Emmanuel College

“Part iii, line 4 the colleges art collection is on public exhibition in hallways and lobbies.”

“Part v line 2 the college has adopted fasb asu 2016-14, presentation of the financial statements of not-for-profit entities. As a result, the june 30, 2019 audited financial statements classify net assets as either net assets without donor restrictions, or net assets with donor restrictions. For purposes of part v, line 2, the college has reported its year end endowment balance without donor restrictions as quasi-endowment and its year end balance with donor restrictions as permanent endowment and temporary endowment, respectively. Part v, line 4 the college's endowment consists of approximately 114 donor-restricted endowment funds and funds designated by the board of trustees to function as endowments. Spending from endowments is donor restricted to various purposes such as providing scholarships and financial assistance to students and to fund professorships. The spending policy utilizes an annual distribution percentage approved by the board of trustees and is designed to provide a stable level of financial support and to preserve the endowment's real value.”

“PART X, LINE 2 The College generally does not provide for income taxes since it is a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. ASC 740, Income Taxes, permits an entity to recognize the benefit and requires accrual of an uncertain tax position only when the position is more likely than not to be sustained in the event of examination by tax authorities. In evaluating whether a tax position has met the recognition threshold, the College must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. ASC 740 also provides guidance on the recognition, measurement and classification of income tax uncertainties, along with any related interest or penalties. Tax positions deemed to meet the more-likely than-not threshold are recorded as a tax expense in the current year. The College has analyzed all open tax years, defined by the statutes of limitations, for all major jurisdictions. Open tax years are those that are open for exam by taxing authorities. Major jurisdictions for the College include Federal and the Commonwealth of Massachusetts. As of June 30, 2019, open Federal and Massachusetts tax years for the College include the tax years ended June 30, 2016, through June 30, 2018. The College has no examinations in progress. The College believes it has no significant uncertain tax positions.”

“Part xi, line 2d rental expenses $ 1,099,920 fundraising expenses $ 973,087 ------------- total $ 2,073,007 part xi, line 4b food contributed for gala by bon appetit $ 28,000 ------------- total $ 28,000 part xii, line 2d rental expenses $ 1,099,920 fundraising expenses $ 973,087 ------------- total $ 2,073,007 part xii, line 4b food contributed for gala by bon appetit $ 28,000 ------------- total $ 28,000”