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| Notes to Financial Statements (continued) | |||||||||||||||||||||||||||||||||||||||||||
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5. Grants Grant activity for the years ended April 30, 2002 and 2001, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
| 2002 | 2001 | ||||||||||||||||||||||||||||||||||||||||||
| Beginning of Year Payable | $58,277 | $199,032 | |||||||||||||||||||||||||||||||||||||||||
| Grants Committed | 718,738 | 807,224 | |||||||||||||||||||||||||||||||||||||||||
| Grants Paid | (712,393) | (947,979) | |||||||||||||||||||||||||||||||||||||||||
| __________ | __________ | ||||||||||||||||||||||||||||||||||||||||||
| End of Year Payable | $64,622 | 58,277 | |||||||||||||||||||||||||||||||||||||||||
| __________ | __________ | ||||||||||||||||||||||||||||||||||||||||||
| Grants payable of $64,622 at April 30, 2002, are scheduled to be paid during the fiscal year ending April 30, 2003. | |||||||||||||||||||||||||||||||||||||||||||
| 6. Temporarily Restricted Net Assets Temporarily restricted net assets consists of the estimated net present value of the Foundation's interest in an irrevocable annuity trust, which is time-restricted for general operating purposes. | |||||||||||||||||||||||||||||||||||||||||||
| 7. Operating Lease The Foundation leases office space from Minnesota Street Associates. The agreement, which expires on August 31, 2006, requires monthly rentals of $2,476. In addition to the scheduled rent payments, the Foundation is required to pay its proportional share of increases in real estate taxes and building operating costs from those incurred in the initial lease year. Rent expense, including operating costs, was $32,014 and $32,473 for the years ended April 30, 2002 and 2001, respectively. | |||||||||||||||||||||||||||||||||||||||||||
| Annual future minimum rental payments prior to any adjustments related to real estate taxes and operating costs are: | |||||||||||||||||||||||||||||||||||||||||||
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8. Expense Allocation Expenses with direct relationships to functions have been directly assigned to the respective function. Certain costs incurred by the Foundation are shared expenses of program service and management functions. These expenses have been allocated between program services and management and general based upon estimates of personnel time spent on the respective activities. | |||||||||||||||||||||||||||||||||||||||||||
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9. Retirement Plan The Foundation has a defined contribution retirement plan which covers its regular part-time and full-time employees. Contributions to the plan are 14% of employee compensation, with a 1% required employee match as defined by the plan. Employer contributions totaled $42,086 and $30,034 for the years ended April 30, 2002 and 2001, respectively. | |||||||||||||||||||||||||||||||||||||||||||
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10. Investment Management The Foundation pays for custodial and investment management arrangements with Wells Fargo Bank Minnesota, National Association; Mairs & Power, Inc.; and Alliance Capital Management, L.P. The corporate articles of the Foundation provide for the members of the Foundation to elect annually the directors of the Foundation who select the investment managers. | |||||||||||||||||||||||||||||||||||||||||||
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11. Organizational Transition Expense During the year ended April 30, 2002, the Foundation incurred expenses related to changes in organizational leadership, structure, and direction. The expenses included consulting and contract fees, and other service expenses totaling $392,058. | |||||||||||||||||||||||||||||||||||||||||||