Albright College

“The college does not assign values to collection items. Collection items are generally held for educational purposes and are not disposed of for financial gain or otherwise encumbered in any manner.”

“Albright college maintains a diverse collection of two and three dimensional works of art across the campus. The majority of the works of art are original prints and photographs from the 1960s up to the 1990s, with an emphasis on works by american artists. All works of art are available for study and research by students, faculty, staff, and the general public. Exhibitions and educational programs are developed around various aspects of the works of art for the campus and the general public. Some educational programs are developed specifically for k-12 school groups and adults from the region in the freedman gallery, while other programs and works of art are taken directly to offsite educational institutions. Works of art are frequently taken into classes for lectures and training purposes. Many of the works of art are available for use by other educational institutions. All works of art are handled by specifically trained staff and students.”

“The endowment funds are intended to be used to support student financial aid, instruction and other college operations.”

“The college qualifies as a tax-exempt, nonprofit organization under section 501(c)(3) of the internal revenue code. Accordingly, there is no provision for federal or state income taxes. The college follows the fasb guidance related to accounting for uncertainty in income taxes. The guidance clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statements and prescribes a recognition threshold of more-likely-than-not to be sustained upon examination by the appropriate taxing authority. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The guidance also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. Management has determined that there are no significant uncertain tax positions meeting the recognition criteria in 2014 and 2013. The college's federal exempt organization business income tax returns for tax years beginning june 1, 2012, 2011 and 2010 remain subject to examination by the irs. The college's policy is to recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses.”

“Revenue of subsidiary (ntsi) 113,454. Student aid -32,735,157. Tuition discount -900,823. Program expenses netted against revenue -447,082. Net assets netted against revenue -1,229. Investment expenses -292,900.”

“Rental expenses -64,497. Fund raising event expense -12,033. Net assets released from restriction netted against program service expenses 11,179.”

“Total expense of subsidiary (ntsi) 335,082. Rental expenses 64,497. Fund raising event expense 12,033. Net assets released from restriction netted against program service expenses -11,179.”

“Student aid 32,735,157. Tuition discount 900,823. Program expenses netted against revenue 447,082.”