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17 <br /> THE BOTANICAL GARDEN FOUNDATION, INC. <br /> NOTES TO FINANCIAL STATEMENTS <br /> Page 11 of 13 <br /> ENDOWMENTS(CONTINUED) <br /> Funds with Deficiencies <br /> From time to time, the fair value of assets associated with individual donor-restricted <br /> endowment funds may fall below the level that SPMIFA requires to retain as a fund of <br /> perpetual duration. As of June 30, 2011 and 2010, the endowment funds were below the <br /> required amounts by$33,943 and $49,406,respectively. <br /> The changes in donor-restricted endowment net assets for the year ended June 30, 2011, were <br /> as follows: <br /> Temporarily Permanently <br /> Unrestricted restricted Restricted Totals <br /> Endowment net assets, <br /> July 1, 2010 $ (49,406) $ 432,129 $ 1,394,237 $ 1,776,960 <br /> Investment return: <br /> Income - 32,473 - 32,473 <br /> Net appreciation 15,463 161,912 - 177,375 <br /> Total investment return 15,463 194,385 - 209,848 <br /> Contributions - 637 72,053 72,690 <br /> Appropriation of endowment <br /> assets for expenditure - (74,066) (9,600) (83,666) <br /> Endowment net assets, <br /> June 30, 2011 $ (33,943) $ 553,085 $ 1,456,690 $ 1,975,832 <br />