LEGAL MOMENTUM

FINANCIAL STATEMENTS
JUNE 30, 2013 and 2012

INDEPENDENT AUDITORS' REPORT

Board of Directors
Legal Momentum
New York, New York
Report on the Financial Statements
We have audited the accompanying financial statements of Legal Momentum (the "Organization"), which
are comprised of the statements of financial position as of June 30, 2013 and 2012, and the related
statements of activities, functional expenses, and cash flows for the years then ended, and the related
notes to the financial statements.
Management's Responsibility for the Financial Statements
The Organization's management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States of America;
this includes the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due to
fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the
organization's preparation and fair presentation of the financial statements, in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the organization's internal control. Accordingly, we express no such opinion. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of Legal Momentum as of June 30, 2013 and 2012, and the changes in its net assets
and its cash flows for the years then ended, in accordance with accounting principles generally accepted
in the United States of America.

New York, New York

October 14, 2013

LEGAL MOMENTUM
Statements of Financial Position
June 30,

ASSETS
Cash and cash equivalents (including restricted cash of $136,683 and
$126,937 in 2013 and 2012, respectively)
Grants and contribution receivable
Investments
Accounts receivable
Prepaid expenses and other assets
Property and equipment, net

LIABILITIES AND NET ASSETS

Liabilities:
Accounts payable and accrued expenses
Deferred rent
Deferred revenue

2013

2012

$ 1,242,465

$ 1,454,975

997,997
777,659
26,182
51,848
74,004

2,248,384
810,974
47,107
63,886
148,369

$ 3,170,155

$ 4,773,695

348,101
111,288
13,632

364,471
217,792

473,021

582,263

1,791,461
705,673
200,000

2,089,734
1,901,698
200,000

2,697,134

4,191,432

$ 3,170,155

$ 4,773,695

Commitments and contingency (Note G)

Net assets:
Unrestricted
Temporarily restricted
Permanently restricted

See notes to financial statements

LEGAL MOMENTUM
Statements of Activities
Year Ended June 30, 2013
Unrestricted
Public support and revenue:
Individual donations
Corporations and foundations
Government grants
Direct mail income
Bequests
Special events (net of direct benefits to donors
of $212,121 and $192,072 for 2013 and 2012,
respectively)
Net investment income
Rental income
Program income
Other income
Donated services
Total public support and revenue before net
assets released from restriction
Net assets released from restriction:
Satisfaction of program restrictions

366,774
9,500

Temporarily
Restricted

Year Ended June 30, 2012

Permanently
Restricted

Total

Unrestricted

89,165
79,011

100,034
56,695

1,083,268
63,870
289,001
34,786
24,487
807,204

1,083,268
63,870
289,001
34,786
24,487
807,204

1,002,198
11,320
277,199
80,590
9,270
317,056

1,002,198
11,320
277,199
80,590
9,270
317,056

2,852,066

2,240,951

1,970,000

(1,172,903)

2,847,066

5,000

375,239
11,350

Total

89,165
79,011

5,000

Permanently
Restricted

375,239
644,350
1,337,000
100,034
56,695

366,774
14,500

Temporarily
Restricted

$
$

633,000
1,337,000

4,210,951

1,201,025

(1,201,025)

1,172,903

4,048,091

(1,196,025)

2,852,066

3,413,854

1,147,548
1,147,548
674,078
649,289

1,147,548
1,147,548
674,078
649,289

918,780
918,780
574,999
480,044

918,780
918,780
574,999
480,044

Total program services

3,618,463

3,618,463

2,892,603

2,892,603

Supporting services:
Management and general
Development

287,618
440,283

287,618
440,283

268,869
357,476

268,869
357,476

727,901

727,901

626,345

626,345

4,346,364

4,346,364

3,518,948

3,518,948

(1,494,298)
4,191,432

(105,094)
2,194,828

Total public support and revenue

Expenses:
Program services:
Gender equity
Violence against women
Job and workplace
Women and poverty

Total supporting services

Total expenses
Change in net assets
Net assets - beginning of year
Net assets - end of year
See notes to financial statements

(298,273)
2,089,734
$ 1,791,461

(1,196,025)
1,901,698
$

705,673

$ 200,000
$ 200,000

$ 2,697,134

$ 2,089,734

797,097

4,210,951

797,097
1,104,601

$ 200,000

692,003
3,499,429

$ 1,901,698

$ 200,000

$ 4,191,432
3

LEGAL MOMENTUM
Statement of Functional Expenses
Year Ended June 30, 2013

Violence
Against
Women

Gender
Equity
Personnel:
Salaries
Payroll taxes
Employee benefits

Donated services
Occupancy
Conferences, meetings and travel
Insurance
Consultants and subcontractors
Accountants and professional fees
Publications, subscriptions, memberships
Office supplies and equipment
Telephone and mail
Bank charges and interest expense
Miscellaneous expenses
Depreciation and amortization

Total expenses

See notes to financial statements

232,718
19,227
44,237

Program Services
Job
and
Workplace

Women
and
Poverty

Total
$

957,185
78,732
202,895

Supporting Services
Management
and
General
Development

232,718
19,227
44,237

$ 271,216
21,890
81,315

$ 220,533
18,388
33,106

296,182

296,182

374,421

272,027

1,238,812

180,002

262,651
169,883
10,514
3,562
357,199
8,000
3,375
13,114
4,126
2,049
1,130
15,763

262,651
169,883
10,514
3,562
357,199
8,000
3,375
13,114
4,126
2,049
1,130
15,763

68,537
169,883
5,304
3,562
7,596
8,000
1,506
12,892
3,400
2,049
1,165
15,763

146,245
169,883
1,901
3,562
12,346
8,000
1,406
11,542
3,400
2,049
1,165
15,763

740,084
679,532
28,233
14,248
734,340
32,000
9,662
50,662
15,052
8,196
4,590
63,052

851,366

851,366

299,657

377,262

2,379,651

$ 1,147,548

$ 1,147,548

$ 674,078

$ 649,289

$ 3,618,463

135,172
10,776
34,054

$ 1,293,167
104,821
278,909

258,083

438,085

1,676,897

37,810
49,724
609
1,781
2,629
4,000
145
1,443
1,344
1,056
315
6,760

29,310
49,724
1,510
1,781
53,205
4,000
3,099
16,750
11,024
1,028
4,011
6,758

67,120
99,448
2,119
3,562
55,834
8,000
3,244
18,193
12,368
2,084
4,326
13,518

807,204
778,980
30,352
17,810
790,174
40,000
12,906
68,855
27,420
10,280
8,916
76,570

107,616

182,200

289,816

2,669,467

727,901

$ 4,346,364

200,810
15,313
41,960

440,283

Total
Expenses

335,982
26,089
76,014

287,618

Total

LEGAL MOMENTUM
Statement of Functional Expenses
Year Ended June 30, 2012

Violence
Against
Women

Gender
Equity
Personnel:
Salaries
Payroll taxes
Employee benefits

Donated services
Occupancy
Conferences, meetings and travel
Insurance
Consultants and subcontractors
Accountants and professional fees
Publications, subscriptions, memberships
Office supplies and equipment
Telephone and mail
Bank charges and interest expense
Miscellaneous expenses
Depreciation and amortization

Total expenses

See notes to financial statements

245,753
21,688
38,303

Women
and
Poverty

Total

$ 247,522
19,381
55,221

$ 212,187
16,762
21,743

305,744

305,744

322,124

250,692

1,184,304

150,667

131,856
184,779
13,696
3,530
217,838
8,000
4,327
21,001
6,950
2,483
1,775
16,801

131,856
184,779
13,696
3,530
217,838
8,000
4,327
21,001
6,950
2,483
1,775
16,801

26,609
151,695
5,197
3,530
14,643
8,000
851
16,804
4,600
2,510
1,635
16,801

21,367
141,793
2,035
3,199
14,245
7,200
986
14,697
4,651
2,211
1,512
15,456

311,688
663,046
34,624
13,789
464,564
31,200
10,491
73,503
23,151
9,687
6,697
65,859

613,036

613,036

252,875

229,352

1,708,299

918,780

$ 574,999

$ 480,044

$ 2,892,603

951,215
79,519
153,570

Supporting Services
Management
And
General
Development

245,753
21,688
38,303

918,780

Program Services
Job
and
Workplace

121,714
9,801
19,152

$ 1,218,210
101,042
201,081

185,362

336,029

1,520,333

2,447
54,510
598
1,823
40,406
4,400
159
2,511
1,674
1,359
918
7,397

2,921
54,473
1,312
1,823
67,867
4,400
8,031
7,966
9,236
1,351
5,337
7,397

5,368
108,983
1,910
3,646
108,273
8,800
8,190
10,477
10,910
2,710
6,255
14,794

317,056
772,029
36,534
17,435
572,837
40,000
18,681
83,980
34,061
12,397
12,952
80,653

118,202

172,114

290,316

1,998,615

626,345

$ 3,518,948

145,281
11,722
28,359

357,476

Total
Expenses

266,995
21,523
47,511

268,869

Total

LEGAL MOMENTUM
Statements of Cash Flows
Year Ended
June 30,
2012
2013
Cash flows from operating activities:
Change in net assets
Adjustments to reconcile change in net assets to net cash used in
operating activities:
Depreciation and amortization
Donated investments
Net realized and unrealized (gains) losses on investments
Changes in:
Grants receivable
Accounts receivable
Prepaid expenses and other assets
Accounts payable and accrued expenses
Deferred rent
Deferred revenue

$ (1,494,298)

Net cash used in operating activities

Cash flows from investing activities:
Proceeds from sales of investments
Purchases of investments
Purchase of property and equipment
Net cash provided by (used in) investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents - beginning of year

692,003

76,570
(21,443)
(28,893)

80,653
(10,110)
22,842

1,250,387
20,925
12,038
(16,370)
(106,504)
13,632

(1,148,183)
73,786
9,539
(3,482)
(84,324)

(293,956)

(367,276)

184,432
(100,781)
(2,205)

20,208
(102,841)
(2,000)

81,446

(84,633)
(451,909)
1,906,884

(212,510)
1,454,975

Cash and cash equivalents - end of year

$ 1,242,465

$ 1,454,975

Supplemental disclosures of cash flow information:

Non-cash donation of services

See notes to financial statements

798,704

317,056

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2013 and 2012

NOTE A - THE ORGANIZATION AND ITS SIGNIFICANT ACCOUNTING POLICIES

[1]

The Organization:
Legal Momentum (the "Organization"), formerly known as the NOW Legal Defense and Education Fund,
was established in 1970 under the not-for-profit laws of the District of Columbia. The Organization pursues
equality for women and girls in the workplace, the schools, the family, and the courts, using a variety of
strategies, including litigation, policy analysis, administrative advocacy, and public education programs.
The Organization is exempt from federal income taxes under Section 501(c)(3) of the U.S. Internal Revenue
Code and from state and local taxes under comparable laws. The Organization has filed an election with
the Internal Revenue Service to make expenditures to influence legislation.

[2]

Financial reporting:
(a) Basis of accounting:
The accompanying financial statements of the Organization have been prepared using the accrual basis
of accounting and conform to accounting principles generally accepted in the United States of America
as applicable to not-for-profit entities.
(b) Functional allocation of expenses:
The costs of providing the Organization's various programs and supporting services have been
summarized on a functional basis in the accompanying statements of activities. Accordingly, certain
costs have been allocated among the programs and supporting services using reasonable ratios
determined by management.
(c) Use of estimates:
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses and the disclosure of contingencies. Actual results may differ from
those estimates.
(d) Cash and cash equivalents:
The Organization considers cash equivalents to be all highly liquid investments with a maturity of three
months or less when purchased. Deposits have been pledged as collateral for a letter of credit (see
Note G).
(e) Net assets:
The net assets of the Organization and the changes therein are classified and reported as follows:
(i)

Unrestricted:
Unrestricted net assets represent those resources for which there are no donor restrictions as to
their use.

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2013 and 2012

NOTE A - THE ORGANIZATION AND ITS SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

[2]

Financial reporting: (continued)

(e) Net assets: (continued)
(ii) Temporarily restricted:
Temporarily restricted net assets represent those resources subject to donor-imposed requirements
that will be fulfilled either by actions of the Organization or the passage of time. Net assets
released from restrictions reflect the fulfillment of the restricted purposes specified by the donors.
(iii) Permanently restricted:
Permanently restricted net assets represent those resources the use of which has been
permanently restricted by donors.

[3]

Investments and investment income:

Investments in marketable securities are reported at their fair values at fiscal year-end. Donated securities
are initially recorded at their fair values on the dates of the gifts. Net investment income and realized and
unrealized gains and losses on investments are reported in the accompanying statements of activities.

[4]

Property and equipment:

Property and equipment are stated at their costs at the dates of acquisition or at their fair values at the dates
of donation. Depreciation of furniture and equipment is provided using the straight-line method, over an
estimated useful life of five years. Leasehold improvements are amortized using the straight-line method,
over the term of the underlying leases.

[5]

Fair-value measurement:
The Organization reports a fair-value measurement of all applicable financial assets and liabilities, including
investments, grants receivable, accounts receivable and short-term payables (see Note B).

[6]

Revenue recognition:
Contributions to the Organization are recorded as revenue upon the receipt of cash or unconditional
pledges. Contributions are considered available for unrestricted use unless specifically restricted by the
donors. The Organization records bequest income at the time it has an established right to a bequest and
the expected proceeds are measurable.
Government and foundation grants are recorded as restricted support when received and released from
restrictions as the funds are spent and the restrictions are satisfied.
Rental income is recorded in accordance with the terms of underlying leases.

[7]

Deferred rent:
The difference between rent expense incurred by the Organization on an accrual basis and the lesser
amounts paid in cash is attributable to scheduled rent increases and is reported as a deferred rent liability in
the accompanying statements of financial position.

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2013 and 2012

NOTE A - THE ORGANIZATION AND ITS SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

[8]

Accrued vacation:
Based on their tenure, the Organization's employees are entitled to be paid for unused vacation time if they
leave the Organization. Accordingly, at each fiscal year-end, the Organization recognizes a liability for the
amount that would be incurred if employees with such unused vacation time were to leave. At
June 30, 2013 and 2012, this accrued vacation obligation was $63,322 and $82,485, respectively, and was
reported as part of accounts payable and accrued expenses in the accompanying statements of financial
position.

[9]

Interns
A substantial number of unpaid interns (approximately 20-25 per year) have made significant contributions
of their time to the Organization. The value of this contributed time does not meet the criteria for recognition
of contributed services required under generally accepted accounting principles and, accordingly, is not
included in the accompanying financial statements.

[10] Endowment fund:

The Organization reports all applicable disclosures to its funds treated as endowment.
Directors has not designated any unrestricted funds to function as endowment (see Note J).

The Board of

[11] Income tax:

The Organization has adopted the provisions of the Financial Accounting Standards Board's Accounting
Standards Codification ("ASC") Topic 740-10-05 relating to accounting and reporting for uncertainty in
income taxes.
Because of the Organization's general tax-exempt status, the adoption of
ASC Topic 740-10-05 has not had, and is not expected to have, a material impact on the Organization's
financial statements.
[12] Subsequent events:
The Organization considers the accounting treatments, and the related disclosures in the current fiscalyear's financial statements, that may be required as the result of all events or transactions that occur after
the fiscal year-end through the date of the independent auditors' report.

NOTE B - INVESTMENTS
At each fiscal year-end, investments consisted of the following:
June 30,
2012

2013
Fair
Value

Cost
U.S. government obligations
Bond funds
Equity funds

Fair
Value

Cost

$ 14,562
433,405
247,835

9,160
437,412
331,087

$ 29,683
413,148
328,667

24,832
430,736
355,406

$ 695,802

$ 777,659

$ 771,498

$ 810,974

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2013 and 2012

NOTE B - INVESTMENTS (CONTINUED)

During each fiscal year, net investment income (losses) consisted of the following:
Year Ended June 30,
2013
2012
Interest and dividends
Net realized (losses) gains
Net unrealized gains (losses)

34,977
(13,488)
42,381

34,162
8,871
(31,713)

63,870

11,320

ASC Topic 820-10-05 establishes a three-level valuation hierarchy of fair-value measurements. These valuation
techniques are based on observable and unobservable inputs. Observable inputs reflect market data obtained
from independent sources, while unobservable inputs reflect market assumptions. These two types of inputs
create the following fair-value hierarchy:
Level 1: Valuations are based on observable inputs that reflect quoted market prices in active markets for
those investments, or similar investments, at the reporting date.
Level 2: Valuations are based on (i) quoted prices for those investments, or similar investments, in active
markets, or (ii) quoted prices for those investments, or similar investments, in markets that are not
active, or (iii) pricing inputs other than quoted prices that are directly or indirectly observable at the
reporting date. Level 2 assets include those investments that are redeemable at or near the
balance sheet date and for which a model was derived for valuation.
Level 3: Valuations are based on pricing inputs that are unobservable and include situations where (i) there
is little, if any, market activity for the investments, or (ii) the investments cannot be independently
valued, or (iii) the investments cannot be immediately redeemed at or near the fiscal year-end.
The classification of investments within the fair-value hierarchy is not an indication of the risks, liquidity, or degree
of difficulty in estimating the fair value of each investment. The following summarizes the fair values of the
Organization's assets at each fiscal year-end, in accordance with ASC Topic 820-10-05 valuation levels:

Level 1
U.S. government obligations
Bond funds
Equity funds
Total

U.S. government obligations

Bond funds
Equity funds
Total

June 30, 2013

Level 2
$

9,160
437,412

Total
$

$ 331,087

9,160
437,412
331,087

$ 331,087

$ 446,572

$ 777,659

Level 1

June 30, 2012

Level 2

Total

24,832
430,736

$ 355,406
$ 355,406

$ 455,568

24,832
430,736
355,406

$ 810,974

There are no Level 3 investments.

10

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2013 and 2012

NOTE C - GRANTS RECEIVABLE

At each fiscal year-end, grants receivable consisted of the following:
June 30,
2012

2013
U.S. Department of Justice
State Justice Institute
New York Community Trust
Ford Foundation Capacity Grant
Aiming High Contributions

693,822
2,075
0
250,000
52,100

$ 1,690,774
20,110
37,500
500,000

997,997

$ 2,248,384

Based on prior experience, management expects to collect the receivables in full, and, accordingly, has not
established an allowance for uncollectible accounts.

NOTE D - PROPERTY AND EQUIPMENT

At each fiscal year-end, property and equipment consisted of the following:
June 30,
2013
Furniture and fixtures
Telephone system
Computers
Leasehold improvements

288,210
110,776
364,898
994,054

2012
$

1,755,733
(1,607,364)

1,757,938
(1,683,934)

Less accumulated depreciation and amortization

$

74,004

286,005
110,776
364,898
994,054

148,369

NOTE E - RETIREMENT BENEFITS

The Organization has a defined-contribution pension plan, qualified under Section 403(b) of the Internal Revenue
Code. The plan covers all employees who meet the Organization's length-of-service requirements. Contributions
by the Organization are discretionary and can be made only with the Board of Directors' approval.
Under article 24(c), the Organization's obligation to contribute to the bargaining unit staff was suspended for the
period of October 1, 2010 through September 11, 2011. As a result of a new collective-bargaining agreement
signed in November 2012, the Organization re-instated pension-plan contributions as of July 2012, to each staff
member who meets the length-of-service requirements, at the rate of 9% on up to $55,000 of each employee's
base salary.
The Organization's contribution for fiscal-years 2013 was $61,740; there was no contribution in fiscal-year 2012.
In addition, the Organization has a 403(b) tax-sheltered annuity retirement plan, which is available to all
employees. Contributions are made by employees and are not matched by the Organization.
11

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2013 and 2012

NOTE F - DONATED SERVICES

A substantial number of volunteers have donated significant amounts of their time to the Organization. These
contributed services have been valued at the standard market rates that would have been incurred by the
Organization to obtain them, and, because they meet the following criteria prescribed by generally accepted
accounting principles, they have been reported as both revenue and expense in the accompanying statements of
activities:

the services received either create or enhance nonfinancial assets, or

the services received require specialized skills, are provided by individuals possessing those skills,
and would typically need to be purchased if not provided by contribution.

During fiscal-years 2013 and 2012, the Organization received donated services, consisting primarily of legal
services and investment management services, at their fair values, in the amounts of $807,204 and $317,056,
respectively.

NOTE G - COMMITMENTS AND CONTINGENCY

[1]

Operating leases:
The Organization rents office space in Washington, D.C., under a lease which expires in May 2017. It also
rents office space in New York City, under a lease which was due to expire in December 2013. Subsequent
to year-end, the Organization signed a new New York City lease agreement, commencing in September
2013 and expiring in February 2019. Rent expense was $739,996 and $741,829 for fiscal-years 2013 and
2012, respectively. Minimum future rental payments are as follows:
Year Ending
June 30,
2014
2015
2016
2017
2018
Thereafter

Amount
$

691,701
497,341
509,775
457,878
223,658
152,521

$ 2,532,874
[2]

Letter of credit:
Under the lease agreement for the New York office space, the Organization is obligated under a $70,780
unused bank letter of credit, which is required in lieu of a security deposit. The letter of credit is
collateralized by a time deposit that the Organization must maintain with the bank. The time deposit had a
balance of $83,000 as of both June 30, 2013 and 2012.

[3]

Government contracts:
The Organization's government-funded activities are subject to audit by the applicable granting agencies.
At June 30, 2013, there were no material obligations outstanding as a result of such audits, and the
Organization's management believes that unaudited projects will not result in any material obligations.

12

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2013 and 2012

NOTE H - CONCENTRATION OF CREDIT RISK

The Organization maintains cash deposits in a major bank, and the account balances at times may exceed
federally insured limits. Management believes that the Organization is not exposed to any significant risk of loss
due to the failure of the bank.

NOTE I - TEMPORARILY RESTRICTED NET ASSETS

At each fiscal year-end, temporarily restricted net assets consisted of the following:
June 30,
2013
Gender equity
Violence against women
Job and workplace
Women and poverty
Management and general
Development

2012

300,641
300,641
41,394
29,204
23,197
10,596

786,987
786,987
131,394
97,537
48,197
50,596

705,673

$ 1,901,698

During each fiscal year, net assets released from restrictions consisted of the following:
Year Ended June 30,
2011
2012
Gender equity
Violence against women
Job and workplace
Women and poverty
Management and general
Development

486,346
486,346
95,000
68,333
25,000
40,000

$ 1,201,025

348,186
348,286
75,833
358,432
21,083
21,083

$ 1,172,903

NOTE J - ENDOWMENT FUND

[1]

The endowment:
The Organization's endowment consists of a single donor-restricted fund, which is reported as permanently
restricted.

[2]

Interpretation of relevant law:

The Board of Directors has interpreted the Delaware Uniform Prudent Management of Institutional Funds
Act as requiring the consideration of the preservation of the historic dollar value of the original gift as of the
gift date of the donor-restricted endowment fund, absent explicit donor stipulations to the contrary.

13

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2013 and 2012

NOTE J - ENDOWMENT FUND (CONTINUED)

[3]

Endowment objectives:
The Organization has adopted investment and spending policies for endowment assets that attempt to
provide a predictable stream of funding to programs supported by its endowment while seeking to maintain
the purchasing power of the endowment assets.

14