Health Science Center Foundation at Syracuse Inc

“Two not-for-profit entities, the nursing alumni association (nursing alumni) and the college of health professionals alumni association (chp alumni) use the foundation to provide bookkeeping services for their operating funds. These entities' funds include alumni event fees and related expenses and are transacted from the same bank account as that of the foundation's operating funds. The state university of new york center for professional development (suny cpd), a department within the state university of new york system administration's academic technology and information services also uses the foundation to provide bookkeeping services for their local campus operating funds. These funds relate to training fees and related expenses and are transacted from the same bank account as that of the foundation's operating funds. Accordingly, total amounts of $346,884 and $332,009 held for these organizations at december 31, 2024 and 2023, respectively, are presented as cash held for agency accounts and due to agency accounts in the consolidated statements of financial position. The foundation also maintains an agreement with umu to provide administrative, bookkeeping, and certain investment oversight services for the chief administrative officer (cao) fund. The cao fund is administered by the president of umu (as cao) in consultation with other members of senior umu leadership and in accordance with article xvi of the policies of the board of trustees of the state university of new york. The foundation established separate bank accounts for the cao fund cash and certain investment holdings and funds are allocated at the direction of the cao fund administrators. These funds are managed under the guidelines set forth in the foundation's existing investment policies and asset allocations are reviewed by the foundation and the cao fund administrators on a periodic basis. The foundation recorded other income of approximately $237,000 and $272,000 for the services provided to the cao fund for the years ended december 31, 2024 and 2023, respectively. The cao funds are presented as cash and investments held for agency accounts and due to agency accounts in the consolidated statements of financial position. The respective interest and dividends as well as gains and losses on investments held for agency accounts are not recognized in the foundation's statement of activities.”

“The foundation's endowments consist of approximately 300 individual funds established for a variety of purposes including healthcare, public service, research and educational purposes. Net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions.”

“The foundation is organized as a public charity exempt from taxation under section 501(c)(3) of the internal revenue code. It has been determined that the foundation is not a private foundation under section 509(a)(1) of the internal revenue code. As of december 31, 2024 and 2023, the foundation did not have any unrecognized tax benefits or any related accrued interest or penalties. It is the foundation's policy to recognize any interest and penalties as expenses. The tax years open to examination by federal and new york state taxing authorities are 2021 through 2024.”