THE AMERICAN ALPINE CLUB

FINANCIAL STATEMENTS

SEPTEMBER 30, 2018

C O N T E N T S

Independent Auditors’ Report 2 - 3

Statements of Financial Position 4

Statements of Activities 5 - 6

Statements of Cash Flows 7

Notes to Audited Financial Statements 8 - 16

Independent Auditors’ Report

President and Board of Directors The American Alpine Club Golden,

We have audited the accompanying financial statements of The American Alpine Club (a nonprofit organization) which comprise the statements of financial position as of September 30, 2018 and 2017, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The American Alpine Club as of September 30, 2018 and 2017, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Denver, Colorado December 4, 2018

3 THE AMERICAN ALPINE CLUB STATEMENTS OF FINANCIAL POSITION

September 30, 2018 2017

Assets Cash and cash equivalents $ 165,487 $ 210,261 Investments 3,803,095 4,053,315 Receivables 204,704 118,863 Prepaid expenses and other assets 58,961 59,188 Inventory 28,590 22,673 Gift annuity assets 93,432 96,198 Investment in American Center, LLC 2,702,151 2,830,016 Property and equipment - net 1,563,787 1,628,817

Total Assets $ 8,620,207 $ 9,019,331

Liabilities and Net Assets Liabilities Accounts payable $ 383,688 $ 243,800 Accrued expenses 94,313 116,419 Deferred income 226,589 190,068 Notes payable 138,700 404,676 Annuity liability 25,269 31,799 Total current liabilities 868,559 986,762

Net Assets Unrestricted Undesignated (706,551) (846,597) Board designated endowments and other 2,418,427 2,719,814 Equity in mountaineering center and museum assets 2,702,151 2,830,016 Equity in property and equipment - net 1,563,787 1,628,817 Total unrestricted 5,977,814 6,332,050 Temporarily restricted 1,716,474 1,643,159 Permanently restricted 57,360 57,360 Total net assets 7,751,648 8,032,569

Total Liabilities and Net Assets $ 8,620,207 $ 9,019,331

The accompanying notes are an integral part of the financial statements. 4

THE AMERICAN ALPINE CLUB STATEMENT OF ACTIVITIES

For the Year Ended September 30, 2018

Temporarily Permanently Unrestricted Restricted Restricted Total

Support, revenue and other gains Contributions and grants $ 1,271,384 $ 71,395 $ 0 $ 1,342,779 Membership dues 1,607,801 0 0 1,607,801 Investment income 301,798 39,993 0 341,791 Program revenue 799,658 0 0 799,658 Sales revenue, net of returns and allowances 97,034 0 0 97,034 American Mountaineering Center, LLC loss (127,865) 0 0 (127,865) Other income 26,406 0 0 26,406 Net assets released from restrictions 38,073 (38,073) 0 0

Total support, revenue and other gains 4,014,289 73,315 0 4,087,604

Expenses Program services Community 1,769,513 1,769,513 Knowledge 758,707 758,707 Conservation 339,992 339,992 2,868,212 2,868,212

Supporting activities General and administrative 204,094 204,094 Fundraising 635,703 635,703 Membership development 660,516 660,516 1,500,313 1,500,313

Total expenses 4,368,525 4,368,525

Changes in net assets (354,236) 73,315 0 (280,921)

Net assets - beginning of year 6,332,050 1,643,159 57,360 8,032,569

Net assets - end of year $ 5,977,814 $ 1,716,474 $ 57,360 $ 7,751,648

The accompanying notes are an integral part of the financial statements. 5

THE AMERICAN ALPINE CLUB STATEMENT OF ACTIVITIES

For the Year Ended September 30, 2017

Temporarily Permanently Unrestricted Restricted Restricted Total

Support, revenue and other gains Contributions and grants $ 1,263,757 $ 260,549 $ 0 $ 1,524,306 Membership dues 1,315,657 0 0 1,315,657 Investment income 351,035 43,543 0 394,578 Program revenue 666,090 0 0 666,090 Sales revenue, net of returns and allowances 113,207 0 0 113,207 American Mountaineering Center, LLC loss (99,026) 0 0 (99,026) Other income 20,078 0 0 20,078 Net assets released from restrictions 32,966 (32,966) 0 0

Total support, revenue and other gains 3,663,764 271,126 0 3,934,890

Expenses Program services Community 1,785,055 1,785,055 Knowledge 544,053 544,053 Conservation 136,604 136,604 2,465,712 2,465,712

Supporting activities General and administrative 180,886 180,886 Fundraising 551,245 551,245 Membership development 495,951 495,951 1,228,082 1,228,082

Total expenses 3,693,794 3,693,794

Changes in net assets (30,030) 271,126 0 241,096

Net assets - beginning of year 6,362,080 1,372,033 57,360 7,791,473

Net assets - end of year $ 6,332,050 $ 1,643,159 $ 57,360 $ 8,032,569

The accompanying notes are an integral part of the financial statements. 6

THE AMERICAN ALPINE CLUB STATEMENTS OF CASH FLOWS

For the Year Ended September 30, 2018 2017

Cash flows from operating activities Changes in net assets $ (280,921) $ 241,096 Adjustments to reconcile change in net assets to net cash used by operating activities: Depreciation 105,039 109,893 Net realized and unrealized (gains) on investments (257,078) (215,805) Net change in investment in American Mountaineering Center, LLC 127,865 99,026 Change in value of annuity 470 573 Change in operating assets and liabilities: Prepaid expenses 227 11,576 Other assets (85,841) (12,054) Inventory (5,917) 19,581 Accounts payable 139,888 58,558 Accrued expenses (22,106) (6,564) Deferred income 36,521 30,924

Net cash provided by (used in) operating activities (241,853) 336,804

Cash flows from investing activities Proceeds from sale of investments 1,202,049 405,399 Purchases of investments (691,985) (553,840) Purchases of property and equipment (40,009) (524,321)

Net cash provided by (used in) investing activities 470,055 (672,762)

Cash flows from financing activities Net borrowings from (payments on) line of credit (265,976) 380,929 Annuity payments (7,000) (7,000)

Net cash provided by (used in) financing activities (272,976) 373,929

Change in cash and cash equivalents (44,774) 37,971

Cash and cash equivalents, beginning of year 210,261 172,290

Cash and cash equivalents, end of year $ 165,487 $ 210,261

The accompanying notes are an integral part of the financial statements. 7

THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 1 - NATURE OF ORGANIZATION

The American Alpine Club (AAC) is a not-for-profit corporation founded in 1902 to support a shared passion for and respect for climbing landscapes, provide authoritative climbing information, knowledge and resources that benefit and inspire future generations, advocate for and interests, promote conservation, and foster community and competency. The AAC unites climbers to advance the climbing way of life. AAC achieves its purpose through the following programs:

Library - The Henry S. Hall, Jr. American Alpine Club Library is the oldest alpine research facility in the United States and has one of the largest mountaineering collections in the world. The library includes current and historical materials on mountaineering and related subjects, including books, journals, videos, photographs, maps and the John M. Boyle Himalayan Library.

Publications - The American Alpine Club’s publishing division, the AAC Press, publishes The American Alpine Journal, an annual account of mountaineering ascents worldwide, and Accidents in Northern American Climbing, an annual collection and analyses of climbing accidents in Canada and in the United States.

Annual Meeting - The annual meeting provides an opportunity for members and non- members alike to hear presentations on recent expeditions, climbs, the results of research projects, mountaineering ethics, and environmental and access issues.

AAC has numerous regional lodging options across the country and around the world. Specifically, AAC owns the Rumney Rattlesnake Campground, Hueco Rock Ranch, and New River Gorge Campground. In addition, AAC jointly licenses and manages the Sam Pryor III Shawangunk Gateway Campground with the Mohonk Preserve, and it holds a Special Use Permit with the National Park Service to operate the Grand Teton Climbers’ Ranch. AAC provides substantial discounts for AAC members and all locations are within walking distance to climbing destinations.

AAC also promotes mountaineering and climbing through various climbing grants, including its Live Your Dream Grant, which assists climbers of all types and skill levels to gain climbing experience in climbing destinations throughout the world. Additionally, the AAC provides conservation and research grants to assist grantees in environmental and research projects.

AAC is exempt from income tax under Section 501(c)(3) of the United States Internal Revenue Code (the Code) and comparable state law, and contributions to it are tax deductible within the limitations prescribed by the Code. AAC is classified as a publicly supported organization under Section 509(a)(2), which is not a private foundation under Section 509(a) of the Code. Contributions and membership dues are AAC’s primary sources of support and revenue.

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THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES

Basis of Presentation AAC maintains its accounts and prepares its financial statements on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. AAC uses estimates and assumptions in preparing financial statements in accordance with accounting principles generally accepted in the United States of America. These estimates and assumptions affect the reported amounts of reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing the financial statements. The significant accounting policies followed are described below to enhance the usefulness of the financial statements by the ACC.

Cash and Cash Equivalents Cash and cash equivalents consist of cash held in checking accounts and interest- bearing money market accounts. AAC maintains its cash in bank and other deposit accounts at high quality financial institutions. The balances, at times, may exceed federally insured limits. AAC has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to cash balances.

Investments Investments are reported at fair market value. Donated investments are reported at fair value at the date of donation and thereafter carried in accordance with the above policy. Gains and losses are recorded when earned.

Inventory Inventory is valued at cost, using the weighted-average method. Inventory consists primarily of books held for sale, merchandise, and apparel sold through AAC’s online store.

Property and Equipment Property is recorded at cost. Equipment is recorded at cost if purchased and includes improvements that significantly add to or extend useful lives. Cost of maintenance and repairs are charged to expense as incurred. Depreciation expense is recorded using the straight-line method over the estimated useful lives, which range from three to thirty years. When depreciable assets are disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in support and revenue for the period. Purchases in excess of $5,000 are capitalized, with lesser amounts expensed in the period purchased.

Collections Collections consist of assets acquired through purchases and contributions since AAC’s inception and are not recognized as assets on the statements of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from decisions or insurance recoveries are reflected as increases in the appropriate net asset classes.

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THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (CONTINUED)

Net Assets The net assets of AAC are reported in the following categories:

Unrestricted net assets are those amounts that are used for current operations, including those resources invested in property and equipment, the American Mountaineering Museum assets, the American Mountaineering Center, LLC, and board designated amounts.

Temporarily restricted net assets are those amounts comprised of donor-restricted contributions that are restricted for the support of projects and term endowments that have not yet been spent.

Permanently restricted net assets are those amounts contributed with donor restrictions requiring they be held in perpetuity and only the income be utilized. Income earned on endowment funds are designated by the agreements for specific program purposed.

Support and Revenue Contributions are recorded when made, which may be when cash or other assets are received or unconditionally promised. Gifts of cash and other assets are reported as restricted support if they are received with donor stipulations that limit the use of the donated amounts. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is satisfied, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. All contributions are considered available for unrestricted use unless specifically restricted by the donor. Membership dues are recorded when earned, which is when services are provided; membership dues payments in excess of a one-year membership are included in deferred income quarterly and as of the fiscal year end. Sales revenue is recognized when the products are sold. Program, investment, and other income are recorded when earned.

Functional Allocation of Expenses The costs of providing the various program services and supporting activities of AAC have been summarized on a functional basis in the statements of activities. Accordingly, certain costs have been allocated among the program services and supporting activities benefited.

Uncertain Tax Positions The financial statements effects of a tax position taken or expected to be taken are recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the statements of activities. As of September 30, 2018, AAC had no uncertain tax positions that qualify for recognition or disclosure in the financial statements.

AAC is generally no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2015.

Reclassifications Certain prior year amounts have been reclassified in order to conform with current year financial statement presentation. 10

THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 3 - INVESTMENTS

Investments consist of:

2018 2017

Cash and cash equivalents $ 288,852 $ 1,656 U.S. treasuries 225,289 80,575 Corporate bonds 670,217 854,731 Equities 933,698 1,086,772 Mutual funds 1,285,804 533,153 Equity ETF 217,116 0 Bond ETF 182,119 1,496,428

$ 3,803,095 $ 4,053,315

All investments in debt securities and equity securities with readily determinable fair values are carried at fair value based on quoted prices in active markets (Level 1 measurements).

Composition of investment return: 2018 2017

Interest and dividends $ 84,574 $ 178,726 Net realized and unrealized gains 257,078 215,805 $ 341,652 $ 394,531

Reconciliation of investment return to amounts reported in the statement of activities:

2018 2017

Investment return $ 341,652 $ 394,531 Interest earned from operations 139 47 Investment income $ 341,791 $ 394,578

NOTE 4 - GIFT ANNUITY ASSETS

AAC received a gift annuity during the year ended September 30, 2012. This annuity allows the donor to contribute assets to AAC in exchange for the right to receive a fixed-dollar annual return during their lifetime. This transaction provides for a portion of the transfer to be considered a charitable contribution for income tax purposes. The difference between the price of the annuity contract and the discounted liability for future payments, determined on an actuarial basis, is recognized as contribution income at the date of the gift. Upon death of the annuitant, income distributions cease.

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THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 4 - GIFT ANNUITY ASSETS (CONTINUED)

Gift annuity assets consist of:

2018 2017

Mutual funds $ 35,429 $ 36,757 Equity securities 56,318 58,831 Money market funds 1,685 610 $ 93,432 $ 96,198

Change in value of gift annuity, included in other income:

2018 2017

Net realized and unrealized gains $ 3,105 $ 4,571 Interest income 4,365 3,002 Annuity payments (7,000) (7,000) $ 470 $ 573

All investments in debt securities and equity securities with readily determinable fair values are carried at fair value based on quoted prices in active markets (Level 1 measurements).

NOTE 5 - INVESTMENT IN AMERICAN MOUNTAINEERING CENTER, LLC

The American Mountaineering Center, LLC (the LLC) was established on January 31, 2001. The purpose of the LLC is to own, operate, and manage the American Mountaineering Center (AMC). The LLC is also responsible for leasing space in the AMC for activities that are similar in purpose to those activities carried out by the members. The net income of the LLC is split equally between each member based on its ownership percentage, except for depreciation expense which is allocated to each member in accordance with Section 704(c) of the Internal Revenue Code. Each member makes monthly payments to the LLC for general operating costs of the LLC. Monthly payments are determined based on a square footage allocation of the members. The monthly operating payments and depreciation expense are the primary occupancy costs of the AAC and are included as expenses on statements of activities. The assets of the LLC totaled $5,643,517 and $5,757,184, and the liabilities of the LLC totaled $74,877 and $167,886, as of September 30, 2018 and 2017, respectively. Operating surpluses or deficits of the LLC are allocated between members and payments are made from each member to the LLC on a monthly basis. The carrying amount for the AAC investment is based on the equity method.

NOTE 6 - BRADFORD WASHBURN AMERICAN MOUNTAINEERING MUSEUM ASSETS - NET

The Bradford Washburn American Mountaineering Museum (the Museum) was designed, funded, and constructed by a joint venture between AAC and the Colorado Mountain Club (CMC). The Museum was completed in February of 2008 and is located in the AMC in Golden, Colorado. Fundraising for the museum was a joint effort between AAC and CMC. Upon completion of the Museum, certain building improvements were donated to the LLC and were split 50/50 between the AAC and the CMC resulting in an increase in each club’s basis in the LLC. Exhibit capital expenditures totaled $1,519,494 and were split evenly. All AAC exhibits are 12

THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 6 - BRADFORD WASHBURN AMERICAN MOUNTAINEERING MUSEUM ASSETS – NET (CONTINUED)

depreciated over a useful life of seven years. Depreciation expense for the years ended September 30, 2018 and 2017, was $0 and $0, respectively. Accumulated depreciation was $761,989 and $761,989, as of September 30, 2018 and 2017, respectively. Both the AAC and the CMC have loaned various collection items for display in the museum.

The Museum is managed jointly by CMC and AAC. The day-to-day operations are overseen by the LLC and the day-to-day operating expenses are paid for by the LLC. CMC reimburses the LLC for its half of the operating costs.

NOTE 7 - PROPERTY AND EQUIPMENT

Property and equipment, net of accumulated depreciation, consists of:

2018 2017

Land $ 466,776 $ 833,465 Furniture, fixtures, equipment 1,933,207 1,526,509 2,399,983 2,359,974 Less accumulated depreciation (836,196) (731,157) Property and equipment, net $ 1,563,787 $ 1,628,817

Depreciation expense, related to property and equipment, was $105,039 and $109,893, for the years ended September 30, 2018 and 2017, respectively.

NOTE 8 - COLLECTIONS

AAC’s collections consists of over 60,000 items including current and historical books, periodicals, journals, videos, photographs, maps, manuscripts, correspondence, log books, and research papers covering all aspects of climbing and mountaineering. All of these collections are held for educational and research purposes. Each of these collection items is cataloged, preserved, and cared for, and activities verifying their existence and assessing their condition are performed. The collections are subject to a policy that requires proceeds from their sales to be used to support AAC’s collections.

During the years ended September 30, 2018 and 2017, proceeds from sales of collection items totaled $4,373 and $3,996, respectively. During the years ended September 30, 2018 and 2017, the cost of collection items purchased totaled $4,662 and $2,916, respectively. The cost of these items is included in Knowledge expenses on the statements of activities.

NOTE 9 - NOTES PAYABLE

On September 11, 2015, ACC executed a business line of credit for $150,000 with a commercial bank. Repayment terms are monthly payments of 1% of the outstanding balance plus interest and fees. Interest is charged at Prime plus 2%. As of September 30, 2018 and 2017, the outstanding balance of the line of credit was $138,700 and $0, respectively.

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THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 9 - NOTES PAYABLE (CONITNUED)

During August 2017, AAC executed a margin loan with a brokerage firm. The loan was used to purchase fixed assets, not additional investments. Interest rate at September 30, 2018 was 2.75%. The loan was paid off during fiscal year end 2018 and was collateralized by the investment portfolio. At September 30, 2018 and 2017 the loan balance was $0 and $404,676.

NOTE 10 -NET ASSETS

Board designated net assets consist of:

2018 2017 General operating purposes: fund $ 1,171,000 $ 1,250,062 General endowment fund 295,227 453,262 Ladd clubhouse fund 319,498 341,070 New York clubhouse proceeds fund 193,372 206,428 Expedition fund 19,408 20,719 H. Adams Carter American Alpine Journal fund-for-costs incurred in connection with the yearly publication of the American Alpine Journal 204,316 218,111 American Mountaineering Center operations 185,263 197,771 Grand Tetons Climbers Ranch fund-for-ranch operations 30,343 32,391 $ 2,418,427 $ 2,719,814

Temporarily restricted net assets are available for the following purposes:

2018 2017

Term endowments: librarian position $ 768,647 $ 735,245 Other programs 947,827 907,914 $ 1,716,474 $ 1,643,159

Temporarily restricted net assets were released from donor restrictions by incurring expenses satisfying the restricted purposes on September 30, 2018 and 2017, of $38,073 and $32,966, respectively.

NOTE 11 - ENDOWMENTS

The AAC’s endowments consist of funds dedicated to philanthropy and AAC’s exempt purpose. The endowments are considered donor-restricted endowment funds and Board designated endowment funds. As required by generally accepted accounting principles, net assets associated with endowment funds, including funds designated by the Board to function as endowments, are classified and reported based on the existence or absence of donor imposed restrictions.

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THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 11 - ENDOWMENTS (CONTINUED)

The Board of the AAC has interpreted the Colorado Prudent Management of Institutional Funds Act (CPMIFA) as requiring the preservation of the fair value of the original gift as of the gift date of the donor restricted endowment funds absentexplicit donor stipulations to the contrary. As a result of this interpretation, AAC classifies as permanently restricted and board designated net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor restricted endowment fund that is not classified in permanently restricted or board designated net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by AAC in a manner consistent with the standard of prudence prescribed by CPMIFA.

In accordance with CPMIFA, AAC considers the following factors in making a determination to appropriate or accumulate donor restricted and board designated endowment funds:

1. The duration and preservation of the fund. 2. The purpose of the Foundation and the donor restricted endowment fund. 3. General economic conditions. 4. The possible effect of inflation and deflation. 5. The expected total return from income and the appreciation of investments. 6. Other resources of AAC. 7. The investment policies of AAC.

Changes in endowment net assets for the year ended September 30, 2018 and 2017:

Temporarily Permanently Unrestricted Restricted Restricted Total

Endowment net assets, September 30, 2016 $ 2,584,781 $ 1,372,033 $ 57,360 $ 4,014,174 Contributions 100,000 260,549 0 360,549 Investment income and expenses 136,603 43,543 0 180,146 Net assets released from restrictions (101,570) (32,966) 0 (134,536) Endowment net assets, September 30, 2017 $ 2,719,814 $ 1,643,159 $ 57,360 $ 4,420,333 Contributions 0 71,395 0 71,395 Investment income and expenses 230,825 39,993 0 270,818 Net assets released from restrictions (532,212) (38,073) 0 (570,285) Endowment net assets, September 30, 2018 $ 2,418,427 $ 1,716,474 $ 57,360 $ 4,192,261

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THE AMERICAN ALPINE CLUB NOTES TO FINANCIAL STATEMENTS

NOTE 12 - RETIREMENT PLAN

AAC maintains a 403(b) tax-sheltered retirement plan for the full-time employees who volunteer to participate and provides a direct match of up to 3% for all participating employees. Total contributions were $44,360 and $17,546 for the years ended September 30, 2018 and 2017, respectively.

NOTE 13 - SUBSEQUENT EVENTS

Subsequent events have been evaluated through the report date, which represents the date the financial statements were available to be issued, and there are no material subsequent events to disclose. Subsequent events after that date have not been evaluated.

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