98 



the Board of Direaors. At September 30, 

 1992 and 1991. the balance in this 

 endowment tiind totaled $2,445,839 and 

 $2,258,612, respectively, 



Other endowment fUnds include the 

 Francoise TrefFel-Gianoulsos Wildlife Trust 

 Fund which was established in 1985 with 

 a donor contribution and the Grizzly Bear 

 Endowment Fund which was established 

 in 1987 with revenues from the Print 

 Program. 



6. DONATED LAND AND EASEMENT: 



In December 1987, the Foundation 

 received a donation of an easement 

 bordering the Beaverkill River in upstate 

 New York. No value has been given to 

 this easement in the accompanying 

 fmanciai statements because there is no 

 objective basis for determining its value, 



Additionally in 1989, the Foundation 

 received donations of approximately 2.241 

 acres of land located in South Carolina, 

 known as Warren and Big Islands. These 

 donations were recorded at the fair market 

 value of the land based on independent 

 appraisals of the properties in October 

 1988. Thisland was valued at $951,000, 

 During fiscal year 1992. the Foundation 

 donated these tracks of land to tlie state of 

 South Carolina in accordance with the 

 provisions of the agreement with the 

 original donor.The book value contribu- 

 tion of the donated land is included in 

 1992 project and grant expense. 



7. STAMP AND PRINT PROGRAM: 



In 1987, the Foundation entered into a 

 five-year agreement with a contractor to 

 produce and distribute art prints and 

 stamps to raise money for the Foundation. 

 The contractor, in addition to paying 

 printer royalties to the Foundation, will 

 bear all costs and responsibilities for 

 producing, packaging, promoting, and 

 selling the regular-edition prints, including 

 the payment of any fees to the artist who 

 produced the original art. 



8. EMPLOYEE BENEFITS PACKAGE: 



Effective January 1, 1989, the Foundation 

 implemented a full benefits package for its 

 staff. The package includes medical 

 insurance, dental coverage, life insurance, 

 short- and long-term disability coverage, 

 and a tax-deferred annuity retirement plan 

 established under Section 403(b) of the 

 Internal Revenue Code. Employees 

 contribute 25 percent of the cost of 

 medical insurance. The total amount 

 incurred by the Foundation for these 

 benefits for the year ended September 30. 

 1992. and the year ended September 30. 

 1991. was $130,884 and $124,806, respec- 

 tively. During fiscal year 1992, the package 

 was modified. Effective fiscal year 1993 

 short-term disability benefits will no longer 

 be provided, 



9- FUNCTIONAL ALLOCATION OF 

 EXPENSES: 



The costs of providing the various 

 programs and other activities have been 

 summarized on a functional basis in the 

 statement of support, revenues, expenses 

 and changes in fund balances. Accord- 

 ingly, certain costs have been allocated 

 among the programs and supporting 

 services benefited. 



10. PROJECT UABUJTIES AND COM- 

 MITMENTS: 



The Foundation's policy is to recognize 

 grant expenses when the grantee is 

 notified of the award and it becomes a 

 legal liability, i.e., when all conditions 

 placed on the grantee are met. This results 

 in a project liability to accrue for grants 

 not yet disbursed. At September 30. 1992 

 and 1991, project liabilities totaled 

 $2,709,942 and $3,749,535. respeoively. 



In addition to the project liabilities 

 incurred in 1992 and 1991, the Foundation 

 iiicurred an additional $5,618,158 and 

 $3,689,011. respectively, in commitments 

 to fund certain projects. Although the 

 grantees were notified of the award, these 

 grants are conditional upon the grantees 



raising matching funds and, therefore, do 

 not represent legal liabilities at Septemt)er 

 30, 1992 and 1991, Thus, the Foundation 

 has not recorded these grants as project 

 liabilities at September 30, 1992 and 1991. 

 These amounts have been reflected as 

 designated for project commitments in the 

 fund balances in the accompanying 

 balance sheets. 



11. U.S. GOVERNMENT MATCHING 

 CONTRIBUTIONS: 



As discussed in Note 1, the U.S. govern- 

 ment annually matches funds raised based 

 on the U.S. government's fiscal year 

 (October 1 through September 30). The 

 1992 and 1991 matching contribution 

 amount of $4,958,000 and 6.181.021 

 (includes $1,318,021 from fiscal year 

 i990's grant which was not earned until 

 fiscal year 1991) represents the amount for 

 wfiich the Foundation has met all match- 

 ing requirements as of September 30, 1992 

 and 1991, respectively, but has not yet 

 requested reimbursement. The 

 Foundations Board of Direaors will 

 approve corresponding disbursements for 

 the matching amounts subsequent to the 

 receipt of the funds. 



12. COMMITMENTS AND 

 CONTINGENCIES: 



On October lb, 1991. the FoundaUon 

 entered into a seven-year office space 

 lease, Pursuant to this lease, the Founda- 

 tion granted to the landlord a lien upon, 

 and a security interest in. tlie Foundation's 

 existing, or hereafter acquired inventory, 

 furniture, fixtures, equipment, licenses, 

 permits, and other assets. 



Future minimum lease payments 

 required under this lease agreement are as 

 follows: 



1993 $ 184,295 



1994 191,667 



1995 199.333 



1996 207,307 



1997 215,599 

 Thereafter 261,834 

 Total $1.260.035 



