Albion College

“The college does not recognize or capitalize the collections of rare books, original paintings, valuable prints, and other original works of art that have been received as donations over the years. Collections are held for public exhibition, are protected, cared for, and preserved and are subject to policy that requires proceeds from sale of items to acquire other items for the collections.”

“Asc 740 footnote management has evaluated their income tax positions under the guidance included in asc 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements.”

“Funds without restrictions invested alongside the endowment are comprised of individual funds historically used to amplify fundraising efforts through matching programs. These individual funds are each associated with a true endowed fund per the match. The true endowment is comprised of over 800 individual funds that have historically been recognized by the College as having donor restrictions. All funds are invested in a mix of assets that include global equity, commodities, fixed income, alternatives and cash.”

“Changes in endowment net assets for the fiscal year ended june 30, 2024 without donor restrictions: endowment net assets at july 1, 2023 $1,343,753 contributions net investment earnings, gains, and losses grants or scholarships other expenditures for facilities and programs net asset restatement administrative expenses $(266,972) endowment net assets at june 30, 2024 $1,076,781 with donor restrictions: endowment net assets at july 1, 2023 $160,489,698 contributions $1,248,432 net investment earnings, gains, and losses $10,147,906 grants or scholarships $(6,125,857) other expenditures for facilities and programs $(6,725,079) net asset restatement $(18,145,654) administrative expenses $(1,768,490) endowment net assets at june 30, 2024 $139,120,956 assets without donor restrictions these represent funds which the governing board of the institution have established to function as an endowment in that the principal is to be retained and invested. However, the entire principal and income may be spent at any time at the discretion of the governing board. Assets with donor restrictions represent funds which have been donated to the institution for which the earnings are meant to be used for operations, programs or scholarships consistent with restrictions placed on it by the donor. These funds can be spending restricted (term endowments), or held in perpetuity (true endowments). Earnings are drawn in accordance with both the institution's investment policies and mi upmifa statutes.”

“Art collection - a mission of the department is to expose our students and the community to fine arts of the past and present. To this end, we teach classes and create exhibitions, drawing upon our collection and of our contemporaries. Our two galleries are the venue for twelve exhibitions per academic year which are open to the college and the general public. Library collection - the library collections have their roots in the history of albion college. They form a valuable academic resource that support our central liberal arts mission. The collections are open to students for study and research and provide a unique experience in understanding literature, history and the history of science and natural history.”

“Endowments support the educational purposes of the college.”