged ^ ^ 000 to Uie Fout^aiton ami once the matchup S40,Q00 is obtained from ilic State* the procettd^ s iU be tumad aver to Detgsdo Community College ^

Jft pph J Krcb i. Jr Fndowgd Professorship - Thw fimd u* ie»ed to account for contributions to d^ Foundation to estabUt ^ ttse J<^ph J Krebs it Proiessor^ip Ihe fmrndaiion expects tnct^lect private pledges totalinj2. $(^,000 over the next five years, a i^ once dt« a^di tng S4D 000 is obtained Ihim the State the proceeds will be turned over fo iho Delgado Community College

Dr John fjiin Emtowed Schola'shtp - Vbis fiind is used to account for conmbunons to the Foundation to establish ihe. Or John Finn Endowed Scholarship. Metropolitan Hospital Association donated S30,000 during ih^ year endc it June 30 2009 1*he matching S20«000 was obtidned (torn the State and die proceed^ 'weit turned over to Delgodii Comrrunity College dunnjg. the liscal.year 2010

Outer rqunddiion Scholarsbtpv - This fund i& vts^ to accoimt ibr contnbutioi^ to the 1 oundation whtch th« donor has designated tor the purpo^ ot svholarshipa in someone's name 1 he nta)0fity of the balance IS for ^hi>lar£ihip« tn the rame of Seymour Wtes&

Adopt^:Frog>S!^ - fhis fund is used to account tor contnbuuons to the fourdation which the donor lias designated fbr the purpose of ohiaming endowc'd professorships. One*; specttted levels of donaxton t me obtained the funds ans tram^iied to Delgado to be used ui'the endowment program

Bj&cbjll Fipgram Ihis f\md is u s ^ to account for contributions to the Poandnnon whose u&e hus been nsstricted bv d<moi for assistance to the Baseball program and to renovate the Kirsch' Roone> Baseball Sihdfum

. 7 .

THK DELGADO COMMUNfrV FOtlV1>4TtON> INC X£W ORLrANS, LOIiiSlAVA

NOTfeS 1 0 mHASClAL STA t £ M £ ^ i S

* SmttmaiY of Significant Aecotmttiiig Potkic< Umlmtt&il\

Permaittntty Ke! in<.icd Net Ansax^ tnetode the foUovving

Qwatpii;; End<yyjneiii Ngi A>5eis - An endowment scholar^ip fiand was established b> the Foundation m accordance with (he gift instruments Irom the Overture to the Cultural Ans, The corpus is permmtendv restneted however, the mteie&t income generated from die corpus is lemporaniv FC&tiicted,

Cash and cash eqmva'ente

For the purpo^ of the cash ftovis the Foundation coo'Siders 2UI highly hqutd mve&UTHbnts purchasied wsth an origin^ maturity ol ihMt? months or less to be cash equivaienis

AmQ^t^^tip^of^e Bond l>iscQuni and Bond Issuance Costs

Both the Bond r>iscoimt and the Bcmd I&&umice Cost^ are bemg amottsred over the lifb of the bonds (30 years), unltzins a method which appioxim^Acs the mterest method Bond discount accretion of S4,6S0 is mcluded as a component ot mani^ment and general evpen^^es withm dte accompanying statements of aetlvin^ Amortized nond costs ot S4,$31 ^^cre recorded m tmerest expi^ise tor the years ^mded June 30, 2010 and 2009

ConmbutiOffifrand revenue rtfcottninon

Contnbu&ons and pledges received ar,s recorded as increases m unrestncted, temporarily testricied, or permanently restricted net assets* depending on ih& exisicnce jaoid or ruuiise.of any donor re&uictlons

Investments md havcstmenl Income

Investments «ire a*poried di fair value, with die related gains and losAeh included m the statement ot BcdvitMs Income earned from inveMments including reali/ed and unreali><»i tA& and losses is reponed m the unrej^nctcd ret osseulobs except where the instructions ot the donor specif odterwise

Income fa\es

Tiie foundation i> a nonprofit corporaD<m organized under the laws of the State of Louisiana The Foundation if exempt from state and federal income toxcS undei Section 501(c)(3j of the hitomal Re\enue Code

In July 2006, ilie 1 \&B issued Accounting for Unccitpinty m Income fa\eb, whuh ctanfies the accountmg and di^iosuic tor unccfiam tax positions fhis mterpfetsuton requncs u>mpames to i^e a prescribed model for a^essi*)g the flnenciai ^tatemem rct.ognUionand measuiement of all tax pOMCions

- 8 -

THE OrXC. VDO COMMinVITY F O I I N D A T I O N . INC XFW ORLEANS. LOUISIANA

NOTKS10 FINANCIAL STA IFMFNTS

2 Sutmnarv of Stgnifkaot Accqpntnig Felicica> {eootinuecl)

taken or e x p e c t to be taken in tax returns 1 he Foundation applies a **more-nkely-than-not'* recognition direshold for alt tax uncertainties fhih approach only allo^t. die recogmtion of diose rax bei^ilts that have a greater than ft% percent likelihood of bemg sustained upon cvammatton by the taxing amhonties

As a result of bnplemcimiii}^ tliiti d{>pioach, die Foundation htu» leviewed it:» tax portions and ueiermined there were no oiusiandtng or n»m<spectivc tax po^oon^ with ie^^ than a 50% hkehliood of being sustained^upbn exammaitor by the taxing authorities, therelore implementation of thU stamtard hii& not had a material e£foci on the Foundation

Use of cstttnatev

1 heprepioauon of ^nanctal £:iatements In con&rmity v ith accountmg principles ^enoally acicepted m Hie United States reqmres manogemem to make estimates and ai»>umpuons that oB^.t the repomd amounts of a' 'iB^ and-tiiabilities and di Lio$t*fc of contingent assets and tiabihdes at the date of d)e finan«.^l statements and the reponed amounts of revenues and expend'; dunng the reporting penod Actual ns^ults could differ tcom those e^unaies

tlnr^tncted net assets

Assets and habihlie^i at June 30 that compn*^ unrestncted net a5sei$ consist of the fbllowmg.

As&ct:>

Cash and casJi equix'atents

Pledgee receivat)te

Prepaid e^^enses IJabiUnes Accounts payable

Due to Atimint Association

2030

$ U 1,238 21,«77

3,879

(13,550)

(32681)

$ 120 76^

5

%

2009

106,SS«

2i;243

2,652

(13,095)

(rs,«63). 101,793

.9

THE DELCADO COMMUNITY FOUNDATtON. INC, NEW ORLIJ^NS. L<II^ISUNA

NOTES TQ FINANCIAL STATEMEM S

3 Net Ajssets (contmued)

Penqanently lyiti icted net a&sete

Permanently n^tneted net assets of $3M0i) M June 30, 2010 com fst Of $5 100 Qt c ^ and cash enjutvatenu ^nd $3 t3(K) ot non-current invutmeiu and cndt ^ nicnt tui^^

Pennanentty rej»incted net assetibr oi S3S^00 at fune >0, 20(^ coiv ist of $4 100 of caidt aiKl cash equivalents and $34,3fK) of non-cunem investment nnd endowment funds

lemporaniv restricted net assets

1he renaming asset: and liabdhies (^sentcd on die Statements of Fmtnclal Posidcm^at June 30,2010 and 2009 comprise lempormly restricted net assets, fenipomnly restricted net sssvts a( ione 30 are available for the iottowmg purpostij

CAP Scholanshtp Ftmd outer Scholarship l-und ON%ado Recovery I and Katrina Victims Fund Ba^ball pApen^ Fund Challenge Grant Endo tSient Fund ResU'icted Capitol Developmem Fund R>an Frolessofship KrebPmfessoAhip Giorgio Professorship Adopt-e-Prof Temporary Fund (>/eniite. Kn^wment

2010

S 287,S75

lOM^ 171 «43 S4.677 16,640

486,978 456,507 60,000 57,662

-21,845 29»937

$ U782,064

2009

S 268.419 64,548

wm n,m 9,772

43f,653 410,634 60,000 57,656 30.022 19,650 23,807

$ 'U18,438

10

I IJE DkLOAUd COMMUNt 1V KOUNi^ATION. INC NEW ORIiEASS. LOHSIAN V

N01£S TO gliVANC lAL i> f A f >,MEN IS

4 tnvestmeqts

\ s of \m& 30» the investmeni'? ol the Foimdauon COIMSI ot the following*

2010

t^tescnplion

H^'titj^secumic^ murua! ifund 1 ixed income mutual tund U S Treasuiy obttgaiions Money market fond

1otal

Current aa<tcts Long-term aj icts

lOtd l

2009

Dc$cnpuon

Equity securiues irutwil itmd Fixed income mutual lund U-S Trea&ur> obligations Money maiket fund

Total

Current iisseis Long-term assets

Total

$

J. S

$

s

]

I r t b t

hounds

651,189 684,522

L775 U337,486

t,29S,086 39,400

l,)37.4S6

]

Irusi fundb

^1^028 628,438

77,0/8 L220.544

1 182 144 38,400

1,220J544

i m '

FW^

—

s

J-t/'atue

i-tudem Life Center

310,910

310,910

310910 310910

Sivuimi Life Center

$

r

s

312,199

3J2LI99

312,199 312199

Total

lnve*Etmenis

S 65U)S9 684,522 310.910

U775 $ 1,^8,396

S 1,298,086 350J10

$ n64«^96

Total Inveattments

S 515*028 628,438 312,199 77.078

S 1,532.743

$ 1,182144 350 599

S 1,532,743

Unreali7cd gdin (*oii> on mvewnents toialetl $92,954 and S(191323> for the year, ended June 30,2010 and 2009, respectively

5 Stttdftal Ufe Center

Ourtng 1999 the t^oard of Directors approved u plan ^hich rei.ulted m the Foundation providing a vehicle for Hnancmg ^ t design and construction of a Stude'^i I ife Center on the Delgado campuik fhe transaction was struaurul as described below

- I I

THE DELGADO COMftyUNITY FOLNDAflON. INC iVPW niil.g,ANS^ LOmSTANA

NQTE& TO PINANCiAL STATF MEXTK

5 Student Life Center fconlmued^

The Board of f i u t«ej» for State Coil^eiK Md Universities {tiha Board of 1 rustees ) cnttstrd into a grom«i lease agreement with the foundation for the Mtc on which dve proposed Student Ltl^ Oentw (the Fiicihty') was to be constructed The Foundation <«1ec{ed a developer entered Into a dcii tgn and

con&tru4ton contrai.! with tliat developer, imd tlie developer Cinnmenccd construcnon of the Faeihty on the land leaiied to the foui^daiion by the Board oi Trustees during Hscal 2000

Itttc t > the Facihry iisclt (but not ihe un^r^mg land) t«> held bv the roundation Tlie Foundation has agree<l to ]ea:se die Facility to Delgddo pun^ium if> a Fact! ay Le.u»e Agreemem under which O^ gfidQ will iea.se die building and tias 9$y&:6 to operate the Facihtv l^e Vacuity tease Agi^mem reipiires Delgado to pay rem m an amount sufBciem to cover die operating' costs of the Facility and the d«^ of service tm the bonds issued on behalf o*" the Foundaiu»i (see discussion below) to f\ind the consnvcuon of ilie ^aclht>, the i-actlity l^easc Agreement has a 30 year term md u includes a piovision which^^unsfbrs. the title of Uic Facihty to Delgado at Uie end of hs term

1 he foundattpn ii&clf doe^ not have die authonty to be the tssuer of Ute lax'^xempf bond? Theiefore, a separate Gniiiy which is quohftcd to Issue lax-'eKempt bonds was the issuer of the bonds 1hal Usuer entered mto a loan agreement with the FoundaiMon p\r;uam ^o v^htch die is uer loaned the procmb of its bonds to tfie I oundation to pay for constrwuon of the f acthtv and the Foundation expects to repay the isfcuei with the rental proceeds it receives from Delgado under the tacihty Ueae Agreement ApproMmaiely, S239,305 and S240,497 of such proceeds recerved dunng fiacal 2010 and 2009, respecdvely have been recorded 9& lease rental i«venue representing amotmts annbutablc to bond da^i iiuvice and other related cost^ of the Facihty, net of mvestment earnings generitfed from die excess proceeds provided by the bond issuance

The estimated cost of the project was '$4;J50,000, and the completion date was* Smt 2001 The 30 j^aar bonds were imied November 1 1999 wth mtenest rates ranging fiwm 4 0% to 6 0% Bond pn^ceeds we*e $4,256,075, net of a bond discount arS!38,925, Bond issuance costs were $139,512 Bond debt service and other rdated facihty coste arc to be funded througli a spcciid student as5<£»smem fee for DiMgado's CiQf Fark. Campus students unl> asisesaed at die teveN of SI 5 per <tudeiit for the fall and spnng semesters smd S5 per student i or die sumnuY ^mester

'^he uamaction was approved by the Board of Trustees, the lA^uisiana State Bond Commtssion. and tlte Citv of New OJ leans

7 he raciht> 's lease ui l^clgado K considcmed a sale^-type lea&e lor reporfmg purposes, theretbre the asset associated with die facihty is earned as a lease receivable net of unearned fumie lease income of ipproximately S4 million fhe lease receivable u'tll be re luced over time as Delgado r^ths bond prmctple ]>aymenl reimbursements to the Poundaiioii

V 01 jimc 3U, 2010, Delgado had cumulalivej v remitted $3,665 845 to the Foundation to cover die bond

-12-

1 HE DELCADO COMMUNITY gOU?fflAl ION INC NEW ORLlvANfS, LOCilSLANA

NOTES TO F1^ANCUL SI ATEMJENTS

5 Student I ife C c>nterfcoatmucd^

debi service *ind otlicr related tosis of the facihty Of ihk amount $2 465.2 M ha& been recognized as lease lemal reveriue, S790,00Q has been recogniT^d as a reduction ot the Siuoent Lite Cemer lease receivdbte and the rentaiiihig balance is earned as deferred revenue (shown as due ro Delgado, net) as of June ?U, 2010,

€, Lonii-Term Debt

As dcscnbeJ m note 5, at imie 30 the Umg-term debt consists of die foUowmg

2010 2009 Revenue bonds $4,395,000 1999 Senal bond$ due tn annual msHllmcnts of $75,000 to $29*5 000 llirou^ Of tobcr 2029 at Interest rates of 4H-^%

Less bond discount

I es$ current matunlies

Anntml aggiegate pnncipal pavm<mi5 and related bond discoum. apphcabte to the bond payable fbr ycats subsequent to June 30.2010 are

S 3 605,(«I0 89,52S

3.5)Mn 95.369

t 3.H20,t03

%\mj(m 94, W

J<K>5.84) 90369

^5 515^12

Fiscal Year Ending Jime 30 2ori 2012 20U 2014 2015 Ihcroat'tcr

hinetpal .Discount iQtal $ 100,000

105,000 n o 000 115,000 125.000

1,010.000 $ 3,605000

s

±.

' (4,631) (4,611) (4,630 (4^1) (4 631)

166373) (89,528)

S 95.369 ^00.369 105^69 110 369 120,369

2983,627 i 3,515,472

- 1 3 -

KJEWpm^lEAN^VOVlSIANA

NOTES TO FL\ \NCL\L S1A f FMENTS

7. Pledges Receivable

M June 3U. pledj;e< receivable consist of the fuUowing

2010 2009 Amit^ gi^ng campaign Roast pledges Joseph Kftjbs Endowed Protes*ors*np Ashton Ryan t^^vvcd Professorship CuUoary Department Other fevemi

Gross pledi^es receivable Lessf unamoruzed discount

Net pledges nec«.svabte

s

s

6116

20,075

6,000

60000 • u.

92 291

(1,415)

90.876

$ 5 783

19 26>

1601 60.000

2115 176

m 739 0^15)

S 102, 24

«• itefatfed Parries

D&if^i^ Commun»t> College provides die 1-oundaiion w iih facilmes mid administraiive piasonnel free of chatge The value oi these services was apprDMmately 560,342 in both fiscal years 2010 and 2 m

C<mlrtbutions recogin-sed from foundation Board members and employees'ofd«s College mcluded m pledges receivable ai June 30 2010 and 2009 mmmtcd to $m,466 and $67,730, respectively

9. <?ym:^ptriitions of Credit Itisk

fbe Foundauon hus concemrated its credit nsk for cash b> maintaining dtepo;ȣs m Hnancial insfttuuons ta New Orleans, Louisiana As of June 30,2010 the I oundattonNd^jositswew covered bvprosided by the U.S Federal Dep0i.it Insurance Corporation (FDtC)

Approxwnaiely 66U of the pledges receivable at June ^0, 2010 is fnwn one donor and 5% from another douor At June 30 2009 approxunately 58% ot the pledges receivable were from one donor and 14*4 Ir^m anoilier donor

14

THF PELG \ P 0 COM^MUNH Y FOUNOAllQN, LNC VKW ORLEANS, LOUlJiilANA

NOl FS TO FiN JNCIAL SIATISMEVTS

16, Fair Value of Emanciat litstrumtnto

The Fimtiuriai Accounting Standards Board ( TAS13') amliontanve guidarK^e for -^tr value measuremums de^ne^ Ikir value as die evch^gs price thai would be received tbr an asset oi paid to transfer a liability (an exit pnce) m the pnncmal or most advantageous rr,adket lor the asaret or liabthty^ in ^ orderly transactbn between maHcet participants m the meastff emem date fhe guidtmce ah^ estahhshes a fair vnlue hierarchy which requires an emity IQ maximi/e die U3« of observable mputj when measuring fair value

'fhe valuation hierarchy is teased upon die transparency ol m^uis to Ibc vafuadon cfna asset or lisfoihty on the measuremem dale. The duee levels are defined as toUows

* l^evel 1 ^ inptsis to the valnation me^hodol^^y are quoted ^ c e ^ (unadjusted) for an tdomtcai asset or liabtth^ m an aenve marJcet

Level 2 - inputs to the valuation methodology include qimted pnci^ for a Similar asset or hability m an active maxkjet or model-denved valuatKms In which alt jHgntficant mputs are observable for substantfaOy the full term ot the asset or babifii^

Level 3 - Inpt^ to tlie valuatnxi mediodobgy arc unobservable and significam lo die l^i value measuremeni of the asset or habtltty

15

TBE DELGADO C O M M U N n V FOUNDATION^ INC NEW ORLFA^fS.. LOtaStANA

XOTKS f O FINANCIAL STA r E M E N f S

to. Fair Vatae of Fiaanciat Instniments fconttnucdl

Ih,; ^ollowmg table prt^nts Imancial assets ^nd habditie^ mtasurcd at fair vaJae on a ruciinipg ol June 30 by Fair Value Measurements vatuauon hierarch)

20t0 I cve i }

Bquuv Uf$cr«p6<)uit> imiJs Ifiwmatiowl aiuit> lunds

Toia! t;<|uity

f ived iDLOOii;.

V Qztguatcd foui '>i4afl&u Index

C s Utbsury 0bhg^Uot\3

MjMuyMarka toiai

5

5

496AJ3 I54p5& 651,189

6S4lf2Z

•

1775 1 337,486

i «v^i 1

? 10 910

Lcvdi total

496.6^3 154^16

6SUl{^

Lnj

W 9 LcvcM

Cquitv

Loigc Cdp ettuitv tunds fntcmauoniil <«|uii> AHK!'?

Total f OMU'

f^^tcd in»v»c Vafl@u4id1otal Market tadttv

t t $ I'ciuiLirv Dhtig^Ut>»s

Motu^* Mfijrkci

Total

s m m 84 703

st5,o:«

fi28 4Jta

• »

77,07^ $ 1220344

I^vet2 uxdy

t |llV9

S 430 J2S «4,7tt*

515 tm

628,438

312,199

r/m. 5I2.I«9 U32742

16

THF DELGADO COMMUNITY FOLNDATIQN. LNC NEW OmJLAf^S. LOUISIANA

NOTES TO KtNANCiAL STA fKMENTS

I! £ndonm«>ts

fhe Board ot the Foundation is of the behef they have ,i strong Oduuary duty to manage the assets of the I oundation's endow^eni tn the most prudent nuimci possible Tlie Board rccc n/ACs the mtent is to protect donoi intent vt ith respect to expenditures from endowments If this mtent is ckiaHy e^picssed by ihc, donor vvht her the mteiU is tn a wTitten ^lii mslrument or not. the intent of the donor is followed If mn expressed the Board ifnsuK s iltc assets of the ehdowntent are spent in a ]»iidGm numnei vsfhtch considers the ptirpt^ ol die fund curam economic condmons and piesH&rvatiQn of lh£ fimd To follow these principals Ihe historic v^luc of the fund vs always maintained in tempocarUty ^r permanently restncted net a iers Eamtngs> including apprectauon^ dm are not required by the donor to be rtmvested m corpus are maintamed in temporarily r^strictbd net assets unfd spent fbr dieir intended purpose

fhe goals and objectives of th& mvestment |K>!icie$ an; to maximt/e toc^ retum^ withm pmdenl' parameters of nsk for a foundauon of thi& type llie Boaid understands that fluctuating rale& of return, arc characteristic of Ihe sccuHtiesvmaHcets the foundations mvciJment otitjeciive is to protect and grow die Foundatiofi*^ a Esetsr, afler spfKioved di^nbuiiions, at a rste greata- ihstn the late o: inHaaon as measured by the U,S CPl

1ltc table btloiv represents the efldonimmt reJaied activity for the fiskCat year endmg June 30* 2010:.

Endowmem net assets bcgtnntngof )ear invef;tmem return

Investment income Net appnsciation (reaiued and uni^ts^)

Total mvestmom remm Conunbutions hndowmenr net assets end ol year

Subsequent Events

-1

JL

fcmpoianly jkcgtncterf

23 m i

1812 4 J18 6,130

29^37

Permanently

S 38,400

* •

1,000

J ^m.

Total

!> 62207

1,812 4318 6 130 1,000

$ 69,33?

Manaaemetu has evaluated sub iequent events through the date that die financial statements were available to lie is;sued, N<ivember U 2010 md determined that no events occurred dial n^uure disclosure

- r