Sigma Chi Foundation

“The foundation maintains a library and archive consisting of books, letters, photographs, portraits, administrative records, records of governing officers, audio and visual recordings of sigma chi programs and events, electronic records, oral histories, and a small number of manuscript collections. The foundation's collection is located at the foundation's headquarters in evanston, illinois. In accordance with provisions of the not-for-profit entities topic of the fasb accounting standards codification, the foundation does not recognize as revenue or gains or capitalize donated collection items. The topic provides that such donations need not be recognized if they are added to collections that are held for public exhibition, education or research in furtherance of public service rather than financial gain; are protected, kept unencumbered, cared for and preserved; and are subject to a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections.”

“The sigma chi historical initiative was established in 2005 through a grant from the sigma chi foundation. The primary mission of the sigma chi historical initiative is to preserve two and three-dimensional artifacts that document the origins, development, achievements, and activities of the sigma chi international fraternity chapters, members, and operations. Historical collections include the administrative records, records of governing officers, audio and visual recordings of sigma chi programs and events; electronic records, oral histories, and a small number of manuscript collections from persons related to, but not necessarily employed by, the sigma chi foundation and fraternity. These materials are valuable resources for researching the history of the fraternity, the greek world and the influence of greek life in all facets of u.s. And canadian life. The work of the initiative is used primarily by the staff of sigma chi international headquarters, but is also available to the membership, academic researchers, and anyone interested in greek life in north america.”

“Endowment revenue is used to grant scholarships for students and conduct leadership training meetings and workshops.”

“The foundation is an organization described in section 501(c)(3) of the internal revenue code and thus generally not subject to tax. In addition, the internal revenue service has determined that the foundation is not a private foundation within the meaning of section 509(a) of the internal revenue code. Accounting principles generally accepted in the united states of america require the foundation to evaluate tax positions taken by the foundation and recognize a tax liability if the foundation has taken an uncertain position that more likely than not would not be sustained upon examination by tax authorities. The foundation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.”

“Change in value of net contribution receivable -60,000.”