Message from the Incoming President

Message from the Incoming President
Dr. Cheryl Crazy Bull (Sicangu Lakota), whose Lakota name Wacinyanpi Win means
“they depend on her,” was named President and CEO of the American Indian College Fund.
Dr. Crazy Bull has more than 30 years of experience with Native American education institutions. She comes to the Fund from Northwest Indian College (NWIC), located on the Lummi
Nation in Washington, where she served for 10 years. Prior to joining NWIC, she served as
the superintendent of St. Francis Indian School and in several teaching and administrative
roles at Sinte Gleska University, both on her home reservation of Rosebud in South Dakota.
Dr. Crazy Bull also served for four years as the Chair of the American Indian Higher
Education Consortium (AIHEC) Board and four years as member-at-large of the AIHEC
Executive Committee. She has served on the boards of the National Museum of the American
Indian, the National Congress of American Indians Policy Research Center, and on the
economic development committees of the Rosebud Sioux Tribe and the Lummi Nation.
I
t is my honor to have been selected as the new President
and CEO of the American Indian College Fund (the
Fund). In my 30-year career as a tribal educator, the
inspiration for my work is the vision of the founders of the
tribal college movement. Our founders, many who have gone
on their journey to the Spirit World, wanted place-based,
culturally rooted higher education institutions to lift up tribal
peoples into abundant, prosperous lives. They knew that the
cultural knowledge of our tribal people, combined with an
understanding of and proficiency with western skills, would
rebuild tribal nations.
As Rick Williams, outgoing President and CEO of the Fund
has shared, “Tribal colleges have rewritten the history of
Indian education.” For many Native people, education did
not represent opportunity or hope; it represented a loss of
identity and important knowledge based in our languages
and relationships. Tribal colleges and universities restore that
knowledge and rebuild relationships.
Students at tribal colleges are among the most resilient,
talented individuals in higher education today. They eagerly
study, research, serve, and learn together. They overcome tremendous economic and personal obstacles in order to achieve
their dreams of a higher education that provides them with
both employment and the security of their rich tribal identity.
Today this is even more important because economic policies
and political approaches to social change are having a challenging impact on already impoverished tribal communities.
Tribal college students can change the future of tribal nations.
Our students hold the promise of opportunity and prosperity
in their hearts and hands. I have witnessed how the resources
of friends and supporters of the Fund made higher education
possible for tribal college students. I have seen the incredible
improvements in human capital and physical capacity at the
tribal colleges as a result of their investments in the Fund.
As the incoming President and CEO of the American Indian
College Fund, I look forward to creating more investment
opportunities in our tribal colleges, and most importantly, in
our students. I believe that the generosity of our contributors
will continue to support the diversity of cultures represented
by American Indian tribes that are such an important part of
American democracy.
It will be a privilege to meet and work with our many friends
and supporters and to continue to help tribal college students
achieve their dreams.
Pilamaya he, thank you, for your friendship,
Wacinyanpi Win (They Depend on Her)
Cheryl Crazy Bull
1
The Legacy of
Richard Williams
F
or the first time in many years, I found myself at a
loss. I wasn’t sure what to say when I was asked
to provide a final word as the President and
CEO for the American Indian College Fund, a position I have humbly served in for 15 years.
Once upon a time, the world needed change. Those
living then recall a time of poverty, scarcity of food,
and few if any opportunities available to improve their
lives and change what was happening in their world.
Without some miracle, their world would cease to exist.
For those of you who know me personally, you know
that serving American Indians so that they can pursue
a higher education is my passion. Tasked with this
final message to our supporters, I struggled. Should it
be sentimental, reflective of the past, or a clever story?
For those who know me well, you know that the latter
would be truest to my Native culture and nature. For
Native people, there is always a story, myth, legend, or
tale that is just waiting to be told. And so…
The Creator, Wakan Tanka, looked down on the
people and felt pity that they were suffering, so he
sent a Star down to the people. The great leaders of
the people gathered and gazed into the Star. They
put the Star in the center of the Great Lodge. As they
looked at the Star they spoke about its beauty and what
it meant to the people. Each offered his sage wisdom
about how the Star was meant to help the people.
Page 2, Photo left: Richard B. Williams and several tribal college students at the Flame of Hope Gala.
Page 2, Photo right: Richard B. Williams displays a painting of himself as a young man.
Page 3, Photo left: Richard Williams takes the podium at a Flame of Hope Gala in Denver, Colorado.
Page 3, Photos, right, clockwise, from right to left:
Williams poses with his family; Williams (center) being presented with the Distinguished Service Award from the
University of Colorado Board of Regents in recognition of his service to Native students and their communities with
his wife, Sally Carufel-Williams (right); Williams with actor and Fund supporter Matt Damon; Williams and Navajo
Technical College (NTC) President Dr. Elmer Guy (right) and NTC student Dwight Carlston (left).
2
For four days the people studied the Star and prayed.
At the end of four days, the leaders took a part of the
Star with them and traveled back to their homes and
vowed to share its wisdom with their people.
When they returned home, each leader built a tribal
college and summoned his people to enter so that
they, too, could gain the wisdom of the Star. To this
day, when you travel around Indian Country you
will see the bright Stars and the shining hope in the
faces of the people. The brilliant light of these Stars
has guided Indian people to a new era of hope and
prosperity. All we had to do was to believe in the power
of minds and our determination, the potential of our
young people for our future, the generosity of our supporters, and continue to offer thanks to the Creator.
It has been an honor to serve at the American Indian
College Fund and help the tribal colleges nourish
the gift of our young Indian people, helping them to
fulfill their dreams of an education and a better life,
while continuing in the footsteps of our ancestors. It
has also been my privilege to meet the Fund’s many
supporters—our relatives in spirit.
The joy these past 15 years have brought me cannot
be measured. The beautiful relationships with our
students, their parents, and grandparents, and the
good that I have been able to do for Native people
will always live in my heart. I am proud to have served
in this sacred mission.
From this day forward, when I look up at the night
sky, I will remember this gift from the Creator. When
I journey through Indian Country, I will continue
to see those bright stars’ rays of hope living on in the
people as the American Indian College Fund continues its mission under the leadership of Dr. Cheryl
Crazy Bull.
In Lakota we never say goodbye; we say toksha: until I
see you again.
In a good way,
Richard B. Williams
President and CEO
3
2011-12 Board of Trustees
Scholarships: 2011-12 Statistics
$5,640,570
Average dollar amount of scholarship award per recipient: $1,337
Total dollar amount of scholarships awarded:
Front row, from left:
Dr. Elmer Guy, Carla Fredericks,
Liesl Wilke, Kim Blanchard,
Dr. Richard Littlebear.
Back Row, from left:
David Kennedy, Dr. James Davis,
Dr. Carole Falcon-Chandler, Carrie
Basgall, Dr. Laurel Vermillion,
Gail Bruce, Dr. Cynthia Lindquist,
Tammy Miller-Carlson, Barbara Gohr,
Richard Williams, Casey Lozar, and
Micheal Oltrogge.
Number of students supported:
4,218
Total number of students we were unable to support:
7,850
Number of first-generation college students served:
1,740
= 100 students
Top five majors for scholarship recipients
American Indian College Fund 2011-2012 Governing Board of Trustees
Chair:
Dr. Elmer Guy
President
Navajo Technical College
1st Vice Chair:
Dr. Cynthia Lindquist
President
Cankdeska Cikana Community
College
2nd Vice Chair:
Dr. Laurel Vermillion
President
Sitting Bull College
Resource Development Chair:
Arthur “Chuck” Hensley III
Retired
Merrill Lynch & Co., Inc.
Member At Large:
David W. Rogers
Retired
Cargill, Inc.
4
Trustees:
Richard Black
President & CEO
ECRM, Inc.
Kimberly Blanchard
Partner
Weil, Gotshal & Manges, LLP
Dr. Carole Falcon-Chandler
President
Aaniiih Nakoda College
Dr. James Davis
President
Turtle Mountain Community
College
Dr. Verna Fowler
President
College of Menominee Nation
Carla Fredericks
Partner
Milberg, LLP
Cameron Geiger
Vice President, Sam’s Club
Wal-Mart Stores, Inc.
Dr. David M. Gipp
President
United Tribes Technical College
Barbara Gohr
Retired
Allstate Insurance Company
Daniel “Pancho” Gutstein
Director of Strategic Planning
PUMA N.A.
Dr. Richard Littlebear
President
Chief Dull Knife College
Dr. Robert Martin
President
Institute of American Indian Arts
Dr. Micheal Oltrogge
President
Nebraska Indian Community
College
Liesl Wilke
Author
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
Business and related
742 recipients
Education and related
398 recipients
Health
668 recipients
Liberal arts and related
800 recipients
Number of majors supported: 211
Cost of attendance
Per capita income of American Indians: $15,671
Why Your Support Helps
POVERTY
U.S. Census Bureau 2010
The average cost of
attending a tribal
college in 2011-12:
$13,621
American Indian Higher
Education Consortium, 2012
Science, Technology,
Engineering, and
Mathematics related
620 recipients
1 in 20
American Indian college students
can afford to go to college
without financial assistance
Americans below
poverty level:
15.3%
American Indians
below poverty level:
28.4%
5
Tribal Colleges and Universities Map
In 2011-12 the American Indian College Fund received applications from
Native students from all 50 states plus the District of Columbia.
32
32c
32b
32d
32a
16a
11
16c
16
16b
13
17
14a
32e
14
26
24
24a
27
24b
15
10
35
9
25
12
25a
28i
28j 28
28d
28e 28a 29
28g
28f 29b
28h 28b
34c
34a
8
34d
8c
30
28c
29a
38
8b
23
6
5
34b
34
8a
33
33a
7
19a 19b
18
19
31
4
2e
1
2
2g
2a 20a
2d
2b 2c
2f
20
21
22
Salish Kootenai College
Pablo, MT
16a Colville, WA
16b Spokane, WA
16c Wellpinit, WA
17 Stone Child College
Box Elder, MT
16
36
37
3
Member Tribal Colleges
Alaska
1 Ilisagvik College
Barrow, AK
Arizona
2 Diné College
Tsaile, AZ
2a Chinle, AZ
2b Ganado, AZ
2c Window Rock, AZ
2d Tuba City, AZ
6
Kayenta, AZ
2f Crownpoint, NM
2g Shiprock, NM
3 Tohono O’odham
Community College
Sells, AZ
2e
Kansas
4 Haskell Indian Nations
University
Lawrence, KS
Michigan
5 Bay Mills Community College
Brimley, MI
6 Keweenaw Bay Ojibwa
Community College
Baraga, MI
7 Saginaw Chippewa
Tribal College
Mount Pleasant, MI
Minnesota
8 Fond du Lac Tribal and
Community College
Cloquet, MN
8a Minneapolis, MN
8b Red Lake, MN
8c Onamia, MN
9 Leech Lake Tribal College
Cass Lake, MN
10 White Earth Tribal and
Community College
Mahnomen, MN
Montana
11 Blackfeet Community College
Browning, MT
12 Chief Dull Knife College
Lame Deer, MT
13 Aaniiih Nakoda College
Harlem, MT
14 Fort Peck Community College
Poplar, MT
14a Wolf Point, MT
15 Little Big Horn College
Crow Agency, MT
Nebraska
18 Little Priest Tribal College
Winnebago, NE
19 Nebraska Indian Community
College
Macy, NE
19a Niobrara, NE
19b South Sioux City, NE
New Mexico
20 Navajo Technical College
Crownpoint, NM
20a Chinle, AZ
21 Institute of American
Indian Arts
Santa Fe, NM
22 Southwestern Indian
Polytechnic Institute
Albuquerque, NM
North Dakota
23 Cankdeska Cikana Community
College
Fort Totten, ND
24 Fort Berthold
Community College
New Town, ND
24a Mandaree, ND
24b White Shield, ND
25 Sitting Bull College
Fort Yates, ND
25a McLaughlin, SD
26 Turtle Mountain Community
College
Belcourt, ND
27 United Tribes Technical
College
Bismarck, ND
South Dakota
28 Oglala Lakota College
Kyle, SD
28a Allen, SD
28b East Wakpamni, SD
28c Eagle Butte, SD
28d Manderson, SD
28e Porcupine, SD
28f Martin, SD
28g Oglala, SD
28h Pine Ridge, SD
28i Wambli, SD
28j Rapid City, SD
29 Sinte Gleska University
Mission, SD
29a Lower Brule, SD
29b Marty, SD
30 Sisseton Wahpeton College
Sisseton, SD
Virginia
31 American Indian Higher
Education Consortium
Alexandria, VA
Washington
32 Northwest Indian College
Bellingham, WA
32a Auburn, WA
32b Tulalip, WA
32c La Conner, WA
32d Kingston, WA
32e Lapwai, ID
Wisconsin
33 College of Menominee Nation
Keshena, WI
33a Green Bay-Oneida Campus
34 Lac Courte Oreilles Ojibwa
Community College
Hayward, WI
34a Odanah, WI
34b Lac du Flambeau, WI
34c Bayfield, WI
34d Hertel, WI
AIHEC ASSOCIATE MEMBERS
Minnesota
35 Red Lake Tribal College
Red Lake, MN
Oklahoma
36 College of the
Muscogee Nation
Okmulgee, OK
37 Comanche Nation College
Lawton, OK
Wyoming
38 Wind River Tribal College
Ethete, WY
American Indian
College Fund
8333 Greenwood Blvd.
Denver, CO 80221
(303) 426-8900
www.collegefund.org
7
Meet Our Students
Name:
Akisa
Name:
Cheryl
Tribe:
Oglala Lakota
Tribe: Navajo
Major:
Nursing
Major:
Navajo/Diné studies
School:
Oglala Lakota College,
Pine Ridge, South Dakota
School:
Diné College,
Tsaile, Arizona
Inspiration for Getting a College Degree:
Inspiration for Getting a College Degree:
“
W
hat really got me into medicine and
nursing was my grandma. When my
grandma got cancer I really wanted to
understand it better and see how I could help her with
her diet and things like that.”
“I see a lot of people getting either bad health care or
negligent health care, or maybe just health workers
are just overworked around here. I’ve known people
who’ve waited eight hours to see a doctor and had
to be turned away because it was closing time and
the doctor’s schedule was too full and he didn’t have
enough time to see them. People have had to wait
days, sometimes even weeks, to see a doctor for simple
or even dangerous things like spider bites or snake
bites. I actually know people who have almost lost
limbs because of that.”
8
Career Goals:
“I feel more of our people should not only learn medicine, they should come back to the reservation and
practice, which I’d like to do…working with Native
patients, helping the people, and helping my family,”
Akisa says.
How the American Indian College Fund Helped:
“Getting a scholarship and going to a tribal college
gives me an opportunity to learn about nursing as well
as learn my language and my culture.”
C
heryl was a stay-at-home wife and mother to
four-year-old son Kennedy and two-year-old
daughter Ava when her husband lost his construction job in Las Vegas during a sharp economic and
housing downturn. With no family nearby, they packed
their belongings and family and returned home to the
Navajo reservation, nine hours away, to start anew.
importance of education for my family and self. I have
struggled far too long to go through any more hardships. I know life will always have its ups and downs,
but there is always hope to learn, strive, endure,
conquer, and succeed,” Cheryl says.
With no jobs or money, they settled in a remote area
of the Navajo reservation in a one-room hogan, without electricity or running water, to save money while
Cheryl, knowing that opportunities were limited
without an education, enrolled in college.
Cheryl is working towards a bachelor’s degree in
Navajo/Diné studies for a teaching career. She says she
wants to teach young people “the heritage and beauty
of the Navajo, culture, language, and arts.”
“I knew that going to a tribal college would be beneficial to me, my people, and future Native generations.
I have never regretted a single semester. My educational
endeavors are built on self-determination and the
Career Goals:
How the American Indian College Fund Helped:
“A dream is built on the hope, faith, love, and
generosity of the people who believe in the dream.
Thank you.”
Cancer is the second leading cause of death
among American Indians and Alaska Natives
over the age of 45.
Less than 1% of public school teachers in
the U.S. were American Indian/Alaska Natives
in 2007–08.
Intercultural Cancer Council (ICC).
Department of Education,
National Center for Education Statistics.
9
Meet Our Alumni
Name:
Tammy
Name:
Beau
Tribe:
Keetoowah
Tribe:
Chippewa Cree
Alma Mater:Haskell Indian Nations University,
Alma Mater: Stone Child College,
Box Elder, Montana
Lawrence, Kansas
Photo, below: Beau Mitchell
(right) enjoys working with
his students at the College of
Menominee Nation.
How the American Indian College Fund Helped:
How the American Indian College Fund Helped:
M
W
“
y parents would do anything to help me,
but they didn’t have the financial means
to do so,” Tammy says. They scraped
together enough money for her to attend college that
first semester, but “what would happen after that first
semester was a leap of faith.”
Tammy applied for an American Indian College Fund
scholarship, and “scholarships paid for the rest of
my school. I wouldn’t have gone to college without
them,” she says.
Tammy’s Life Today:
After earning an associate’s degree in tribal management at Haskell Indian Nations University, Tammy
transferred to the University of Kansas. Just 12 credits
shy of her bachelor’s degree, Tammy returned home to
tend to a family emergency.
ithout scholarships from the American
Indian College Fund, Beau, who grew
up on the Rocky Boy Reservation in
Montana, might not have been able to afford to stay
in school.
Back at home, she applied for an entry-level job at
Wal-Mart Stores, Inc. “After working for a year I realized I wanted to be there, not for a paycheck, but for
a career. Since I hadn’t finished my degree, I started
meeting with leadership about where I wanted to go in
the company and asked them to help me map a path
to get there. They put me on that path,” Tammy says.
Tammy finished her bachelor’s degree and is now
working towards a master’s degree in business administration while working in a management position at
Wal-Mart Stores, Inc. She credits her tribal college
education and American Indian College Fund scholarships for opening doors for her.
Eight out of 10 American
Indian College Fund scholarship
recipients say they want to use
their education to help their
cultural communities.
10
“That was a vital time in my life that helped shape me
into the person I am today. I received the Student of
the Year award and scholarship [from the American
Indian College Fund] for my tribal college. This
recognition helped fuel my motivation to pursue a
STEM (science, technology, engineering, and mathematics) career.”
Beau’s Life Today:
After completing an associate’s degree at Stone Child
College, Beau moved to Wisconsin and earned a
bachelor’s degree from the University of Wisconsin
in Green Bay. After working in the biofuels industry,
he was hired for his “dream job” as the sustainability
coordinator at the Sustainable Development Institute
at the College of Menominee Nation, a tribal college
in Wisconsin. The institute provides research and
innovative activities to the Menominee Nation for
sustainable forestry practices, health and wellness, and
more. Beau says the job is a perfect fit for his education and professional background in environmental
protection, hazardous waste mitigation, building
sustainable communities, and energy development. “I
also love teaching and working with students, and giving them hands-on learning opportunities,” he says.
Beau credits a tribal college education and American
Indian College Fund scholarships for leading him to
where he is today. Without them, he says he would
not be in a position to give back to Indian Country.
Contaminants in subsistence foods, water, soil,
and air threaten Native traditional lifeways by
exposing American Indians to environmental
contaminants.
Source: U.S. Environmental Protection Agency, 2009.
11
Annual Flame of Hope Gala
Planned Giving Profile
Dr. Hal Lassiter
A
merican Indian College Fund supporters from
around the country have attended the Flame
of Hope Gala to raise money for scholarships
and tribal college support for 16 years. This year’s
gala, held at the Denver Center of the Performing
Arts on October 14, raised $375,000.
The Fund honored both the W.K. Kellogg
Foundation for its support of culturally based early
childhood education at tribal colleges and the late
Elouise Cobell for her groundbreaking work to
uphold American Indian contract rights and to ensure
an education for Natives.
Tribal college students attended the event to share
their gratitude about how the Fund has made a difference in their lives. Haskell Indian Nations student
Danielle Denton, a member of the Iowa nation,
explained how a scholarship helped her to earn a
business degree. Denton was chosen to participate
in Wal-Mart Inc.’s first Native student cohort as
a student intern at the company’s headquarters in
Bentonville, Arkansas. After her graduation this
spring, she joined Walmart full-time as an employee.
Native flutist R. Carlos Nakaí and The Jared Stewart
Band entertained the assembled guests.
Photo left: Students and staff from Little Big Horn College in
Montana attended the event in traditional dress.
Photo right: Student speaker Danielle Denton (Iowa) addresses
the audience about how scholarships have changed her life.
12
Flame of Hope Gala sponsors contributing
$1,000 or more:
Anonymous
Kimberly S. Blanchard
CBS Television Network Sales
Ford Motor Company
Greenberg Traurig LLP
IBM
Jenzabar, Inc.
Lannan Foundation
Lumina Foundation for
Education
Nissan North America
Oneida Nation Foundation
P&G
Peskoff Foundation
Saginaw Chippewa Indian Tribe
of Michigan
The Tierney Family Foundation
Tule River Indian Tribe
University of Phoenix
USA Funds
The Sheryl and Harvey White
Foundation
Wieden+Kennedy-Portland
Liesl Wilke
D
r. Hal Lassiter first became interested in Native
cultures early in his career after spending 10
years caring for children as a pediatrician on
the Navajo and Wind River reservations.
“It was there that I developed a respect for Indian
cultures,” Dr. Lassiter said. He went on to work as a
neonatologist at the University of Louisville School
of Medicine in Louisville, Kentucky, while heading a
neonatal research lab for 17 years.
Dr. Lassiter’s early experience working with Native
communities piqued his interest in the American
Indian College Fund, which he has supported for more
than two decades.
Dr. Lassiter decided to contact the Fund to establish
an endowed scholarship for Native students. Staff
provided him with “all sorts of information about
the Fund, its investment strategies, IRS Form 990s,
and annual reports stretching a decade back. All of
this information confirmed the Fund consistently
receives high charity watchdog and Better Business
Bureau ratings.”
Next Dr. Lassiter spoke to Paul Schreder at Watershed
Investment Consultants, the Fund’s investment consultant. “The Fund had a pristine record, Watershed’s
fees were low, and everything was right in line with my
intent. I had everything reviewed by my personal financial advisor and he confirmed everything I had found
and there were no weaknesses.”
Dr. Lassiter considered the national availability of
scholarships to students when creating his endowment. He found there are limited vocational program
scholarship opportunities for Natives. “When people
finish a vocational education program, they can
generate income immediately or go on to support
themselves as they further their education,” he says.
To achieve that end, Dr. Lassiter established
the Lassiter Certificate and Vocational Education
Endowment Fund with an initial gift of $50,000 and
another planned gift for 2013 of $50,000 for endowed
scholarships. Dr. Lassiter announced he is also leaving
80% of his estate with the Fund to ensure his legacy
with Native peoples for generations.
13
Foundation Supporters
Individual Contributors
F
The following individual donors have generously given $5,000 or more in support:
oundation supporters agree: the American
Indian College Fund is an ideal charity to support because of the impact it makes in Native
communities, its financial integrity, and work ethic.
Barbara Cushing, Director of Grantmaking at the
Kalliopeia Foundation, said, “In terms of the American
Indian College Fund’s financials, we find them pretty
impeccable. We receive an annual report every year
along with the complete financial data that we request.
It’s obvious that there is a lot of thought and care put
into the budgeting of dollars that are allocated.
You do what you say you are going to do and document it in a very detailed fashion.
Kalliopeia Foundation provides the American Indian
College Fund with scholarships for students pursuing a teaching degree who want to serve as American
Indian language instructors for the purpose of language preservation. We receive beautiful, detailed
reports that illustrate the difference we make in
students’ lives and provide us with a glimpse of the
personal connection we have with the students.
It’s remarkable to have an organization as large as the
American Indian College Fund in terms of the money
you raise getting down to the level of detail of how
this scholarship support is used. Your development
staff is amazing, thoughtful, and caring, and it is a
pleasure working with you.”
Valorie Johnson, Program Officer at the W.K. Kellogg
Foundation, said, “After our initial grant to the
American Indian College Fund, they ended up being
a leader in the field. Later we gave funds to match for
an endowment for scholarships in the late 1990s just
as Rick Williams was taking his role as president, with
our board’s stipulation that the money would have
to be matched in four years. The Fund matched the
donation in 30 days, and in 90 days they doubled the
amount. The board was really surprised and pleased.
Out of that outstanding performance we were able to
develop a stronger relationship with the Fund, its staff
members, and people in Indian Country.
Whatever we have asked the Fund to do, they have
done. They quickly gather information about tribal
colleges for projects and turn around statistics and
other research requests. We are able to fund the
American Indian College Fund because of the information it is able to gather and assemble about the
tribal colleges and universities and the communities
they serve, the need that exists in Indian Country, and
information that isn’t always readily available about
Indian Country. Their performance on projects is
high quality. The Fund goes the extra mile.”
Photo above: American Indian College Fund employees
Tarajean Yazzie-Mintz (left) and Jennifer Navarro (right) honor
Valorie Johnson (center), the program manager for the
W.K. Kellogg Foundation.
14
Patrick and Angela Adams
Alphin Family Gift Fund
The Byrnes-Alvarado Family
Edward R. Ammon
Anonymous (23)
Anonymous Donor Administered by
Maine Community Foundation
Anonymous Donor Administered by
UBS DAF
Anonymous Donor Administered by
US Bank
Leah Meyer Austin
George Baetjer
The Bear Man
John Berkey
Rhoda and Henry R. Bernstein
Kimberly S. Blanchard
Mr. and Mrs. John C. Bogle
Elizabeth M. Bowerman
Benjamin and Talisa Bratt
Clayton A. Brown
Nola and Neil Burkhard
Stephen and Joanne Burns
Paul and Jean Burtness
Ruth Callard
Catherine Caneau
Jim Cargill
Marthadele A. Carpenter
James R. Carver
Pamela and Ted Coleman
Andy and Consuelo Fund
(Schwab Charitable Fund)
CH Anonymous
Linzee and Beth Coolidge
Mark Christopher Cooke and
Marina B. Krcmar
In honor of Frank H. Davison
Michael Dillard
Judith Drake
Gayle Embrey
The Farley Charitable Lead Annuity
Trust of 2010
R.L. Friede
Shayne C. Gad
Nancy and Lawrence Gutstein
Pat Halloran
Diane R. Hammer
Gay Hapgood
Kathleen A. Harper
Sarah K. Highland
Joel and Helena Hiltner
Stephen and Karen Jackson
Artie and Sue Jantzen
Ann and Mike Johnson
Anna S. Jordan
T.R.Q. Family Foundation on behalf
of Jettie Kelly
Valerie Kitchens
Phillip A. Wright in honor of Helen
Wright and Marlene LaClair
David Lambert
Herbert A. Lassiter, M.D.
George H. Leon, Jr.
James K. Lichtenstein
Jeffrey L. Fillerup and Neeta M. Lind
in honor Flora Sombrero Lind
Judith E. Trimble and Edward A. Long
Stephen and Carolyn McCandless
JB McNeil
Donal Mullineaux
Paul Onufryk
Christopher Osgood
Dennis Paynter
Dr. Erica B. Periman
Henry and Janet Peters
Patricia and Robert Plitt
Junius L. Powell
Elizabeth Graham and Winston Pulliam
David Raisbeck
Deborah J. Rennels
David and Jill Rogers
Kenneth and Reine Salter
Richard J. Schnieders
Wendy Seldon
Yoshiko and Ichiro Shinkai
Harold Simmons Foundation
Dagna Simpson
Bridget Stroud
Deborah Gillaspie and Frederick Sturm
Owen Connolly and Harold Sundberg
Memorial Fund
Ann and Robert Buxbaum,
in memory of Julie Talayumptewa
George and Susan Then
CleoBell and Sidney Tice
Terry and Carol Travis
Richard J. Treitel
Linda A. Wadler
Peter and Sondra Welles
In Memory of Anthony A. Welmas
Dan G. Wieden
Liesl and Jeff Wilke
Richard and Sarah Williams
Lucy S. Winton
John E. Wood
Elton Wylie
The following individuals have created a lasting legacy through the American Indian College Fund
with their bequests of $5,000 or more:
Rodger D. Andrews
Anonymous
Barbara B. Beebe
Theodore S. Bistany
John C. Broskey
L. Nadine Butler
Gerard J. Daniels
Gerald W. Dietrich
Elizabeth J. Dobbie Trust
Phoebe K. Eaton
Enza Aronica Ferrante
Harvey B. Heller
Henrietta G. Kalle
Barbara A. King
Doris M. Knouse
Anne Powers Koller
Ruth Leiman
Mary E. Murdock
Horace V. Pinney
Eloise Severinson
Kenneth Paul Trogdon
Richard B. Woodbury
Catherine C. Yarnelle
15
Foundation Contributors
16
Corporate and Tribal Contributors
The following foundations have generously given $5,000 or more in support:
The following corporations have generously given $5,000 or more in support:
Joseph and Sophia Abeles Foundation, Inc.
The Ahmanson Foundation
AMB Foundation
Anonymous Foundation (5)
Argosy Foundation
Agua Fund, Inc.
The Paul and Edith Babson Foundation
Bennett Family Foundation Fund
L. P. Brown Foundation
Richard C. and Ann K. Carr
Adolph Coors Foundation
Ecotrust
Embrey Family Foundation
F.I.S.H. Foundation, Inc.
Edward & Verna Gerbic Family Foundation
Grotto Foundation
Hausman Family Charitable Trust
The Hearst Foundations
Virginia W. Hill Charitable Foundation
Franklin E. Hull Trust
Nathan P. Jacobs Foundation
The Jana Foundation, Inc.
Helen K. and Arthur E. Johnson Foundation
Johnson Scholarship Foundation
Robert K. and Annabel J. Jones Foundation, Inc.
W. K. Kellogg Foundation
Lannan Foundation
Peter and Dorothy Lapp Foundation
Leibowitz and Greenway Family Charitable Foundation
Brad Lemons Foundation
Meta Lilienthal Scholarship Fund
The Herman and Gerda Lissner Foundation Fund
Lumina Foundation for Education
Robert R. McCormick Foundation
Allstate Foundation
Arizona Public Service
AT&T Foundation
Bank of the West San Francisco
Best Buy
CIGNA Foundation
Coca-Cola Foundation
ExxonMobil Matching Gift Program
FedEx Corporation
Ford Motor Company Fund & Community Services
General Mills Foundation
Goldman, Sachs & Co.
Greenberg Traurig LLP
The Hershey Company
Hilton Worldwide
International Gaming Technology
Jenzabar, Inc.
Johnson & Johnson
Lowe’s Companies, Inc.
Master Key Consulting
McDonald’s Corporation
MetLife Foundation
Morgan Stanley Foundation
Mellam Family Foundation
The Andrew W. Mellon Foundation
Namaste Foundation
Native American Education Foundation
The Niner Foundation
The Overbrook Foundation
The Peierls Foundation, Inc.
Nancy Allison Perkins Foundation
Ben Plucknett Charitable Trust
The Renaissance Foundation
Helen Roberti Charitable Trust
The Robert P. Rotella Foundation
Rundgren Foundation
Thomas C. and Lois L. Sando Foundation
Gerald B. Shreiber Foundation
John A. Sellon Charitable Residual Trust
The Siragusa Foundation
Alfred P. Sloan Foundation
Solon E. Summerfield Foundation, Inc.
The Tierney Family Foundation Inc.
The Trull Foundation
Jane Smith Turner Foundation
The Tzo’-Nah Fund
Helen J. and Thomas N. Urban Charitable Foundation
Dennis and Phyllis Washington Foundation
The Sheryl and Harvey White Foundation
Winners for Life Foundation
George and Fay Young Foundation, Inc.
National Indian Gaming Association
NBC Universal Foundation
Network for Good
Newmont Mining Corporation
Nissan North America, Inc.
Proctor and Gamble Company
Packaging Corporation of America
Pendleton Woolen Mills
Sara Lee Foundation
Sprint Foundation
Target Corporation
The Donaldson Foundation
Toyota Motor Sales, USA, Inc.
Travelers Foundation
United Health Foundation
University of Phoenix
UPS Foundation
US Bank
USA Funds
Wal-Mart Stores, Inc.
Wieden+Kennedy-Portland
Wm. Wrigley Jr. Company Foundation
Ernst & Young Foundation Matching Gifts Program
The following tribes have generously given $5,000 or more in support:
Confederated Tribes of the Umatilla Indian Reservation
Oneida Nation Foundation
Saginaw Chippewa Indian Tribe of Michigan
Shakopee Mdewakanton Sioux Community of Minnesota
Tule River Indian Tribe
United Way/CFC/Indian Charity
17
Statement of Financial Position
(With Comparative Totals for 2011)
Independent Auditors’ Report
Board of Trustees
American Indian College Fund
We have audited the accompanying statement of financial position of the American Indian
College Fund (the “Fund”) as of June 30, 2012, and the related statements of activities,
functional expenses and cash flows for the year then ended. These financial statements are the
responsibility of the Fund’s management. Our responsibility is to express an opinion on these
financial statements based on our audit. The prior year summarized comparative information
has been derived from the Fund’s 2011 financial statements and, in our report dated September
1, 2011, we expressed an unqualified opinion on those statements.
We conducted our audit 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 of material misstatement. An audit includes consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the American Indian College Fund as of June 30, 2012, and the
changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
June 30,2012
Assets
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . $2,350,583 $
2,267,402
Promises to give . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,067,049 7,053,178
Prepaid expenses and other assets. . . . . . . . . . . . . . . . . . . . . . 103,643 132,295
Donated assets held for resale. . . . . . . . . . . . . . . . . . . . . . . . 1,956,643
650,555
Property and equipment, net. . . . . . . . . . . . . . . . . . . . . . . . . 702,515 687,866
Investments:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . American Indian College Fund . . . . . . . . . . . . . . . . . . . . . . . 57,290,809 57,123,868
Held in trust for others. . . . . . . . . . . . . . . . . . . . . . . . . . . 538,924 569,810
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,829,733
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
57,693,678
$69,010,166 $68,484,974
Liabilities
Accounts payable and accrued expenses. . . . . . . . . . . . . . . . . . . $ 365,442$
Liabilities under charitable gift annuities . . . . . . . . . . . . . . . . . . . 16,212
Held in trust for others . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538,924
246,811
16,099
569,810
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 920,578
832,720
Commitments and contingencies
Net assets
Unrestricted:
Undesignated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,953,959
Board-designated for endowment . . . . . . . . . . . . . . . . . . . . . 10,646,398
16,358,100
10,847,581
Total unrestricted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,600,357
Total temporarily restricted. . . . . . . . . . . . . . . . . . . . . . . . . . 15,131,560
Total permanently restricted. . . . . . . . . . . . . . . . . . . . . . . . . 24,357,671
27,205,681
18,466,892
21,979,681
Total net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,089,588
67,652,254
Total liabilities and net assets . . . . . . . . . . . . . . . . . . . . . . . September 6, 2012
Denver, Colorado
2011
$69,010,166 $68,484,974
See accompanying summary of significant accounting policies and notes to financial statements.
19
Statement of Activities
Statement of Functional Expenses
(With Comparative Totals for 2011)
(With Comparative Totals for 2011)
Year Ended June 30,
2012
Unrestricted TemporarilyPermanently
Restricted Restricted
Support, Revenue and Gains
Contributions . . . . . . . . . . . . . . . . . . . . . . . . .
Donated public service announcements . . . . .
Net special events revenue . . . . . . . . . . . . . . .
Net investment return . . . . . . . . . . . . . . . . . .
Change in value of charitable trusts . . . . . . . .
Other income . . . . . . . . . . . . . . . . . . . . . . . . .
Net assets released from restrictions . . . . . . .
Total
2011
Year Ended June 30,
Total
Account Description
$7,199,527 $7,360,644 $2,377,990 $16,938,161 $
19,366,707
1,662,481
-
- 1,662,481 1,278,142
255,731 13,085
- 268,816 409,328
(79,169) (541,281)
- (620,450) 5,085,421
(66,085)
-
- (66,085) 355,424
59,929
(5,624)
- 54,305 76,897
10,162,156(10,162,156)
-
-
-
Total support, revenue and gains . . . . . . . . . . 19,194,570(3,335,332) 2,377,99018,237,22826,571,919
Expenses
Program services:
Scholarships and grants program . . . . . . . . . . 11,713,537
Public education program . . . . . . . . . . . . . . . . 2,306,891
-
-
-11,713,53710,768,578
- 2,306,891 1,847,244
Total program services . . . . . . . . . . . . . . . . . . 14,020,428
-
-14,020,42812,615,822
Supporting services:
Administrative . . . . . . . . . . . . . . . . . . . . . . . . 973,120
Donor development . . . . . . . . . . . . . . . . . . . . . 2,806,346
-
-
- 973,120 954,566
- 2,806,346 2,890,541
Total supporting services . . . . . . . . . . . . . . . . 3,779,466
-
- 3,779,466 3,845,107
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . 17,799,894
-
-17,799,89416,460,929
Change in net assets . . . . . . . . . . . . . . . . . . . 1,394,676(3,335,332) 2,377,990 437,33410,110,990
Net assets, beginning of year . . . . . . . . . . . . . 27,205,68118,466,89221,979,68167,652,25457,541,264
Net assets, end of year . . . . . . . . . . . . . . . . . $28,600,357 $15,131,560 $24,357,671 $68,089,588 $67,652,254
See accompanying summary of significant accounting policies and notes to financial statements.
Scholarships and Grants
2012
2011
Public
Donor
EducationAdministrative Development
Total
Total
Salaries . . . . . . . . . . . . . . . . $ 827,621$ 292,102$432,160$ 882,295$
2,434,178$
2,035,693
Payroll taxes and benefits . . . 217,020 78,566 113,972 228,737 638,295 654,618
Scholarships and grants . . . . 10,319,729
-
-
-
10,319,7299,799,821
Advertising/marketing . . . . . . 23,730 167,611
- 11,842 203,183 38,508
Direct response and
donor stewardship . . . . . . . -
-
-1,391,6951,391,6951,499,514
Donated public
service announcements . . . -1,662,481
-
-1,662,4811,278,142
Accounting, audit, legal,
and consulting fees . . . . . . 55,084 22,859 247,117
7,130 332,190 365,599
Rent, utilities, maintenance,
and equipment rental . . . . . . 15,331
5,478 14,361 16,233 51,403 62,309
Special events and donor tours
-
8,601
-
-
8,601 120,527
Cost of direct benefits to donors
-
-
-
105,958
105,958 151,412
Travel and meals . . . . . . . . . 67,691 13,547 34,935 116,604 232,777 223,392
Board meetings . . . . . . . . . . -
- 81,489
- 81,489 72,829
Office expenses . . . . . . . . . . 23,681
5,207 61,572 35,753 126,213 127,768
Depreciation . . . . . . . . . . . . 21,540
7,602 11,403 22,807 63,352 53,212
Publications, dues,
and subscriptions . . . . . . . 80,459 13,739 14,481 25,040 133,719 58,123
Bank charges . . . . . . . . . . . . -
- 65,598
- 65,598 61,230
Staff development . . . . . . . . . 7,199
3,654 10,759
7,771 29,383 28,322
Insurance . . . . . . . . . . . . . . . -
- 36,167
- 36,167 33,325
Bad debt expense . . . . . . . . . -
-
-
2,500
2,500
Other expenses . . . . . . . . . . . 5,542
829 35,180
4,071 45,622 43,723
Information technology . . . . . 48,910 24,615 21,220 53,868 148,613 135,441
Total expenses . . . . . . . . . . . 11,713,5372,306,8911,180,4142,912,304
18,113,146
16,843,508
Less expenses netted
against revenue:
Investment management
fees . . . . . . . . . . . . . . . .
Expense on rental
property . . . . . . . . . . . . .
Cost of direct benefits
to donors . . . . . . . . . . . .
Cost of goods sold . . . . . . .
-
- 157,828
- 157,828 168,663
-
-
-
-
-
-
-
49,466
49,466
54,994
- 105,958 105,958 151,412
-
-
- 7,510
$
11,713,537 $2,306,891 $ 973,120 $2,806,346 $
17,799,894 $
16,460,929
Functional expense as a
percentage of total expense
66%
13%
5%
16%
100%
See accompanying summary of significant accounting policies and notes to financial statements.
20
21
Statement of Cash Flows
Summary of Significant Accounting Policies
(With Comparative Totals for 2011)
Increase (Decrease) in Cash and Cash Equivalents
Year Ended June 30,2012
2011
Cash flows from operating activities:
Change in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
437,334
$
10,110,990
Adjustments to reconcile change in net assets
to net cash used in operating activities:
Depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,352
53,212
Donated assets capitalized as held for sale. . . . . . . . . . . . . . . . (11,670)
(12,389)
Change in value of charitable gift annuity . . . . . . . . . . . . . . . . . 5,428
4,614
Net realized and unrealized loss (gain) on investments. . . . . . . . . . . 1,436,371 (4,199,759)
Contributions of securities . . . . . . . . . . . . . . . . . . . . . . . . . - (600,000)
Contributions restricted to endowment. . . . . . . . . . . . . . . . . . . (2,377,990) (1,906,700)
Decrease (increase) in operating assets:
Promises to give. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (233,271) (4,350,059)
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . 28,652
(41,857)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . 118,631 102,923
Net cash used in operating activities. . . . . . . . . . . . . . . . . . . . . (533,163)
(839,025)
Cash flows from investing activities:
Proceeds from sale of donated property . . . . . . . . . . . . . . . . . . . 5,582
15,969
Payments for purchases of property and equipment . . . . . . . . . . . . . (78,001)
(12,103)
Interest and dividend income reinvested . . . . . . . . . . . . . . . . . . . (973,749) (1,054,325)
Net proceeds from investment portfolio . . . . . . . . . . . . . . . . . . . (629,563)
900,292
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . (1,675,731)
(150,167)
Cash flows from financing activities:
Collections of contributions restricted to endowment. . . . . . . . . . . . . 2,297,390
Payments to charitable gift annuity beneficiaries. . . . . . . . . . . . . . . (5,315)
606,700
(5,316)
Net cash provided by financing activities. . . . . . . . . . . . . . . . . . . 2,292,075
601,384
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . 83,181
(387,808)
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . 2,267,402
2,655,210
Cash and cash equivalents, end of year . . . . . . . . . . . . . . . . . . 2,267,402
Supplementary disclosure:
Promise to give satisfied by real estate. . . . . . . . . . . . . . . . . . . $2,350,583 $
$1,300,000 $
-
See accompanying summary of significant accounting policies and notes to financial statements.
22
Organization
Investments
The American Indian College Fund (the “Fund,” “we,”
“us,” or “our”), a Washington, D.C. nonprofit corporation,
transforms Indian higher education by funding and creating awareness of the unique, community-based accredited
tribal colleges and universities, offering students access
to knowledge, skills, and cultural values which enhance
their communities and the country as a whole. During our
2012 fiscal year, we provided scholarships to more than
4,200 students seeking to better their lives through higher
education. We also provided support for tribal college
needs, ranging from capital support to cultural preservation
curricula. Tribal colleges serve large proportions of nontraditional students, those with dependent family members,
first-generation college students, and many others who
previously had little access to post-secondary education in
their communities. However, tribal colleges receive little or
no local or state tax support. To help alleviate this funding
gap, we work with the private sector to raise funds crucial to
the colleges and their students.
Investment purchases are initially recorded at cost. If contributed, such investments are recorded at fair value on the
date of contribution. Investments are reported at their fair
values in the statement of financial position, and unrealized
gains and losses are included in the statement of activities.
Net investment return consists of the Fund’s interest and
dividend income, and realized and unrealized capital gains
and losses generated from the Fund’s investments, less
investment management and custodial fees.
Comparative Financial Information
The accompanying financial statements include certain
prior-year summarized comparative information in total but
not by net asset class. Such information does not include
sufficient detail to constitute a presentation in conformity
with accounting principles generally accepted in the United
States of America (“GAAP”). Accordingly, such information
should be read in conjunction with our audited financial
statements for the year ended June 30, 2011, from which the
summarized information was derived.
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting, in accordance
with GAAP, as promulgated in the Financial Accounting
Standards Board (“FASB”) publication, FASB Accounting
Standards CodificationTM (“FASB Codification”).
Cash and Cash Equivalents
We consider all highly liquid financial instruments with
original maturities of three months or less, and which
are not held for long term purposes, to be cash and cash
equivalents. All other highly liquid financial instruments
which are to be used for long-term purposes are classified as
investments regardless of original length to maturity.
Our investments include private and publicly held investments, and are structured to provide the financial resources
needed to meet our short and long-term capital requirements, operating reserves, scholarships and other charitable
objectives. With limited exceptions, our investments are
managed by independent professional investment management firms and include a variety of investment products,
such as individual equity and debt securities, open and
closed-end mutual funds, exchange traded securities, investment company shares, and limited partnership interests.
Our investments are exposed to various risks that cause
the reported value of our investments to fluctuate on a
daily basis and could result in material changes to our net
assets. Investments in equity securities fluctuate in value in
response to many factors, such as the activities and financial condition of individual companies, general business,
industry, and market conditions, as well as the perceived
state and direction of the economy. The values of bond
investments and other fixed income securities fluctuate in
response to changing interest rates, credit worthiness of
issuers and overall economic policies that impact market
conditions.
Certain of our investment managers are permitted to use
investment strategies and techniques designed to achieve
higher investment returns with lower volatility and low
correlations to major market indices and other asset classes.
Strategies and techniques, such as the use of hedge funds,
could increase the impact of favorable or adverse security
price movements on our investment portfolio.
Promises to Give
Unconditional promises to give that are expected to be
collected in less than one year are reported at net realizable
value. Unconditional promises to give that are expected to
be collected in more than one year are initially recorded
at their estimated fair values. That fair value is computed
using a present value technique applied to anticipated cash
23
Summary of Significant Accounting Policies
flows. Amortization of the resulting discount is recognized
as additional contribution revenue in years subsequent to
initial recognition. We have not recorded a discount as it
is believed to be immaterial. In years subsequent to initial
recording, we determine an allowance for uncollectible
amounts based on our relationship with the donor, historical experience, an assessment of the current economic
environment, and analysis of subsequent events. At June 30,
2012, no allowance was considered necessary. Conditional
promises to give are not included as support until the
conditions are substantially met.
Assets Held for Sale
Individual long-lived assets to be disposed of by sale are classified as assets held for sale if the following criteria are met:
• The carrying amount will be recovered principally through a
sale transaction rather than through continuing use;
• The disposal group is available for immediate sale in its
present condition subject only to terms that are usual and
customary for such sales; and
• The sale is highly probable.
Assets held for sale are carried at the lower of their carrying amount or fair value less costs to sell and are presented
separately on the face of the statement of financial position.
Upon classification as held for sale, the assets are no longer
depreciated.
Property and Equipment
Property and equipment additions over $1,000 are recorded
at cost or, if donated, at the estimated fair value on the date
of receipt. Depreciation is computed using the straight-line
method over the estimated useful lives of the assets ranging
from 3 to 32½ years. When assets are sold or otherwise
disposed of, the asset and related accumulated depreciation
are removed from the accounts, and any resulting gain or
loss is included in the statement of activities. Repairs and
maintenance are charged to expense when incurred.
Impairment of Long-Lived Assets
We review asset carrying amounts whenever events or
circumstances indicate that such carrying amounts may
not be recoverable. When considered impaired, the carrying
amount of the asset is reduced, by a charge to the statement
of activities, to its estimated fair value. We were not aware of
any indications of impairment and therefore no impairment
losses were incurred during the year ended June 30, 2012.
24
Summary of Significant Accounting Policies
Unrestricted Net Assets
Expenses
Fair Value Measurements
Unrestricted net assets are available for use in general
operations.
Expenses are recognized when incurred. Expenses paid in
advance but not yet incurred are deferred to the applicable
period.
We follow the methods of fair value measurement described
in the Fair Value Measurements and Disclosures topic of
the FASB Codification to determine the fair values of all
financial instruments required to be measured at fair value.
Fair value is based on the price that would be received to sell
an asset or paid to transfer a liability, i.e., the “exit price,” in
an orderly transaction between market participants at the
measurement date. A hierarchy prioritizes the observable
and unobservable inputs used to measure fair value into
three broad levels, as described below:
Temporarily Restricted Net Assets
Temporarily restricted net assets consist of amounts that
are subject to donor restrictions that may or will be met
by expenditures or actions, and/or the passage of time, and
certain income earned on permanently restricted net assets.
Donor-restricted contributions, including promises to give,
are recorded as increases in temporarily or permanently
restricted net assets, depending on the nature of the restrictions. When a donor restriction expires, that is, when a
stipulated time restriction ends or purpose restriction is
accomplished, temporarily restricted net assets are reclassified
to unrestricted net assets and reported in the statement of
activities as net assets released from restrictions.
Permanently Restricted Net Assets
Permanently restricted net assets consist of assets whose use
is limited by donor-imposed restrictions that neither expire
by the passage of time nor can be fulfilled or otherwise
removed by actions taken by us. These restrictions stipulate
that resources must be maintained permanently, but permit
us to expend the income generated in accordance with the
provisions of the gift agreements.
Revenue Recognition
Noncontribution revenue is recognized when earned and
determined to be realizable. Contributions are recognized
when cash, other assets or an unconditional promise to give
is received.
Donated Services and Materials
Donated professional services are recorded at the respective
fair values of the services received. Donated materials are
recorded at fair value at the date of donation. Volunteers
contribute significant amounts of time to our program
services, administrative, and fundraising activities; however,
the financial statements do not reflect the value of these
contributed services because they do not meet recognition
criteria prescribed by the FASB Codification.
Functional Allocation of Expenses
The costs of providing the various program and supporting
activities have been summarized on a functional basis in the
statement of activities. The details of functional expenses by
natural classification are presented in the statement of functional expenses. Certain costs have been allocated among
the programs and supporting services benefited.
Use of Estimates
The preparation of financial statements in conformity with
GAAP requires us to make estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of support,
revenue, expenses, and distributions during the reporting
period. Actual results could differ from those estimates and
such differences could be material.
Concentrations and Credit Risks
We manage cash deposit concentration risk by placing our
temporary cash and money market accounts with financial institutions considered by us to be high quality and
credit-worthy. Cash and cash equivalents are maintained
at financial institutions and at times, balances may exceed
federally insured limits. We have never experienced any
losses related to these balances. Depository accounts were
fully insured at June 30, 2012 due to a temporary federal program in effect from December 31, 2010 through
December 31, 2012. Under the program, there is no limit
to the amount of insurance for eligible accounts. Beginning
in 2013, insurance coverage will revert to $250,000 per
depositor at each institution, and the funds may again
exceed federally insured limits. Cash equivalents of
$1,900,000 were uninsured as of June 30, 2012.
We consider credit risk associated with promises to give to
be limited because of high historical collection rates and
because the amounts outstanding are due from individuals,
foundations, and corporations supportive of our mission.
The three largest promises to give are 41%, 17%, and 12%
of the total balance at June 30, 2012.
• Level 1 – Observable inputs such as quoted prices in
active markets for identical assets or liabilities.
• Level 2 – Observable inputs other than Level 1 inputs,
such as quoted prices for similar assets or liabilities
in active markets, quoted prices for identical assets or
liabilities in inactive markets, or model-derived valuations
in which all significant inputs are observable or can be
derived principally from, or corroborated by, observable
market data.
• Level 3 – Unobservable inputs are used when little or no
market data is available.
In determining fair value, the Fund utilizes valuation
techniques that maximize the use of observable inputs and
minimize the use of unobservable inputs to the extent possible.
Taxes and Tax-Exempt Status
The Fund is exempt from federal income taxes under
Section 501(c)(3) of the Internal Revenue Code. The Fund
qualifies for the charitable contribution deduction under
Section 170(b)(1)(A)(vi) and has been classified as an
organization other than a private foundation under Section
509(a)(1). However, income from activities not directly
related to the Fund’s tax-exempt purpose is subject to taxation as unrelated business income. We have not recognized
significant unrelated business income during the year ended
June 30, 2012.
The Fund believes that it has conducted its operations in
accordance with, and has properly maintained, its taxexempt status, and that it has taken no material uncertain
tax positions that qualify for recognition or disclosure in the
financial statements. The Fund is no longer subject to U.S.
federal, state and local, or non-U.S. income tax examinations by tax authorities for years before fiscal year 2008,
based on the related statute of limitations.
25
Notes to Financial Statements
Notes to Financial Statements
1. Promises to Give
2. Fair Value Disclosures (Continued)
Following is a summary of unconditional promises to give at:
(1)Fair values are equal to the sums of the account
balances.
June 30,
2012
Receivable in less than one year . . . . . . . . . . . . . . . . . . . . . . . $ 4,591,428
Receivable in one to five years . . . . . . . . . . . . . . . . . . . . . . . . 1,475,621
$
6,067,049
2. Fair Value Disclosures
Assets measured at fair value on a recurring basis have been categorized based upon a fair value hierarchy as of:
June 30, Description . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012
Total
Level 1
Level 2
Level 3
Investments:
Cash and money market funds (1) . . . . . . . . . . $
891,478
$
891,478 $
-
$
Certificates of deposit (2) . . . . . . . . . . . . . . . . . 305,966
- 305,966
Equity securities directly held (3) . . . . . . . . . . . 50,296
50,296
- Debt securities:
Corporate debt securities (2) . . . . . . . . . . . . 10,027,903
-10,027,903
U.S. Treasury and agency debt securities (2) 7,065,268
-7,065,268
Asset-backed mortgage securities (2) . . . . . 3,803,947
-3,803,947
Mutual funds:
Domestic equity (3) . . . . . . . . . . . . . . . . . . . 4,031,968 4,031,968
-
Developed markets (3) . . . . . . . . . . . . . . . . 4,406,537 4,406,537
-
Global equity (3) . . . . . . . . . . . . . . . . . . . . . . 590,688 590,688
-
Emerging market (3) . . . . . . . . . . . . . . . . . . 1,941,924 1,941,924
-
Global fixed income (3) . . . . . . . . . . . . . . . . . 1,602,458 1,602,458
-
Domestic bond market index (3) . . . . . . . . . . 868,088 868,088
-
Dividend growth fund (3) . . . . . . . . . . . . . . . 4,873,591 4,873,591
-
Asia excluding Japan (3) . . . . . . . . . . . . . . . 770,267 770,267
-
Diversified debt securities (2) . . . . . . . . . . . . 4,797,901
- 4,797,901
Investment funds and partnerships:
Energy master limited partnership (3) . . . . . . 2,251,943 2,251,943
-
Fund of hedge funds (6) . . . . . . . . . . . . . . . . 5,801,915
-
-5,801,915
International alternative asset management (4) 1,359,322
-
- 1,359,322
Bank loan fund (5) . . . . . . . . . . . . . . . . . . . . 2,388,273
-
-2,388,273
26
$ 57,829,733 $ 22,279,238 $ 26,000,985 (2)Fair values are based on quoted prices for similar
assets or liabilities in active markets, quoted prices
for identical assets or liabilities in inactive markets,
or model-derived valuations in which all significant
inputs are observable or can be derived principally
from, or corroborated by, observable market data.
(3)Fair values are based upon quoted market prices for
identical securities in active markets or published
redemption values.
(4)Fair value of investments in limited partnerships
represents the Fund’s pro-rata interest in the net
assets of the partnerships.
(5)Fair value of investment in investment portfolio represents the Fund’s pro-rata interest in the net assets
of the portfolio. The portfolios’ investment strategies
are to invest in a variety of debt securities.
(6)The fund of hedge funds invests in a variety of hedge
funds, including funds of hedge funds, to create a
portfolio of funds having widely diversified investment
strategies. The funds have varying degrees of transparency into their underlying holdings, and the investment
consulting firm reports fair value information accumulated from the various fund managers. Performance
results are monitored by the investment consulting firm
and compared to benchmarks selected to help evaluate an individual strategy or the skill of an individual
manager compared to similar managers. Management
and the Board of Trustees review the composition and
performance results of the fund of hedge funds.
Below is a reconciliation of the beginning and ending
balance of assets and liabilities measured at fair value on a
recurring basis using significant unobservable inputs
(Level 3) during the year ended:
June 30,
2012
Investments
Beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,814,070
Net realized and unrealized loss included in the statement of activities. . . . (164,560)
Purchases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,900,000
Ending balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
9,549,510
Unrealized loss included in net investment return on the statement of
activities attributable to investments still held at June 30, 2012 . . . . . . $
164,560
$ 9,549,510
27
Notes to Financial Statements
Notes to Financial Statements
3. Net Investment Return
6. Donated Public Service Announcements
Net investment return was composed of the following for the year ended:
A variety of media outlets donate print space and air time
to publish and/or broadcast our public education program
public service announcements (“PSAs”). We recognize and
June 30,
2012
Interest and dividend income. . . . . . . . . . . . . . . . . . . . . . . . . $
973,749
Net realized and unrealized loss. . . . . . . . . . . . . . . . . . . . . . . (1,436,371)
Less investment management fees. . . . . . . . . . . . . . . . . . . . . . (157,828)
$
(620,450)
report in the statement of activities the estimated fair value
of the PSAs ($1,662,481 for the year ended June 30, 2012)
as equal and offsetting income and expense items.
7. Temporarily Restricted Net Assets
Temporarily restricted net assets are comprised of the following at:
June 30,
2012
Art items. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
41,643
Agricultural property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615,000
North Carolina property. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000
Restricted to the following purposes:
Scholarships and other support . . . . . . . . . . . . . . . . . . . . . . $ 8,768,846
Kellogg Early Childhood Education Project . . . . . . . . . . . . . . . . . 3,921,511
Wisdom of the People Intellectual Capacity-Building Program. . . . . . . 105,398
Tribal colleges and universities support . . . . . . . . . . . . . . . . . . 298,871
Ph.D. and research programs . . . . . . . . . . . . . . . . . . . . . . . 887,357
Cultural preservation program . . . . . . . . . . . . . . . . . . . . . . . 986,650
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,927
4. Donated Assets Held for Resale
Donated assets held for resale were comprised of the following at:
June 30,
During the year ended June 30, 2011 the Fund entered
into a commercial lease of the agricultural property and the
lessee has the option to purchase the property for $615,000
during the lease term. As such, the Fund determined this
purchase option is the best estimate of the property’s fair value.
2012
$
1,956,643
During the year ended June 30, 2012, the Fund received
title to property in North Carolina in satisfaction of a
pledge receivable. The property is held for sale and is carried
on the books at $1.3 million. We believe the amount is
a good estimate of the property’s fair value less estimated
selling costs.
5. Property and Equipment
Property and equipment consisted of the following at:
June 30,
2012
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Building and improvements . . . . . . . . . . . . . . . . . . . . . . . . . Furniture and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . $
15,131,560
Temporarily restricted net assets were released from restrictions as follows during the year ended:
June 30,
2012
Restricted to the following purposes:
Scholarships and other support . . . . . . . . . . . . . . . . . . . . . . $ 5,045,874
Kellogg Early Childhood Education Project . . . . . . . . . . . . . . . . . 1,032,598
Wisdom of the People Intellectual Capacity-Building Program. . . . . . . 3,508,356
Ph.D. and research programs . . . . . . . . . . . . . . . . . . . . . . . 319,911
Cultural preservation program . . . . . . . . . . . . . . . . . . . . . . . 163,680
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,737
$
10,162,156
100,000
881,526
264,703
1,246,229
Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . (543,714)
28
$
702,515
29
Notes to Financial Statements
Notes to Financial Statements
8.Endowment
8. Endowment (Continued)
Spending Policy and Relation to Investment Objectives
Our endowment is comprised of donor-restricted contributions and the amount of unrestricted net assets designated
for endowment by the American Indian College Fund
Board of Trustees from time to time. Earnings arising from
permanently restricted funds are temporarily restricted until
appropriated for expenditure. Earnings arising from boarddesignated funds are unrestricted.
prescribed by UPMIFA. The Board of Trustees considers
the following factors in making a determination to appropriate or accumulate donor-restricted Endowment funds:
Composition of Endowment
• General economic conditions
The endowment was allocated among the following net asset classifications at:
Our endowment (“Endowment”) is composed of approximately 100 individual endowment funds established by
donors primarily to provide scholarships and support to
tribal college students and tribal colleges, respectively. The
Endowment includes both donor-restricted funds and funds
designated for use by our Board of Trustees to function as
an endowment. As required by GAAP, net assets associated
with endowment funds are classified and reported based on
the existence or absence of donor-imposed restrictions.
• The possible effect of inflation and deflation
June 30,
• The expected total return from income and the appreciation of investments
Unrestricted
• Other resources of the organization
Donor restricted endowment . . . . . . . . . . . . $
-$2,353,699$
24,357,671$
26,711,370
Board designated for endowment . . . . . . . . 10,646,398
-
-10,646,398
The Fund charges a .5% administration fee to help defray
the costs of investment administration of the endowment
portfolio. During the year ended June 30, 2012 the fee was
imposed only on those net accumulated earnings as to not
create a deficiency as compared to the original gift.
Interpretation of Relevant Law
Our Board of Trustees has interpreted the Washington D.C.
Uniform Prudent Management of Institutional Funds Act
(“UPMIFA”) as requiring the preservation of the fair value
of the original gift as of the gift date of the donor-restricted
endowment funds, absent explicit donor stipulations to the
contrary. At June 30, 2012, there were no contrary donor
stipulations. As a result of this interpretation, we classify
as permanently restricted net assets (a) the original value
of gifts donated to the Endowment, (b) the original value
of subsequent gifts donated to the Endowment, and (c)
accumulations to the Endowment made in accordance with
the direction of the applicable donor gift instrument at the
time the accumulation is added.
The remaining portion of the Endowment that is not
classified as permanently restricted net assets is classified as
temporarily restricted net assets until appropriated for expenditure in a manner consistent with the standard of prudence
30
• The duration and preservation of the fund
• The purposes of the organization and the donorrestricted endowment fund
• The investment policies of the organization
Return Objectives and Risk Parameters
We have adopted investment and spending policies for
Endowment assets that attempt to provide a predictable stream of funding to programs supported by the
Endowment while seeking to preserve the original fair
values of the Endowment assets. Under these policies, as
approved by our Board of Trustees, Endowment assets are
invested in a manner intended to produce results, measured
over full market cycles, that equal or exceed the price and
yield results of a blended portfolio composed of traditional
and alternative investment securities, while assuming a
low-to-moderate level of investment risk. We expect our
Endowment funds, over time, to provide an average annual
rate of return sufficient to preserve the original fair values of
the Endowment assets while providing an opportunity for
real growth. Actual returns in any given year may vary from
this amount.
Strategies Employed for Achieving Objectives
To satisfy our long-term rate-of-return objectives, we rely
on a total-return strategy in which investment returns are
achieved through both capital appreciation (realized and
unrealized) and current yield (interest and dividends). Our
investment strategy targets a diversified risk allocation that
places a greater emphasis on equity-based investments to
achieve our long-term return objectives within prudent
risk constraints.
Our Board of Trustees follows a policy of appropriating for
distribution each year from the Endowment. In establishing
this policy, the Board of Trustees considers the long-term
expected return on the Endowment. Accordingly, over the
long term, the Board of Trustees expects the current spending
policy to preserve the net assets of the Endowment. This is
consistent with the Board of Trustees’ objective to preserve
the original fair values of the Endowment assets as well as
provide an opportunity for real growth through new gifts
and undistributed investment return.
2012
Temporarily
Restricted
Permanently
Restricted
Total
$10,646,398 $ 2,353,699 $24,357,671 $37,357,768
Changes in endowment net assets were as follows for the year ended:
June 30,
2012
Unrestricted
Endowment net assets, beginning of year . . Temporarily
Restricted
Permanently
Restricted
Total
$
10,847,581$3,415,933$
21,979,681$
36,243,195
Investment return:
Interest and dividend income . . . . . . . . . . 143,608 260,198
Net realized and unrealized loss, net of fees
(443,677)
(803,881)
- 403,806
- (1,247,558)
Total investment return . . . . . . . . . . . . . . . . (300,069)(543,683)
-(843,752)
Contributions . . . . . . . . . . . . . . . . . . . . . . . 108,909
- 2,377,990 2,486,899
Distributions . . . . . . . . . . . . . . . . . . . . . . . . (9,100)(475,672)
-(484,772)
Other changes:
Administrative fee . . . . . . . . . . . . . . . . . . (923)(42,879)
-(43,802)
Endowment net assets, end of year
$ 10,646,398
$
2,353,699
$ 24,357,671
$ 37,357,768
Funds with Deficiencies
From time to time, the fair value of the Endowment may
fall below the fair value of the original gifts and other accumulations made to it, the amount required by UPMIFA to
be preserved as a fund of perpetual duration. There was no
such deficiency at June 30, 2012.
31
Notes to Financial Statements
9. Contributions by Source
Contributions by source were as follows for the year ended:
June 30,
2012
Individuals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Bequests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporations and corporate foundations. . . . . . . . . . . . . . . . . . . Charitable foundations. . . . . . . . . . . . . . . . . . . . . . . . . . . . $
10.Tax Deferred Annuity Plan
12.Commitments and Contingencies
We maintain a tax deferred annuity plan (the “Plan”) qualified under Section 403(b) of the Internal Revenue Code
covering substantially all of our full-time employees. Under
the provisions of the Plan, participants may contribute an
amount not to exceed the annual limits specified by the
Internal Revenue Service. In addition, our discretionary
contributions are 2% of each qualifying employee’s qualifying wages and matching employee’s contributions up to 5%
of qualifying wages. Employee contributions vest immediately. Employer contributions vest over a four year period.
During the fiscal year ended June 30, 2012, we contributed
$107,474 to the plan.
Liquidity of Investment in Fund of Hedge Funds
11.Related Parties
Certain members of the Board of Trustees are tribal college
presidents whose colleges are eligible to receive scholarship and other direct funding awards from the Fund in the
normal course of operations. Most scholarship and other
direct funding awards are distributed on an objective and/
or equivalent basis among all the tribal colleges. Trustees
abstain from acting as representatives of individual tribal
colleges, and exercise their powers in good faith and in the
interests of the Fund and tribal colleges as a whole.
32
7,142,293
4,570,739
2,935,480
2,289,649
16,938,161
The redemption terms of the investment in the fund of
hedge funds require 95 day notice, and may be paid out
in 25% increments within 60 days after the effective date of
redemption (the last day of the fund of hedge funds fiscal
quarter).
13.Subsequent Events
The Fund has evaluated subsequent events through
September 6, 2012, which is the date the financial statements were available to be issued. There were no material
subsequent events that required recognition or additional
disclosure in these financial statements.