The College of Physicians Of

“Historical collections, which were acquired through purchases and contributions since the college's inception, are not recognized as assets in the statement of financial position. Purchases of collection items are recorded as decreases in unrestricted net assets in the year in which the items are acquired or as temporarily or permanently restricted net assets if the assets used to purchase the items are restricted by donors. Contributed collection items are not reflected on the financial statements. Proceeds from deaccessions or insurance recoveries are reflected as increases in the appropriate net asset classes. The college's historical collections are made up of artifacts of historical significance, scientific specimens, and art objects that are held for educational, research, scientific, and curatorial purposes. Each of the items is cataloged, preserved, and cared for, and activities verifying its existence and assessing its condition are performeed continuously. The collections are subject to a policy that requires proceeds from their sales to be used to acquire other items for collections, and/or the maintenance, conservation, rehabilitation, restoration, improvement and upkeep of existing collections. There were no purchases or sales of historical collections during the years ended june 30, 2023 and 2022.”

“The college's endowment funds support the operations of the college, including lectures, endowed chairs, library operations, building renovations, museum operations, and other historical endeavors. The college's endowment consists of unrestricted and donor-restricted funds established for a variety of purposes as required be generally accepted accounting principles (gaap). Net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions.”

“The college is a public charity that has obtained an exemption from federal income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision has been made for federal or state income taxes. The college is subject, however, to federal income taxes on unrelated business taxable income. Pursuant to fasb accounting standards codification topic 740, the college recognizes tax benefit only if it is more likely than not that a tax position will be sustained upon examination. No liability for uncertain tax positions was recorded as of june 30, 2024 or 2023.”

“Cost of goods - inventory 329,515. Rental expenses 134,437.”

“Cost of goods sold from inventory 329,515. Rental expenses 134,437.”