The Plastic Surgery Research Council

“The council's endowment consists of six individual funds established for a variety of purposes. Under the uniform prudent management of institutional funds act (upmifa), subject to the intent of a donor, the council may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Expenditures from endowment funds are made at the discretion of the board of directors. The council's investment policy objectives are to maximize return within reasonable and prudent levels of risk, to diversify among a wide range of investment opportunities in various markets while limiting risk exposure, and to control cost of administering, reporting and managing your investments. Under the council's investment policy, approximately 60% of endowment assets are invested in equities and 40% are invested in domestic and international bonds.”

“The council has been granted tax-exempt status under internal revenue code section 501(c)(3) and is, therefore, generally exempt from federal and state income taxes. Accordingly, no provision for income taxes has been provided for in the accompanying financial statements. Asc 740-10, "accounting for uncertainty in income taxes," requires the council to evaluate and disclose tax positions that could have an effect on the council's financial statements. The council reports its activities to the internal revenue service and to the state of illinois on an annual basis. These informational returns are generally subject to audit and review by the governmental agencies for a period of three years after filing. Substantially, all of the council's income, expenditures and activities relate to its exempt purpose, therefore, management has determined that the council is not subject to unrelated business income taxes and will continue to qualify as a tax-exempt not-for-profit entity.”