FINANCIAL STATEMENTS
C A R E
U S A
N o t e s
t o
F i n a n c i a l
S t a t e m e n t s
Note 3 – Description of Net Asset Designations and Restrictions The donor-imposed restrictions (listed under Temporarily Restricted and Permanently Restricted) and the board-designated uses (listed under Unrestricted) of Net Assets as of June 30, 1999, with comparative totals as of June 30, 1998, are listed below (in thousands): Unrestricted Operating Fund Emergency Response Fund CARE International Support Fund Africa Fund Central America Transformation Fund Program Innovations and Development Fund Donor-Designated Endowment Board-Designated Endowment Fixed Assets Fund
Temporarily Restricted $ 14,294 8,634
Permanently Restricted $
503
3,316
501
2,135
109,529
8,423 12,160
1999 $ 35,294 14,137 8,000 14,679 2,000 8,500 111,664 8,423 12,160
Total at June 30, 1999
$ 75,945
$ 28,379
$ 110,533
$ 214,857
Total at June 30, 1998
$ 74,897
$ 19,894
$ 103,295
$ 198,086
The Operating Fund U n r e s t r i c t e d : A board-designated fund intended to facilitate day-to-day operations and to protect against short-term unrestricted revenue shortfalls. The board of directors has authorized an unrestricted operating fund of $21 million in support of the unrestricted expense budget of the fiscal year 2000.
Te m p o r a r i l y r e s t r i c t e d : CARE USA receives various donations for non-emergency operations that also have donor-imposed restrictions. In addition, CARE USA’s endowment funds generate revenue that can be used for operations but are also subject to donor-imposed restrictions. The restrictions may be time restrictions (the donation cannot be used until a later date), purpose restrictions (the donation may only be used for a specific purpose), or both time and purpose restrictions.
P e r m a n e n t l y r e s t r i c t e d : Donations that require permanent maintenance of the gift and allow use of the related investment income for emergencies.
The CARE International Support Fund A board-designated unrestricted fund that facilitates the implementation of program activities before the receipt of donor funds. Program implementation is facilitated by lending money to the other CARE International members based on the member’s secured contracts with institutional donors.
The Africa Fund
resources to enable the organization to mount significant and timely responses to major humanitarian disasters.
U n r e s t r i c t e d : A board-designated fund to increase CARE USA’s programming in Africa during fiscal years 1999 through 2003. CARE USA’s existing program in Africa that adapted to the changing social and political environment on the continent. The fund’s purpose is to increase CARE USA’s involvement in response to the changing environment and the enormous challenges due to chronic food insecurity, conflict and emerging infectious diseases.
Te m p o r a r i l y r e s t r i c t e d : Donations and revenue
Te m p o r a r i l y
The Emergency Response Fund U n r e s t r i c t e d : A board-designated fund to provide
from other funds that are restricted for emergency response or preparedness.
48
$ 21,000 5,000 8,000 10,862 2,000 8,500
CARE 1999 ANNUAL REPORT
r e s t r i c t e d : Donations and revenue from permanently restricted funds that are restricted to non-emergency use for Africa.