Culver Educational Foundation

“Per Footnote 1 of the 2013-2014 audited financial statements: Contributions of works of art, historical treasures, and similar assets held as part of a collection for education, research or public exhibition purposes, rather than for sales or financial gain, are not recognized nor capitalized on the financial statements.”

“The Culver Educational Foundation maintains a collection of art works including portraits, paintings, photographs, and sculptures donated to the school. The Art Collection is housed with in the Fine Arts Department, and items are displayed throughout campus on a rotating basis. The Crisp Arts Center has two galleries showcasing exhibits of the Culver collection. In addition, the School has a stamp collection maintained for student education, which is periodically displayed.”

“The School's endowment is used for support of financial aid, faculty salaries, capital projects, facilities maintenance, and academic and student projects.”

“The School recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. Management evaluated the school's tax positions and concluded that the school had no material uncertainties in income taxes as of June 30, 2014 and 2013.”

“Financial aid grants are netted against tuition on the audited financials and equal $11,013,038. Investment management fees of $2,082,139 are netted against investment revenue on the audited financials and moved to expense on the 990, restoring that income.”

“Cost of goods sold for auxiliary departments of $1,722,138, rental expense of $106,887, and parent fundraiser expense of $6041 were included in expense on the audited financials but are offsets to revenue per the 990 form.”

“Cost of good sold $1,722,138 and rental expense $106,887, were classified as expenses and not netted against sales on the audited financials. Fundraiser costs of $6,041 were also classified as expenses on the audited financials, however, this amount was netted against revenue on the 990. Additional expenses for changes in charitable annuities $600,223, pledge write-offs $430,528, present value of future SWAP $121,201, and the additional minimum pension liability $524,151 are shown as adjustments to net assets on the 990.”

“Financial Aid grants of $11,013,038 and investment management fees of $2,082,139 were net to revenue in the audited financials and were included in expenses on the 990.”