Lock Haven University Foundation

“The foundation maintains a donated collection of oil paintings and black/white etchings by john sloan.in addition, the foundation displays donated portraits in the durrwachter alumni conference center. In accordance with its mission to generate and manage resources for the benefit of commonwealth university - lock haven and its students, the collections are used by the university for education, including for loan or exchange programs, and preserves the history of the foundation and the university.”

“The intended use of the foundation's endowment funds are driven by the donor's intent. At june 30, 2022, $6,504,757 of the total $11,475,729 endowment net assets are for scholarships. The remaining endowment net assets are for progress of designated departments or projects and charitable gifts payable in future periods.”

“The foundation is a not-for-profit corporation as described in section 501(c)(3) of the internal revenue code and is exempt from federal income taxes on its exempt income under section 501(a) of the internal revenue code. The foundation is subject to federal tax on the unrelated business taxable income that may result from certain rental activities, however, no tax liability was incurred for the year ended june 30, 2024. The foundation adheres to the provisions of financial accounting standards board (fasb) accounting standards codification (asc) 740, income taxes (asc 740). Asc 740 establishes rules for recognizing and measuring tax positions in an income tax return, including disclosures of uncertain tax positions (utps). Asc 740 mandates that organizations evaluate all material income tax positions for periods that remain open under applicable statutes of limitation, as well as positions expected to be taken in future returns. The utp rules then impose a recognition threshold on each tax position. An organization can recognize an income tax benefit only if the position has a "more likely than not" (i.e. More than 50 percent) chance of being sustained on its technical merits. During 2024, the foundation has taken no material tax positions on its applicable tax filings that do not meet the more likely than not threshold. As a result, no amount for utps has been included in the financial statements. The foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The foundation believes it is no longer subject to income tax examinations for years prior to fiscal year ended june 30, 2021.”

“OTHER PROGRAMS -66,864.”

“Rental expenses -2,287,211.”

“Rental expenses 2,287,211.”