Oberlin College

“The college has elected not to capitalize contributed collections. All works of art and collections are held for public exhibition, education or research; are protected, kept unencumbered, cared for, and preserved; and are subject to policies governing their use. Recognizing works of art as an asset of the institution would result in a material increase in property, plant and equipment and a corresponding increase in net assets in the statements of financial position.”

“The Allen Memorial Art Museum (AMAM) is one of the finest college or university collections in the United States. Comprising nearly 14,000 works of art from virtually every culture and spanning the history of art, the AMAM's collection is a vital cultural resource for the students, faculty, and staff of Oberlin College as well as the surrounding community. The museum organizes a variety of public programs in connection with exhibitions for Oberlin College and the local community. The Museum offers educational resources for Oberlin College faculty and students as well as other colleges and universities, K-12 teachers, children, and families.”

“In addition to funds from student organizations, the college maintains agency funds for various purposes including fellowships funded by outside foundations.”

“Oberlin college's endowment spending policy is set by the college's board of trustees. The board of trustees takes great care in developing the broad objectives and specific spending methodology, giving consideration to a number of factors, including preservation of the college's endowment for perpetuity, economic conditions and the possible impact of inflation and deflation, the college's historical total return on endowment, the expected total returns and the related investment policies and targeted allocations to achieve the expected returns, and the other financial resources of the college. The broad objectives of the endowment spending policy are to increase the real value of the endowment, to provide a dependable stream of current earnings distribution from the endowment pool to the college, to release earnings at a rate sustainable over the long term, and to seek to provide predictability and stability of endowment spending essential for long-range planning.”

“THE COLLEGE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(c)(3). THE COLLEGE GENERATES MINOR AMOUNTS OF UNRELATED BUSINESS INCOME, ANNUALLY FILES FORM 990-T AND PAYS TAXES ON SUCH INCOME. THE COLLEGE RECOGNIZES THE TAX BENEFIT FROM UNCERTAIN TAX POSITIONS ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE COLLEGE, THE CONTINUED TAX-EXEMPT STATUS OF BONDS ISSUED BY THE COLLEGE AND VARIOUS POSITIONS RELATED TO POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. THE COLLEGE BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AND, AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. AS OF JUNE 30, 2014, THE COLLEGE'S INCOME TAX YEARS FROM 2010 AND THEREAFTER REMAIN SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE, AS WELL AS VARIOUS STATE AND LOCAL TAXING AUTHORITIES.”

“Change in interest rate swap liability: ($574,369); activity of affiliates that was included in consolidated financial statements: ($394,085); total adjustment: ($968,454).”

“Student financial aid, which was shown as a reduction of tuition revenue on financial statements but as an expense in part ix of form 990: $54,521,838; adjustment to financial statement amounts which were rounded to the nearest thousand dollars: $1,527; total adjustment: $54,523,365.”

“Post-retirement benefit obligation adjustment: ($332,516); non-recurring bond defeasance charge: $404,118; activity of affiliates that was included in consolidated financial statements: $546,822; total adjustment: $618,424.”

“Student financial aid, which was shown as a reduction of tuition revenue on financial statements but as an expense in part ix of form 990: $54,521,838; adjustment to financial statement amounts which were rounded to the nearest thousand dollars: $309; total adjustment: $54,522,147.”