The Beijing Center for Chinese Studies Inc

“The Center's antique collection consists of items of historical or artistic significance. In accordance with the provisions of the accounting guidance, Accounting for Contributions Received and Contributions Made, the Center has elected not to capitalize its collection of 54 pieces, with a cost of approximately $245,000, which is displayed in the offices of the Center. Additions are expensed at cost when purchased. Donated antiques are not recognized as assets or contributions. The Center is not depreciating the art collection.”

“The collection contains rare books, cartographic items, and artwork all related to China, many involving Jesuit history.”

“The Center, an Illinois nonprofit corporation, is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state law, except for taxes pertaining to unrelated business income, if any. The accounting standard for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Center may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination from taxing authorities, based on the technical merits of the positions. Examples of tax positions include the tax-exempt status of the Center and various positions related to the potential sources of unrelated business taxable income. The tax benefits recognized in the financial statements from such a position, if any, are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities during the reporting periods presented herein. The Center files Forms 990 in the U.S. federal jurisdiction and the State of Illinois. The Center is generally no longer subject to examination by the Internal Revenue Service for years before 2012.”