Seton Hill University

“The university's collections include religious icons, paintings, prints, photographs, sculptures, drawings and watercolors, and decorative arts. These items are held for educational, research, scientific and curatorial purposes. Each of the items is cataloged, preserved and cared for, and activities verifying their existence and assessing their condition are performed continuously. Purchases of collection items are recorded as operating expenditures in the year in which the items are acquired. Contributed collection items are not reflected in the financial statements.”

“The art collection of shu consists primarily of the braemer madonna collection, the lynch etchings, the art department print collection, and the religious statuary, iconography & realia. The braemer madonna collection comprises over a hundred pieces including paintings, reliefs, sculptures and furniture. The lynch etchings range from a piece by rembrandt to local artists. The collection of prints maintained by the art department include numbered pieces by nationally know printmakers from the 1960's-1980's, and a wide collection of prints by seton hill students. There is also a wide variety of religious statuary ranging from a cast angel and child which welcomed people to the hill since 1892 to pieces depicting mary, joseph and elizabeth ann bayley seton. Seton hill is also home to several sculptures of josepha filkosky, a former faculty member. A large number of the pieces in the shu collections are on exhibit throughout the university at any given time. As well, the pieces are used for hands on training in preservation and restoration for art interns.”

“It is the policy of the university to protect and grow the value of its investment assets. The university therefore attempts to minimize all risks inherent to the investment process through proper diversification. The asset allocation and spending policies shall seek to produce a net, inflation-adjusted, positive return after spending. The asset allocation policy shall be consistent with the investment objectives of the endowment and are based on the capital market assumptions listed below. The target asset allocation for the main endowment portfolios shall be 70% equity and 30% fixed-income with a variation of 5% above or below these targets for each classification. Changes in the variation around the target allocations will be made by the asset manager in consultation with the investment manager. It is the general intent of and policy of the university to promote the internal growth of its endowment assets in such a manner so that the potential income that can be generated from the increased size of this portfolio will represent a significant contribution to the university's fiscal well-being. This internal portfolio growth will be reinforced whenever possible by the appropriate reinvestment of income and capital gains. Within this general intent, the university has adopted a total return policy for the endowment assets and is, therefore, electing to adopt the total return policy under act 141 as it is incorporated in title 15, and 5548 of the pennsylvania consolidated statutes annotated. It has been the general policy of the university under act 141 to treat 7% of the fair market value of the endowment assets as income each year. The university increased the return policy from 4% in 2014 to 7% in 2015. In no way is this general policy meant to unduly deplete portfolio assets or to impair the preservation of the purchasing power of the invested funds. In order to protect against such asset depletion, it shall be the responsibility of the board to annually review and adjust this policy to fit current budgetary conditions, actual returns of the portfolio, and the needs of the university. Currently, the university will not draw down on an endowment fund, if the draw will cause the market value of the fund to drop below the corpus value. Deficiency in donor-restricted endowment funds - from time to time, the fair value of assets associated with an endowed fund may fall below the level that a donor requires or the governing board has determined is appropriate. The university has $75,358 of the fair value of the endowment funds below corpus in 2015 compared to $1,196 below corpus in 2014. This deficiency resulted from unfavorable market declines that occurred after the investment of these endowment funds.”

“The university has been determined to be exempt from federal income taxes under the provisions of section 501(c)(3) of the internal revenue code of 1986 (irc) and has further been classified as an organization that is not a private foundation in accordance with sections 170(b)(1)(a)(ii) and 509(c)(1) of the irc. Properties has been determined to be a type i supporting organization under section 509(a)(3) of the irc. As a result, no provision for taxes has been made in the accompanying combined financial statements. The university follows the income taxes topic of the financial accounting standards board accounting standards codification, clarifying the accounting for uncertainty in income taxes recognized in an entity's financial statements. This topic requires a recognition threshold and measurement principles for financial statement disclosures of tax positions taken or expected to be taken on a tax return. The university has assessed the tax positions it has taken or expects to take in its tax returns, and no liability for uncertain tax positions has been recorded; further, the university has no unrecognized tax benefits. The university is no longer subject to examination of its tax returns for years before 2012.”

“Reclass of fundraising/gaming expenses 10,578.”

“Scholarships and grants 24,887,211. Reclass of catering income from expenses 66,710.”

“Reclass of fundraising/gaming expenses 10,578.”

“Scholarships and grants 24,887,211. Reclass of catering income from expenses 66,710.”