Queens College Foundation Inc

“The organization maintains artwork in the Godwin-Ternbach Museum. The Godwin-Ternbach Museum is a professional not-for-profit art institution situated on the Flushing, Queens campus of Queens College, the City University of New York. A comprehensive permanent collection of 3,500 objects from all cultures, ranging from the ancient world to the present day, is used to organize exhibitions and programs as cultural and educational vehicles for students, faculty and public audiences alike.”

“Deposits held in custody for others are comprised of resources held on behalf of the Kupferberg Center for the Arts at Queens College.”

“The Foundation's endowment consists of a portfolio of actively managed funds established to provide both a source of operating funds as well as long-term financial stability. The endowment is composed entirely of donor restricted endowment funds. Endowment funds may have purpose restrictions on use of the income.”

“Income Taxes The Foundation follows guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is "more-likely-than-not" to be sustained if the position were to be 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. Management believes that there are no uncertain tax positions within its financial statements. Additionally, the Foundation has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; determine its filing and tax obligations in jurisdictions for which it has nexus; and to review other matters that may be considered tax positions. The Foundation 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 Foundation 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 June 30, 2011, 2012, 2013 and 2014 are still open to audit for both federal and state purposes. However, management believes that there are no uncertain tax positions for which recognition or disclosure is warranted.”

“Recovery of Prior Year Grants - $10,000 Schedule D, Part XI, Line 4b Special Events Expenses Reclassed to offset Revenue on Part VIII Line 8(b) ($210,177) Total ($220,177)”

“Reconciliation of Expenses Special Events Expenses Reclassed to offset Revenue on Part VIII Line 8(b) $210,177”