The Campanile Foundation

“The Campanile Foundation accepts various historical collections and treasures as donations in-kind on behalf of San Diego State University (SDSU). Once accepted by the Foundation, donations of historical treasures and works of art are transferred to the custody of SDSU pursuant to donor stipulations and/or due to the value of the item in furthering the university's educational mission.”

“The Campanile Foundation's Endowment funds are dedicated for the benefit of San Diego State University. Endowments generally support program excellence, student scholarships administered by the university and faculty excellence. The vast majority of the Campanile Foundation's endowments are donor restricted to a specific use at San Diego State University.”

“TCF is a qualified nonprofit organization that is exempt from income taxes under 501(c)(3) of the Internal Revenue Code and 23701(d) of the California Revenue and Taxation Code. This exemption is for all income taxes except those assessed on unrelated business taxable income (UBIT), if any. In order to maintain that status, TCF is precluded from making certain expenditures, principally in support of political parties. Management believes that no such expenditures have been made. TCF is not a private foundation.TCF adopted accounting guidance relating to accounting for uncertainty in income taxes, which is primarily codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification 740. TCF files a Form 990 (Return of Organization Exempt from Income Tax) annually. When these returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the tax position taken or the amount of the position that would ultimately be sustained. Examples of tax positions common to TCF include such matters as the tax-exempt status of the entity and various positions relative to potential sources of UBIT. UBIT is reported on Form 990, as appropriate. The benefit of tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolutions of appeals or litigation processes, if any.Tax positions are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely to be realized on settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying statements of financial position, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. TCF has addressed uncertainty in its income tax position under the guidance, and there are no unrecognized/derecognized tax benefits that require an accrual.Form 990 filed by TCF is subject to examination by the IRS up to three years from the extended due date of each return. Management believes Form 990 has been filed appropriately. Form 990 filed by TCF is no longer subject to examination for the fiscal years ended June 30, 2013 and prior.”