No t e s t o Co n s o l i d a t e d F i n a n c i a l S t a t eme n t s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 Changes in endowment net assets, including endowment-related pledges receivable of $41.2 million, for the fiscal year ended June 30, 2023, consisted of the following (in thousands): Without Donor Restrictions With Donor Restrictions 2023 Total Net assets, beginning of year $ 54,139 $ 146,627 $ 200,766 Investment return: Investment income 904 1,649 2,553 Net appreciation/depreciation (realized and unrealized) 5,016 8,249 13,265 Total investment return 5,920 9,898 15,818 Contributions 4,788 8,629 13,417 Appropriation of endowment assets for expenditure (1,242) (3,818) (5,060) Net assets, end of year $ 63,605 $ 161,336 $ 224,941 Changes in endowment net assets, including endowment-related pledges receivable of $39.2 million for the fiscal year ended June 30, 2022, consisted of the following (in thousands): Without Donor Restrictions With Donor Restrictions 2022 Total Net assets, beginning of year $ 66,310 $ 160,684 $ 226,994 Investment return: Investment income 837 1,491 2,328 Net depreciation (realized and unrealized) (12,243) (21,690) (33,933) Total investment return (11,406) (20,199) (31,605) Contributions 1,102 9,651 10,753 Appropriation of endowment assets for expenditure (1,867) (3,509) (5,376) Net assets, end of year $ 54,139 $ 146,627 $ 200,766 The composition of endowment net assets, including endowment-related pledges receivable of $41.2 million, by type as of June 30, 2023, was as follows (in thousands): Without Donor Restrictions With Donor Restrictions 2023 Total Donor-restricted: Portion of perpetual funds that is required to be retained permanently by explicit donor stipulation1 $ - $ 118,970 $ 118,970 Term endowment funds subject to a time or purpose restriction2 - 42,366 42,366 Board-designated 63,605 - 63,605 Total net assets $ 63,605 $ 161,336 $ 224,941 1 includes endowment-related pledges of $41.1 million 2 includes endowment-related pledges of $0.1 million 36
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