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.”

“The board of the university has elected to adopt the act 141 total return provision that allows a nonprofit to choose to treat a percentage of the average market value of the endowment's investments as income each year. However, 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, in writing, must elect a spending rate of between 2% and 7%. Due to the covid-19 pandemic, for fiscal years ending in 2020, 2021 and 2022, the board may elect a percentage of not more than 10% per year. The university applies this percentage to the average market value of the investments at the end of the prior year. Average market value is based upon on a minimum three previous years' market value. The university used a spending rate of 7% and 10% for the years ended june 30, 2023 and 2022, respectively. The university classifies as net assets with donor restrictions the original value of gifts donated to the endowment and the original value of subsequent gifts to the endowment. The undistributed amounts earned are included in net assets with donor restrictions. The amounts released from restriction as provided under act 141 are classified as net assets without donor restrictions. In accordance with act 141, the university has adopted a written investment policy, of which a section specifically relates to the endowment fund. The university 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. 5. Providing flexibility through the availability of the board-designated 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(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 financial accounting standards board (fasb) accounting standards codification (asc), 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 2020.”

“Reclass of fundraising/gaming expenses 68,625.”

“Scholarships and grants 37,382,631.”

“Reclass of fundraising/gaming expenses 68,625.”

“Scholarships and grants 37,382,631.”