Carthage College

“Palumbo civil war collection - on semi-permanent display at kenosha civil war museum, and a gemstone collection. "face of lincoln" - on display samuel schoen russian art collection, "peonies & strawberries, and other russian artwork - in keeping with carthage's commitment to providing a high quality educational experience within the liberal arts, the college seeks to utilize its recently acquired collection of russian artwork in a series of educational and public-facing programs that would enhance the reputation of the college as a seat of the arts and humanities in southeastern wisconsin, and support connections with other cultural institutions in our region. Our vision for use of the artworka collection of over 130 paintings ranging from periods of russian impressionism, soviet realism, and the pre-soviet "wandering" periodis to create a convening force that will draw people to the college, elevate the college's cultural offerings, and foster scholarly activity and substantive discussion related to the pieces and the social-historical context of their production, as well as the meaning of art in the construction of national consciousness and community identity. Our goal is not merely to communicate the history and context of the pieces, but to foster new ways of talking about art and artistic production as a fully embedded social-historical process, and to examinethrough these and other forms of artistic expressionthe myriad ways that art intersects with politics, policy, community and identity. The college has developed a multi-year plan that will build toward a nationally recognized program for outreach and education and will support research, scholarly production, cultural experiences, and national and international collaborations.”

“The endowment funds are used to fund scholarships, educational projects, and other various purposes.”

“The internal revenue service (irs) has determined the college is exempt from federal income tax under section 501(c)(3) of the internal revenue code. Accordingly, the college is not subject to federal income taxes except to the extent it derives income from certain activities not substantially related to its tax-exempt purposes (unrelated trade or business activities). The college is also exempt from state income tax. At june 30, 2022, the college had no obligation for unrelated business income tax. The college follows the accounting standards for contingencies in evaluating uncertain tax positions. This guidance prescribes recognition threshold principles for the financial statement recognition of tax positions taken or expected to be taken on a tax return that are not certain to be realized. No liability has been recognized by the college for uncertain tax positions as of june 30, 2022. The college's tax returns are subject to review and examination by federal and state authorities.”

“Fundraising expenses 31,404.”

“Scholarships and grants to students 42,551,199. Income reported as 990 revenue; but offsetting nonoperating expenses on f/s 4,711,044.”

“Fundraising expenses 31,404. Change in actuarial liability 475,632. Changes in value of interest rate swap -313,888. Unrealized investment loss 29,972,949.”

“Scholarships and grants to students 42,551,199. Revenue offsetting nonoperating expenses on f/s; reported as revenue on 990 4,711,044.”