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15 <br /> THE BOTANICAL GARDEN FOUNDATION, INC. <br /> NOTES TO FINANCIAL STATEMENTS <br /> Page 9 of 13 <br /> PERMANENTLY RESTRICTED NET ASSETS <br /> Permanently restricted net assets at June 30, 2011 and 2010, consist of- <br /> 2011 2010 <br /> Battle Park Endowment $ 112,688 $ 95,757 <br /> Butler Endowment 10,000 10,000 <br /> Charles Mohr Internship Endowment 64,153 59,153 <br /> Coker Arboretum Endowment 463,118 458,069 <br /> Forest Theatre Park Endowment 4,096 2,371 <br /> General Operating Endowment 15,175 14,049 <br /> Houk Internship Endowment 31,585 30,685 <br /> J &Jerry Colvard Mountain Plant Endowment 99,594 99,594 <br /> Janet M. Krakauer Endowment 94,622 84,940 <br /> Jenny Fitch Endowment 50,050 50,050 <br /> Jim Todd Living Plant Endowment 76,142 71,042 <br /> Martha DeBerry Internship Endowment 43,739 43,739 <br /> Mary McKee Felton Internship Endowment 610 610 <br /> Mason Farm Endowment 73,267 70,857 <br /> Mercer Reeves Endowment 152,046 152,046 <br /> Natural Areas Endowment 134,435 134,372 <br /> UNC Herbarium General Endowment 39,517 32,567 <br /> Total permanently restricted net assets $ 1,464,837 $ 1,409,901 <br /> ENDOWMENTS <br /> Endowments are reported under Financial Accounting Standards Board Accounting Standards <br /> Codification 958-205-50-1A -Reporting Endowment Funds ("FASB ASC 958-205-50-1A"). <br /> FASB ASC 958-205-50-1A provides guidance on the net asset classification of donor- <br /> restricted endowment funds for a not-for-profit organization that is subject to an enacted <br /> version of the Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA) <br /> and requires additional disclosures about an organization's endowment funds. In 2009, the <br /> State of North Carolina adopted UPMIFA. The following disclosures are made as required by <br /> FASB ASC 958-205-50-1A. <br /> The Foundation's endowments were established for a variety of purposes and include donor- <br /> restricted endowment funds. As required by generally accepted accounting principles, net <br /> assets associated with endowment funds are classified and reported based on the existence or <br /> absence of donor-imposed restrictions. <br />