Manchester University Inc.

“The University follows a policy not to record or capitalize its collections of works of art, historical treasures and similar assets. These collections are held for public exhibition, education and research in furtherance of the University's educational and public service mission. The collections are appropriately cared for and preserved and subject to a university policy that requires the proceeds from sales, if any, of collection items to be used to acquire other items for the collection. The policy also requires disclosure in the audited financial statements of any items acquired, sold, destroyed or otherwise disposed of during the year just completed. At June 30, 2014 and 2013, there were no reportable activities in collections.”

“The university is home to more than 90 original works of art created in various media by former students and well-known artists. The art decorates buildings across campus, with the majority of work housed in Funderburg Library. The collection adds to the educational purposes of the university by providing a more esthetically pleasing environment in which students can study and learn. A small number of pieces, particularly portraits, can be used as tools for students to examine techniques.”

“Manchester University has a number of charitable gift annuities.”

“Manchester University's endowment funds are used to support scholarships, academic programs, and faculty development according to donor restrictions. Board designated endowment funds are used for special projects.”

“The Internal Revenue Service has determined that the University is a tax exempt, not-for-profit organization as defined in Section 501(c)(3) of the Internal Revenue Code ("IRC"). As such, the University is generally not subject to federal or state income taxes except for certain income derived from unrelated business activities as defined by the IRC. Any such taxes resulting from unrelated business activities are insignificant to the operations of the University. U.S. GAAP prescribes recognition thresholds and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Tax benefits will be recognized only if the tax position is more-likely-than-not sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized will be the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the more-likely-than-not test, no tax benefit will be recorded. Management has concluded that they are unaware of any tax benefits or liabilities to be recognized at June 30, 2014 and 2013. The University is no longer subject to examination by U.S. federal taxing authorities for years before 2009 and for all state income taxes through 2009. The University does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The University would recognize interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. The University has no amounts accrued for interest or penalties as of June 30, 2014 and 2013.”

“Cost of goods sold $426,530, rental expenses $12,997, fundraising expenses $4,756, and change in value of charitable gift annuities and unitrusts ($65,342)”

“Tuition discounts”

“Cost of goods sold $426,530, rental expenses $12,997, and fundraising expenses $4,756”

“Tuition discounts”