Pittsburgh Ballet Theatre Inc

“The ballet's endowment consists of donor-restricted investment funds established for perpetual support of the organization's mission. As required by generally accepted accounting principles, net assets associated with endowment funds, including funds designated by the ballet to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The board has elected to be governed by the commonwealth of pennsylvania's act 141 (act 141), a total return policy that allows a nonprofit to choose to treat a percentage of the average market value of the endowment's donor-restricted investments as income each year. The long-term preservation of the real value of the assets must be taken into consideration when the board elects the amount. On an annual basis, the board must elect a spending rate of between 2% and 7%. In accordance with act 141, and to comply with a donor-imposed restriction, the ballet usually transfers no more than 5% of the previous three years' market value average of the endowment fund. The maximum investment draw percentage for the years ended june 30, 2024 and 2023 was 5.0%. This percentage is applied to a three-year average market value of the investments at june 30 of the previous year. The ballet classifies as net assets with donor restrictions the original and subsequent value of gifts donated to the endowment with donor restrictions. In accordance with act 141, the ballet has adopted a written investment policy, of which a section specifically relates to the endowment fund. The ballet considers the following factors in making a determination to set a spending rate: 1. Protecting the corpus of the endowment fund. 2. Preserving the spending power of the assets. 3. Obtaining maximum investment return with reasonable risk and operational consideration. 4. Complying with applicable laws and donor-imposed restrictions.”

“The ballet is a nonprofit organization exempt from federal income taxes under section 501(c)(3) of the internal revenue code. Accordingly, no provision for income taxes is recorded in the financial statements. The ballet's statements of financial position at june 30, 2024 and 2023 do not include any liabilities associated with uncertain tax positions; further, the ballet has no unrecognized tax benefits. There were no interest or penalties recognized in the statements of activities for the years ended june 30, 2024 and 2023. The ballet is no longer subject to examinations of its tax returns for years before 2021.”

“Cost of goods sold 84,511. Fundraising expense 241,922.”

“Cost of goods sold 84,511. Fundraising expense 241,922.”