Perkiomen School

“Collection items acquired either through purchase or donation are not capitalized. Purchases of collection items are recorded as decreases in unrestricted net assets if purchased with unrestricted assets and as decreases in temporarily restricted or permanently restricted net assets if purchased with donor-restricted net assets. Contributions of collection items are not recognized in the statement of activities. Proceeds from the deaccessions or insurance recoveries are reflected on the statement of activities based on the absence or existence and nature of donor-imposed restrictions. Collection items are protected, kept unencumbered, cared for and preserved. The school maintains a collection of art and antiquities for the education of the students.”

“Endowment funds are intended to be used for scholarships, financial aid and student awards as well as faculty salary and professional development, program support and building and ground expenditures.”

“The school is a not-for-profit organization as described in section 501(c) (3) of the internal revenue code and is exempt from federal income taxes pursuant to section 501(a) of the code. It is also exempt from state taxes by the applicable non-profit statutes of the commonwealth of pennsylvania. The organization utilizes asc 740-10, accounting for uncertainty in income taxes, as it relates to uncertain tax positions. Management has reviewed its current and past federal and state income tax positions and has determined that the tax positions taken are certain and there is no likelihood that a material tax assessment would be made if the respective government agencies examined tax returns subject to audit. Accordingly, no provision for the effects of uncertain tax positions has been recorded, nor have any related interest and penalties been accrued. The irs and state taxing authorities retain the right to review filed tax returns, generally for three years after they were filed. However, the school is no longer subject to income tax examinations for years prior to 2015, is not currently under audit, and has not been contacted by any of these tax jurisdictions.”

“Financial aid expenses, netted against rev on f/s 5,240,935 tuition discounts, netted against rev on f/s 182,528 loss on disposal of assets -35,907”

“Uncollectible promises to give 71,274 loss on disposal of assets 35,907”

“Financial aid expenses, netted against rev on f/s 5,240,935 tuition discounts, netted against rev on f/s 182,528”