Marywood University

“Marywood university art galleries strive to present exhibitions and programs that provide opportunities for lifelong learning and contribute to the visual literacy of both the institution and greater community. The art galleries are committed to complementing and broadening the availability of contemporary and historical visual arts for the academic community with outreach and collaborative programming. All exhibitions, receptions, and accompanying events are free of charge and open to the marywood community and the general public. Current, future, and past exhibitions, as well as over 50 objects from the permanent collection, can be viewed on the art galleries' web page at www.marywood.edu/galleries. The suraci gallery maintains marywood's permanent collection of fine and decorative arts. The asian collection consists of paintings, furniture, ivories, tapestries, and ceramics. Bronze and marble sculptures, furniture, and paintings comprise the 19th century collection. In addition, european ceramics, glass, and other decorative arts are displayed. Feature exhibitions that showcase regional, national, and international artists, as well as recent work by art faculty are highlighted during the year in a recently renovated exhibition space.”

“The intended use of the endowment funds are to give financial aid to students or programs that fit the criteria designated by the donor in the scholarship agreement. The majority of the endowment funds are designated for student awards, but there are a few in place with the intent to help support a particular program. The university's endowment consists of approximately 100 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the board of trustees to function as endowments. As required by accounting principles generally accepted in the united states of america, net assets associated with endowment funds, including funds designated by the board of trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The board of trustees of the university has interpreted pennsylvania law as requiring the preservation of the fair value of the original gift as of the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the university classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as either temporarily restricted or unrestricted net assets based on the existence of donor restrictions or by law. The university considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: 1. The duration and preservation of the fund 2. The purposes of the university and the donor-restricted endowment fund 3. General economic conditions 4. The possible effect of inflation and deflation 5. The expected total return from income and the appreciation of investments 6. Other resources of the university 7. The investment policies of the university the university has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the university must hold in perpetuity or for a donor-specified period(s) as well as board-designated funds. Under this policy, as approved by the board of trustees, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of the s&p 500 index while assuming a moderate level of investment risk. The university expects its endowment funds, over time, to provide an average rate of return of approximately 9 percent annually. Actual returns in any given year may vary from this amount. To satisfy its long-term rate-of-return objectives, the university relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The university targets a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints. The university has a policy of appropriating for distribution each year 3.5 to 5 percent of its endowment funds' average fair value over the prior 12 quarters through the calendar year-end proceeding the fiscal year in which the distribution is planned. In establishing this policy, the university considered the long-term expected return on its endowment. Accordingly, over the long term, the university expec”

“The university is exempt from income taxes on related income under section 501(c)(3) of the internal revenue code. Income determined to be unrelated business income is taxable. The university believes substantially all its income is related income and accordingly, no provision for income taxes is included in the accompanying financial statements. The university's policy is to recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses.”

“Scholarships -29,383,720. Unrealized loss on interest rate swap -29,044. Change in split interest agreements -93,119.”

“Cost of goods sold -70,387. Fundraising expenses -56,945. Rental expenses -33,280.”

“Cost of goods sold 70,387. Fundraising expenses 56,945. Rental expenses 33,280.”

“SCHOLARSHIPS 29,383,720.”