Connecticut College

“Sfas116 (asc958) footnote library and art collections are not recognized in assets on the balance sheet. Purchases of such collections are recorded as decreases in net assets in the period in which the items are acquired. Contributed collection items are not reflected in the financial statements. Proceeds from the sale of collection items or insurance recoveries are reflected as increases in the appropriate net asset class.”

“Organization's collections the charles e. Shain library holds approximately 300 pieces of art, as well as 25,000 rare books and 1,300 linear feet of manuscripts, photographs and other archival material. Most of the art collections consist of 20th century chinese paintings and japanese prints. There is also a small number of contemporary oil paintings on canvas by college faculty, and three by the french artist leon brunet. Books and archival materials are routinely used in classroom instruction as well as for student projects. Artwork is used for occasional classroom instruction and is rotated through the exhibit space in the charles chu asian art reading room. The connecticut college arboretum is 750 acres owned by connecticut college and operated for the benefit of the college and the community. The arboretum functions in support of the college's mission by helping to prepare men and women for a lifetime of learning about and interacting with the natural world. This is accomplished by providing an outdoor laboratory for use by faculty and students to support and conduct research in a broad range of subjects, including ecology, field biology, conservation and natural history. The arboretum provides stewardship of college lands by protecting, sustaining and enhancing biological diversity of large tracts of open space, and provides leadership statewide and beyond in conservation matters. Part of the arboretum's mission is to maintain, develop and interpret well-documented plant collections for teaching, research, public education and enjoyment, and to provide a place where people from the college and the community may enjoy passive recreation and where they may come to learn, reflect, and renew themselves throughout the natural world. The college maintains various sculptures on campus for the enjoyment of the college and local communities.”

“Endowment funds the college's pooled endowment consists of approximately 650 individual funds established to support in perpetuity a variety of purposes including instruction, financial aid, academic support, student services, and general institutional expenses.”

“FIN 48 (ASC740) FOOTNOTE 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. ACCOUNTING STANDARDS CODIFICATION (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, AS 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 STATE OF CONNECTICUT. AS OF JUNE 30, 2015, OPEN FEDERAL AND CONNECTICUT TAX YEARS FOR THE COLLEGE INCLUDE THE TAX YEARS ENDED JUNE 30, 2012 THROUGH JUNE 30, 2014. THE COLLEGE HAS NO EXAMINATIONS IN PROGRESS. THE COLLEGE BELIEVES IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS.”

“CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS $(1,231,000). PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNT $ 31,454,000. RENT EXPENSE $(180,000). POSTRETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC BENEFIT COST $781,000. ------------- Total to Schedule D, Part XI, Line 4b $32,055,000.”

“RENT EXPENSE $180,000.”

“TUITION DISCOUNT $ 31,454,000. POSTRETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC BENEFIT COST $781,000. ------------ Total to Schedule D, Part XII, Line 4b $32,235,000.”