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Indian River Memorial Hospital , Inc. and Subsidiaries Notes to Consolidated financial Statements For the Years Ended September 30 , 2002 and 2m1 12. Temporarily and Permanently Restricted Net Assets Temporarily restricted net assets are available for the following purposes at September 30 : 2002 2001 Foundation operations $ 8,012,716 $ 5,666, 132 Programs, property and equipment additions 1 ,310,454 577,690 Employee education endowment fund 6930290 78,432 - -_ $ 993922460 $ 623227254 - Unconditional ,322,254 _Unconditional- pledges receivable for property andequipment additions are recorded net of allowances of approximately $181,000 and $211 ,000 at September 30, 2002 and 2001 , . - respectively. Permanently restricted net assets at September 30, 2002 and 2001 of $210,487 represent an endowment fund to be held in perpetuity, the income of which is expendable to support expenses associated with the chapel. 13. Pension Plan The Hospital has a noncontributory defined benefit pension plan (the "Plan") covering_ - substantially all employees-who are over twenty and one-half years of age and have -a_ t least - six months of service. -The benefits are based on years of service and employee's compensation levels and are calculated using the projected unit credit actuarial cost method. - The Hospital's funding policy is to contribute at leastthe minimum amount required, annually. - Participants with five or more years of credited .service are entitled to a monthly pension benefit beginning at normal retirement age (65) equal to 1 . 5 % -of their average monthly earnings, during the highest five consecutive years of the last ten years of credited service, times the years of credited service, subject to certain limitations . The Plan permits early retirement at ages 55-64 upon completion of five years of credited service. At September 30, 20022 the Plan's accumulated benefit obligation exceeded the Plan assets by $ 6243028158 At September 30 , 2001 , the Plan's accumulated benefit obligation did not exceed the Plan assets . The Hospital also has a Supplemental Executive Retirement Plan ("SERP ") for a select group of full-time management. The SERF provides eligible executives defined pension benefits outside the Plan based on average earnings; years of service, and age at retirement. At September 30, 2002 and 2001 , the SERP 's accumulated benefit obligation exceeded the SERP 's assets by $ 490,934 and $ 161 , 859, respectively. -24- All