SAE Foundation Annual Report 2014 - BDO16

SAE Foundation
Notes to the Financial Statements (Continued)

4. Pledges Receivable (Continued)
Conditional pledges receivable consist of the following at:
2014

December 31,

2013
(in thousands)

Conditioned upon:
Matching Funds
Subject to annual review and approval

$

20
73

$

20
98

$

93

$

118

5. Charitable Gift Annuities
The Foundation received charitable gift annuities aggregating $510,000. The gift annuity
agreements call for annual annuity payments totaling $39,750 for the term of the donors' natural
lives. The present value of estimated future payments to the donors is calculated based on a
discount rate ranging from 1.8% to 4.2% and applicable mortality tables. At December 31, 2014,
the remaining liability on the annuities was approximately $146,000.

6. Net Assets
Temporarily restricted net assets are available for the following purposes as of:
2014

December 31,

2013
(in thousands)

Program support funds
Award funds
Scholarship funds
Engineering activity support

$

3,172
2,509
1,118
30

$

3,562
2,294
1,207
24

Total

$

6,829

$

7,087

Permanently restricted net assets are available for the following purposes as of December 31:
2014

December 31,

2013
(in thousands)

Program support funds
Award funds
Scholarship funds
Engineering activity support

$

80
1,665
1,189
104

$

79
1,534
1,112
105

Total

$

3,038

$

2,830

See accompanying independent auditor's report.
16
SAE Foundation Annual Report 2014

Table of Contents for the Digital Edition of SAE Foundation Annual Report 2014
