THE INTERNATIONAL COUNCIL OF SHOPPING CENTERS FOUNDATION, INC.
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
2015
2014
Cash flows from operating activities:
Change in net assets
Unrealized and realized (gain) loss on investments, net
$ 116,330
$ 2,760,478
192,548
(165,019)
Changes in assets and liabilities:
Pledges receivable
288,421
(915,411)
Due from ICSC
26,137
(244,143)
Accrued income receivable and other assets
(55,683)
77,544
Accounts payable
8,026
(21,451)
Deferred revenue
Net cash provided by operating activities
45,380 13,500
621,159
1,505,498
Cash flows from investing activities:
Purchase of investments
(5,674,008)
(153,794)
Sales of investments
3,266,520
187,163
Net cash provided by (used in) investing activities
(2,407,488)
33,369
Net increase (decrease) in cash and cash equivalents
(1,786,329)
1,538,867
Cash and cash equivalents ‑ beginning
2,574,667
1,035,800
CASH AND CASH EQUIVALENTS ‑ ENDING
$ 788,338
$ 2,574,667
NOTE 1. ORGANIZATION
The International Council of Shopping Centers Foundation, Inc. (the “Foundation”) is the philanthropic arm of the International Council
of Shopping Centers, Inc. (“ICSC”). The Foundation is dedicated to career development through educational endeavors, and to engaging,
promoting and recognizing those in the retail real estate industry who contribute to making their communities better.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting
The accompanying financial statements have been prepared on the accrual basis of accounting and are presented in accordance with
the accounting requirements for not‑for‑profit organizations. The Foundation classifies net assets, revenues, expenses, and gains and
losses based on the existence or absence of donor‑imposed restrictions.
The net assets of the Foundation and charges therein are classified and reported as follows:
Unrestricted net assets represent net assets that are not subject to donor‑imposed stipulations.
Temporarily restricted net assets are net assets whose use has been limited by donors to a specific time period and/or purpose.
Permanently restricted net assets are subject to donor‑imposed stipulations that the principal corpus be maintained in perpetuity, and
the income from which is unrestricted or limited by donors to a specific time period and/or purpose. For the years ended December 31,
2015 and 2014, the Foundation does not have any permanently restricted net assets.
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