Boston Medical Library C/O David M Pinkham CPA LLC

“Literary property purchased or received as a gift is not capitalized. Such collections, which are held for public exhibition or education, protected and preserved and subject to the library's policy to use any proceeds from sale of collections to acquire other collection items, are not recognized as assets in the statements of financial position. No literary property was purchased for either of the years ended june 30, 2025 or 2024.”

“Literary collection consists of current and historical medical literature, art objects and medical artifacts that were either purchased or donated to the library for public exhibition, education and preservation.”

“The library's endowment consists of approximately seventy individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the board of trustees to function as endowments. Net assets associated with endowment funds, including funds designated by the board of trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. Subject to the uniform prudent management of institution funds act ("upmifa"), as described below, the principal may be spent given a good-faith determination that such spending is prudent. The board of trustees of the library has interpreted the upmifa as enacted by the commonwealth of massachusetts effective june 30, 2009, as requiring the preservation of the original fair value of the donor-restricted gift absent explicit donor stipulations to the contrary. The spending policy and philosophy, including the long term investment management policies and procedures, were designed to function as integrated processes and are administered to reflect the following factors, as described in upmifa, for prudent stewards of assets: - the duration and preservation of a fund; - the purpose of the organization and the donor designations thereto; - general economic conditions; - the possible effects of inflation and deflation; - the expected total return of the charitable assets; - other resources of the organization; and - the investment policies. In establishing its spending policy, the library considered the long-term expected return on its endowment. Accordingly, the board of trustees of the library has traditionally authorized the appropriation for expenditure from endowment funds of up to three percent of the respective fund's value, as defined, in any fiscal year. This is consistent with the library's objective to maintain the purchasing power of the endowment assets held for a specified term as well as to provide additional real growth through new gifts and investment return. In order to address funding for increased transition costs related to the boston medical library's future plans, effective january 2022, the board of trustees voted to pause the three percent spending policy and eliminate board-designated restrictions. Board-designated endowment funds have been redesignated as undesignated.”

“The library is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code. Tax positions, including the position that the library qualifies as a tax-exempt entity, taken or expected to be taken in the course of preparing the library's tax returns, are required to be evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The library does not have any uncertain tax positions at june 30, 2025 or 2024 which require accrual or disclosure. Generally, the library is subject to federal and state tax examination by tax authorities for all years subsequent to june 30, 2021. The library's policy is to recognize any interest and penalties related to tax matters as an expense when paid.”

“Reclass investment expenses from revenue to expense -59,798.”

“Reclass investment expenses from revenue to expense 59,798.”