SAE Foundation Annual Report 2015 - 40

SAE Foundation
Notes to the Financial Statements (continued)
5. Charitable Gift Annuities

6. Net Assets

The Foundation received charitable
gift annuities aggregating
$477,000. 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, 2015, the remaining
liability on the annuities was
approximately $126,000.

Temporarily restricted net assets are available for the following purposes as of:
2015

December 31,

2014
(in thousands)

Program support funds
Award funds
Scholarship funds
Engineering activity support

$

3,983
2,400
1,043
26

$

3,172
2,509
1,118
30

Total

$

7,452

$

6,829

Permanently restricted net assets are available for the following purposes as of:
2015

December 31,

2014
(in thousands)

40 | 2015 Annual Report

Program support funds
Award funds
Scholarship funds
Engineering activity support

$

81
1,690
1,189
104

$

80
1,665
1,189
104

Total

$

3,064

$

3,038



SAE Foundation Annual Report 2015

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