Rush County Community Foundation Inc

“The foundation has adopted investment policy for endowment assets that attempt to preserve the real purchasing power of the assets, and provide a growing stream of income to be made available for spending, and keeping pace with inflation in order to sustain the operations and grant-making capacity of the foundation. The investment policy establishes a return objective through diversification of asset classes. In june 2017, the foundation adopted a formal spending policy to calculate the amount of money annually distributed from the foundation's various endowed funds. The current spending policy is to distribute an amount determined annually by the board of directors and that rate is multiplied by the previous five-year rolling average of the fund's fair market value. For december 31, 2018 and 2017, the board approved a spending rate of 4.2%. The foundation's objective is to avoid invasion into the historical value or principal of a fund to meet the spending policy, unless the terms of a gift allows the foundation to do so in a prudent manner. Accordingly, over the long term, the foundation expects the formalized spending policy will allow its endowment assets to grow consistent with the foundation's objective to maintain the purchasing power of endowment assets, as well as to provide additional real growth through new gifts and investment return.”

“Accounting standards require the evaluation of tax positions taken, or expected to be taken, in the course of preparing the foundation's tax returns, to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. This statement provides that a tax benefit from an uncertain tax position may be recognized in the financial statements only when it is "more-likely-than-not" the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based upon the technical merits and consideration of all available information. Once the recognition threshold is met, the portion of the tax benefit that is recorded represents the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with a taxing authority. Based on its review, management does not believe the foundation has taken any material uncertain tax positions, including any position that would place the foundation's exempt status in jeopardy, as of december 31, 2018.”

“Mangement fee income 39,537.”

“Fas 136 adjustment 144,632.”

“Management fee expenses 39,537.”

“Fas 136 adjustment 190,769. Investment fees 40,095.”