Methodist Theological School in Ohio

“Collections of works of art, historical treasures and similar assets are capitalized as long as the items are preserved and cared for continuously. Purchases of collection items are reported in the year of acquisition as decreases in unrestricted net assets, or in temporarily or permanently restricted net assets, if the assets used to purchase the items were restricted to that use by donor stipulation. Contributions of collection items are not reported in the consolidated financial statements. Proceeds from disposal of and insurance recoveries related to collection items are reported as increases in the appropriate net asset classes. The school's collections consist of various works of art, such as paintings and other framed artwork, various library holdings and miscellaneous objects.”

“The collection consists of works of art, such as paintings and other framed artwork, various library holdings and miscellaneous objects. The collection is available for scholarly research and public exhibition.”

“The intended use of the endowment assets is to preserve the real purchasing power of the assets and provide a growing stream of income to be made available for spending and keeping pace with inflation, in order to sustain the educational and general operations of the school.”

“Accounting for uncertainty in income taxes - the school has adopted accounting rules that prescribe when to recognize, and how to measure, the consolidated financial statement effect of income tax positions taken, or expected to be taken, on its income tax returns. These rules require management to evaluate the likelihood that, upon examination by relevant taxing jurisdictions, those income tax positions would be sustained. Based on that evaluation, the school only recognizes the maximum benefit of each income tax position that is more than 50% likely of being sustained. To the extent that all or a portion of the benefits of an income tax position are not recognized, a liability would be recognized for the unrecognized benefits, along with any interest and penalties that would result from disallowance of the position. Should any such penalties and interest be incurred, they would be recognized as operating expenses. Based on its review, management does not believe the school has taken any material uncertain tax positions, including any position that would place the school's exempt status in jeopardy as of june 30, 2018.”

“Seminary hill internal charges 6,600. Change in value of split interests -32,351. Account coding error 84.”

“Tuition discounts 1,544,648. Rounding -2.”

“Seminary hill internal charges 6,600. Account coding error 84.”

“Tuition discounts 1,544,648. Rounding 1.”