Bunker Hill Community College Foundation Inc.

“The bunker hill community college foundation art collection consists of donated sculptures, paintings, prints, and photographs. The collection is displayed in the main lobby, conference rooms, lounges, and administrative office suites of bunker hill community college. The art collection is mainly held for the visual enjoyment and cultural exposure for the students of bunker hill community college and the visiting public.”

“Income taxes the foundation is a nonprofit organization exempt from income tax under section 501(c)(3) of the internal revenue code and is classified as an organization that is not a private foundation as defined in section 509(a) of the internal revenue code. The foundation monitors its activities and it considers the potential for income taxes if any activities are not related to its exempt purpose. United states of america generally accepted accounting principles require an entity to assess the probability that a tax position has a more likely than not sustainability after review by tax authorities. If a tax position is deemed not to meet this threshold, any unrecognized tax benefits and costs are estimated and recognized. Interest and penalties, if any, related to assessments by tax authorities will be classified as a component of interest expense and other expense, respectively, in the statements of activities and changes in nets assets. A tax position may be considered as taken any time a taxpayer chooses amongst alternatives that affect the amount of their tax obligations and include for example: tax exempt status; status of a pass-through entity (s corporations); decisions made in the process of conforming with tax laws; decisions not to file in certain jurisdictions; allocation of income between jurisdictions; and the characterization of income or expenses. Tax returns are routinely open for review by the tax authorities for three years from their due date. In certain circumstances the statute of limitations may remain open indefinitely. The foundation has been notified by the internal revenue service that it meets the qualifications to be classified as a tax exempt entity under section 501(c)(3) of the internal revenue code. Since the continuance of this status is based upon continuing qualification, the foundation has identified this as a tax position. However, it has determined that this tax position meets "more likely than not" sustainability and does not result in an uncertainty requiring recognition. The foundation does not expect any material change in its position regarding this matter in the next twelve months.”

“Fundraising event expense 37,680.”

“Fundraising event expense 37,680.”

“The foundation's investment policy for endowment funds is intended to preserve capital to the extent possible and provide a reasonably predictable stream of revenue to provide appropriate funding to the programs supported by endowment funds.”