Adelphi University

“The University maintains an inventory of works of art. The works of art are primarily comprised of paintings and sculptures and are displayed throughout the campus. Under the provisions of SFAS 116, the University is not required to and does not report these items in its financial statements.”

“"The University follows ASC 740-10 which clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a return, including issues relating to financial statement recognition and measurement. This section provides that the tax effects from an uncertain tax position can be recognized in the financial statement only if the position is "more likely than not" to be sustained if the position were challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The University is exempt from federal income taxation by virtue of being an organization described in Section 501(c)(3) of the Internal Revenue Code. Nevertheless, the University may be subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the Code. The tax years ended August 31, 2014, 2015, 2016 and 2017 are still open to audit for both federal and state purposes. Management has determined that there are no material uncertain tax positions within its consolidated financial statements."”

“Rent expense totaling $123,973 is included on the 990, part viii, line 6b. Rent expense is included with expenditures in the financial statements and is shown net with revenue on the 990.”

“Lines 4b in parts xi and xii on schedule d show $64,958,802 as "other". This amount represents professional fundraising fees (shown net on financial statements) totaling $93,766 and scholarships (shown net on financial statements) totaling $64,865,036.”

“The university's endowment is an aggregation of gifts provided by donors with the requirement they be held in perpetuity to generate earnings now and in future years to support the university's programs of instruction, research and public service, and funds designated by the board of trustees to function as endowment. Earnings from endowment investments support scholarships, chairs, professorships, fellowships, basic research as well as academic and public service programs.”

“The university has adopted a spending policy for donor-restricted endowment funds. Grants and scholarships reported on schedule d, part v, line 1d in the amount of $1,211,937 represent amounts awarded to students in accordance with donor stipulations and the university's endowment spending policy. In fiscal year 2016-17, the university awarded students institutional financial aid totaling $64,865,036. Institutional aid of approximately $62.5 million was funded by the university's annual operating budget.”