Gordon College

“The college holds certain collections of works of art and furnishings. These collections are housed in a protected environment and are used for exhibition purposes for the public, for education and research, as well as for the furtherance of service to the public. These collections are not disposed of for financial gains nor are they encumbered in any manner. Accordingly, these collections are not capitalized or recorded for purposes of preparing the accompanying financial statements.”

“Occasionally the college receives gifts of art or collectibles which are put on display in various buildings throughout the campus. We also maintain library archives of college historical documents and book collections kept for posterity.”

“The college maintains custodial or "pass through" accounts for federal student loans, pell grant and state grants. Funds are held in these accounts until distributed to individual students. The college also maintains custodial accounts for student government and student ministry groups and activities.”

“The intended use of endowment funds is driven by donor restrictions on our endowments. Approximately 52% of appropriated revenues this year were in scholarship awards. 32% of revenues supported general activities and physical plant. The remaining 16% was allocated to instructional activities and academic support programs. Distributions of income are made using a total return method. We used a spending rate of 6% of the 3 year rolling average of the fair market value of the investments.”

“Fin 48 footnote: the college is a not-for-profit organization as described in section 501(c)(3) of the internal revenue code, as amended (the "code"), and is generally exempt from income taxes pursuant to section 501(a) of the code. The college is required to assess uncertain tax positions and has determined that there were no such positions that are material to the financial statements.”

“This figure includes the fws apportionment budget allocation of 188,033 included in income on the financial statements, gordon college foundation income of 27,070 included in revenue on the financial statements and loss on disposal of assets 452,007.”

“Included here are: scholarships and grants of 28,231,007 as a tuition discount on the financial statements; federal financial aid of 407,943 treated as pass through activity on the financial statements and not reflected in income.”

“This figure includes: fws apportionment budget allocation of 188,033 included in income on the financial statements; gordon college foundation expenses of 28,048 included in expenses on the financial statements; change in split interest agreements of 72,700; change in swap value of 1,081,767; loss on disposal of assets of 452,007.”

“Included here are: scholarships and grants of 28,231,007 as a tuition discount on the financial statements; federal financial aid of 407,943 treated as pass through activity on the financial statements and not reflected in expense.”