Hospice of Lenawee

“The organization is the beneficiary of two endowments. The whelan endowment was created to support direct patient care and the leonard endowment was created for the maintenance, repair, and renovation of the organization's offices and in-patient facility. The organization also has created three funds through which it continues to solicit perpetually restricted donations: the hospice heart endowment which is designed to cover payments for underinsured or uninsured patient services; the kathy goetz bereavement endowment which is designed to assist in covering the cost of community bereavement services provided to the lenawee community; and a board designated endowment for initiatives and operating needs supporting the organizations mission. Finally, the organization has also created a board designated endowment for the purpose of supporting the organization's mission by providing support for organization initiatives or for operating needs that may arise from time to time. Other perpetually restricted contributions are invested along with the board designated endowment. The organization's endowment funds are subject to the michigan uniform prudent management of institutional funds act (upmifa) which requires the preservation of the fair value of the original gift, as of the gift date of the donor- restricted endowment funds absent explicit donor stipulations to the contrary. As a result of this interpretation, the organization classifies as net assets with donor restrictions (a) the original value of gifts donated to the permanent endowment less underwater amounts, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation was added to the fund. In addition, michigan upmifa restricts investment income earned by endowment funds until appropriated for expenditure and, as such, investment income related to endowment funds is also classified as net assets with donor restrictions. In accordance with upmifa, the organization considers the following factors in making a determination to appropriate or accumulate donor- restricted endowment funds: the duration and preservation of the various funds, the purposes of the donor-restricted endowment funds, general economic conditions, the possible effect of inflation and deflation, the expected total return from income and the appreciation of investments, other resources of the organization, and the organizations investment policies.”

“The organization is exempt from federal income tax under internal revenue code section 501(c)(3). In the preparation of tax returns, tax positions are taken based on interpretation of federal, state and local income tax laws. Management periodically reviews and evaluates the status of uncertain tax positions and makes estimates of amounts, including interest and penalties, ultimately due or owed. No amounts have been identified, or recorded, as uncertain tax positions. Federal, state and local tax returns generally remain open for examination by the various taxing authorities for a period of three or four years.”

“Direct fundraising expenses -121,199”

“Direct fundraising expenses 121,199”