Ohio State Bar Foundation

“Intended use of the organization's board designated funds and restricted net assets: (1) chief justice moyer legacy fund-during 2010, the foundation's board of trustees established the chief justice moyer legacy fund. This fund was created to recognize the impact the late chief justice moyer had on ohio's justice system. The goal of the fund is to support efforts that were important to chief justice moyer, including the administration of justice and public understanding of the law in the state of ohio. Two suitable initiatives have been identified to receive distributions from the moyer legacy fund. Initial contributions will support: -endowing a chief justice moyer professorship for the administration of justice and rule of law at the ohio state university moritz college of law which will honor and continue chief justice moyer's legacy of integrity and professionalism, and thereby deepen the impact of these qualities on the lives of countless students and on the law itself. -making fellowship grants to law students at ohio law schools which will be rotating fellowship awards supporting statewide legal education initiatives and programs that will allow exceptional law students to pursue the concepts of ethics, civility and the rule of law which guided chief justice moyer throughout his career. (2) designated for rent-under a three-party agreement among the foundation, the association, and the ohio state university, the foundation owned a portion of the fee in the ohio legal center building. The foundation raised a portion of the funds for the construction of that building. Negotiations among the parties concerning vacating the ohio legal center and relocation to the association building resulted in the following, which was supported by an internal revenue service private letter ruling issued december 24, 1990. The private letter ruling stipulated the following: the deposit of funds will be in an interest bearing account, the interest of which is to be paid to the association in consideration of the foundation's right to occupy space. The foundation will receive certain ancillary services from the association, at no cost. As compensation for its right of possession in the ohio legal center, the foundation received $153,000 from the ohio state university and the right to occupy a portion of the new association building for as long as association occupies such building. (3) education in real property law (bradley j. Schaeffer memorial fund)-in november 1992, the foundation's board of trustees accepted and adopted the bradley j. Schaeffer memorial fund. This fund was established to perpetuate the memory of bradley j. Schaeffer, a laureate of the foundation, because of the significant contributions he made to real property law practice in the state of ohio. In november 2001, the board resolved to continue to maintain the fund, making an appropriate portion of the fund available to the real property section of the association for the purpose of assisting that section in sponsoring and presenting an annual program, to be known as "the bradley j. Schaeffer real property institute." amounts to be expended shall be requested annually, subject to such annual limits, as to enable the funding of the bradley j. Schaeffer real property institute indefinitely. (4) continuing legal education (cle) fund-in february 1999, the foundation approved merger of the ohio continuing legal education institute (oclei) into and with the foundation, effective march 1, 1999. This was a merger of the assets of oclei. The association took over the operations of oclei, and the employees of oclei became employees of the association. A separate investment account was set up for the cash and investments that transferred from oclei to the foundation. These funds make up the continuing legal education fund. These funds are restricted for special continuing legal education activities, and are intended to be dispersed within fifteen years. If monies remain within this”

“The foundation is exempt from federal income tax, pursuant to internal revenue code section 501(c)(3). Therefore, the foundation has no liability for federal income taxes on exempt activities. However, the foundation may be subjected to tax on unrelated business income. For the years ended december 31, 2015 and 2014, the foundation earned no unrelated business income. Generally accepted accounting principles require the foundation to evaluate the level of uncertainty related to whether tax positions taken will be sustained upon examination. Any positions taken that do not meet the more-likely-than-not threshold must be quantified and recorded as a liability for unrecognized tax benefits in the accompanying statements of financial position along with interest and penalties that would be payable to the taxing authorities upon examination. The foundation believes that none of the tax positions taken would materially impact the financial statements, and no such liabilities have been recorded. With few exceptions, the foundation is no longer subject to u.s. Federal, state and local income tax examinations by tax authorities for the years prior to 2012.”

“Realized gain on the sale of securities 1,829,402.”

“Net realized & unrealized gain & losses 1,226,510.”

“Prior year grants rescinded 7,757.”