Clarion University Foundation Inc

“Maintains various collections and pieces; held at various locations throughout the campus and in the university's art gallery; on display to the public.”

“The foundation endowment consists of 398 donor-restricted individual funds established primarily for scholarships and university projects and programs. As required by accounting principles generally accepted in the united states of america, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. The foundation applies the provisions of the accounting standards codification topic of presentation of financial statements for not-for-profit entities. The topic provides guidance on the net asset classification of donor restricted endowment funds for a not-for-profit organization that are subject to an enacted version of the uniform prudent management of institutional funds act (upmifa) and also requires disclosures about endowment funds, both donor-restricted endowment funds and board-designated endowment funds. The foundation, as a not- for-profit organization residing in the commonwealth of pennsylvania, is not subject to upmifa, but is subject to the additional disclosure requirements associated with the aforementioned topic. Interpretation of relevant law - the board of directors of the foundation has elected to be governed by the commonwealth of pennsylvania's act 141 (act 141). Act 141 permits utilization of a total return policy that allows a nonprofit to choose to treat a percentage of the average market value of the endowment's permanently restricted 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 approves a spending rate for the endowment. In accordance with act 141, the foundation annually transfers a percentage of the previous three years' market value average of the endowment fund. For the years ended june 30, 2025 and 2024, the foundation transferred 5%, of which 4% is transferred to net assets with donor restrictions and used for scholarships and other restricted purposes, and 1% is transferred to net assets without donor restrictions and used for general operations of the foundation. As a result of this interpretation, the foundation classifies as donor-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 donor restricted net assets is classified as net assets without donor restriction based on the existence of donor restrictions or by law. In accordance with act 141, the foundation has adopted a written investment policy, of which a section specifically relates to the endowment fund. The foundation 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 foundation 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 foundation 7. The investment policies of the foundation”

“Income tax status - under the provisions of section 501(c)(3) of the internal revenue code, the foundation is exempt from federal and state taxes on income except for unrelated business income, if any.”

“Change in value of split interest -196,061. Rental expenses not netted on 990 -255,918.”

“Bad debt 2,912. Fundraising expenses -24,899.”

“Loss on extinguishment of debt 3,483,427. Fundraising expenses not netted on 990 24,899.”

“RENTAL EXPENSES 255,918.”