Illinois College

“The college has the following donor restricted endowment funds: general institutional support, scholarship support, educational program support, academic award support, building and maintenance support and loan fund support.”

“Income taxes: the college has a tax determination letter from the internal revenue service stating they qualify under the provisions of section 501(c)(3) of the internal revenue code (the code) and is exempt from federal income taxes. As such, the college is subject to federal income taxes only on any net unrelated business income under the provisions of section 511 of the code. The college files a form 990 (return of organization exempt from income tax) annually. When these returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the tax position taken or the amount of the position that would ultimately be sustained. Examples of tax positions common to colleges include such matters as the following: the tax exempt status of each entity and various positions relative to potential sources of unrelated business taxable income (ubit). Ubit is reported on form 990-t, as appropriate. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes that it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely to be realized on settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for uncertain tax benefits in the accompanying combined balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. As of may 31, 2015 and 2014, there were no uncertain tax benefits identified and recorded as a liability. Forms 990 and 990-t filed by the college are subject to examination by the internal revenue service (irs) up to three years from the extended due date of each return. Forms 990 and 990-t filed by the college are no longer subject to examination for the fiscal years ended may 31, 2011 and prior.”

“Change in value split interest agreements 30,737.”

“UBIT 195,143.”