LEGAL MOMENTUM

FINANCIAL STATEMENTS
JUNE 30, 2014 and 2013

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, 2014 and 2013, 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, 2014 and 2013, 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

November 11, 2014

LEGAL MOMENTUM
Statements of Financial Position
June 30,
2014
ASSETS
Cash and cash equivalents (including restricted cash of $7,250 and
$136,683 in 2014 and 2013, 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

926,394 $
406,359
982,502
2,519
56,094
105,552

2013

1,133,364
997,997
886,760
26,182
51,848
74,004

2,479,420 $

3,170,155

247,345 $
41,216

348,101
111,288
13,632

288,561

473,021

1,642,606
348,253
200,000

1,791,461
705,673
200,000

2,190,859

2,697,134

2,479,420 $

3,170,155

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

Year Ended June 30, 2014

Unrestricted
Public support and revenue:
Individual donations
Corporations and foundations
Government grants
Bequests
Special events (net of direct benefits to donors
of $172,831 and $194,758 for 2014 and 2013,
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

Temporarily
Restricted

Permanently
Restricted

492,512

Total

Unrestricted

486,384

492,512
5,500
495,604
486,384

977,710
97,491
240,169
23,867
5,283
535,666

2,859,082

5,500
495,604

501,104

455,939
9,500

Temporarily
Restricted

Permanently
Restricted

Total

$
$

5,000

455,939
14,500

79,011

79,011

977,710
97,491
240,169
23,867
5,283
535,666

1,100,631
63,870
289,001
34,786
24,487
807,204

1,100,631
63,870
289,001
34,786
24,487
807,204

3,360,186

2,864,429

5,000

2,869,429

858,524

(858,524)

1,201,025

(1,201,025)

3,717,606

(357,420)

3,360,186

4,065,454

(1,196,025)

2,869,429

837,405
837,405
687,629
531,323

837,405
837,405
687,629
531,323

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

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

Total program services

2,893,762

2,893,762

3,618,463

3,618,463

Supporting services:
Management and general
Development

288,789
683,910

288,789
683,910

287,618
457,646

287,618
457,646

972,699

972,699

745,264

745,264

3,866,461

3,866,461

4,363,727

4,363,727

(506,275)
2,697,134

(298,273)
2,089,734

Total public support and revenue

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

Total supporting services

Total expenses
Decrease in net assets
Net assets - beginning of year
Net assets - end of year

See notes to financial statements

(148,855)
1,791,461
$ 1,642,606

(357,420)
705,673

$ 200,000

348,253

$ 200,000

$ 2,190,859

$ 1,791,461

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

705,673

$ 200,000
$ 200,000

(1,494,298)
4,191,432
$ 2,697,134

LEGAL MOMENTUM
Statement of Functional Expenses
Year Ended June 30, 2014

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
Special events expense

Total expenses

See notes to financial statements

239,238
18,850
50,486

Women
and
Poverty

Total

239,238
18,850
50,486

$ 270,970
21,356
73,566

$ 212,665
16,750
32,697

308,574

308,574

365,892

262,112

1,245,152

88,023
135,549
9,456
2,838
248,107
5,542
3,958
16,999
2,731
1,627
1,897
12,104

88,023
135,549
9,456
2,838
248,107
5,542
3,958
16,999
2,731
1,627
1,897
12,104

99,598
144,586
7,319
3,214
20,670
5,545
2,092
18,557
2,594
1,976
2,135
13,451

78,330
127,982
2,753
2,523
19,457
5,541
2,080
14,314
2,121
1,447
1,688
10,975

353,974
543,666
28,984
11,413
536,341
22,170
12,088
66,869
10,177
6,677
7,617
48,634

528,831

528,831

321,737

269,211

1,648,610

837,405

$ 687,629

$ 531,323

$ 2,893,762

837,405

Program Services
Job
and
Workplace

962,111
75,806
207,235

Supporting Services
Management
and
General
Development
$

117,674
9,241
29,901

156,816
55,772
33,511
(328)
1,396
5,307
20,009
525
7,547
1,479
800
1,290
4,665

131,973
$

288,789

292,190
23,093
50,660

Total
409,864
32,334
80,561

$ 1,371,975
108,140
287,796

365,943

522,759

1,767,911

125,920
83,208
2,913
3,466
6,341
365
6,624
22,741
25,344
1,987
6,874
12,408
19,776

181,692
116,719
2,585
4,862
11,648
20,374
7,149
30,288
26,823
2,787
8,164
17,073
19,776

535,666
660,385
31,569
16,275
547,989
42,544
19,237
97,157
37,000
9,464
15,781
65,707
19,776

317,967

449,940

2,098,550

972,699

$ 3,866,461

683,910

Total
Expenses

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
Special events expense

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
17,363

67,120
99,448
2,119
3,562
55,834
8,000
3,244
18,193
12,368
2,084
4,326
13,518
17,363

807,204
778,980
30,352
17,810
790,174
40,000
12,906
68,855
27,420
10,280
8,916
76,570
17,363

107,616

199,563

307,179

2,686,830

745,264

$ 4,363,727

200,810
15,313
41,960

457,646

Total
Expenses

335,982
26,089
76,014

287,618

Total

LEGAL MOMENTUM
Statements of Cash Flows
Year Ended
June 30,
2013
2014
Cash flows from operating activities:
Decrease in net assets
Adjustments to reconcile decrease in net assets to net cash used in
operating activities:
Depreciation and amortization
Loss on disposal of property and equipment
Donated investments
Proceeds from donated investments
Net realized and unrealized gains on investments
Bad debt expense
Changes in:
Grants receivable
Accounts receivable
Prepaid expenses and other assets
Accounts payable and accrued expenses
Deferred rent
Deferred revenue

(506,275)

$ (1,494,298)

76,570

65,707
333
(11,842)
11,842
(64,334)
2,100

Net cash used in operating activities

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

(21,443)
21,443
(28,893)

589,538
23,663
29,662
(100,756)
(70,072)
(13,632)

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

(44,066)

(272,513)

260,884
(292,292)
(97,588)
(33,908)

162,989
(209,882)
(2,205)

(162,904)

(49,098)

(206,970)
1,133,364

(321,611)
1,454,975

Cash and cash equivalents - end of year

926,394

$ 1,133,364

Supplemental disclosures of cash flow information:

Non-cash donation of services

535,666

See notes to financial statements

798,704

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2014 and 2013

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]

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.

[3]

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.

[4]

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.

[5]

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.

[6]

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.

(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.
7

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2014 and 2013

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

[7]

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 and are generally sold upon receipt. Net
investment income and realized and unrealized gains and losses on investments are reported in the
accompanying statements of activities.

[8]

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.

[9]

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).

[10] 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.
[11] 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.
[12] 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, 2014 and 2013, this accrued vacation obligation was $85,614 and $63,322, respectively, and was
reported as part of accounts payable and accrued expenses in the accompanying statements of financial
position.
[13] 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.
8

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2014 and 2013

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

[14] 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

[15] Income tax:

The Organization adopted the provisions of the Financial Accounting Standards Board's (FASB) Accounting
Standards Codification ("ASC") Topic 740 "Income Taxes," 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 has not had, and is not expected to have, a material impact on the Organization's financial
statements. Management believes that the Organization is no longer subject to examination by federal or
state tax authorities for years prior to 2011.
[16] 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 November 11, 2014, the date of the independent auditors' report.
[17] Reclassification:
Certain amounts reported in the fiscal-year 2013 financials have been reclassified to conform to the fiscalyear 2014 presentation.

NOTE B - INVESTMENTS
At each fiscal year-end, investments consisted of the following:
June 30,
2013

2014

Money markets
U.S. government obligations
Bond funds
Equity funds

Cost

Fair
Value

Cost

Fair
Value

$ 174,396
14,605
296,522
373,905

$ 174,396
7,972
309,484
490,650

$ 109,101
14,562
433,405
247,835

$ 109,101
9,160
437,412
331,087

$ 859,428

$ 982,502

$ 804,903

$ 886,760

During each fiscal year, net investment income (losses) consisted of the following:
Year Ended June 30,
2013
2014
Interest and dividends
Net realized gains (losses)
Net unrealized gains

33,157
23,117
41,217

34,977
(13,488)
42,381

97,491

63,870
9

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2014 and 2013

NOTE B - INVESTMENTS (CONTINUED)

The FASB's ASC Topic 820 "Fair Value Measurements and Disclosures," 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 availability of available market data is monitored to assess the appropriate classification of financial
instruments within the fair-value hierarchy. Changes in economic conditions or valuation techniques may require
the transfers of financial instruments from one level to another. In such instances, the transfer is reported at the
beginning of the reporting period. For 2014 and 2013, there were no transfers among Levels 1, 2 or 3.
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
Money market
U.S. government obligations
Bond funds
Equity funds
Total

Money market
U.S. government obligations
Bond funds
Equity funds
Total

June 30, 2014

Level 2

$ 174,396

Total

7,972
309,484

$ 174,396
7,972
309,484
490,650

$ 665,046

$ 317,456

$ 982,502

Level 1

June 30, 2013

Level 2

Total

$
490,650

$ 109,101
9,160
437,412

$ 109,101
9,160
437,412
331,087

$ 446,572

$ 886,760

$
$ 331,087
$ 440,188

There are no Level 3 investments.

10

LEGAL MOMENTUM
Notes to Financial Statements
June 30, 2014 and 2013

NOTE C - GRANTS RECEIVABLE

At each fiscal year-end, grants receivable consisted of the following:
June 30,
2013

2014
U.S. Department of Justice
State Justice Institute
Ford Foundation Capacity Grant
Aiming High contributions

362,505
28,604

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

997,997

15,250
$

406,359

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,
2014
Furniture and fixtures
Telephone system
Computers
Leasehold improvements

88,219
2,742
4,956
177,855

2013
$

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

273,772
(168,220)

Less accumulated depreciation and amortization

$

105,552

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

74,004

Depreciation expense for 2014 and 2013 was $65,707 and $76,570, respectively.
During 2014, the Organization wrote off fully depreciated property and equipment of $1,581,754, resulting in
losses on the disposition of $333.

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.
The Organization's contribution for fiscal-years 2014 and 2013 was $60,872 and $61,740, respectively.
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, 2014 and 2013

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 2014 and 2013, the Organization received donated services, consisting primarily of legal
services and investment management services, at their fair values, in the amounts of $535,666 and $807,204,
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. The
lease for the office space in New York City expired in December 2013. The Organization signed a new New
York City lease agreement, commencing in October 2013 and expiring in February 2019. Rent expense was
$621,955 and $739,996 for fiscal-years 2014 and 2013, respectively. Minimum future rental payments are
as follows:
Year Ending
June 30,
2015
2016
2017
2018
2019

Amount
$

496,917
509,336
457,434
223,200
75,324

$ 1,762,211
[2]

Rental Income:
During fiscal-years 2014 and 2013, the Organization entered into a sublease with an unrelated tenant. The
lease term expired December 2013 and the annual rental income was approximately $240,000 and
$289,000 in 2014 and 2013, respectively,

[3]

Letter of credit:
During fiscal-year 2013, under the lease agreement for the New York office space, the Organization was
obligated under a $70,780 unused bank letter of credit, which was required in lieu of a security deposit. The
letter of credit was collateralized by a time deposit that the Organization maintained with the bank. At
June 30, 2013, the time deposit had a balance of $83,000. In November 2013, the Organization changed
locations, as described above, and terminated the line of credit.

[4]

Government contracts:
The Organization's government-funded activities are subject to audit by the applicable granting agencies.
At June 30, 2014, 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, 2014 and 2013

NOTE G - COMMITMENTS AND CONTINGENCY (CONTINUED)

[5]

Employment agreement:
The Organization has an employment agreement with its President ending in April 2016.

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

2014
Gender equity
Violence against women
Job and workplace
Women and poverty
Management and general
Development

174,127
174,126

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

348,253

705,673

During each fiscal year, net assets released from restrictions consisted of the following:
Year Ended June 30,
2013
2014
Gender equity
Violence against women
Job and workplace
Women and poverty
Management and general
Development

375,817
375,816
43,894
29,204
23,197
10,596

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

858,524

$ 1,201,025

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 District of Columbia 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, 2014 and 2013

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.

NOTE K - SUBSEQUENT EVENTS

Subsequent to fiscal year-end, the Organization opened a new line of credit in the amount of $500,000 with JP
Morgan Chase bank.

14