Standard 10: Ending Net Assets - Avoid accumulating funds that could be used for current program activities. To meet this standard, the charity's unrestricted net assets available for use should not be more than three times the size of the past year's expenses or three times the size of the current year's budget, whichever is higher.
The Hadley School For The Blind does not meet this Standard because:
- According to its audited financial statements for the fiscal year ending June 30, 2014, the organization's total unrestricted net assets were $77,346,777, or 11 times the charity's total budgeted expenses of $6,918,000.
For nearly 100 years, the Hadley School for the Blind has offered tuition-free distance education to blind students. 100% of contributions support program costs, and prudent management of our endowment fund allows us to pay for administrative and other overhead costs. Each year, additional funding is needed to develop and teach our programs, so we solicit contributions from individuals, foundations and corporations.