Cleary University

“Arthur secunda art work - the university is creating the arthur secunda museum at its livingston campus. The museum will enhance the visibility, reputation and educational mission of cleary university by reinforcing that the university is a sophisticated institution in which students can place their confidence. The addition of the museum will facilitate study in the field of arts management, examination of the artist as entrepreneur, and the use of the art to stimulate creativity among the business students.”

“The intended use of the term and permanent endowment funds is to fund student scholarships.”

“The University is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code (the "Code") and is exempt from similar state and local taxes. Althought the University was granted income tax exemption by the Internal Revenue Service, such exemption does not apply to "unrelated business taxable income". The University analyzes its filing positions in the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions, to identify potential uncertain tax positions. The University treats interest and penalties attributable to income taxes, and reflects any changes for such, to the extent they arise, as a component of its institutional support expense. The University has evaluated its income tax filing positions for fiscal years 2013 through 2017, the years which remain subject to examination by major tax jurisdictions as of June 30, 2017. The University concluded that there are no significant uncertain tax positions requiring recognition in the University's financial statements. The University does not expect the total amount of unrecognized tax benefits ("UTB") (e.g., tax deductions, exclusions, or credits claimed or expected to be claimed) to significantly change in the next twelve months. The University does not have any amounts accrued for interest and penalties related to UTB's at June 30, 2017 or 2016, and are not aware of any claims for such amounts by federal or state income tax authorities.”

“Cost of Goods Sold 101,224. Special Events Expenses 40,749. Grants & Scholarships -2,341,310. CLOSING FEES -34,559.”

“Cost of Goods Sold 101,224. SPECIAL Events Expenses 40,749. Grants & Scholarships -2,341,310. CLOSING FEES -34,559.”