Lake View Cemetery Foundation

“The memorial assets consist of two buildings listed on the National Register of Historic Places, the James A. Garfield Monument and the Wade Memorial Chapel, which are carried on the Lake View Cemetery Association's (a related organization) books. Due to the significant historical and artistic aspects of these buildings, they are considered historical "collections" under ASC 958. The Lake View Cemetery Association (a related organization) has selected the alternative to not capitalize the original historic sites, and therefore carries the memorial assets at no value on the statement of financial position. The Foundation has incurred costs related to the renovation of the memorial assets, and these expenditures are charged as expense in the statements of activities on the Foundation's books. The maintenance, preservation and display of these buildings is central to the mission of the Foundation.”

“In addition to the two buildings listed on the National Register of Historic Places, the Cemetery includes several sculptures listed by the Western Reserve Historical Society as significant. The James A. Garfield Monument is the final resting place of the 20th President of the United States. Dedicated on Memorial Day, 1890, it stands 180 feet tall and around the exterior of the balcony are five terra cotta panels with over 110 life size figures depicting Garfield's life and death. The interior includes rich gold mosaics, beautifully colored marble, stained glass windows and deep red granite columns. The President's casket, along with his wife's, lay on display in the lower level crypt. The Wade Memorial Chapel, built in memory of Jeptha Wade, founder of the Western Union Telegraph Company, is one of the few interiors left in the world entirely designed by Louis Comfort Tiffany and his studios. The focal point, a stained glass window titled "The Flight of Souls", won a gold medal at the 1900 Paris Exposition. Stunning 32' by 8' glass mosaics adorn the east and west walls. Alabaster columns, "cedar of Lebanon" pews, mosaic tile floor and 4 ton bronze doors complete the breathtaking interior. The exterior was designed by local architects in the neo-classical style. The maintenance, preservation and display of these buildings is central to the mission of the Foundation.”

“The intended use of the Foundation endowment funds is to expend the income and principal thereof, either alone or in cooperation with other organizations, for the purpose of maintaining, preserving, and enhancing for the benefit of the general public the historically and architecturally significant buildings, monuments, and areas located within, and the horticulture, botanical gardens, and landscape of, Lake View Cemetery, Cleveland, Ohio.”

“Accounting for Uncertainty in Income Taxes: The provisions of "Accounting for Uncertainty in Income Taxes" prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Foundation recognizes interest and penalties accrued, if any, related to unrecognized tax uncertainties in income tax expense. The Foundation determined that there are no material uncertain tax positions.”