As of December 31 2023 the foundations Net Temporarily Restricted Assets amounted to $10,902 which represent funds donated for specific charitable purposes. These funds were earmarked for use in the foundations restricted programs. During the year the foundation recognized $5,098 of revenue from temporarily restricted donations. This amount was released from restriction and was used for its designated charitable purposes resulting in $5,098 of program expenses directly aligned with the foundations mission. Cash Distributions: The foundations total qualifying distributions for the year amounted to $5,098 which were used to fund specific restricted program expenses. These expenses were necessary to carry out the foundations charitable programs and were made in cash to cover the costs incurred. $5,098 was distributed in cash as part of the foundations qualifying distributions satisfying part of the foundations minimum distribution requirement for the year. Temporarily Restricted Net Assets: The remaining $10,902 in temporarily restricted net assets will be utilized for future charitable purposes in the subsequent periods as per the donors restrictions. These funds have been set aside for specific programs and will be used in alignment with the foundations charitable mission. While the $10,902 is temporarily restricted it is important to note that this amount has not been spent as of the end of the year. It will be recognized in future periods as the foundation carries out the activities for which the funds were designated. Compliance with Cash Distribution Test: The foundations qualifying distributions primarily consisted of cash to cover restricted program expenses which were directly related to the foundations charitable mission. Although $10,902 in temporarily restricted net assets remains unspent this amount will be expended in future periods and counted as a qualifying distribution once the designated projects or programs are carried out. For the current period the foundation has met its minimum distribution requirement with the $5,098 cash distributions made to fund restricted program expenses.
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