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 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 a range of 2% to 7% of the fair market value of the endowment assets as income each year. The university used a spending rate of 5% and 7% for the years ended june 30, 2019 and 2018, respectively. 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.”

“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(a)(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 fasb 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 2016.”

“Reclass of fundraising/gaming expenses 126,792.”

“Scholarships and grants 33,181,929.”

“Reclass of fundraising/gaming expenses 126,792.”

“Scholarships and grants 33,181,929.”