Wednesday, September 03, 2014 9:52:55 PM
Note 3 – Donated Investments and Facilities
The organization received a donation of 5,000,000 shares of stock valued at $25,000 from a Board member during fiscal year 2011 and another donation of 40,972,089 shares of the same stock, valued at $98,333 from the same Board member during the fiscal year 2013. This stock donation is restricted for the purpose of establishing an endowment fund. As of August 31, 2013, the unrestricted stock was worth $8,000 and the restricted stock was worth $65,555. (AS OF Aug. 2013)...Later... on 12/19/2013 Jonathan Sym donated 125,000,000 shares to Veterans Legal Services from his own stock holdings
in the Company.
So in all SLS owns 170,972,089
**Most often endowments are considered restricted funds.Their principal usually cannot be spent at all, and only a specified percent of the interest they earn can be spent per year. Furthermore, there are restrictions on how the interest can be spent - it may be used only to fund scholarships and professorships, for example.**
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